ON IND AS FINANCIAL STATEMENTS
To
The Members of Explicit Finance Limited
Opinion
We have audited the standalone financial statements of Explicit Finance Limited ("the
Company"), which comprise the balance sheet as at 31 st March 2023, and the statement
of Profit and Loss, 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 our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the 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, and profit/loss, and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules there
under, 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 opinion.
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.
For each matter below , our description of how our audit addressed the matter is provided
in that context.
We have determined the matter described below to be key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the
Auditors responsibilities for the audit of the standalone Ind AS financial statements
section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide
the basis of our audit opinion on the accompanying standalone Ind AS financial statements.
| Key Audit Matter |
How our audit addressed the key audit matter |
| 1) Impairment of financial assets (expected credit losses) :- |
|
| Ind AS 109 requires the Company to recognize impairment loss allowance towards its
financial assets (designated at amortised cost and fair value through other comprehensive
income) using the expected credit loss (ECL) approach. Such ECL allowance is required to
be measured considering the guiding principles of Ins AS 109 including :- |
We read and assessed the Companys accounting policies for impairment of financial
assets and their compliance with Ind AS 109 |
| Unbiased , probability weighted outcome under various scenarios; |
We tested the criteria for staging of loans on their past due status to check
compliance with requirements of Ind AS 109 . Tested a sample of performing (stage 1) loans
to assess whether any loss indicators were present requiring them to be classified under
stage 2 or 3 and vice versa. |
| Time value of money; |
We have evaluated the reasonableness of the Management estimates by understanding the
process of ECL estimation ad tested the controls around data extraction and validation |
| Impact arising from forward looking macro- economic factors and; |
Tested the ECL model, including assumptions and underlying computation |
| Availability of reasonable and supportable information without undue costs; |
Assessed the floor/minimum rates of provisioning applied by the Company for loan
products with inadequate historical defaults |
| Applying these principles involves significant estimation in various aspects , such
as; |
Audited disclosure included in the Ind AS financial statements in respect of expected
credit losses. |
| Grouping of borrowers based on homogeneity by using appropriate statistical
techniques; |
|
| Staging of loans and estimation of behavioral life; |
|
| Determining macro-economic factors impacting credit quality of receivables; |
|
| Estimation of losses for loan products with no/minimal historical defaults. |
|
| Considering the significance of such allowance to the overall financial statements and
the degree of estimation involved in computation of expected credit losses, this area is
considered as a key audit matter. |
|
Information other than the Financial Statements and Auditors Report thereon
The Companys Board of Directors are responsible for the preparation of the other
information. The other information comprises the information included in the Boards
Report including Annexure(s) 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 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.
Responsibilities of Management and Those Charged with Governance for the Standalone
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 and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
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 statement that give
a true and fair view and are 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 standalone Ind AS 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. (Refer appendix to our report of even date)
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure - 1 a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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, 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
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31 st
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) As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company only with effect from 1 April 2023 reporting under Rule 11(g) of the Companies
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not
applicable.
g) 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 A".
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, 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 litigations which would impact its financial
position.
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. The Management has represented that, to the best of its knowledge and belief, 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 by or on behalf of the Company (‘Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
v. The Management has represented, that, to the best of its knowledge and belief, 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 by or on behalf of the
funding party (‘Ultimate Beneficiaries) or provide any guarantee, security or the
like on behalf of the ultimate beneficiaries.
vi. Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under subclause (i) and (ii) contain any material mis-statement.
vii. The company has not declared or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013.
Annexure - 1 to our report of even date
Re: Explicit Finance Limited ("the company")
In our opinion, and on the basis of such checks of the books and records as we
considered appropriate and according to the information and explanations given to us
during the normal course of audit, which were necessary to the best of our knowledge and
belief, we report that:
(1) (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) The Management has physically verified certain assets during the year in accordance
with a program of verification, which in our opinion provides for physical verification of
the fixed assets at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such verification. During the year,
Company has not disposed of any substantial / major part of fixed assets.
(c) There is no immovable properties are held by the company hence this clause is not
applicable.
(2) (a) The Company is registered non banking financial company and main business is to
grant and obtain loans and advances and apart from this company invest surplus funds in
shares and securities and in view of the same there is no trading activity carried on
during the year, hence there is no closing stock as on 31st March 2023.
(b) As company does not deal in trading activity, therefore procedures of physical
verification of inventory by the management is not required.
(c) As company does not deal in trading activity, therefore maintaining proper records
of inventory is not required.
(3) According to the information and explanation given to us, the company has not
granted any loans, secured or unsecured to companies, firms, limited liability
partnerships or other parties covered in the register maintained under section 189 of the
Companies Act, 2013. As the company is NBFC, Loan and advances given in the normal course
of business have not been considered here for reporting. Accordingly, the provision of
clause 3(iii)(a), (b) and (c) of the order are not applicable to company and hence not
commented upon.
(4) In our opinion and according to the information and explanations given to us, the
company has wherever applicable complied the provisions of Section 185 and Section 186 of
the Companies Act, 2013 in respect of loans, investments, guarantees and security.
(5) According to the records of the company and information and explanations given to
us, the company has not accepted any deposit as per directive issued by Reserve Bank of
India and the provision of the section 73 to 76 or any other relevant provision of the
Companies Act 2013 and rules framed there under.
(6) T o the best of our knowledge and as explained, the company is engaged in Non
Banking Financial Company and not dealt in any sale of goods, hence the Central Government
has not prescribed the maintenance of cost records by the company under sub - section (1)
of section 148 of the Companies Act, 2013 for any of its products.
(7) (a) According to the records of the company and information and explanations given
to us in respect of statutory dues and other dues, the company has been generally regular
in depositing undisputed statutory dues including Income Tax, sales tax, goods &
services tax , wealth tax, service tax, duty of custom, duty of excise, value added tax,
cess and any other statutory dues with the appropriate authorities during the year.
(b) According to the information and explanation provided by the management and the
records examined by us, there are no dues of Sales tax, Wealth tax, Goods & Service
tax, Customs duty, Excise duty, Value Added Tax, Cess which have not been deposited on
account of any dispute.
(8) According to records of the company, the company has not borrowed funds from
financial institutions, banks, government or issued debentures till 31st March
2023. Hence, in our opinion, the question of reporting on default in repayment of dues to
financial institutions or banks or debenture holders does not arise.
(9)
a. In our opinion and according to the information and explanation provided by the
management and the records examined by 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 provided by the management and the
records examined by us and on the basis of our audit procedures, we report that the
Company has not been declared wilful defaulter by any bank or financial institution or any
other lender.
c. According to the information and explanation provided by the management and the
records examined by us, the Company has not obtained any term loans during the year.
Hence, reporting under clause 3(ix)(c) of the said Order is not applicable to the Company.
d. According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the financial statements of the Company,
we report that no funds raised on short-term basis have been used for long-term purposes
by the Company.
e. According to the information and explanation provided by the management and the
records examined by us, the Company does not have any subsidiaries, associates or joint
ventures. Hence reporting under clause 3(ix)(e) of the said Order pertaining to meeting
the obligations of the subsidiaries, joint ventures and associate companies is not
applicable to the Company.
f. According to the information and explanation provided by the management and the
records examined by us, the Company does not have any subsidiaries, associates or joint
ventures. Hence reporting under clause 3(ix)(f) of the said Order pertaining to raising of
loans on the pledge of securities held in its subsidiaries, joint ventures and associate
companies is not applicable to the Company
(10)
a. The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) during the year and hence reporting under paragraph
3(x)(a) of the Order is not applicable.
b. The Company has not made preferential allotment or private placement of shares or
convertible debentures (fully or partly or optionally) during the year under review and
hence reporting under paragraph 3(x)(b) of the Order is not applicable to the Company
(11)
a. To the best of our knowledge, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
b. No report under section 143(12) of the Companies Act, 2013, has been filed in Form
ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the
Central Government, during the year and up to the date of this report.
c. We have taken into consideration the whistle blower complaints received by the
Company during the year (and up to the date of this report), while determining the nature,
timing and extent of our audit procedures.
(12) According to records of the company, the company is not covered under the category
of Nidhi company, therefore provision of clause 3(xi) of the order are not applicable to
the company and hence not commented upon.
(13) According to the information and explanations given to us, the company has
complied with Section 177 and 188 of Companies Act, 2013 in respect of transactions with
related parties and details have been disclosed in the financial statements as required by
the applicable accounting standards.
(14) To the best of our knowledge and belief and according to information and
explanations given to us the company has not made any preferential allotment or private
placements of shares or fully or partly convertible debentures during the year. Hence the
provisions of Section 42 of the Companies Act, 2013 do not apply.
(15) To the best of our knowledge and belief and according to the information and
explanations given to us, the company has wherever applicable complied with provisions of
Section 192 of the Companies Act, 2013 in respect of any non cash transactions entered
with directors or persons connected with him.
(16) The company is registered Non Banking Financial Company and the company is holding
certificate of registration vide registration number 13.00685 under Section 45-IA of the
RBI Act, 1934.
(17) The Company has not incurred cash losses during the financial year covered by our
audit and in the immediately preceding financial year
(18) There has been no resignation of the statutory auditors of the Company during the
year.
(19) On the basis of the financial ratios, aging and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
standalone 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 exists as
on the date of the audit report, that 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. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due
(20)
a. There are no unspent amounts towards Corporate Social Responsibility (CSR) on other
than ongoing projects requiring a transfer 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. Accordingly, reporting under paragraph 3(xx)(a) of the Order is not applicable
for the year.
b. In respect of ongoing projects, the Company has transferred unspent Corporate Social
Responsibility (CSR) amount as at the end of the previous financial year, to a special
account within a period of 30 days from the end of the said financial year in compliance
with the provision of section 135(6) of the Act.
c. In respect of ongoing projects, the Company has not transferred the unspent
Corporate Social Responsibility (CSR) amount as at the balance sheet date out of the
amounts that was required to be spent during the year, to a special account till the date
of our report. However, the time period for such transfer i.e. 30 days from the end of the
financial year as permitted under section 135(6) of the Act, has not elapsed till the date
of our report.
Annexure - 2 to our report of even date Re: Explicit Finance Limited ("the
company")
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 Explicit
Finance Limited ("the Company") as of 31st March 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls:
The Companys management 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. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility:
Our responsibility is to express an opinion on the Companys internal financial
controls over financial 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") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both 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 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 judgement, 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.
Opinion:
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31st 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.
Explanatory Paragraph:
We also have audited, in accordance with the standard on Auditing issued by the
Institute of Chartered Accountants of India, as specified under section 143(10) of the
Act, the financial statement of Explicit Finance Limited, which comprises the Balance
Sheet as at 31st March 2023, and the related statement of Profit & Loss and
Cash Flow Statement for the year then ended, and summary of significant accounting
policies and other explanatory information, and our report dated 27th May 2023
and expressed an unqualified opinion thereon.
Appendix to our report of even date
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 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.
| For S C Mehra & Associates LLP |
| Firm Registration No.: 106156W/W100305 |
| Chartered Accountants |
| CA DEEPAK M. OZA |
| Partner |
| Membership No.045890 |
| Place : Mumbai |
| Date : 30th May 2023 |
| UDIN : 23045890BGVFHU4912 |
+91-9892691696
