To,
The hoard of Directors of Viksit Engineering Limited CIN:- L99999MH1983PLC029321
, Report on the audit of the financial statements
Opinion
We have audited the accompanying financial statements of Viksit Engineering Limited
("the Company"), which has its registered office at Room No-1-2, Klpadia
Chambers, 51 Bharuch Street Masjid Bonder (E), Mumbai City, MH, 400009 IN, which comprises
the balance sheet as at March 31,2023, and the Statement of Profit and toss, Statement of
changes in equity and Statement of Cash Flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other
explanatory information.
In out 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 (Act) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31,2023, its loss and cash flows for the year ended on
that date.
Basis for opinion
T V
We conducted our audit in accordance with the standards on auditing 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 Act and the rules thereunder, and we have fulfilled out 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 opinion on the Financial Statements.
Emphasis Of Matter
Material Uncertainty Related to Going Concern
The company has posted a loss of Rs. 560.22 Lakhs during the year ended on March 31,
2023 and; as of that date, the current liabilities exceeded its current assets by Rs.
119-85 Lakhs and its net worth is negative Rs. 5.48 Lakhs which has resulted in complete
erosion of the net worth of the company. Further, there are no regular activity/operations
in the company, thereby raising doubt whether the Company will be able to continue as a
going concern. In spite of these events or conditions which may cast a doubt on the
ability of the company to continue as a going concern the management is of the opinion
that the going concern basis of accounting is appropriate in view of that management is
exploring the new area of business. However, our opinion is not modified in this matter. .
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 that there are no key audit matters to communicate in our report. informal
ion other than the financial statements and auditors7 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, Business Responsibility 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 materia!
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 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, cash flows and changes in equity of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting
Standards (ind AS) specified under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. Ibis responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of tire Company and for preventing and detecting frauds and
other irregularities; selection and application, of appropriate accounting policies;
making judgements and estimates that are reasonable and prudent; and the 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 aye free from material misstatement, whether due to fraud or
error. In preparing the 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. Those Board of Directors are 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 skepticism 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 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 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 tuning 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
i. As required by the Companies (Auditor s Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section ill) of section 143 of
the Companies Act, 2013, we give in the Annexurc "A", a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ii. 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 company has informed that it has no operational branch which requires Audit u/s
143 (8) of the Act;
d. The balance sheet, the statement of profit and loss, and the cash flow statement
dealt with by this report are in agreement with the books of account;
e. In our opinion, the aforesaid financial statements comply with the accounting
standards specified under section 133 of the Act, read with rule 7 of the Companies
(Accounts) Rules, 2014;
f. On the basis of the examination of the Books of Account and other records shown to
us for the purpose of the Audit and other such documents asked during the course of the
audit the auditor has no observation or adverse comment, apart from those mentioned in the
relevant paras if any, on the financial transactions or matters which may have any adverse
effect on the functioning of the company.
g. On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the board of directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act;
h. On the basis of the examination of the Books of Account and other records shown to
us for the purpose of the Audit and other such documents asked during the course of the
Audit, the Auditor found no material reason to report any qualification, reservation or
adverse remark relating to the maintenance of accounts and other matters connected
therewith, apart from the matters already mentioned in the relevant paras if any.
i: 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 Anirexure "B"; and
j. With respect to the other mailers to he included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in out opinion
and to the best of our information and according to the explanations given to us;
a) The Company has no pending litigations on its financial position in its financial
statements.
b) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses; and
c) There were no amounts which were required to he transferred, to the Investor
Education and Protection Fund by the Company.
k. I) The management has represented that, to the best of its knowledge and belief, as
disclosed in the standalone accounts, 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 to or on behalf of the Ultimate
Beneficiaries.
ii) The management has represented, that, to the best of its knowledge and belief, as
disclosed in the standalone accounts, no funds 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 in vest in other persons or entities identified
in any maimer 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.
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 (d) (i) and (d) (ii) contain arty material misstatement
l. The dividend was not declared and paid during the year by the Company and is in
compliance with Section 1.23 of the Act
m. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is mandatory only
w.e.f April 1, 2023, for the Company, reporting under this clause is not applicable.
n. With respect to the matter to be included in the Auditors Report under section
197(16) of the Act, as amended:
In our opinion and according to the information and explanations given to us, no
remuneration has been paid by the Company to its managing director during the year.
Unique Document Identification Number (UDIN) for this document is; 23423727BGSBXG9959
For S. Ramanand Aiyar & Co.
- Chartered Accountants
Firm Reg No. 000990N
CA Mayank Saklecha
Partner
Membership No. 423727
Indore
Dated; 29th May, 2023
Annexure " A" To The Independent Auditors Report On The Financial Statement
Of Vikgit Engineering Limited
Report on the Order issued under Section 143(11) of the Companies Act 2013
l. (a) According to the information provided, it was observed that though the company
has maintained reasonable records showing particulars, quantitative details and situation
of Property, Plant and Equipment, we have found discrepancies regarding certain
particulars which were not updated properly.
(b) The Property, Plant and Equipment referred to in Note no. 2 of financial statements
have been physically verified by the management at reasonable intervals {covering all the
assets in a period of three years), which in our opinion is reasonable, having regard to
the size of the said Companys Unit and nature of its assets. As informed to us, no
material discrepancy was noticed on such physical verification,
(c) According Eo the information and explanation given to us and on the basis of our
examination, of the records of the corporation, we found that company does not hold any
immovable property hence Report under this clause is not applicable to the company
(d) According to the information and explanations given to us, the said company has not
revalued its Property, Plant and Equipment {including Right of Use assets) or intangible
assets or both during the year.
{e) There are no proceedings initiated or pending against the company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder as details provided by management.
II. (a) As explained to us, and information provided to us company does not have
inventories hence this clause is not applicable.
{b) As explained to us, and information provided to us During any point of time of the
year, company has not been sanctioned working capital limits in excess of 5 crore rupees,
in aggregate, from banks or financial institution on the basis of security of cur rent
asset.
III. During the year the company has not made any investments or provided any
guarantee, security or granted any loans or advances in the nature of loans, secured or
unsecured, to companies, firms, limited Liability Partnership or any other party. The
details of outstanding investments are as follows:
|
Amount of Investments (in Rs.) |
| Aggregate amount of investment made during the year |
|
| • Subsidiaries |
- |
| • Joint Ventures |
- |
| • Associates |
- |
| * Others |
- |
| Balance outstanding as at balance sheet date |
|
| • Subsidiaries |
- |
| • Joint Ventures |
|
| * Associates |
- |
| * Others |
102,10,565/- |
IV. In our Opinion and according to the information and explanation given
to us, the Company has not given any loans, guarantees or investments to directors or any
other related person, hence the provisions of section 185 & 186 of the
Companies Act, 2013 with respect to the loans made are not applicable.
V. According to the information and explanations given to us, the company has not
accepted any deposits within the meaning of section 73 to 76 of Use Act or any other
relevant provisions of the Companies Act, 2013.
VI The provisions of section 148 (1) of the Companies Act, 2013 with regard to
maintenance of cost records are not applicable to the company.
VII. (a) According to the information and explanations given to US and on the basis of
our examination of the records of the Company, mostly all amounts deducted / accrued in
the books of account in respect of undisputed statutory dues including provident fund,
income-tax, sales tax, value added tax, duty " of customs, goods and service tax,
cess and other material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities, except for the following statutory dues that
were in arrears as at March 31,2023 for a period of more than six months from the date
they became payable:
| Nature of dues |
Period to which amount relates |
Amount (in Rs.) |
| TDS |
2021-22 |
450 |
| TDS |
2020-21 |
450 |
| TDS |
2019-20 |
490 |
| TDS |
Prior Periods |
30,640 |
| Total |
|
32,030 |
(b) According to information and explanations given to us, the following dues of Income
Tax have not been deposited by the Company on March 31,2022 on account of disputes:
| Name of Statute |
Nature of Dues |
Amount (in Rs.) |
Period to which the amount relates |
| Income Tax |
Interest on Income Tax |
25,808/- |
Assessment Year 2011 -12 |
| Income Tax |
Interest on Income Tax |
84,420/- |
Assessment Year 2012-13 |
| Income Tax |
Income Tax and Interest |
10710/- |
Assessment Year 2013-14 |
| Income Tax |
Income Tax and Interest |
5,71,430/- |
Assessment Year 2018-19 |
| Total |
|
6,92,368/- |
|
VIIL According to the information and explanations given to us, there arc no
transaction that are not recorded in books of accounts that have been surrendered or not
disclosed as income during the year in the tax assessment under income tax act,l%l(43 of
1%1). Hence this clause is not applicable. .
IX. (a) According to the records of the Company examined by us and the information and
explanations given to us, it has been observed that the Company has defaulted in repayment
of loan and interest thereon.
The following are the particulars of the default made:
| Description of borrowing |
Name of lender* |
Amount unpaid on the due date |
Whether interest or principal |
Number of days of delay or unpaid |
Auditors remarks |
| Business Loan |
EPOCH Mercantiles Private Limited (NBFC) |
11,75,100 |
Principal and Interest |
365 days |
- |
(b) According to the information and explanations given to us, Company has not been
declared as willful defaulter by any bank or financial institution or any other lender;
(c) According to the information and explanations given to us, the Company has not
obtained any Term Loans during the year; hence, this clause is not applicable.
(d) According to the information and explanations given to us, the funds are not raised
on a shortterm basis.
(e) According to the information and explanations given to us, the company does not
have subsidiary, associates or joint ventures, hence not applicable.
. (f) According to the information and explanations given to ns, the company does not
have subsidiary, associates or joint ventures, hence the clause is not applicable.
X, (a) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) during the year. Accordingly, paragraph (x) of
the order is not applicable.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year.
XI. (a)Based on examination of the books and records of the Company and according to
the information and explanations given to us, we report that no fraud by the Company or on
the Company has been noticed or reported during the course of the audit
(b) According to the information and explanations given to us, no report under
subsection (12) of Section 143 of the Companies Act, 2013 has been filed by the auditors
in Form ADT-4 as prescribed under Kule 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.
XU. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly, paragraph (xii) of the order is not
applicable.
XIII. According to the information and explanations given to us and based ort our
examination of the records of the Company, transactions with the related parties are in
compliance with Sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed hi the financial statements as required by the applicable
accounting standards.
XIV (a) In our opinion and based on our examination the company has an internal audit
system commensurate with the size and nature of its business.
(b) We were unable to obtain the internal audit report of the company, hence the
internal audit reports have not been considered.
XV 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 during
the financial year; hence the provisions of section 192 of the Act, are not
applicable.
XVI, (a) According to the information and explanations provided to us, the company is
not required to be registered under Section 45-IA of the Reserve Bank, of India Act, 1934
and hence this clause is not applicable to the Company.
(b) The Company is not an NBFC hence the reporting in this clause 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, the clause is not applicable,
(d) According to the information and explanations provided to us during the course of
audit, the Company does not have any CIC. Accordingly, the clause is not applicable.
XVT The Company has incurred cash losses in the current financial year 2022-28
amounting to Rs, 9,90 Lakhs. There were no cash losses in the previous year.
XVIII There has been no resignation of the statutory auditors during the year. Hence
reporting under this clause is not applicable.
XIX According to the information and explanations given to us and on tire basis of
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, the
auditors knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, circumstances included in MATERIAL
UNCERTAINTY paragraph of our main audit report, causes us to believe that material
uncertainty exists 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 they fall due
within a period of one year from the balance sheet date.
XX, (a) According to the information and explanations given to us, in respect of other
than ongoing projects, and transfer of unspent amount to a Fund specified in Schedule VII
to the Companies Act in compliance with second proviso to sub-section (5) of section 135
of the said Act are not applicable to the company.
(b) According to the information and explanations given to us, the company is not
required to transfer any amount to special account in compliance with provision of
sub-section (6) of section 135 of the said Act.
XXI According to the information and explanations given to us, the company does not
make any consolidation financial statement hence this clause is not applicable.
Unique Document Identification Number (UDIN) for this document is: 23423727BGSBXG9959
For S. Ramanand Aiyar & Co.
Chartered Accountants .
Firm Reg No. 000990N
CA Mayank Saklecha
Partner
Membership No. 423727
Indore
Date: 29^ May, 2023
Annexure "B" to the Independent Auditors Report
(Referred to in paragraph 2 under Report on other legal arid regulatory requirements
section of our report to the members of Vlksit Engineering Limited of even date)
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 financial reporting of Viksit
Engineering Limited ("the Company") as of March 31,2023 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 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 (the
"Guidance Note") 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, including adherence to the Company*s 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 Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting with reference to these Financial Statements based on
our audit. We conducted our audit in accordance with the Guidance Note and the Standards
on Auditing as specified under Section 143(10) of the Act, to the extent applicable to an
audit of internal financial controls and, both issued by the Institute of Chartered
Accountants of India. 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 with reference to
these Financial Statements 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 over financial
reporting with reference to these Financial Statements and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting with reference to
these 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 of the financial statements, whether
due to fraud or error. We believe that the audi t evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the internal financial
controls over financial reporting with reference to these Financial Statements.
Meaning Of Internal Financial Controls over Financial Reporting With Reference To These
Financial Statements .
A companys infernal financial control over financial reporting with reference to these
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 over financial reporting with reference to these Financial
Statements 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 With
Reference To These Financial Statements
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these Financial Statements, 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 ^valuation of the
internal financial controls over financial reporting with reference to these Financial
Statements to future periods are subject to the risk that the internal financial control
over financial reporting with reference to these Financial Statements 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, the Company has, in. ah material respects, adequate internal financial
controls over financial reporting with reference to these Financial. Statements and such
internal financial controls over financial reporting with reference to these Financial
Statements were operating effectively as at March 31,2023, 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. .
Unique Document Identification Number (UDIN) for this document is: 23423727BGSBXG9959
For S Ramanand Aiyar & Co,
Chartered Accountants t
Firm Reg No. 000990N
CA Mayank Saklevha
Partner
Membership No. 423727
Indore
Date: 29th May, 2023
+91-9892691696
