TO THE MEMBERS OF MACKINNON MACKENZIE & CO LIMITED
Report on the audit of the Financial Statements Qualified Opinion Qualified Opinion
We have audited the accompanying financial statements of Mackinnon Mackenzie &
Company Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2023, the statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Change in Equity and the Statement of Cash Flows for the year then ended as
on that date and notes to the financialstatements, including a summary of the significant
accounting policies and other explanatory information ( herein after referred to as the
"Financial Statements").
In our opinion and to the best of our information and according to the explanations
given to us, except for the effects of the matters described in the Basis for Qualified
Opinion section of our report the aforesaid financial statements give the information
required by the Companies Act, 2013 ("the Act") in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, ("Ind AS") and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2023, the Loss and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for Qualified Opinion
1. The Company had borrowed amounts from its bankers aggregating to Rs 82561.29 Lakhs
including interest. Since said amounts were not repaid, Bankers approached the Debt
Recovery Tribunal. The Honble Bombay High Court had approved the application of the banks
for the transfer of debts owed to them to a company (hereinafter referred to as
"Lending Company") along with securities and mortgage charges in the past
pursuant to the consent terms filed in the Debt Recovery Tribunal. Consequently, suits
were filed by the banks before the Debt Recovery Tribunal had transposed the "Lending
Company" in place of the banks. The Hon. Bombay High Court had passed a decree in two
of the suits filed in favour of the said "Lending Company" to dispose of/sell
the immovable property and flats belonging to the company to recover its dues. The total
amount due to the "Lending Company" as per the decree together with interest is
Rs.84247.25 lakhs as on 31st March 2023. The Lending Company has given an unconditional
deferment of its loans up to September 30th 2024 and accordingly this loan due to the
lending company is classified as non-Current. If Company had accounted for differential
liability in the books, the loss would have increased by Rs. 1685.96 lakhs negative net
worth would have increased by Rs. Rs.1685.96 lakhs, and secured borrowings would have
increased by Rs. 1685.96 lakhs, (Refer Note No. 15 to the Audited Financial Results)
2. 60 Clerical workers and 35 subordinate staff were retrenched on 4th August 1992
under the Industrial Disputes Act at Mumbai. Each one was paid 15 days wages per
completed year of service and one months notice pay in addition to other dues. The
Industrial Court has given a judgment against the Company on 08-Mar-1996. The company had
filed an appeal with the High Court against the said order, which has been decided against
the company. Special Leave Petition had been admitted for hearing before the Hon. Supreme
Court against the order of the Hon. Bombay High Court. The Supreme Court dismissed the
appeal of the company and ordered payment of back wages and terminal dues to the concerned
workmen. The Company had deposited an ad-hoc sum of Rs.32 lakhs with the Registrar, Bombay
High Court. The said amount of Rs. 32 lakhs are included in Advances other than Capital
advances. The Company is of the view that it can provide for the said liability only after
reconciliation is received in respect of sums so held by the Registrar, Honble Bombay
High Court. The Hon. Supreme Court of India has passed an order dated 23rd August 2022
directing to sell flats held by it and deposit Rs 30 crore out of the sale proceeds within
three months from the date of the order. The amount so deposited will be the full and
final settlement of workman dues and the company stand discharged from all financial
obligation in reference to the award which has been affirmed by Hon. Supreme Court by the
judgment dated 25.02.2015. There is a delay in the sale of the flats due to preemption
rules of the housing society in which the flats are located. The company has made an
application to the Hon. Supreme Court to implead the housing society to facilitate the
sale of flats. (Refer to Note No. 25 to theAudited Financial Results).
3. Loans and Advances include certain old balances amounting to Rs 8.19 lakhs for which
no provision for doubtful items, if any has been made in the accounts resulting in an
overstatement of other current assets and understatement of loss and negative net worth by
Rs. 8.19 lakhs (Refer to Note No. 12 to the Audited Financial Results).
4. Trade Payables include an amount of Rs. 26.51 lakhs which represents old balances
due for more than 20 years which are not claimed by the creditors. If these amounts had
been written back, loss and negative net worth would have reduced by Rs. 26.51 lakhs and
trade payables would have reduced by Rs. 26.51 lakhs. (Refer to Note No. 17 to the Audited
Financial Results).
5. Certain old credit balances outstanding in various accounts amounting to Rs.148.53
lakhs for which no write back have been made in accounts. If these amounts had been
written back, loss and negative net worth would have been reduced by Rs. 148.53 lakhs and
other current liabilities would have been reduced by Rs. 148.53 lakhs. (Refer to Note No.
18 to the Audited Financial Results).
6. Provision for accrued liability for the year in respect of gratuity and long-term
compensated absences has been made on an arithmetical basis instead of based on actuarial
valuation as required by Ind AS 19 Employees Benefits (the Standard). We are not able to
ascertain and comment on the resultant impact of the same on the financial results of the
Company. (Refer to Note No. 16 and 24 to the Audited Financial Results).
7. Investments in Debentures or Bonds aggregating to Rs 0.56 lakhs were destroyed in a
fire in the year 1998. In absence of adequate data, no provision is made for loss of
investments. If these Investments would have been written off, the investments would have
been reduced by Rs. 0.56 lakhs and loss and negative net worth would have increased by Rs.
0.56 lakhs. (Refer to Note No. 4 to the Audited Financial Results).
8. Non-availability of confirmations in respect of balances of secured and unsecured
loans, debtors, certain bank balances, deposits, and creditors appearing in the accounts
respectively. We are not able to ascertain and comment on the correctness of the
outstanding balances and the resultant impact of the same on the financial results of the
Company.
9. The company acts as an agent, handling the distribution of pensions to former
employees on behalf of its principal. It receives a lump sum that covers the pension
disbursement, as well as commissions and operational expenses. Over time, an amount of Rs.
29.88 lakhs have remained unadjusted to the credit of the principal due to deceased
pensioners.
After careful examination, the company has identifiedRs. 15 lakhs as no longer owed to
the principal and has reversed this entry in its records. However, if any obligation
arises regarding this amount, the company commits to making the necessary payment.
Currently, the company is in the process of reconciling the remaining balance of Rs. 14.88
lakhs owed to the principal. (Refer Note 20c to the Audited Financial Results)
The above basis for qualified opinion referred to in points 1 to 8 were the subject
matter of the qualification in the Auditors Report for the year ended March 31, 2023
In the absence of information, the effects of which cant be quantified, we are unable
to comment on the possible impact of the items stated in the point numbers 6 and 8 on the
financialresults of the Company for the quarter and year ended March 31, 2023
We conducted our audit in accordance with the Standards on Auditing ("SAs")
specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our
responsibilities under those SAs are further described in the Auditors Responsibilities
for the Audit of the Financial Results 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 statement under the provisions of the Act, 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 qualified opinion on the statement.
Material Uncertainty related to going concern
We draw attention to Note 30 to the financial results which indicate that the company
has incurred a net loss of Rs 158.04 lakhs during the year ended 31st March 2023 and as of
that date the company accumulated losses amounting to Rs 84023.80 Lakhs resulting in
negative net worth of the company. The management of the Company is evaluating various
options to revive the company. These conditions indicate material uncertainty that may
cast significant doubt on the companys ability to continue as going concern. The
"lending company" which has taken over in the past debts due by the Company to
the banks has given a support letter to extend for foreseeable future any financial be
required by the Company. In view of this support letter, the management has assessed that
the company continues to be a going concern.
Our opinion is not modified in respect of the said 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 qualified opinion on these
matters. Except for the matters described in the Basis for Qualified Opinion section and
material uncertainty related to going concern section we have determined that there are no
key audit matters to communicate in our report.
Information other than the financial statements and auditors report thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The Other information comprises the Boards Report including Annexures to
Boards Report but does not include the financial statements and our auditors report
thereon. The Directors Report including Annexures to Directors Report is expected to be
made available to us after the date of this auditors report.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard
as no other information as described above has been made available for review.
Managements Responsibility for the Financial Statements
The Companys board of directors are 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 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 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.
The board of directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibility for the Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
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 these financial results.
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 results, and
perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficientand 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 but not for the purpose
of expressing an opinion on the effectiveness of the Companys internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures in the financial results made by the Board
of Directors.
• Conclude on the appropriateness of the Board of Directors 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 results 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 results,
including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentation.
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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (‘the Order"
issued by the Central Government of India in terms of Section 143(11) oftheAct,wegive specifiedin
paragraphs 3 "AnnexureA"astatementonthematters 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 (including Other Comprehensive
Income), Statement of Changes in Equity and the Statement of Cash Flow dealt with by this
Report, are in agreement with the books of account.
(d) Except for the possible effects of the matters described in point 6 related to
provision for accrued liability for the year in respect of gratuity and long-term
compensated absences in the basis for qualified opinion section of our report, the
aforesaid financial statements comply with the Ind AS specified under Section 133 of the
Act and the rules made there under, as applicable.
(e) On the basis of the written representations received from the directors dated
August 29, 2023 and 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. controls over financial
(f) Withrespecttotheadequacyoftheinternalfinancial reporting of the company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure
B.
(g) With respect to the matter to be included in the Auditors Report under section
197(16) as the company has not paid any remuneration to its Director during the current
year, the said clause is not applicable. However, during the Financial Year ended 31st
March 2023, reimbursement of Conveyance amounting to Rs. 1.01 lacs paid to
Non-Executive Non-independent Women Director were wrongly categorized as Salaries,
Wages and Benefits.This error has been addressed in financial year 2023-24 (Refer to note
21 to the Financial Statements)
(h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in
our opinion and to the best of our information and according to the explanations given to
us: i. The Company has disclosed impact of pending litigation on its financial position in
its financial statements.
Refer Note 15, 25 and 26 to the Financial Statements. ii. The Company did not have
long-term contracts including derivative contracts for which there were any material
foreseeable losses. iii. There was no amount which were required to be transferred to the
Investor Education and Protection Fund by the Company.
iv. 1) 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 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;
2) 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;
3) 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.
4) No dividend declared and paid during the year by the Company, hence no such
compliance with Section 123 of th Act applicable to the company.
|
FOR GUPTA RAVI & ASSOCIATES |
|
Chartered Accountants |
|
Firms Registration Number: 006970N |
|
CA RASMEENA A. ESAF |
|
Partner |
Place : Mumbai |
Membership Number: 199659 |
Date : 04th September 2023 |
UDIN: 23199659BGYPNE3720 |
ANNEXURE – A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" of Independent Auditors Report on the financial statements of even
date)
i. In respect of the Companys Property, Plant & Equipment and Intangible Assets:
a) The Company has a program of verification to cover all the items of fixed assets in
a phased manner which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. Pursuant to the program, certain fixed assets were
physically verified by the management during the year. According to the information and
explanations given to us, no material discrepancies were noticed on such verification.
b) According to the information and explanations given to us, the records examined by
us and based on the examination of the records provided to us, we report that, the title
deeds, comprising all the immovable properties of land and buildings which are freehold,
are held in the name of the Company as at the balance sheet date. In respect of immovable
property of land and building taken on lease and disclosed in PPE in the financial
statements we have relied on the copy of the letter issued by the Bombay Port Trust
approving the assignment as the original letter is not in possession of the company. The
ground lease of the premises of the company has expired on 22nd May 2017. The Company has
made an application for renewal of lease. The company has received a demand notice for
arrears of compensation /Spl Way Leave fees for the period 1st May 2017 till 30th June
2023 for Rs 20,29,05,472/- towards renewal of lease. The company has responded to the
above demand notice contesting the demand and contents thereof. The Company has accounted
for rent due from its tenants for the entire quarter on the basis of it being a holding
out tenant as per legal opinion received.
c) The Company has not revalued any of its Property, Plant and Equipment and intangible
assets during the year.
d) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. a) As the company is carrying on agency business paragraph 3(ii) of the order is
not applicable.
b) The Company does not have any inventory and hence reporting under clause 3(ii)(a) of
the Order is not applicable.
c) The Company has not been sanctioned working capital limits in excess of 5 crore, in
aggregate, at any points of time during the year, from banks or financial institutions on
the basis of security of current assets and hence reporting under clause 3(ii)(b) of the
Order is not applicable.
iii. 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 made any investments in,
provided any guarantee or security or granted any loans, secured or unsecured to
companies, firms, limited liability partnerships or any other parties. Accordingly, clause
3 (iii)
(a) to (f) of the Order is not applicable
iv. In our opinion and according to the information and explanations given to us, the
Company has not made any loans, investments, guarantees, and security, which require
compliance of section 185 and 186 of the Act
v. According to the information and explanations given to us, 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. To the best of our knowledge and as explained The Central Government has not
prescribed the maintenance of cost records under section 148(1) of the Act, for any of the
services rendered by the Company. Accordingly, clause 3 (vi) of the Order is not
applicable.
vii. In respect of statutory dues:
a. According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company has been generally regular
in depositing undisputed statutory dues including Income-Tax, Goods and Service Tax and
any other statutory dues with the appropriate authorities. According to the information
and explanations given to us, except for Service Tax Rs 0.56 Lakhs, GST Rs. 26.98 lacs and
TDS Rs. 12.19 lacs no undisputed amounts payable in respect of the above were in arrears
as at March 31, 2023 for a period of more than six months from the date on when they
became payable.
b. According to the information and explanations given to us and the records of the
company examined by us, there are no dues of income tax and sales tax or service tax or
duty of custom or duty of excise or value added tax that have not been deposited with
appropriate authority on account of dispute.
viii. There were no transactions relating to previously unrecorded income that have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (43 of 1961).
ix. a) The Company does not have any loans or borrowings from any financial
institution, banks, government or debenture holders during the year. Accordingly,
paragraph 3(viii) of the Order is not applicable.
b) The Company had borrowed amounts from its bankers aggregating to Rs 82561.29 Lakhs
including interest. Since said amounts were not repaid, Bankers approached the Debt
Recovery Tribunal. The Honble Bombay High Court had approved the application of the banks
for the transfer of debts owed to them to a company (hereinafter referred to as
"Lending Company") along with securities and mortgage charges in the past
pursuant to the consent terms filed in the Debt Recovery Tribunal. Consequently, suits
were filed by the banks before the Debt Recovery Tribunal had transposed the "Lending
Company" in place of the banks. The Hon. Bombay High Court had passed a decree in two
of the suits filed in favour of the said "Lending Company" to dispose of/sell
the immovable property and flats belonging to the company to recover its dues. The total
amount due to the "Lending Company" as per the decree together with interest is
Rs.84247.25 lakhs as on 31st March 2023. The Lending Company has given an unconditional
deferment of its loans up to September 30th 2024 and accordingly this loan due to the
lending company is classified as non-Current. If Company had accounted for differential
liability in the books, the loss would have increased by Rs. 1685.96 lakhs negative net
worth would have increased by Rs. Rs.1685.96 lakhs, and secured borrowings would have
increased by Rs. 1685.96 lakhs, (Refer Note No. 15 to the Audited Financial Results)
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 3 (x)
(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x)(b) of the Order is not applicable.
xi. According to the information and explanations given to us, no fraud by the Company
or on the Company by its officers or employees has been noticed or reported during the
course of our audit.
xii. The Company is not a Nidhi company and accordingly, paragraph 3(xii) of the Order
is not applicable.
xiii. According to the information and explanations given to us, the company has not
undertaken transactions with the related parties requiring compliance with s. 177 and s.
188, of the Act, during the year. However related party disclosures as required by the
relevant accounting standards have been disclosed in the financial has paid Sitting fees
to NY Joshi - Non-Executive Independent Director on differential basis in FY 2022-23. We
have been informed that the same will be Ratified and approved in the Board Meeting.
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures. xv. According to the information and explanations given to us and
based on our examination of the records of the Company, the Company has not entered into
non-cash transactions with directors or persons connected with him. Accordingly, paragraph
3(xv) of the Order is not applicable.
xvi. (a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b)
and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting
under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has incurred cash losses of Rs. 157.25 lacs during the financial year
covered by our audit and Rs. 44.26 lacs immediately preceding financial year.
xviii. There has been no resignation of the Statutory Auditors of the company during
the year.
xix. On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and 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 indicating 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 on the basis
of our examination of the records of the Company, the provisions of s. 135 of Companies
Act, 2013 are not applicable to the company. Accordingly reporting under clause 3(xx)(a)
& (b) of the Order is not applicable.
|
FOR GUPTA RAVI & ASSOCIATES |
|
Chartered Accountants |
|
Firms Registration Number: 006970N |
|
CA RASMEENA A. ESAF |
|
Partner |
Place : Mumbai |
Membership Number: 199659 |
Date : 04th September 2023 |
UDIN: 23199659BGYPNE3720 |
+91-9892691696
