To the Members of Hardwyn India Limited
Report on the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS Financial Statements of Hardwyn
India Limited ("the Company"], which comprise the Balance Sheet as at 31st March
2023, and the statement of Profit and Loss (including Other Comprehensive Income], the
Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and
notes to the Standalone 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 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 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, the profit including other
comprehensive income, changes in equity 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
Standalone Ind AS Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit
of the Standalone Ind AS Financial Statements under the provisions of the Companies Act,
2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
on Standalone Financial Statements.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most
significance in our audit of the Standalone Ind AS Financial Statements of the current
period. These matters were addressed in the context of our audit of the Standalone Ind AS
Financial Statements as a whole, and informing our opinion thereon, and we do not provide
a separate opinion on these matters.
Information Other than the Standalone Financial Statements and Auditors Report there
on
The Companys management and Board of Directors is responsible for the other
information. The other information comprises the information included in the Annual
report, but does not include the Standalone Financial Statements and our auditors report
thereon.
Our opinion on the Standalone Financial Statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial Statements or our knowledge
obtained in the 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 Ind
AS Financial Statements
The Companys Management and 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 Ind AS 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 accounting principles
generally accepted in India, including Indian Accounting Standards (Ind AS] prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards] Rules,
2015, as amended. 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 Standalone Ind AS Financial Statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS Financial Statements, management is responsible for assessing
the Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibilities for the Audit of Standalone Ind AS Financial Statement
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
Financial Statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Ind AS
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 internal financial controls with reference to Financial Statements
in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Ind AS 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 Standalone Ind
AS Financial Statements, including the disclosures, and whether the Standalone Ind AS
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 Standalone Financial Statements
of the current period and are therefore, the key audit matters. We describe these matters
in our auditors report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report] Order, 2020 ("the
Order"), issued by the Central Government of India in terms of-section 143(11] of the
Companies Act, 2013, we give in the Annexure "A", a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3] of the Act, we report that:
(a) We have sought and 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, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in agreement with the books
of account.
(d) In our opinion, the aforesaid Financial Statement comply with the Ind AS specified
under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms of Section
164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company with reference to these Standalone Ind AS Financial Statements
and the operating effectiveness of such controls, refer to our separate Report in "Annexure
B".
(g) With respect to the other matters to be included in the Auditors Report in
accordance with 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 in its Standalone Ind AS Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv)
a. The Management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the Standalone Financial Statements, no funds (which are
material either individually or in the aggregate) 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 or entity, including foreign entity
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
b. The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the
Company from any person or entity, including foreign entity ("Funding
Parties"], with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding
Party("Ultimate Beneficiaries"] or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;
c. Based on the audit procedures that have been 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(a)and
(b) above, contain any material misstatement.
v) The company has not declared or paid any dividend during the year.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended March 31, 2023.
(h) In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
For S. S. Periwal& Co.
Chartered Accountants
Firm Regn. No.: 001021N
UDIN: 23097954BGSTMM6399
Place: New Delhi
Date: 29-05-2023
CA Anand Grover
(Partner)
Membership No.: 097954
Annexure "B" to the Independent Auditors Report
Report on the internal financial controls over financial reporting under Clause (i) of
Sub - section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls with reference to Standalone Financial
Statements of HARDWYN INDIA LIMITED ("the Company"] as at March 31, 2023,
in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company
for the year ended on that date.
Managements responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting with reference
to Standalone Financial Statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of reliable financial information,
as required under the Companies Act, 2013.
Auditors responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting with reference to Standalone Financial Statements of the Company based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the "Guidance Note"]
issued by the Institute of Chartered Accountants of India and the standards on auditing
prescribed under Section 143 (10] of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls. Those standards and the guidance note require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial
reporting were established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting with reference to
Standalone 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, 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 in the
Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial control system
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
(i) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of Financial Statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(iii) 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 with reference to Standalone Financial Statements, including the possibility of
collusion or improper management of override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods are subject to the
risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the company have, 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 establish 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 ICAI.
For S. S. Periwal& Co.
Chartered Accountants
Firm Regn. No.: 001021N
CA Anand Grover
(Partner)
Membership No.: 097954
Place: New Delhi
Date: 29-05-2023
UDIN: 23097954BGSTMM6399
ANNEXURE A
T o the Independent Auditors report on the Standalone Financial Statements of HARDWYN
INDIA LIMITED for the year ended 31st March 2023
(Referred to in the paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report of even date)
(i) (a)
(A) The company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment;
(B) According to information and explanation given to us and on the basis of our
examination of records of the company, the company has no intangible assets as at year
end. Accordingly, clause 3(i)(a)(B) of the order is not applicable.
(b) According to information and explanations given to us, Property, Plant and
equipment of the company have been physically verified by the management at reasonable
intervals; and no material discrepancies were noticed on such verification.
(c) According to information and explanation given to us and on the basis of our
examination of records of the company, there is no immovable properties (other than
properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) held by the company. Accordingly, clause 3(i)(a)
(c) of the order is not applicable.
(d) According to information and explanations given to us and on the basis of our
examination of the records of the company, the Company has not revalued its Property,
Plant and Equipment (Including rights of use assets) or Intangible assets or both during
the year.
(e) According to information and explanations given to us and on the basis of our
examination of the records of the company, there are no proceedings initiated or pending
against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereunder.
(ii) (a) According to information and explanations given to us, the inventory has been
physically verified at reasonable intervals by the management and we have relied upon the
same to form our opinion that the coverage and procedure of such verification by the
management is appropriate.
(b) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company has not been sanctioned working
capital limits in excess of five crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets. Accordingly, clause 3(ii)(b) of
the Order is not applicable.
(iii) The Company has made investments in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured to companies,
firms, Limited Liability Partnerships or any other parties as per the following details: -
(Rs in Lakhs)
| Aggregate amount granted/provided during the year |
Investment |
Guarantees |
Security |
Loan |
Advances in nature of loans |
| Subsidiary Company (Fiba Hardwyn Locks Limited) |
34,818.18 |
NIL |
NIL |
NIL |
NIL |
| Balance outstanding as at balance sheet date in respect of above cases |
34,818.18 |
NIL |
NIL |
NIL |
NIL |
(a) The provisions of Clause 3(iii)(a) of the Order, related to terms and conditions of
loans provided, advances in the nature of loans, secured or unsecured to companies, firms,
Limited Liability partnerships or any other parties are not applicable.
(b) The provisions of Clause 3(iii)(b) of the Order, related to terms and conditions of
the grant of loans and advances, are not applicable as no loans and advances were granted
during the financial year.
(c) The provisions of Clause 3(iii)(c) of the Order, related to schedule of repayment
of principal and payment of interest, are not applicable as no loans were granted during
the financial year.
(d) The provisions of Clause 3 (iii) (d) of the Order, related to overdue amount
outstanding, are not applicable as no loans were granted during the financial year.
(e) The provisions of Clause 3 (iii) (e) of the Order, related to renewal or extended
or fresh loans, are not applicable.
(f) The provisions of Clause 3 (iii) (f) of the Order, related to loans or advances
repayable on demand, are not applicable
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 186 of Companies Act with respect to
the investments made in the subsidiary company. In our opinion and according to
information and explanation given to us, no loan has been granted to Directors, Hence, no
contravention of provisions of section 185 of Companies Act has been made.
(v) The Company has not accepted any deposits or amounts which are deemed to be
deposits from the public. Accordingly, clause 3(v) of the order is not applicable.
(vi) According to information and explanation given to us, the Central Government has
not prescribed Maintenance of Cost Records under Section 148(1) of the Companies Act, 2013
for the products traded by the company. Accordingly, clause 3(vi) of the order is not
applicable.
(vii) (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, amounts 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, Duty of Customs, Cess and other
statutory dues have been regularly deposited by the Company with the appropriate
authorities.
According to the information and explanations given to us, no undisputed amounts
payable in respect of Goods and Services Tax, Provident fund, Employees State Insurance,
Income-Tax, Duty of Customs, Cess and other statutory dues were in arrears as at 31 March
2023 for a period of more than six months from the date they became payable."
(b) According to the information and explanations given to us, there are no Statutory
Dues relating to Sales T ax, Value Added Tax, Service Tax, Goods and Services Tax,
Provident Fund, Employees State Insurance, Income- Tax, Duty of Customs, Duty of Excise or
Cess or other statutory dues which have not been deposited on account of any dispute by
the company
(viii) According to the information and explanations given to us and on the basis of
our examination of the records of the company, the company has not surrendered or
disclosed any transactions, previously unrecorded as income in the books of account, in
the tax assessments under the income tax act, 1961 as income during the year.
(ix) (a) In our opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of dues to financial institutions and banks,
government or debenture holders during the year.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the company has not been declared a wilful
defaulter by any bank or financial institution or government or government authority.
(c) In our opinion and according to the information and explanations given to us by the
management, term loans were applied for the purpose for which the loans were obtained.
(d) According to the information and explanations given to us and on an overall
examination of the balance sheet 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 explanations given to us and on an overall
examination of the financial statements of the Company, we report that the Company has not
taken any funds from any entity or person on account of or to meet the obligations of its
subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the
Order is not applicable.
(f) According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly,
clause 3(ix)(f) of the Order is not applicable.
(x) (a) The Company has not raised any moneys by way of initial public offer or further
public offer (including debt instruments) during the year. Accordingly, clause 3(x)(a) of
the Order is not applicable.
(b) The company has made private placement of shares on preferential basis for
acquisition of 33% business in the subsidiary Company through consideration other than
cash i.e., through Swapping of Shares. In our opinion and as per information and
explanations given to us, investment made through swapping of shares have been used for
the purposes for which it was raised i.e investment made in the subsidiary company. Please
refer Note No. 11 of Standalone Financial Statement.
(xi) (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, considering the principles of materiality
outlined in Standards on Auditing, we report that no fraud by the Company or on the
Company has been noticed or reported during the course of our audit.
(b) According to the information and explanations given to us, no report under section
(12) of Section 143 of the Companies Act 2013, has been filed by the auditors in Form
ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
(c) As represented to us by the management, there are no whistle blower complaints
received by the company during the year.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly, clause 3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us,
the transactions with the related parties are in compliance with sections 177 and 188 of
the Companies Act 2013, where applicable, and the details of such transactions have been
disclosed in the financial statements as required by the applicable Indian Accounting
Standards.
(xiv) (a) Based on information and explanations provided to us and our audit
procedures, in our opinion, the Company has an internal audit system commensurate with the
size and nature of its business.
(b) We have considered the Internal Audit Reports of the Company issued till date for
the period under audit.
(xv) In our opinion and according to the information and explanations given to us the
Company has not entered into any non-cash transactions with its directors or persons
connected to its director and hence, provisions of Section 192 of the Companies Act, 2013
are not applicable to the company.
(xvi) (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act 1934.
Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not
applicable.
(d) According to the information and explanation provided to us during the course of
audit, the Group does not have any CICs (Core Investment Company). Accordingly, the
requirements of Clause 3(xvi) (d) are not applicable.
(xvii) The Company has not incurred cash losses in the current and in the immediately
preceding financial year.
(xviii) There has been no resignation of the Statutory Auditors during the year.
Accordingly, clause 3(xviii) of the order is not applicable.
(xix) According to the information and explanations given to us and on the basis of the
financial ratios, ageing 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.
(xx) According to the information and explanations given to us and based on our
examination of the records of the Company, no amount was required to be spent by the
company on the activities of CSR, as per provisions of Corporate Social Responsibility
contained in Section 135 of Companies Act, 2013 Accordingly, clause 3(xx) is not
applicable.
For S. S. Periwal & Co.
Chartered Accountants
Firm Regn. No.: 001021N
CA Anand Grover
(Partner)
Membership No.: 097954
UDIN: 23097954BGSTMM6399
Place: New Delhi
Date: 29-05-2023
+91-9892691696
