tuni textile mills ltd Auditors report

To

The Members of

TUNI TEXTILE MILLS LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements Opinion

We have audited the accompanying financial statements of Tuni Textile Mills Limited ("the Company"), which comprise the Balance Sheet as at 31^s March 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 March 31, 2023, its profit including other comprehensive income, its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) as specified under section 143(10) of the Act. 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made 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 audit opinion on the financial statements.

Emphasis of Matters

We draw your attention to the following matters:

i. As stated in note 47 to the financial statements, the balances of Trade Receivables, Trade payable etc. are subject to confirmation from the respective parties and consequential reconciliation/adjustment arising there from, if any.

Our opinion is not modified in respect of these matters.

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.

We have determined the matter described below the key audit matters to be communicated in our report

Key Audit Matters	How our Audit addressed the key Audit Matters
Appropriateness of revenue recognition on sale of	Our audit procedures relating to revenue recognition include
goods.	the following:
Refer note 2.2 and Note 28 of the financial statements.	a. Understood and performed procedures to assess the
	design and test the operating effectiveness of
of services.	relevant controls related to recording of revenue.
	b. Assessed whether the policy of recognizing revenue
115- Revenue from Contracts with Customers at a	was in line with Ind AS - 115.
point in time when the control has been transferred,	c. Tested the reconciliation of the amounts as per the
which generally coincides with dispatch of products to	sales register to the general ledger.
customers in case of domestic sales and on the basis of	d. Performed tests, on sample basis by validating the
bill of lading in the case of export sales.	amounts recorded with the underlying documents
Revenue from services is recognized by measuring	which inter - alia includes invoices, dispatch
progress towards satisfaction of performance	documents, customer orders/ contracts, receipt of
obligation for the services rendered	consideration from customers, where applicable.
We determined this to be a key audit matter due to	e. Performed cut off testing, on sample basis and
significant time and effort involved in assessing the	ensured that the revenue from sale of goods is
appropriateness of revenue recognition and covering	recognised in the appropriate period.
the aspects of completeness, accuracy, occurrence and	Based on the above procedures performed, we did not
cut off.	identify any exceptions in revenue recognition on sale of
	goods.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including Annexures to Boards Report, but does not include the financial statements and our auditors report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these 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 accounting principles generally accepted in India, including the Indian Accounting Standards prescribed 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 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 Board of Directors 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 Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the 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 scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that insufficient 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 financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)^) of the Act, 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 financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 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 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 in terms of

Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. A. As required by Section 143(3) of the Act, based on our audit 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, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;;

e) on the basis of written representations received from the directors as on 31 March 2023, taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B"; and

B. 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 our best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements- Refer Note 37 to the financial statements;

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; and

d) i. The management of the Company has represented that, to the best of its knowledge and belief, as

disclosed in the note 49 (ix) A to the 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 person(s) or entity(ies), 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 to or on behalf of the Ultimate Beneficiaries.

ii. The management of the Company has represented, that, to the best of its knowledge and belief, as disclosed in note 49 (ix) B to the standalone financial statements, 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:

• 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 from or on behalf of the Ultimate Beneficiaries; and

iii. Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub clause (i) and (ii) of Rule 11(e), as provided under d(i) and (d)(ii) above, contain any material mis-statement.

e) The Company has not declared or paid any dividend during the year therefore, the provisions of Section 123 of the Act are not applicable.

C. With respect to the matter to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with schedule V of the Act.

	For DBS & Associates Chartered Accountants
	FRN - 081627N
Place: Mumbai Date: May 25, 2023	s/d-
	CA Roxy Teniwal
	Partner
	Membership No. 141538
	UDIN: 23141538BGYFQJ5963

"ANNEXURE A" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF TUNI TEXTILE MILLS LIMITED

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

a) (A) The Company has maintained proper records, showing full particulars, including quantitative details and

situation of Property, Plant and Equipment and relevant details of right-of-use assets;

(B) The Company has maintained proper records showing full particulars Intangible Assets;

b) As explained to us, the Company has a program of physical verification of Property, Plant and Equipment and right- of-use assets so as to cover all the assets once every year which, in our opinion, is reasonable having regards to the size of the Company and nature of its assets. Pursuant to the program, certain Property, Plant and Equipment which were due for physical verification during the year, were physically verified by the Management. According to the information and explanations given to us, no material discrepancies were noticed on such verification;

c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, 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 lessee) as disclosed in the financial statements are held in the name of the Company;

d) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and Intangible Assets during the year; and

e) No proceedings have been initiated during the year or are pending against the Company as at 31^st March 2023 for holding any benami property under the Benami Transactions (Prohibition) Act 1088 as amended and rules made thereunder.

ii. a) As certified by the management, physical verification of inventories was conducted by the Management during the

year except goods in transit and stock lying with third parties. As explained to us, in our opinion, the coverage and procedure of such verification by the Management is reasonable having regards to the size of the Company and nature of its inventories. No discrepancies of 10% or more in the aggregate of each class of inventories were noticed on such physical verification of inventories as compared to book records; and

b) As per the sanction letter produced to us, the Company has been sanctioned working capital limits in excess of ? 5.00 crores, in aggregate, during the year, from a bank on the basis of security of current assets. The quarterly returns and statements filed by the Company with the bank are not in agreement with the books of accounts. Books debts and stocks are higher than the stock statement submitted to the Bank.

iii. The Company has, during the year, not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to the Companies, Firms, Limited Liability Partnerships or any other parties. Accordingly, the provisions of paragraph 3(iii) of the Order are not applicable.

iv. The Company has, during the year, not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans in accordance with the provisions of section 185 and 186 of the Act. Accordingly, the provisions of paragraph 3(iv) of the Order are not applicable.

v. The Company has not accepted any deposit or amount which is deemed to be deposits during the year in accordance with the provisions of sections 73 to 76 of the Act and rules framed there under. Accordingly, the provisions of paragraph 3 (v) of the Order are not applicable.

vi. The Central Government has not specified the maintenance of cost records under sub section 1 of section 148 of the Act for any of the products of the Company for the year under audit.

vii. (a) On the basis of books and records examined by us, amount deducted/accrued in the books of account in respect of

undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income- tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues have been deposited delayed with the appropriate authorities, details of which is given hereunder:

Sr. " Nature of Statutory Dues No.	Amount	Due date	Date deposited on
a. TDS	0.03	07.05.2022	21.07.2022
	0.05	07.05.2022	24.08.2022
	0.11	07.06.2022	03.09.2022
	0.05	07.07.2022	21.12.2022
	0.49	07.08.2022	23.01.2023
	0.22	07.09.2022	10.05.2023
	0.01	07.10.2022	18.10.2022
	0.38	07.10.2022	11.05.2023
	0.40	07.11.2022	#
	0.12	07.12.2022	#
	0.02	07.01.2023	13.01.2023
	0.07	07.01.2023	#
	0.14	07.02.2023	#
	0.23	07.03.2023	#
	0.16	30.04.2023	#
	0.05	07.05.2022	24.08.2022
	0.08	07.06.2022	03.09.2022
	0.08	07.07.2022	21.12.2022
	0.08	07.08.2022	23.01.2023
	0.08	07.09.2022	10.05.2023
	0.08	07.10.2022	11.05.2023
	0.08	07.11.2022	#
	0.08	07.12.2022	#
	0.08	07.01.2023	#
	0.08	07.02.2023	#
	0.08	07.03.2023	#
	0.08	30.04.2023	#
	0.11	07.05.2022	24.08.2022
	0.31	07.06.2022	03.09.2022
	0.14	07.07.2022	21.12.2022
	0.09	07.08.2022	23.01.2023
	0.23	07.09.2022	10.05.2023
	0.01	07.10.2022	11.05.2023
	0.15	07.11.2022	#
	0.05	07.12.2022	#
	0.02	07.01.2023	#
	0.09	07.02.2023	#
	0.22	30.04.2023	#
	0.21	07.05.2022	24.08.2022
	0.27	07.06.2022	03.09.2022
	0.25	07.07.2022	21.12.2022
	0.79	07.08.2022	23.01.2023
	0.21	07.09.2022	10.05.2023
	0.21	07.10.2022	11.05.2023
	0.23	07.11.2022	#
	0.22	07.12.2022	#
	0.20	07.01.2023	#
	0.25	07.02.2023	#
	0.21	07.03.2023	#
	0.23	30.04.2023	#
	0.01	07.06.2022	03.09.2022
	0.09	07.07.2022	21.12.2022
	0.24	07.08.2022	23.01.2023
	0.42	07.09.2022	10.05.2023
	0.20	07.10.2022	11.05.2023
	0.11	07.11.2022	#
	0.08	07.12.2022	15.05.2023
	0.16	07.12.2022	#
	0.16	07.01.2023	15.05.2023
	0.13	07.01.2023	#
	0.04	07.02.2023	15.05.2023
	0.13	07.02.2023	#
	0.04	07.03.2023	15.05.2023
	0.15	30.04.2023	15.05.2023
	0.71	30.04.2023	#
	0.28	07.05.2022	24.08.2022
	0.01	07.06.2022	03.09.2022
	0.07	07.07.2022	21.12.2022
	0.08	07.08.2022	23.01.2023
	0.06	07.09.2022	10.05.2023
	0.04	07.10.2022	11.05.2023
	1.50	30.04.2023	#
b. Provident Fund	0.03	15.05.2022	27.03.2023
	0.04	15.05.2022	18.08.2023
	0.09	15.05.2022	#
	0.03	15.06.2022	27.03.2023
	0.04	15.06.2022	18.08.2023
	0.09	15.06.2022	#
	0.03	15.07.2022	27.03.2023
	0.04	15.07.2022	18.08.2023
	0.09	15.07.2022	#
	0.03	15.08.2022	27.03.2023
	0.04	15.08.2022	18.08.2023
	0.09	15.08.2022	#
	0.03	15.09.2022	27.03.2023
	0.04	15.09.2022	18.08.2023
	0.09	15.09.2022	#
	0.03	15.10.2022	27.03.2023
	0.04	15.10.2022	18.08.2023
	0.09	15.10.2022	#
	0.03	15.11.2022	27.03.2023
	0.04	15.11.2022	18.08.2023
	0.09	15.11.2022	#
	0.03	15.12.2022	27.03.2023
	0.04	15.12.2022	18.08.2023
	0.09	15.12.2022	#
	0.04	15.01.2023	18.08.2023
	0.08	15.01.2023	#
	0.03	15.02.2023	27.03.2023
	0.04	15.02.2023	18.08.2023
	0.09	15.02.2023	#
	0.03	15.03.2023	20.04.2023
	0.04	15.03.2023	24.07.2023
	0.07	15.03.2023	#
	0.03	15.04.2023	21.04.2023
	0.04	15.04.2023	18.08.2023
	0.07	15.04.2023	#
c. ESIC	0.02	15.05.2022	19.10.2022
	0.02	15.06.2022	19.10.2022
	0.02	15.07.2022	19.10.2022
	0.02	15.08.2022	19.10.2022
	0.01	15.09.2022	19.10.2022
	0.01	15.10.2022	14.12.2022
	0.01	15.11.2022	21.12.2022
	0.01	15.12.2022	21.12.2022
	0.01	15.01.2023	13.02.2023
	0.01	15.02.2023	20.04.2023
	0.01	15.03.2023	20.04.2023
	0.01	15.04.2023	21.04.2023
d. Profession Tax	0.15	30.04.2022	#
	0.14	31.05.2022	#
	0.15	30.06.2022	#
	0.13	31.07.2022	#
	0.14	31.08.2022	#
	0.14	30.09.2022	#
	0.15	31.10.2022	#
	0.13	30.11.2022	#
	0.11	31.12.2022	#
	0.11	31.01.2023	#
	0.19	28.02.2023	#
	0.13	31.03.2023	#

# Not paid till the date of this report

There are no arrears of undisputed statutory dues as at the last day of financial year concerned, outstanding for a period of more than six months from the date they became payable except the followings:

Name of the statute	Nature of the dues	Amount	Period to which the amount relates	Due Date	Date of Payment	Remarks, if any
Income Tax	TDS (94-C)	0.22	Aug-22	07/09/2022	10/05/2023	-
Income Tax	TDS (94-I)	0.08	Aug-22	07/09/2022	10/05/2023	-
Income Tax	TDS (94-J)	0.23	Aug-22	07/09/2022	10/05/2023	-
Income Tax	TDS (94-Q)	0.21	Aug-22	07/09/2022	10/05/2023	-
Income Tax	TDS (94-A)	0.42	Aug-22	07/09/2022	10/05/2023	-
Provident Fund	Provident Fund	0.09	Apr-22	15.05.2022	#	-
Provident Fund	Provident Fund	0.09	May-22	15.06.2022	#	-
Provident Fund	Provident Fund	0.09	Jun-22	15.07.2022	#	-
Provident Fund	Provident Fund	0.09	Jul-22	15.08.2022	#	-
Provident Fund	Provident Fund	0.09	Aug-22	15.09.2022	#	-
Provident Fund	Provident Fund	0.09	Sep-22	15.10.2022	#	-
Profession Tax	Profession Tax	1.37	FY 21-22	31.03.2022	#	-
Profession Tax	Profession Tax	0.15	Apr-22	30.04.2022	#	-
Profession Tax	Profession Tax	0.14	May-22	31.05.2022	#	-
Profession Tax	Profession Tax	0.15	Jun-22	30.06.2022	#	-
Profession Tax	Profession Tax	0.13	Jul-22	31.07.2022	#	-
Profession Tax	Profession Tax	0.14	Aug-22	31.08.2022	#	-
Profession Tax	Profession Tax	0.14	Sep-22	30.09.2022	#	-

# Not paid till the date of this report

b) On the basis of books and records examined by us, there are no statutory dues referred to in sub clause (a) above which have not been deposited with appropriate authorities on account of any dispute except the followings:

Name of Statute	Nature of Dues	Amount	Period to which the amount relates*	Forum where dispute is pending
Income Tax Act	Interest	9.74	1995-96	@
Income Tax Act	Interest	3.39	1996-97	@
Income Tax Act	Interest	1.58	1997-98	@
Income Tax Act	Disallowance of Certain Expenses and Levy of MAT and Interest	1.08	2017-18	#

and Interest

*Assessment Year

@ For the above demands, as informed to us, the company has filed waiver petitions before Chief Commissioner of Income Tax for waiver of interest, those petitions are pending to be heard;

The waiver of above demands have been considered in scheme of rehabilitation by BIFR; and

The Company has represented before the Tax Recovery officer, to give effect to the order of Honorable BIFR.

# Rectification application is pending with the Jurisdictional Assessing Officer

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

ix. a) On the basis of selective checks carried out during the course of audit, we are of the opinion that the Company has

not defaulted in the repayment of loans and other borrowing and in the payment of interest thereon except in the following cases, details of which are given hereunder:

Nature of borrowing, including debt securities	Name of Lender	Amount not paid on due date	Whether principal or interest	No. of Days delay or unpaid	Remarks, if any
Dropline Overdraft Facility	ICICI Bank Limited	1.29	Interest	25.00	-
Dropline Overdraft Facility	ICICI Bank Limited	4.67	Principal	25.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.30	Interest	14.00	-
Dropline Overdraft Facility	ICICI Bank Limited	0.08	Interest	12.00	-
Dropline Overdraft Facility	ICICI Bank Limited	4.67	Principal	13.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.27	Interest	10.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.26	Interest	7.00	-
Dropline Overdraft Facility	ICICI Bank Limited	0.73	Interest	1.00	-
Dropline Overdraft Facility	ICICI Bank Limited	0.51	Interest	11.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.37	Interest	8.00	-
Dropline Overdraft Facility	ICICI Bank Limited	4.67	Principal	1.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.22	Interest	4.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.23	Interest	4.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.22	Interest	8.00	-
Dropline Overdraft Facility	ICICI Bank Limited	1.09	Interest	9.00

b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority;

c) In our opinion, the term loan was applied for the purpose for which the loan was obtained raised;

d) On an overall examination of the Financial Statements of the Company, funds raised on short-term basis have, prima facie, not been used for long-term purposes by the Company;

e) The Company does not have any subsidiary, associate or joint venture, hence provisions the paragraph (ix)(e) & (f) of the Order are not applicable to the Company.

x. a) As per the records of the Company, the Company did not raise any money by way of initial public offer or further

public offer (including debt instruments) during the year. Accordingly, provisions of paragraph 3(x)(a) of the Order are not applicable to the Company.

b) 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 or partially or optionally convertible) during the year. Accordingly, provisions of paragraph 3(x)(b) of the Order are not applicable to the Company.

xi. a) According to the information and explanations given to us, no fraud by the Company or on the Company has been

noticed or reported during the course of our audit;

b) No report under sub-section 12 of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed in rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto date of this report; and

c) As per the records of the Company, no whistle blower complaint has been received by the Company during the year and upto date of this report.

xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, provisions of paragraph 3(xii) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us, transactions with the related parties are in compliance with Section 177 and Section 188 of the Act as applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. a) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its

business.

b) We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, provisions of paragraph 3(xv) of the Order are not applicable to the Company.

xvi. a) In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,

1934. Accordingly, provisions of paragraph 3(xvi)(a), (b) and (c) of the Order are not applicable to the Company.

b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Direction 2016) and accordingly, provisions of paragraph 3 (xvi) (d) of the Order are not applicable to the Company.

xvii. The Company has not incurred cash losses during the financial year under audit and immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of the realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of 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 exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of the balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however state that this is not an assurance as to 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. According to the information and explanations given to us, the provisions of section 135 of the Act are not applicable to the Company. Hence, the provisions of paragraph (xx)(a) & (b) of the Order are not applicable to the Company.

	For DBS & Associates
	Chartered Accountants
	FRN - 081627N
Place: Mumbai Date: May 25, 2023	S/d-
	CA Roxy Teniwal
	Partner
	Membership No. 141538
	UDIN: 23141538BGYFQJ5963

Annexure B to the Independent Auditors Report

Referred to in paragraph 2A(f) under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

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

Opinion

We have audited the internal financial controls over financial reporting of Tuni Textile Mills Limited ("the Company") as of 31^st March 2023 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

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 ("the Guidance Note")

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company 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 ("the ICAI"). 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, 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys Internal Financial Controls over Financial Reporting 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 ICAI and the Standards on Auditing prescribed under section 143(10) of the Act, 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 was 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 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 with 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 with

authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized 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 with the policies or procedures may deteriorate.

	For DBS & Associates Chartered Accountants
	FRN - 081627N
Place: Mumbai Date: May 25, 2023	S/d-
	CA Roxy Teniwal
	Partner
	Membership No. 141538
	UDIN: 23141538BGYFQJ5963