precision containeurs ltd Auditors report


To

The Members of

M/S. PRECISION CONTAINEURS LIMITED

(A Company under corporate insolvency resolution process vide NCLTorder 10th March, 2022)

Report on the Audit of the Standalone Financial Statements Qualified Opinion

We have audited the financial statements of M/S. PRECISON CONTAINEURS LIMITED ("the Company"), which comprises the Balance Sheet as at 31st March, 2023, and the Statement of Profit and Loss (including other comprehensive income), and statement of cash flows and statement of changes in equity for the year ended, and notes to the financial statements including a summary of significant accounting policies and other explanatory infonnation (herein after referred as "Financial Statement").

In our opinion and to the best of our infonnation and according to the explanations given to us, except for the effects of the matters described in the Basis of Qualified Opinion section of our report, the aforesaid financial statements give the infonnation required by the Companies Act. 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act (Ind AS) and the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its loss and total comprehensive loss, its cash flows and changes in equity for the year ended on that date.

Basis for Qualified Opinion

1 We draw your attention to Note No. 39 (i) where the Honble NCLT, Mumbai Bench vide its order dated 21st March,2023 in IA-2116/2022 in C.P.(IB)-2146(MB)/2019. has declared transactions amounting to Rs. 2,43,40,707 as preferential transactions under section 43 of the Insolvency and Bankruptcy Code, 2016 ("Code").

However, no accounting impact is given in the books of accounts for the same. Hence, to this extent Loans (Liabilities) and Loans & Advances (Assets) are understated by Rs. 2,43,40,707 /-.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the Financial statements.

Emphasis of Matter Paragraph

We draw attention to Note No. 35 to the financial statements where NCLT vide its order dated 2nd May, 2023 approved the resolution plan as submitted by the Resolution Applicant. However, since the date of NCLT order is 2nd May. 2023 which is subsequent to the financial year ending 31st March,2023, the effect of the same has not been provided in the financial statements for the year ending 31st March,2023.

Our opinion is not modified in respect of this matter.

Going Concern Concept

The Resolution Plan is approved by the NCLT, Mumbai Bench vide order dated 2nd May, 2023 subject to compliance of NCLT order dated 21st March. 2023 and the process of implementation of Resolution Plan will be started as per the NCLT approval. Hence, in view of these facts, the financial statements have been prepared on going concern basis.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in Basis of qualified opinion, we have determined that there are no other key audit matters to communicate in our report.

Information other than the financial statements and Auditors Report thereon

The Company management / Board of Directors/Resolutional Professional (RP) are responsible for the other information. The other information comprises the infonnation in the Companys annual report, but does not include the financial statement and our auditors report thereon. The companys annual report is expected to be made available to us after the date of this auditors report.

Our opinion on the financial statement does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of financial statement, our responsibility is to read the other infonnation and in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appear to be materially misstated.

If. based on the work perfomied, we conclude that there is a material misstatement of this other infonnation. we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for Standalone Financial

The Honble Company Law Tribunal ("NCLT"). Mumbai Bench, vide its order dated 10,h March. 2022("NCLT Order") admitted company petition (IB) no.2146/MB-IV /2019 filed by Stressed Assets Stabilization Fund ("SASF1 or "financial creditor") for initiation of Corporate Insolvency Resolution Process ("CIRP") against the company u/s 7 of the Insolvency and Bankruptcy Code, 2016 ("the Code"). Vide the NCLT order, the moratorium u/s 14 of the Code came into the effect and Mr. Ramnarav an Rajaraman with IP registration No. IBBI/IPA-002/IP- N000699/ 2018-19/ 12204 was appointed as Interim Resolution Professional("IRP") to. inter alia, manage the affairs of the Company in accordance with the provisions of Code. Subsequently Committee of Creditors ("CoC") in its meeting held on 8th April, 2022 resolved to replace the IRP Mr Ramnaravan Rajaraman with Mr. Chetan T Shah, with IP registration no. IBBI/ IPA-001 / IP-P00026/ 2016-17/10059 as Resolution Professional ("RP"). The NCLT has confirmed the appointment of Mr. Chetan T Shall as RP vide order dated 26th April. 2022. As per the provisions of the Code, powers of the Board of Directors are vested with the Resolution Professional. The Honble NCLT, Mumbai Bench has approved the Resolution Plan for the Company vide Order dated 2nd May, 2023. In view of the said order, the status of the Resolution Professional has changed to Monitoring Agent & Erstwhile Resolution Professional.

The Companys Board of Directors/Resolution Professional is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Boards of Directors/Resolution Professional is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors/ Resolution Professional are also responsible for overseeing the companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act. we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identity- during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate w ith them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be

communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors Report) Order. 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give in the Annexure "A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2) As required by section 143 (3) of the Act, we report that:

a) We have sought and except for the matters described in the Basis of Qualified Opinion paragraph above obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the possible effects of the matters described in the Basis of Qualified Opinion paragraph above in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

d) Except for the matters described in the Basis of Qualified Opinion paragraph above, in our opinion, the aforesaid financial statements comply with the Indian Accounting Standard specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Resolution Professional, none of the Directors is disqualified as on 31st March, 2023 from being appointed as a director in tenns of Section 164(2) of the Act. However, as per provision of Insolvency and Bankruptcy Code, 2016 the power of Board of Directors were suspended and are vested with Resolution Professional.

f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in Annexure "B".

g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of the section 197( 16) of the Act. as amended:

In our opinion and to the best of our information and according to the explanations given to us, the company has not paid remuneration to its directors during the year, further the Ministry of Corporate Affairs has not prescribed other details under section 197( 16) of the Act w hich are required to be commented by us.

3) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations as at 31st March,2023 on its financial position in its Financial Statements. (Refer Note No. 31).

b) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

d) (i). The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed hands or share premium or any other sources or kind of funds) by the company to or in any other person(s) or cntity(ies). including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) . The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under subclause (d)(i) and (d)(ii). contain any material mis-statement.

e) There w as no dividend declared or paid by the Company during the year, and therefore the clause as to whether the dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013 is not applicable.

FOR APMH & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
FRN: 102699W/W100142
Sd/-

PLACE: MUMBAI

(HEMANT MEHTA)

DATE: 30th May, 2023

PARTNER

UDIN: 23046437BGXDYY2512

MEMBERSHIP NO.046437

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

The Annexure referred to the Independent Auditors Report to the members of the Company on the financial statements for the year ended 31st March, 2023 we report that:

(i) In respect of Property. Plant & Equipment and Intangible Assets

(a)(A) The company has maintained full particulars including quantitative details and situation of Property. Plant and Equipment on the basis of available infonnation.

(a) (B) The company does not have any intangible assets, hence reporting under clause 3(i)(a)(B) of the Order is not applicable to the company.

(b) As explained to us. these Property, Plant & Equipment have been physically verified by the management at reasonable intervals and no material discrepancies on such verification has been noticed during the year.

(c) The title deeds of all immovable properties (other than properties where the company is the lessee and the lease agreement are duly executed in favour of the lessee) are in the name of the company.

(d) According to information & explanation given to us & on the basis of our examination of records of the company, the company has not revalued its Property. Plant & Equipment (including Right of Use assets) or intangible assets or both during the year.

(e) According to the infonnation and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act. 1988 and rules made thereunder.

ii) (a) The company is not holding any inventoiy during the year and hence, reporting under clause 3(ii)(a) of the Order is not applicable to the Company.

(b) According to the infonnation and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned working capital limits during the year hence reporting under clause 3(ii)(b) of the order is not applicable to the company.

lii) As informed to us. the Company has not made investments in. prov ided any guarantee or security or granted any loans/advances in nature of loans, secured or unsecured to companies, firms, limited liability partnership firm or any other parties during the year. Accordingly, clause 3(iii) of the Order is not applicable to the company.

iv) There are no transactions undertaken by the company which attract the provision of Section 185 and 186 of the Companies Act,2013. accordingly clause 3(iv) of the Order is not applicable to the company.

v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.

vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act. for the business activities carried out by the company. Accordingly, clause 3(vi) of the Order is not applicable.

vii) In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues including Goods & Serv ice Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise. Value added Tax, Cess and Statutory dues as applicable have been generally regularly deposited with the appropriate authorities. According to the infonnation and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were

outstanding as at the Balance Sheet date for a period of more than 6 months from the date of becoming payable.

b) According to information and explanations given to us. there are no disputed dues which have not been deposited bv the company in respect of all statutory dues referred to in sub-clause (a) except for the following:

Nature of Statute

Nature of dues Amount (Rs. In lakhs) Period to which the amount relates Forum where dispute is pending

The Income Tax Act 1961

Income Tax 192.36 A. Y. 2008-09 High Court

The Income Tax Act. 1961

TDS 0.14 A.Y. 2008-09

The Income Tax Act. 1961

TDS 0.05 A.Y. 2009-10

The Income Tax Act. 1961

TDS 0.24 A.Y. 2010-11

The Income Tax Act. 1961

TDS 0.14 A.Y. 2011-12

The Income Tax Act. 1961

TDS 0.01 A.Y. 2012-13

The Income Tax Act. 1961

TDS 0.04 A.Y. 2013-14

The Income Tax Act. 1961

TDS 0.01 A.Y. 2014-15

Income Tax Department

The Income Tax Act. 1961

TDS 0.01 A.Y. 2015-16

The Income Tax Act. 1961

TDS 0.001 A.Y. 2016-17

The Income Tax Act. 1961

TDS 0.002 A.Y. 2019-20

viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income tax Act. 1961 as income during the year.

ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company has defaulted in respect of loan taken from banks and financial institutions. However, the company was under CIRP and NCLT vide order dated 2nd May, 2023 have approved the resolution plan in which the amounts are crvstralized. (Refer Note No. 35 of the financial statements)

(b) According to the information and explanation given to us. the company is not declared a wilful defaulter by any bank or financial institution or government or any government authority

(c) According to the information and explanations given to us by the management, the Company has not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) According to information and explanation given to us. the short-term funds raised by the company are not used for long term purposes.

(e) According to information and explanation given to us. the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or

(f) According to information and explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associates companies.

x) (a) In our opinion and according to the information and explanations given to us, the company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, clause 3(x)(a) of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible during the year. Accordingly, clause 3(x)(b) of the Order is not applicable to the Company.

xi) (a) Based on our audit procedures and the information and explanation made available to us, no fraud by the company or any fraud on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act, 2013 was required to be filed by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle-blower complaints received by the company during the year (and upto the date of this report), hence reporting under clause 3(xi)(c) of the order is not applicable.

xii) The Company is not a Nidhi Company. Accordingly, clause 3(xii} of the Order is not applicable to the Company.

xiii) As per the provisions of IBC, the management of the affairs of the Company now vests in the Resolution Professional and the powers of the Board of Directors continues to be suspended during the year and hence, compliance with Sections 177 and 188 is not applicable.

(xiv) (a) In our opinion, the company has an internal audit system commensurate with the size and nature of its business:

(b) As informed to us, since the internal auditor was appointed by Committee of Creditors only for the 4th quarter, we have considered the internal audit report for the fourth quarter issued to the company in determining the nature, timing and extent of audit procedures.

xv) According to the information and explanations given to us. in our opinion during the year the company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the company.

xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act. 1934, hence clause 3(xvi)(a),(xvi)(b),(xvi)(c),(xvi)(d) of the Order are not applicable to the Company.

xvii) The company has incurred cash losses during the financial year covered by our audit and in the immediately preceeding financial year. The amount of cash loss is Rs. 17,49,877 for the period ending 31st March, 2023 and Rs. 15,36,890 for the period ending 31st March. 2022.

xviii) There has been resignation of the statutory auditors during the year and no issues, objections, concerns were raised by the outgoing auditors.

xix) According to the information and explanantion. the Resolution Plan is approved by the NCLT. Mumbai Bench vide order dated 2nd May, 2023 subject to compliance of NCLT order dated 21st March, 2023 and the process of implementation of Resolution Plan will be started as per the NCLT approval. Hence, in view of these facts, the financial statements have been prepared on going concern basis.

We. however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

xx) Due to the inadequacy of profits, the company is not required to spend any amount towards Corporate Social Responsibility under section 135 of the Companies Act. and accordingly clause (xx) of the Order is not applicable.

FOR APMH & ASSOCIATES LLP CHARTERED ACCOUNTANTS FRN: 102699W/W100142

Sd/-

PLACE: MUMBAI

(HEMANT MEHTA)

DATE: 30th May, 2023

PARTNER

UDIN: 23046437BGXDYY2512

MEMBERSHIP NO.046437

ANNEXURE - B TO THE AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over the financial reporting of M/S. PRECISION CONTAINEURS LIMITED as of 31st March 2023 in conjunction with our audit of the financial statements of the company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management/ Resolution Professional is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAT)- These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance w ith generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance w ith authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance w ith the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has. in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2023. based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

FOR APMH & ASSOCIATES LLP CHARTERED ACCOUNTANTS FRN: 102699W/W100142

Sil/-

PLACE: MUMBAI

(HEMANT MEHTA)

DATE: 30th May, 2023

PARTNER

UDIN: 23046437BGXDYY2512

MEMBERSHIP NO.046437