tarmat ltd Auditors report

To,

The Members of TARMAT LIMITED

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Tarmat Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss Statement (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year ended and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as Standalone Financial Statements")

In our opinion and to the best of our information and according to the explanation given to us, the aforesaid standalone Financial Statements give the information 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 read with the Companies (Indian Accounting Standards) Rules, 2015 as amended,("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2023, and its profit, total Comprehensive income, its Cash Flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

As described in Note no 4 of the financial statement, due to non- availability of the financial information of the Joint Venture, the company is unable to determine the fair value of the Companys investment in Backbone-Tarmat-Al Faraa (JC) as at 31st March 2023. In absence of sufficient and appropriate evidence, we are unable to comment on the carrying value of above investment amounting to Rs 783.02 Lakhs and the consequent therof.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone 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 standalone financial statements under the provisions of the Act 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 standalone financial statements.

Key Audit Matters

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

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial statements and Auditors report thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report and Corporate Governance in Annual Report, but does not include the standalone financial statements and our auditors report thereon.

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

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

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management 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.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 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 standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

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 identify 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 with 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 standalone 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 Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanation given to us, we give in the "Annexure 1" a statement on the matters specified in the paragraph 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 obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone Financial Statements comply with the Ind AS 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 Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure 2.; and

g) In our opinion, the managerial remuneration for the year ended 31st March 2023 has been paid/ provided by the company to its Directors in accordance with the provision of Section 197 read with Schedule V to the Act.

h) 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 as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigation which would impact its financial position as of 31st March 2023;

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

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

iv. a) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in note 33 (vii) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities including foreign entities ("Intermediaries") , with the understanding , whether recorded in writing or otherwise that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate Beneficiaries") by or on behalf of the Company: or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

b) The Management has represented that, to the best of its knowledge and belief, as disclosed in 33 (viii) to the standalone financial statements, no funds that have been received by the Company from any persons or entities including foreign entities ("Funding Parties), with the understanding whether recorded in writing or otherwise that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate Beneficiaries) by or on behalf of the Funding Party or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, noting has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 ( e) contain any material misstatement.

v. The Company has not paid or declared any dividend during the current year.

vi. Proviso to Rule 3 (1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the company with effect from 01st April 2023 and accordingly reporting under Rule 11 (g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended 31st March 2023

	For HEGDE & ASSOCIATES
	Chartered Accountants
	FRN : 103610W
	Manoj Shetty
	(Partner)
	M.No 138593
	UDIN : 23138593BGVECG2045
Date : 30.05.2023
Place : Mumbai

TARMAT LIMITED

"ANNEXURE-1" TO THE INDEPENDENT AUDITORS REPORT

Referred to paragraph 1 under ‘Report on Legal and Regulatory Requirements section of our report of even date to the members of Tarmat Limited on the financial statements for the year ended 31st March 2023

(i)(a)(A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of Intangible assets.

(b) The Company has a regular program of physical verification of fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this frequency of physical verification is reasonable having regard to the size of the company and nature of business.

(c) The Title deeds of immovable properties (other than properties where the Company is the Lessee and the lease agreements are duly executed in favour of the lease) included in Property are held in the name of the Company.

(d) 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 revalued its Property, Plant and Equipment during the year. Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not applicable to the company.

(e) According to the information and explanations given to us, and on the basis of our examination of the records of the Company, No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, the provisions of Clause (i)(e) of paragraph 3 of the order are not applicable to the company

(ii) a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that were more than 10% in the aggregate of each class of inventory.

(b) According to the information and explanations given to us, at any point of time of the year, the Company has not been sanctioned any working capital facility from banks or financial institutions and hence reporting under clause (ii)(b) of the Order is not applicable.

(iii) According to the informations and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any investments, provided guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnership or any other parties during the year. The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership or any other parties during the year. Hence para 3 (iii) of the order is not applicable to the company.

(iv) According to the information and explanation given to us and on the basis of our examination of the records of the company, the Company has not given any loans or provided any guarantee or security as specified under Section 185 of the Companies Act 2013 and the Company has not provided any guarantee or security as specified under Section 186 of the Companies Act 2013. Further the Company has complied with the provisions of Section 185 and 186 of the Companies Act 2013, with respect to the loans and investments made.

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

(vi) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records for the Company under subsection (1) of section 148 of the Companies Act 2013. Accordingly clause (vi) of the order is not applicable.

(vii) In our opinion and according to the information and explanation given to us, barring the delay & the non payment of the following undisputed statutory liability, the company is regular in depositing undisputed statutory dues including Sales Tax, Cess and other material statutory dues, if any applicable to it with appropriate authorities.

Name of the Statute	Nature of Dues	Amount (Rs )	Period to which the amount relates	Due Date	Date of Payment	Remarks if any
MVAT Act 2002	VAT	1,08,01,516/-	2013-14	30-04-2014	Unpaid
	VAT	1,17,761/-	2016-17	30-04-2017	Unpaid
Goods & Service Tax	GST Payable	80,68,717/-	2022-23	20-04-2023	19.05.2023
	Provident Fund	6,698/-	2021-22	15.04.2022	Unpaid
		33750/-	2022-23	15.04.2023	18.04.2023
	ESIC	6697/-	2022-23	15.04.2023	18.04.2023
	Profession Tax	97,675/-	2015-16	20-04-2016	Unpaid
		95,500/-	2014-15	20-04-2015	Unpaid
		69,175/-	2013-14	20-03-2014	Unpaid
		1,65,325/-	2012-13	20-03-2013	Unpaid
		96,950/-	2011-12	20-03-2012	Unpaid
		25000/-	2022-23	15.04.2023	17.04.203

(b) According to the information and explanation given to us, there are no dues of Income tax, Sales Tax, Service Tax, Custom duty, Excise duty and Cess which have not been deposited on account of dispute except in the following:

Name of the Statute	Nature of the dues	Amount involved.	Period Pending Before
Maharashtra VAT	Assessment	1,72,20,002/-	01.04.05 To 31.03.06 JC Appeal VII
Maharashtra VAT	Assessment	4,64,30,255/-	01.04.06 To 31.03.07 JC Appeal VII
Maharashtra VAT	Assessment	10,51,13,010/-	01.04.07 To 31.03.08 JC Appeal VII
Maharashtra VAT	Assessment	2,65,11,442/-	01.04.08 To 31.03.09 DC Appeal V
Maharashtra VAT	Assessment	50,63,931/-	01.04.09 To31.03.10 JC Appeal VII
Maharashtra VAT	Assessment	3,81,98,816/-	01.04.10 To 31.03.11 JC Appeal VII
Maharashtra VAT	Assessment	15,37,12,469/-	01.04.12 To 31.03.13 JC Appeal VII
Maharashtra VAT Maharashtra VAT	Assessment Assessment	22,23,622/- 1,55,06,710/-	01.04.13 To 31.03.14 JC Appeal VII 01.04.16 To 31.03.17 JC Appeal VII
Maharashtra VAT	Assessment	21,44,179/-	01.04.17 To 30.06.17 JC Appeal VII

The above cases are all under appeal.

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

(ix) In respect of loans

a) To the best of our knowledge and according to the information and explanations given to us, the Company has not defaulted in repayment of Loans or other borrowings or in the payment of interest thereon to any lender.

b) According to the information and explanation given to us and on basis of our examination of the records of the Company has not been declared a willful defaulter by any bank or financial institution or government or government authority.

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

d) According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that no funds have been raised on short-term basis by the Company. Accordingly, clause 3(ix)(d) of the order is not applicable.

e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its Joint Ventures.

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 Joint Ventures.

(x) In respect of money raised

a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments). Accordingly clause 3 (x) (a) of the order is not applicable.

b) According to the information and explanation given to us and on the basis of our examination of the records of the company, the Company has made preferential allotment of shares during the year for the purpose of repayment of unsecure loans taken from promoters. The same is issued in compliance with requirements of Section 42 and Section 62 of the Companies Act.

(xi) a) Based on examination of the books and records of the Company and according to the information and explanation given to us, considering the principles of materiality outlined in Standard on Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the course of audit.

b) According to the information and explanation given to us, no report under sub-section (12) of Section 143 of the Companies Act 2013 has been filed by the auditors in Form ADT-4 as prescribed under Rule13 of Companies (Audit and Auditors) Rules 2014 with the Central Government during the year and upto the date of this report.

c) According to the information and explanation given to us by the Management, there are no whistle blower complaints received by the company during the year.

(xii) According to the information and explanation given to us, the Company is not a Nidhi Company as defined in section 406(1) of the Companies Act 2013. Therefore clause (xii) of para 3 of the order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Ind AS Financial Statements as required by the applicable accounting standards.

(xiv) a) Based on information and explanation provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

b) We have considered the internal audit reports of the Company issued till date for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and provisions of section 192 of Companies Act, 2013 is not applicable to the Company.

(xvi) a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

Accordingly clause 3 (xvi) (a) of the Order is not applicable

b) The Company is not required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934. Accordingly clause 3 (xvi) (b) of the Order is not applicable.

c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly clause 3 (xvi) (c) of the Order is not applicable

d) According to the information and explanation provided to us during the course of audit, the Group does not have any CIC. Accordingly clause 3 (xvi) (d) of the Order is not applicable.

(xvii) The Company has not incurred cash Losses in the current and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly clause 3 (xviii) of the Order is not applicable.

(xix) According to the information and explanation given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exist as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when that fall due within a period of one year from the balance sheet date. 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 in the facts upto the date of the audit report and we neither give any guarantee not 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) In our opinion and according to the information and explanation given to us there is no unspent amount under sub-section (5) of Section 135 of the Companies Act 2013 pursuant to any project. Accordingly clauses 3 (xx) (a) and 3(xx) (b) of the order are not applicable.

	For HEGDE & ASSOCIATES
	Chartered Accountants
	FRN : 103610W
	Manoj Shetty
	(Partner)
	M.No 138593
	UDIN : 23138593BGVECG2045
Date : 30.05.2023
Place : Mumbai

TARMAT LIMITED

Annexure "2" to the Independent Auditors Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatory requirements section of our report to the Members of Tarmat Limited of even date)

Report on the internal financial controls over financial reporting 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 financial reporting of Tarmat Limited ("the Company") as at March 31, 2023, in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements responsibility for internal financial controls

The Companys management s 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. 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, 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 internal financial controls with reference to standalone financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the standards on auditing prescribed under Section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those standards and the guidance note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, 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 judgement, including the assessment of the risks of material misstatement in 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 control system with reference to standalone financial statements.

Meaning of internal financial controls over financial reporting

A companys internal financial control with reference to standalone financial statements 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 with generally accepted accounting principles. A companys internal financial control with reference to standalone financial statements includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) 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 with authorisations of management and directors of the company; and (iii) 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.

Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management of 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 with the policies or procedures may deteriorate.

Opinion

In our opinion and according to the information and explanations given to us, the Company has, in all material respects, an adequate internal financial control with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2023, based on the criteria for internal financial controls with reference to standalone financial statements 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 HEGDE & ASSOCIATES
	Chartered Accountants
	FRN : 103610W
	Manoj Shetty
	(Partner)
	M.No 138593
	UDIN : 23138593BGVECG2045
Date : 30.05.2023
Place : Mumbai