Marshall Machines Auditors Report


To the Members of MARSHALL MACHINES LIMITED Report on the Audit of Financial Statements Opinion

    1. We have audited the accompanying Standalone Financial Statements of MARSHALL MACHINES LIMITED ("the Company"), which comprise the balance sheet as at 31st March 2023, and the statement of Profit and Loss, statement of changes in equity and statement of cash flows for the year ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. (hereinafter referred to as "the Standalone Financial Statements").
    2. Except for the effects / possible effects of our observations stated in para 4(Emphasis of Matters) &in para 5 ( Key Audit Matters) below, in our opinion and to the best of our information and according to the explanations given to usthe aforesaid financial statements give the information required by the Companies Act, 2013 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 its financial performance, and its cash flows for the year ended on that date.
    3. Basis for Opinion

    4. We have 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 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 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 the Standalone Financial Statements.
    5. Emphasis on Matter
    6. Attention is drawn to the following matters:

      1. The Company has migrated to main board of NSE with effect from 22.11.2021. Therefore, IND AS is adopted considering the transition date of 01.04.2020. Accordingly, the financial statements have been stated as per IND AS.
      2. In respect of Inventories during the year under audit, the management has neither undertaken any physical verification of the Inventories nor has segregated inventory of Slow moving and Dead stocks. We were unable to conduct the Annual Physical Verification at the year end as the management had informed us that their Key Managerial Personnel including Accounts & Finance Manager and Stores in-charge have resigned and left the company. The management had expressed its helplessness under this situation to provide us with Complete Inventory records. However we have been communicated by the Management that they have engaged an Independent Chartered Accountancy firm for the Physical Verification and Valuation of Inventory as per IND AS 2 and the firm has submitted their Inventory Valuation report dated 04.04.2023.
      3. However, in our opinion, the comparative inventory holding levels, in view of steep decline in the Turnover of the Company as compared to earlier years are higher and simultaneously there has been an increased percentage of Non - Regularly Traded and Manufactured Products in the Total Turnover of the company. Hence we are unable to comment on the realizable value of the same.The impact of above remarks, presently are not ascertainable and therefore cannot be commented upon.

      4. As per Note no. 14 of the Standalone Financial Statements, Creditors include MSME creditors amounting to Rs.133 Lacs which have been identified by the company as due but not paid within stipulated time period under Micro Small and Medium Enterprises Development Act, 2006 (MSMED).
      5. However, in our opinion and as per information and records provided to us, the company does not have proper records of MSME creditors neither any written communication is available with the company regarding the status of the creditors falling under MSME category, so reliable estimates of the amount due but not paid could not be made. Further no provision for Interest on above described delayed payments has been made in the books of accounts. To that extent the loss of the company is understated. However, we are unable to quantify the extent of loss.

      6. There are number of pending cases against the Company in various Courts of law. The Company has mentioned the cases in the respective Note of the Standalone Financial Statements. The amount under dispute has already been booked in the books of accounts of the company however, no interest has been provided in the books of accounts since the decision of the cases are pending and in the opinion of the Directors the cases will be in the favour of the company.
      7. With reference to the comments in our Independent Audit Report (part B) CARO-2020 under the clause IX (a) (i), In our opinion the company is not regular in repayment of its loans and interest thereon to the financial institutions and banks. The loan installments
      8. have been delayed many times during the year {for individual instances refer clause IX a

        1. of Annexure B of this report (The CARO-2020 report order)}. However, in the absence of proper records we are unable to comment on their Loan account status. But some of the Financial Institutions have classified the companys account as substandard asset as on date of audit report. Letter of Credits taken from the bank, in four number of cases have not been paid so far after the due date. Out of these four cases of Letter of credits the delay is more than one year in some of the cases.
      9. During the year under review, Total 161 employees have left the company. Out of these employees, the Company has written off the amount payable of some of such employees during the financial year, as a full and final settlement of their dues. Company has also reversed the earlier gratuity provision of Rs. 40.81 Lacs on the above mentioned employees on the basis of written legal opinion taken from their Legal advisor of labour Laws. However, such transactions have not been confirmed by any of those employees and neither the company has any written communication available from such employees. In view of above, there may arise any liability/ litigation in the future in respect of such employees.
      10. During the year under audit, the Company has made Sales amounting to Rs.1642 Lacs for the products which are not regularly traded and manufactured by the company. (Above Sales of Non – Regularly Traded and Manufactured Goods constitute 47.60% of the total sales of the company during the financial year. The Management has not provided to us the confirmed copy of account from the said parties.
      11. Company has taken the Advances from its Customers amounting to Rs. 963 Lacs. This includes advances of Rs. 367 Lacs which are more than a year old. Balances of Sundry Advances are subject to confirmation and reconciliations.
      12. Company has written off credit balances amounting to Rs. 279.28 Lacs during the year, on account of some balances of Sundry Creditors, Employees & Other Payables which in the opinion of Management are not payable. And simultaneously the company has written off debit balances amounting to Rs.38.24 Lacs during the year on account of some balances of Sundry debtors and advances to employees, which in the opinion of the management are not realizable. Net effect of the above transactions is an amount of Rs. 241.04 Lacs has been shown under the Head Other Incomes in the Standalone Financial Statements. However, all such transactions are not confirmed by the respective third parties.
    7. Key Audit Matters
    8. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

      1. The Company has not been regular in depositing its Statutory Dues. The Statutory dues payable as on 31.03.2023 have not been paid in full, which includes Income Tax Payable on Self-Assessment u/s 140A of Income Tax Act,1961 amounting to Rs. 94.50 Lacs for A.Y 2020-21, TDS amounting to Rs. 35.50 Lacs, Provident Fund amounting to Rs. 12.45 Lacs and ESI amounting to Rs. 3.50 Lacs along with Interest thereon which are outstanding for more than six months. The delay in deposit of taxes may result in company having to pay
      2. interest and penalty for the same in the future, the amount of which cannot be ascertained as of now.

      3. Company has not realized its Foreign Debtor amounting to Rs.105.07 Lacs within the time prescribed under the regulations of the FEMA Act, 1999. Subject to the which penalty under the provisions of Act may be levied on violation. According to the Directors the delay was due to the dispute arising during the Covid2019 times which could not be resolved. However, they are quite hopeful of settling this in this year.
      4. As per Note No. 14 of the Standalone Financial Statements, out of the Total Trade Payables of Rs. 3814 Lacs, sundry creditors amounting to Rs.2024 Lacs are due for more than 180 days, which include the creditors which are subject to the provisions of section 16(2) of the CGST Act, 2017, Input Tax Credit of GST which has been taken against such unpaid creditors has to be reversed and further the Interest and penalty may be levied on such amounts. The Company has not sent any Balance confirmations letters to its trade creditors during the year under audit. Therefore we are unable to comment about the authenticity of the Balances of Trade Payables at the end of the year.
      5. As per Note No. 5 of the Standalone Financial Statements, out of Total Trade Receivables of Rs. 2839 Lacs, the trade receivables amounting to Rs. 385 Lacs and 273 Lacs are pending for realization for more than 3 years and 2 years respectively. The Company has not sent any Balance Confirmation letters to its debtors during the year under audit. However, the management of the company confirms that all the trade receivables are good and fully realizable. Balances of Sundry Debtors are subject to confirmation and reconciliations.

Information other than the Standalone Financial Statements and Auditors Report thereon The Companys management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys 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 financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditors report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the 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 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 Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the companys financial reporting

process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.We also:

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
  • 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 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 financial statements, including the disclosures, and whether the standalone financial statements 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.

From the matters communicated to those charged with governance, we determine those matters that were of most significance in the audit of 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 preclude 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 Section 143(3) of the Act, we report that:
    1. 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.
    2. 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.
    3. The Balance Sheet, the Statement of Profit and Loss, statement of changes in equity and the Cash Flow Statement dealt with by this report are in agree with the books of account.
    4. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
    5. 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.
    6. 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". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.
    7. 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:
  1. The Company has disclosed impact of its pending litigations in the books of accounts except interest on such pending amounts which may arise in future has not been disclosed in the Note no 29A of the Standalone Financial Statements, which would impact its financial position.
  2. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
  3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
  4. a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ("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;
        1. The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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, 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; and
        2. Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.
  1. 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.
  1. With respect to the other matters to be included in the Auditors Report in accordance

with the requirements of section 197(16) of the Act, as amended:

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

  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 "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the order.

For S. Sood & Co

Chartered Accountants

Firm Registration No.010801N

Sanjay Sood

Partner

Membership No. 089457 UDIN: 23089457BGXOAL1967

Place: LUDHIANA

Dated: 02nd June, 2023

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of

our report to the Members of Marshall Machines Limited of even date)

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 over Financial reporting of Marshall Machines Limited ("the Company") as of March 31, 2023 in conjunction with our audit of the Standalone Financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. 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 respective 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 internal financial controls over financial reporting 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 was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal Financial controls over Financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over Financial reporting of the Company.

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. pertains 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.

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

Except for the maintenance of proper Inventory records and not conducting physical verification of Inventory at regular intervals during the year and at the end of the year, in our opinion and to the best of our information and according to the explanations given to us, 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 March 31, 2023, based on the internal control over Financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For S. Sood & Co

Chartered Accountants

Firm Registration No.010801N

Sanjay Sood

Partner

Membership No. 089457 UDIN: 23089457BGXOAL1967 Place: LUDHIANA

Date: 02nd June, 2023

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report 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

(Refer to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements

section of our report of even date)

With reference to the Annexure B referred to in the Independent Auditors Report to the members of the Company on the financial statements for the year ended March 31, 2023, we report the following:

i) In respect of Fixed Assets

(a)(A) The Company has proper records related to full particulars including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has proper records related to full particulars of Intangible Assets.

    1. In our opinion Property, Plant and Equipment have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification during the year.
    2. As per the information & explanation given to us and the examination of records of the company, the title deeds of immovable properties are held in the nameof the company.
    3. The company has not revalued its Property, Plant and Equipment during the year. Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not applicable to the company.
    4. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, the provisions of Clause (i)(e) of paragraph 3 of the order are not applicable to the company.

ii.) In respect of Inventory& Working Capital

  1. In our opinion, physical verification of inventory has not been conducted at reasonable intervals during the year and at the end of the year by the management. The coverage and procedure of verification done during the year is not appropriate, the slow moving and dead stock inventory has neither been segregated nor its value calculated. The impact of above remarks, presently are not ascertainable and therefore cannot be commented upon. For the Closing Inventory which includes Raw Material, Finished Goods, Work in Process and Scrap, the Quantity & Valuations have been taken & relied upon on the basis of the Inventory Valuation Report as per Ind AS 2 which has been prepared and Certified by an independent Chartered Accountancy firm M/s Jasminder Singh & Associates who had been appointed by the management.
  2. The company has been enjoying the working capital limits in excess of Rs. Five crores from banks or financial institutions on the basis of security of current assets.

Thestock statements submitted by the company to the bank at the end of every quarter is compared with the books of accounts as follows:

Rupees in Crores

Quarter ending *Value as per books of account Value as per statement filed with lender

Difference

Reason for differences

June 30, 2022

41.68

42.44

(0.76)

**As explained by the management, the
differences are because the statements
September 30,

41.23

42.20

(0.97)

filed with the lenders are based on
2022 financial statements which are prepared
December 31,

41.09

39.65

1.44

on provisional basis and also on account of
2022 exclusion of certain other current liabilities
March 31, 2023 37.62 43.90** (6.28) in the statements filed with the lenders.

*Value means: (Stock + Trade Receivables -Trade Payables)

**Value as per statement filed with the lender is based on provisional figures as per books as on 24th March, 2023. However corresponding books figures are as on 31st March, 2023.

  1. Compliance under section 189 of The Companies Act, 2013
  2. During the year, the company has not made any 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. Therefore, the provisions of clause 3(iii) of the said Order are not applicable to the company.

  3. Compliance under section 185 and 186 of The Companies Act, 2013
  4. The company has not made any loans, investments, guarantees and security on which provisions of section 185 and 186 of the Companies Act 2013 are applicable. Therefore, the provisions of clause 3(iv) of the said Order are not applicable to the company.

  5. Compliance under section 73 to 76 of The Companies Act, 2013 and Rules framed there under while accepting Deposits
  6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from public. Therefore, the provisions of Clause (v) of paragraph 3 of the order are not applicable to the Company.

  7. Maintenance of cost records
  8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that prima-facie the prescribed accounts and records have been made and maintained. We have not made however a detailed examination of the record with a view to determine whether they are complete or accurate.

  9. Deposit of Statutory Dues
    1. The Company has not been regular in depositing with the appropriate authorities its undisputed statutory dues including Provident Fund, Employees State Insurance, TDS, TCS, GST and other material statutory dues applicable to it. However, the Company did not have dues in arrears as at 31st March 2023 for a period of more than six months from the date they became payable exceptthe following
  1. "Income Tax payable on self-assessment (u/s 140A of Income Tax Act,1961) of Rs.
  2. 94.50 Lacs for A.Y 2020-21, TDS amounting to Rs. 35.50 Lacs, Provident Fund amounting to Rs. 12.45 Lacs and ESI amounting to Rs. 3.50 Lacs along with Interest thereon which are outstanding for more than six months.

  3. There are no dues of Income Tax etc. on account of any disputes which are pending for payments.
  1. Unrecorded Income
  2. In our opinion and according to the information and explanations given to us, there is no any transaction which is not recorded in the books of accountsand there has not been any such surrendered or undisclosed income which is required to show as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

  3. Repayment of Loans and Borrowings
    1. In our opinion and according to the information and explanations given to us, in some cases the Company has defaulted in the repayment of Loans or Borrowings of banks, financial institutions or debenture holders, some of them have been classified as Substandard by the financial institutions and in other cases there has been delay in Repayment of installments during the year.
      1. Following are the cases of Delayed payment of Bank/Financial Institutions Loans during the year:
Nature of Borrowing

Name of Lender

Amount not paid on due date Whether Principal or Interest No. of days delay or unpaid

Related Month

Secured Loan Electronica Finance

Limited

4,19,685

Both

81 Days

Apr-22

Secured Loan HDFC Bank Limited

4,40,795

Both 21 Days

Apr-22

Secured Loan

HDFC Bank Limited

18,796

Both

23 Days

Apr-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

23 Days

Apr-22

Secured Loan

HDFC Bank Limited

18,341

Both

23 Days

Apr-22

Secured Loan

Hero Fincorp Limited

53,309

Interest

58 Days

Apr-22

Secured Loan

Hero Fincorp Limited

1,16,450

Both

58 Days

Apr-22

Secured Loan Small Industries Both 82 Days Apr-22
Development Bank of India 1,65,852
Secured Loan Small Industries Development Bank of

India

2,04,035

Both

81 Days

Apr-22

Finance Lease Siemens Financial Services Private Limited

1,20,046

Rental

90 Days

Apr-22

Secured Loan Tata Capital Financial

Services Limited

2,18,790

Both

87 Days

Apr-22

Secured Loan Tata Capital Financial Services Limited

4,11,310

Both

82 Days

Apr-22

Secured Loan Tata Capital Financial

Services Limited

8,103

Interest

82 Days

Apr-22

Unsecured Loan Tata Capital Financial Services Limited

91,558

Both

56 Days

Apr-22

Unsecured Loan Aditya Birla Finance

Limited

1,87,237

Both

29 Days

Apr-22

Unsecured Loan Aditya Birla Finance Limited

31,807

Both

24 Days

Apr-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

81 Days

Apr-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 72 Days

Apr-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

59 Days

Apr-22

Secured Loan

IDFC First Bank Limited

38,662

Both

2 Days

Apr-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

69 Days

Apr-22

Unsecured Loan

Magma Fincorp Limited

20,383

Both

1 Days

Apr-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

67 Days

Apr-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

23 Days

Apr-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

41 Days

Apr-22

Secured Loan Electronica Finance

Limited

4,19,685

Both

81 Days

May-22

Secured Loan

HDFC Bank Limited

4,40,795

Both

22 Days

May-22

Secured Loan

HDFC Bank Limited

18,796

Both

7 Days

May-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

22 Days

May-22

Secured Loan

HDFC Bank Limited

18,341

Both

24 Days

May-22

Secured Loan

Hero Fincorp Limited

53,309

Interest

58 Days

May-22

Secured Loan

Hero Fincorp Limited

1,16,450

Both

80 Days

May-22

Secured Loan Small Industries Development Bank of India

1,58,648

Both

81 Days

May-22

Secured Loan Small Industries Development Bank of India

2,04,035

Both

81 Days

May-22

Finance Lease Siemens Financial

Services Private Limited

1,20,046

Rental

60 Days

May-22

Secured Loan Tata Capital Financial Services Limited

2,15,534

Both

57 Days

May-22

Secured Loan Tata Capital Financial

Services Limited

4,05,377

Both

56 Days

May-22

Secured Loan Tata Capital Financial Services Limited

7,842

Interest

52 Days

May-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

86 Days

May-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

56 Days

May-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

26 Days

May-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

81 Days

May-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 89 Days

May-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

59 Days

May-22

Secured Loan

IDFC First Bank Limited

38,662

Both

29 Days

May-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

86 Days

May-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

25 Days

May-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

57 Days

May-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

55 Days

May-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

40 Days

May-22

Secured Loan Electronica Finance

Limited

4,19,685

Both

81 Days

Jun-22

Secured Loan

HDFC Bank Limited

4,40,795

Both

10 Days

Jun-22

Secured Loan

HDFC Bank Limited

18,796

Both

10 Days

Jun-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

10 Days

Jun-22

Secured Loan

HDFC Bank Limited

18,341

Both

12 Days

Jun-22

Secured Loan

Hero Fincorp Limited

53,309

Interest

88 Days

Jun-22

Secured Loan

Hero Fincorp Limited

1,16,450

Both

88 Days

Jun-22

Secured Loan Small Industries Development Bank of India

1,58,648

Both

81 Days

Jun-22

Secured Loan Small Industries Development Bank of India 2,04,035 Both 81 Days Jun-22
Finance Lease Siemens Financial Services Private Limited

1,20,046

Rental

29 Days

Jun-22

Secured Loan Tata Capital Financial

Services Limited

2,16,355

Both

86 Days

Jun-22

Secured Loan Tata Capital Financial Services Limited

4,04,070

Both

81 Days

Jun-22

Secured Loan Tata Capital Financial

Services Limited

8,246

Interest

81 Days

Jun-22

Unsecured Loan Tata Capital Financial Services Limited

91,558

Both

86 Days

Jun-22

Unsecured Loan Aditya Birla Finance

Limited

1,87,237

Both

55 Days

Jun-22

Unsecured Loan Aditya Birla Finance Limited

31,807

Both

25 Days

Jun-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

81 Days

Jun-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 89 Days

Jun-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

89 Days

Jun-22

Secured Loan

IDFC First Bank Limited

38,662

Both

28 Days

Jun-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

86 Days

Jun-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

27 Days

Jun-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

87 Days

Jun-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

86 Days

Jun-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

71 Days

Jun-22

Secured Loan Electronica Finance

Limited

4,19,685

Both

82 Days

Jul-22

Secured Loan

HDFC Bank Limited

4,40,795

Both

12 Days

Jul-22

Secured Loan

HDFC Bank Limited

18,796

Both

13 Days

Jul-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

13 Days

Jul-22

Secured Loan

HDFC Bank Limited

18,341

Both

14 Days

Jul-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

88 Days

Jul-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

88 Days

Jul-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

82 Days

Jul-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

82 Days

Jul-22

Finance Lease Siemens Financial Services Private Limited 1,20,046 Rental 29 Days Jul-22
Secured Loan Tata Capital Financial Services Limited

2,15,031

Both

86 Days

Jul-22

Secured Loan Tata Capital Financial

Services Limited

4,00,055

Both

81 Days

Jul-22

Secured Loan Tata Capital Financial Services Limited

8,270

Interest

81 Days

Jul-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

86 Days

Jul-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

86 Days

Jul-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

25 Days

Jul-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

82 Days

Jul-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 89 Days

Jul-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

89 Days

Jul-22

Secured Loan

IDFC First Bank Limited

38,662

Both

89 Days

Jul-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

87 Days

Jul-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

27 Days

Jul-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

87 Days

Jul-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

86 Days

Jul-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

71 Days

Jul-22

Secured Loan

HDFC Bank Limited

1,13,527

Interest

24 Days

Aug-22

Secured Loan Electronica Finance Limited

4,19,685

Both

91 Days

Aug-22

Secured Loan

HDFC Bank Limited

1,16,408

Both

24 Days

Aug-22

Secured Loan

HDFC Bank Limited

18,796

Both

16 Days

Aug-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

24 Days

Aug-22

Secured Loan

HDFC Bank Limited

18,341

Both

25 Days

Aug-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

89 Days

Aug-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

89 Days

Aug-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

89 Days

Aug-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

82 Days

Aug-22

Finance Lease Siemens Financial Services Private Limited 1,20,046 Rental 91 Days Aug-22
Secured Loan Tata Capital Financial Services Limited

2,15,448

Both

87 Days

Aug-22

Secured Loan Tata Capital Financial

Services Limited

3,98,000

Both

82 Days

Aug-22

Secured Loan Tata Capital Financial Services Limited

9,348

Interest

78 Days

Aug-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

87 Days

Aug-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

87 Days

Aug-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

46 Days

Aug-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

82 Days

Aug-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 90 Days

Aug-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

90 Days

Aug-22

Secured Loan

IDFC First Bank Limited

38,662

Both

90 Days

Aug-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

87 Days

Aug-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

58 Days

Aug-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

88 Days

Aug-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

87 Days

Aug-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

72 Days

Aug-22

Secured Loan

HDFC Bank Limited

1,48,462

Interest

16 Days

Sep-22

Secured Loan Electronica Finance Limited

4,19,685

Both

112 Days

Sep-22

Secured Loan

HDFC Bank Limited

1,16,408

Both

16 Days

Sep-22

Secured Loan

HDFC Bank Limited

18,796

Both

20 Days

Sep-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

20 Days

Sep-22

Secured Loan

HDFC Bank Limited

18,341

Both

1 Days

Sep-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

119 Days

Sep-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

119 Days

Sep-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

88 Days

Sep-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

88 Days

Sep-22

Finance Lease Siemens Financial Services Private Limited 1,20,046 Rental 90 Days Sep-22
Secured Loan Tata Capital Financial Services Limited

2,13,707

Both

117 Days

Sep-22

Secured Loan Tata Capital Financial

Services Limited

3,93,252

Both

81 Days

Sep-22

Secured Loan Tata Capital Financial Services Limited

8,575

Interest

51 Days

Sep-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

86 Days

Sep-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

117 Days

Sep-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

56 Days

Sep-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

89 Days

Sep-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 89 Days

Sep-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

89 Days

Sep-22

Secured Loan

IDFC First Bank Limited

38,662

Both

120 Days

Sep-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

94 Days

Sep-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

58 Days

Sep-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

118 Days

Sep-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

86 Days

Sep-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

102 Days

Sep-22

Secured Loan

HDFC Bank Limited

1,48,462

Interest

2 Days

Oct-22

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Oct-22

Secured Loan

HDFC Bank Limited

1,16,408

Both

2 Days

Oct-22

Secured Loan

HDFC Bank Limited

18,796

Both

23 Days

Oct-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

24 Days

Oct-22

Secured Loan

HDFC Bank Limited

18,341

Both

2 Days

Oct-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

89 Days

Oct-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

89 Days

Oct-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

86 Days

Oct-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

86 Days

Oct-22

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental 91 Days Oct-22
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

87 Days

Oct-22

Secured Loan Tata Capital Financial

Services Limited

3,87,670

Both

82 Days

Oct-22

Secured Loan Tata Capital Financial Services Limited

8,575

Interest

82 Days

Oct-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

87 Days

Oct-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

87 Days

Oct-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

87 Days

Oct-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

88 Days

Oct-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both 90 Days

Oct-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

90 Days

Oct-22

Secured Loan

IDFC First Bank Limited

38,662

Both

90 Days

Oct-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

87 Days

Oct-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

58 Days

Oct-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

88 Days

Oct-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

87 Days

Oct-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

103 Days

Oct-22

Secured Loan

HDFC Bank Limited

1,48,462

Interest

1 Days

Nov-22

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Nov-22

Secured Loan

HDFC Bank Limited

1,16,408

Both

1 Days

Nov-22

Secured Loan

HDFC Bank Limited

18,796

Both

23 Days

Nov-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

23 Days

Nov-22

Secured Loan

HDFC Bank Limited

18,341

Both

3 Days

Nov-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

58 Days

Nov-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

58 Days

Nov-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

86 Days

Nov-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

86 Days

Nov-22

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental Un Paid Nov-22
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

56 Days

Nov-22

Secured Loan Tata Capital Financial

Services Limited

3,86,000

Both

51 Days

Nov-22

Secured Loan Tata Capital Financial Services Limited

8,298

Interest

51 Days

Nov-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

87 Days

Nov-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

87 Days

Nov-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

56 Days

Nov-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

Un Paid

Nov-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both

Un Paid

Nov-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

Un Paid

Nov-22

Secured Loan

IDFC First Bank Limited

38,662

Both

90 Days

Nov-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

88 Days

Nov-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

58 Days

Nov-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

58 Days

Nov-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

Un Paid

Nov-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

Un Paid

Nov-22

Secured Loan

HDFC Bank Limited

1,48,462

Interest

9 Days

Dec-22

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Dec-22

Secured Loan

HDFC Bank Limited

1,16,408

Both

9 Days

Dec-22

Secured Loan

HDFC Bank Limited

18,796

Both

15 Days

Dec-22

Secured Loan

HDFC Bank Limited

12,58,073

Both

15 Days

Dec-22

Secured Loan

HDFC Bank Limited

18,341

Both

10 Days

Dec-22

Secured Loan

Hero Fincorp Limited

1,47,022

Both

Un Paid

Dec-22

Secured Loan

Hero Fincorp Limited

2,86,456

Both

29 Days

Dec-22

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

87 Days

Dec-22

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

86 Days

Dec-22

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental Un Paid Dec-22
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

Un Paid

Dec-22

Secured Loan Tata Capital Financial

Services Limited

3,85,360

Both

Un Paid

Dec-22

Secured Loan Tata Capital Financial Services Limited

8,575

Interest

21 Days

Dec-22

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

Un Paid

Dec-22

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

Un Paid

Dec-22

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

Un Paid

Dec-22

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

Un Paid

Dec-22

Unsecured Loan Clix Capital Services Private Limited

90,930

Both

Un Paid

Dec-22

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

Un Paid

Dec-22

Secured Loan

IDFC First Bank Limited

38,662

Both

Un Paid

Dec-22

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

Un Paid

Dec-22

Unsecured Loan

Magma Fincorp Limited

59,709

Both

28 Days

Dec-22

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

Un Paid

Dec-22

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

Un Paid

Dec-22

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

Un Paid

Dec-22

Secured Loan

HDFC Bank Limited

1,48,462

Interest

14 Days

Jan-23

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Jan-23

Secured Loan

HDFC Bank Limited

1,16,408

Both

14 Days

Jan-23

Secured Loan

HDFC Bank Limited

18,796

Both

18 Days

Jan-23

Secured Loan

HDFC Bank Limited

12,58,073

Both

21 Days

Jan-23

Secured Loan

HDFC Bank Limited

18,341

Both

3 Days

Jan-23

Secured Loan

Hero Fincorp Limited

1,47,022

Both

Un Paid

Jan-23

Secured Loan

Hero Fincorp Limited

2,86,456

Both

Un Paid

Jan-23

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

80 Days

Jan-23

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

80 Days

Jan-23

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental Un Paid Jan-23
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

Un Paid

Jan-23

Secured Loan Tata Capital Financial

Services Limited

3,85,360

Both

Un Paid

Jan-23

Secured Loan Tata Capital Financial Services Limited

8,298

Interest

Un Paid

Jan-23

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

Un Paid

Jan-23

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

Un Paid

Jan-23

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

Un Paid

Jan-23

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

Un Paid

Jan-23

Unsecured Loan Clix Capital Services Private Limited

90,930

Both

Un Paid

Jan-23

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

Un Paid

Jan-23

Secured Loan

IDFC First Bank Limited

38,662

Both

Un Paid

Jan-23

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

Un Paid

Jan-23

Unsecured Loan

Magma Fincorp Limited

59,709

Both

Un Paid

Jan-23

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

Un Paid

Jan-23

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

Un Paid

Jan-23

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

Un Paid

Jan-23

Secured Loan

HDFC Bank Limited

1,48,462

Interest

10 Days

Feb-23

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Feb-23

Secured Loan

HDFC Bank Limited

1,16,408

Both

10 Days

Feb-23

Secured Loan

HDFC Bank Limited

18,796

Both

0 Days

Feb-23

Secured Loan

HDFC Bank Limited

12,58,073

Both

49 Days

Feb-23

Secured Loan

HDFC Bank Limited

18,341

Both

12 Days

Feb-23

Secured Loan

Hero Fincorp Limited

1,47,022

Both

Un Paid

Feb-23

Secured Loan

Hero Fincorp Limited

2,86,456

Both

Un Paid

Feb-23

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

Un Paid

Feb-23

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

Un Paid

Feb-23

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental Un Paid Feb-23
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

Un Paid

Feb-23

Secured Loan Tata Capital Financial

Services Limited

3,85,360

Both

Un Paid

Feb-23

Secured Loan Tata Capital Financial Services Limited

8,298

Interest

Un Paid

Feb-23

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

Un Paid

Feb-23

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

Un Paid

Feb-23

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

Un Paid

Feb-23

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

Un Paid

Feb-23

Unsecured Loan Clix Capital Services Private Limited

90,930

Both

Un Paid

Feb-23

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

Un Paid

Feb-23

Secured Loan

IDFC First Bank Limited

38,662

Both

Un Paid

Feb-23

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

Un Paid

Feb-23

Unsecured Loan

Magma Fincorp Limited

59,709

Both

Un Paid

Feb-23

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

Un Paid

Feb-23

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

Un Paid

Feb-23

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

Un Paid

Feb-23

Secured Loan HDFC Bank Limited

1,48,462

Interest

Un Paid

Mar-23

Secured Loan Electronica Finance Limited

4,19,685

Both

Un Paid

Mar-23

Secured Loan

HDFC Bank Limited

1,16,408

Both

Un Paid

Mar-23

Secured Loan HDFC Bank Limited

18,796

Both

21 Days

Mar-23

Secured Loan HDFC Bank Limited

12,58,073

Both

Un Paid

Mar-23

Secured Loan HDFC Bank Limited

18,341

Both

Un Paid

Mar-23

Secured Loan

Hero Fincorp Limited

1,47,022

Both

Un Paid

Mar-23

Secured Loan

Hero Fincorp Limited

2,86,456

Both

Un Paid

Mar-23

Secured Loan Small Industries

Development Bank of India

7,13,618

Both

Un Paid

Mar-23

Secured Loan Small Industries

Development Bank of India

2,04,035

Both

Un Paid

Mar-23

Finance Lease Siemens Financial Services Private Limited 4,80,454 Rental Un Paid Mar-23
Secured Loan Tata Capital Financial Services Limited

2,10,505

Both

Un Paid

Mar-23

Secured Loan Tata Capital Financial

Services Limited

3,85,360

Both

Un Paid

Mar-23

Secured Loan Tata Capital Financial Services Limited

8,298

Interest

Un Paid

Mar-23

Unsecured Loan Tata Capital Financial

Services Limited

91,558

Both

Un Paid

Mar-23

Unsecured Loan Aditya Birla Finance Limited

1,87,237

Both

Un Paid

Mar-23

Unsecured Loan Aditya Birla Finance

Limited

31,807

Both

Un Paid

Mar-23

Unsecured Loan

Ashv Finance Limited

5,78,381

Both

Un Paid

Mar-23

Unsecured Loan Clix Capital Services Private Limited

90,930

Both

Un Paid

Mar-23

Unsecured Loan

IDFC First Bank Limited

1,19,765

Both

Un Paid

Mar-23

Secured Loan

IDFC First Bank Limited

38,662

Both

Un Paid

Mar-23

Secured Loan Jain Sons (Ashv Finance Limited)

1,19,304

Both

Un Paid

Mar-23

Unsecured Loan

Magma Fincorp Limited

59,709

Both

Un Paid

Mar-23

Unsecured Loan Moneywise Financial Services Private Limited

96,412

Both

Un Paid

Mar-23

Unsecured Loan NeoGrowth Credit Private

Limited

29,517

Both

Un Paid

Mar-23

Unsecured Loan NeoGrowth Credit Private Limited

29,517

Both

Un Paid

Mar-23

  1. In our opinion and according to the information and explanations given to us, the company has not been a declared wilful defaulter by any bank or financial institution or other lender.
  2. In our opinion and according to the information and explanations given to us, the loans were applied for the purpose for which the loans were obtained.
  3. In our opinion and according to the information and explanations given to us, there are no funds raised on short term basis which have been utilized for long term purposes.
  4. In our opinion and according to the information and explanations given to us, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
  5. In our opinion and according to the information and explanations given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
  1. Utilization of Money Raised by Public Offers and Term Loan for which they Raised
  1. The Company has not raised money by way of initial public offer or further public offer (including debt instruments). Therefore, the provisions of Clause (x)(a) of paragraph 3 of the order are not applicable to the Company.
  2. In our opinion and according to the information and explanations given to us, the company has not made preferential allotment or private placement of shares during the year. In our opinion & as per explanation given to us, the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised.
  1. Reporting of Fraud During the Year& Whistle blower complaints
    1. To the best of our knowledge and according to the information and explanations given to us, no fraud by the company or any fraud on the Company by its officers or employees during the year has been noticed or reported. The management has also not reported any case of fraud during the year.
  1. During the year no report under sub-section (12) of section 143 of the Companies Act 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.
  2. As auditor, we did not receive any whistle- blower complaint during the year.
  1. Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
  2. The company is not a Nidhi Company. Therefore, the provisions of Clause (xii) of paragraph 3 of the order are not applicable to the Company.

  3. Related party compliance with Section 177 and 188 of companies Act – 2013
  4. As per the information and explanations received to us all transactions with the related parties are in compliance with the provisions of sections 177 and 188 of Companies Act where applicable, and the details have been disclosed in the standalone financial statements, etc., as required by the applicable accounting standards. Identification of related parties were made and provided by the management of the company.

  5. Appointment of Internal Auditor:
  6. a.) The company is covered by section 138 of the Companies Act, 2013, related to appointment of internal auditor of the company. The company has an internal audit system commensurate with the size and nature of its business. As per information and explanation provided to us, the company has appointed an Internal Auditor for the year under audit.

    b.) However, there was no proper quarterly and annual Internal Audit plan and documentation of the quarterly/ annual audit available. The Internal Auditor has not covered many areas for audit i.e. Inventory, Accounting, Financing, Human Resources, Compliance and Information Technology (IT systems).Company

    should re-visit the existing internal controls and strengthen them since there are requirement of improvements commensurate to the size of the company

  7. Compliance under section 192 of Companies Act - 2013
  8. The Company has not entered into any non-cash transactions with directors or persons connected with him for the year under audit. Therefore, the provisions of Clause (xv) of paragraph 3 of the order are not applicable to the Company.

  9. Requirement of Registration under 45-IA of Reserve Bank of India Act, 1934
  1. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
  2. The company has not conducted any Non-Banking Financial or Housing Finance activities during the year.
  3. The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India
  4. As per the information and explanations received, the group does not have any CIC as part of the group.
  1. The company has incurred cash loss duringthe current financial year.
  2. There has been no resignation of the previous statutory auditors during the year.
  3. 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, the auditors knowledge of the Board of Directors and management plans, we are of the opinion that Current assets of the company are lesser than its current liabilities to be paid within one year. There has been delays & defaults in the repayment of bank loan, statutory dues, creditor payments for several times during the year. This indicates that that there may arise material uncertainty as on the date of the audit report that company is 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.However,in the opinion of the management the company will have the sufficient internal cash accruals in the next financial year to meet its current liabilities.
  4. Corporate Social Responsibility Expenditure
  5. a.) Company has incurred losses during the current and previous year. Therefore it is not required to spend any amount on CSR activities since the provisions of CSR are not applicable on the company.

    In the opinion of directors of the Company there is no unspent amount which is required to be deposited in a fund specified in the schedule VII to the Companies Act with in specified time period.

    b. There is no remaining unspent amount under sub section 5 of section 135 of theCompanies Act, pursuant to any ongoing project. Therefore, no amount was required to be transferred to special account as per the provisions of sub section

    (6) of section 135 of the said Act.

  6. The company has not made investments in any subsidiary company. Therefore, the company does not require to prepare consolidated financial statement.