mishtann foods ltd Auditors report

TO THE MEMBERS OF

MISHTANN FOODS LIMITED (CIN: L15400GJ1981PLC004170)

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the Financial Statements of MISHTANN FOODS LIMITED L15400GJ1981PLC004170 ("the Company"), which comprise the Balance Sheet as at 31st March 2023, the Statement of Pro t and Loss, Statement of Cash Flows for the year then ended and notes to the nancial statements, including a summary of signi cant accounting policies and other explanatory information.

Auditor Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act,2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the Pro t and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speci ed under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the nancial statements under the provisions of the Act and the Rules there under, and we have ful lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the nancial statements of the current period. These matters were addressed in the context of our audit of the nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have key audit matter to communicate in our report as under

The closing stock valued excess to the extent of RS. 9,55,04,370/- hence pro t increased to that extend as per AS 2 the inventories should be valued at lower of the cost and net realizable value. Hence inventory valuation policy followed by the company is not consistent with going concern basis. The director has explain in written submission that realisation value will be higher than cost as inventory of rice proposed to sold in export market through own subsidiary at Dubai established in year.

The company has made provisions for income tax payable on net income for FY2021-22 Rs. 15,85,66,980/- and for FY2022-23 Rs. 26,89,12,613/- which are unpaid, together with interest till date. The management has explain that the said demand will be paid in next year.

The GST department has issued show cause notice. The matter required adjudication. Till date no demand notice has been served on the company. Also the company has le a writ petition against the show cause notice.

The company has issued bonus share 1:1 on dated 09/06/2022 hence paid-up capital increase from Rs. 50crores to 100crores.

As per resolution of board of director meeting heal on dated 31/12/2022 the company has decided to go for right issue of Rs. 150crores which are pending for approval.

The company has incorporated wholly own subsidiary company name GROW AND GRUB NUTRIENTS LLC at Dubai on dated 29/04/2023 after balance sheet date.

Information Other than the Standalone 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 information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders

Information, but does not include the Financial Statements and our auditors report thereon.

Our opinion on the nancial 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 nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard except noted in key audit matter

	FOR J M Patel & Bros.
Place: Ahmedabad	CHARTERED ACCOUNTANTS
Date: 30 - 05 - 2023	Reg. No. 107707W
UDIN: 23030161BGRRPO3835
	CA JASWANT M PATEL
	PROPREITOR
	Mem. No. 030161

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE(I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013

Managements Responsibility 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 nancial statements that give a true and fair view of the nancial position , nancial performance and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards speci ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the nancial 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 nancial reporting process.

Auditors Responsibilities

Our objectives are to obtain reasonable assurance about whether the nancial 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 in uence the economic decisions of users taken on the basis of these nancial 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 nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal nancial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi cant 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 nancial 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 nancial statements, including the disclosures, and whether the nancial 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 signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signi cance in the audit of the nancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order,2020(“the Order”) issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act, 2013. We give in the Annexure A statements on the matters speci ed in paragraphs 3 and 4 of the order, to the extent applicable.

As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Pro t and Loss, and dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid nancial statements comply with the Accounting Standards speci ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31/03/2023 taken on record by the Board of Directors, none of the directors is disquali ed as 31/03/2023 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B".

(g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its nancial position in its nancial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv.(a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the 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 identi ed in any manner whatsoever by or on behalf of the company (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries.

(b) 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 identi ed in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; and

(c) 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 (i) and (ii) contain any material mis-statement.

v. 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.

vi. As regard report on audit trail (Rule 11g) we report that has per provisio to rule 3(1) of the companies (Account) Rules 2014 is applicable for the company where effect from 01/04/2023. Hence reporting under this clause is not applicable for FY 2022-23.

	FOR J M Patel & Bros.
Place: Ahmedabad	CHARTERED ACCOUNTANTS
Date: 30 - 05 - 2023	Reg. No. 107707W
UDIN: 23030161BGRRPO3835
	CA JASWANT M PATEL
	PROPREITOR
	Mem. No. 030161

“Annexure B” to the Independent Auditors Report of even date on the Standalone Financial Statements of .

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013.

We have audited the internal nancial controls over nancial reporting of as of March 31, 2023 in conjunction with our audit of the standalone nancial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal nancial controls based on the internal control over nancial 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 nancial controls that were operating effectively for ensuring the orderly and ef cient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable nancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal nancial controls over nancial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal nancial controls over nancial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence amout the adequacy of the internal nancial control system over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting, assessing the risk that a material weakness exists, and operating effectiveness of internal control based on the assessed risk. The procedures selected depend upon on the auditors judgment, including the assessment of the risks of material misstatement of the nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls system over nancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial 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 nancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial 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 nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at March 31, , based on the internal control over nancial 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 issues by the Institute of Chartered Accountants of India.

	FOR J M Patel & Bros.
Place: Ahmedabad	CHARTERED ACCOUNTANTS
Date: 30 - 05 - 2023	Reg. No. 107707W
UDIN: 23030161BGRRPO3835
	CA JASWANT M PATEL
	PROPREITOR
	Mem. No. 030161

Reports under The Companies (Auditors Report) Order, 2020 (CARO 2020) for the year ended on 31st March 2023

To,

The Members of MISHTANN FOODS LIMITED

We report that:-

	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Property, Plant	Whether the company is maintaining	The company has maintained proper
i (a) (A)
	and Equipment	proper records showing full particulars,	records showing full particulars
	and Intangible	including quantitative details and	including quantitative details and
	Assets	situation of Property, Plant and	situation of Property, Plant and
		Equipment.?	Equipment.
		Whether the company is maintaining	The were no Intangible Assets.
i (a) (B)
		proper records showing full particulars
		of intangible assets;
		Whether these Plant and Equipment and	Property, Plant and Equipment have been
I (b)
		Intangible Assets have been physically	physically veri ed by the management at
		veri ed by the management at	reasonable intervals; No material
		reasonable intervels; whether any	discrepancies were noticed on such
		material discrepancies were noticed on	veri cation.
		such veri cation and if so, whether the
		same have been properly dealt with in the
		books of accounts?
		Whether the title deeds of all the	According to the information and
i (c)
		immovable properties (other than	explanations given to us and on the basis
		properties where the company is the	of our examination of the records of the
		lessee and the lease agreements are duly	Company, the title deeds of immovable
		executed in favour of the lessee)	properties (other than immovable
		disclosed in the nancial statements are	properties where the Company is the
		held in the name of the company, if	lessee and the lease agreements are duly
		not,provide the details thereof	executed in favour of the lessee)
			disclosed in the standalone nancial
			statements are held in the name of the
			Company.
		Whether the company has revalued its	According to the information and
I (d)
		Property, Plant and Equipment (including	explanations given to us and on the basis
		Right of Use assets) or intangible	of our examination of the records of the
		assets or both during the year and, if	Company, the Company has not revalued
		so, whether the revaluation is based on	its Property, plant and equipment
		the valuation by a Registered Valuer;	(including Right-of-use assets) or
		specify the amount of change, if change	Intangible assets or both during the year.
		is 10% or more in the aggregate of the net
		carrying value of each class of Property,
		Plant and Equipment or intangible assets;
		Whether any proceedings have been	The company has maintained proper
I (e)
		initiated or are pending against the	records showing full particulars
		company for holding any benami	including quantitative details and
		property under the Benami Transactions	situation of Property, Plant and
		(Prohibition) Act, 1988 (45 of 1988) and	Equipment.
		rules made thereunder, if so, whether the
		company has appropriately disclosed the
		details in its nancial statements;
		Whether these Plant and Equipment and	According to the information and
I (b)
		Intangible Assets have been physically	explanations given to us and on the basis
		veri ed by the management at	of our examination of the records of the
		reasonable intervels; whether any	Company, there are no proceedings
		material discrepancies were noticed on	initiated or pending against the Company
		such veri cation and if so, whether the	for holding any benami property under
		same have been properly dealt with in the	the Prohibition of Benami Property
		books of accounts?	Transactions Act, 1988 and rules made
			thereunder.
	Inventory and	Whether physical veri cation of	Physical veri cation of inventory has
ii (a)
	other current	inventory has been conducted at	been conducted at reasonable intervals
	assets	reasonable intervals by the	by the management.
		management and whether, in the
		opinion of the auditor, the coverage
		and procedure of such veri cation
		by the management is appropriate;
		whether any discrepancies of 10% or
		more in the aggregate for each class of
		inventory were noticed and if so, whether
		they have been properly dealt with in the
		books of account?
		Whether during any point of time of the	According to the information and
ii (b)
		year, the company has been sanctioned	explanations given to us and on the basis
		working capital limits in excess of ve	of our examination of the records of the
		crore rupees, in aggregate, from banks	Company, the Company has been
		or nancial institutions on the basis of	sanctioned working capital limits in
		security of current assets; whether the	excess of ve crore rupees, in aggregate,
		quarterly returns or statements led by	from banks on the basis of security of
		the company with such banks or	current assets.
		nancial institutions are in agreement
		with the books of account of the
		Company, if not, give details;
	Comment
SL. NO.		Auditors Opinion on Following Matter Auditors Remark
	Required on
	Investment,	Whether during the year the As informed, the company, company has
(iii)
	Loans or	company has made investments in, not granted any loans, secured or
	Advances by	provided any guarantee or security or unsecured to companies, rms or other
	Company	granted any loans or advances in the parties covered in the register maintained
		nature of loans, secured or unsecured, to under section 189 of the Companies Act,
		companies, rms, Limited Liability 2013.
		Partnerships or any other parties, if so,
		whether during the year the company has The Company has not granted any loans,
iii (a)
		provided loans or provided advances in secured or unsecured, to rms, limited
		the nature of loans, or stood guarantee, liability partnerships or any other parties
		or provided security to any other entity during the year.
		[not applicable to companies whose
		principal business is to give loans], if so,
		indicate-
		The aggregate amount during the year, Based on the audit procedures carried on
iii (a) (A)
		and balance outstanding at the balance by us and as per the information and
		sheet date with respect to such loans or explanations given to us, the Company
		advances and guarantees or security to has not granted any loans to
		subsidiaries, joint ventures and subsidiaries, joint ventures and
		associates associates.
		The aggregate amount during the year, Based on the audit procedures carried on
iii (a) (B)
		and balance outstanding at the balance by us and as per the information and
		sheet date with respect to such loans or explanations given to us, the Company
		advances and guarantees or security to has not granted loans to a party other
		parties other than subsidiaries, joint than subsidiaries, joint ventures and
		ventures and associates associates.
		Whether the investments made, In our opinion and according to the
iii (b)
		guarantees provided, security given and information and explanations given to us.
		the terms and conditions of the grant of The rate of interest and other terms and
		all loans and advances in the nature of conditions for such loans are not prima
		loans and guarantees provided are not facie prejudicial to the interest to the
		prejudicial to the companys interest company.
		In respect of loans and advances in the In respect of loans granted, repayment of
iii(c)
		nature of loans, whether the schedule of the principal amount is as stipulated and
		repayment of principal and payment of payment of interest have been regular.
		interest has been stipulated and whether
		the repayments or receipts are regular?
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
		If the amount is overdue, state the total	There is no overdue amount of loans
iii (d)
		amount overdue for more than ninety	granted to companies, rms or other
		days, and whether reasonable steps	parties listed in the register maintained
		have been taken by the company for	under section 189 of the companies Act,
		recovery of the principal and interest?	2013.
		Whether any loan or advance in the	According to the information and
iii (e)
		nature of loan granted which has fallen	explanations given to us and on the basis
		due during the year, has been renewed or	of our examination of the records of the
		extended or fresh loans granted to settle	Company, there is no loan given falling
		the over dues of existing loans given to	due during the year, which has been
		the same parties, if so, specify the	renewed or extended or fresh loans given
		aggregate amount of such dues renewed	to settle the overdues of existing loans
		or extended or settled by fresh loans and	given to the same party.
		the percentage of the aggregate to the
		total loans or advances in the nature of
		loans granted during the year [not
		applicable to companies whose principal
		business is to give loans];
		Whether the company has granted any	According to the information and
iii (f)
		loans or advances in the nature of loans	explanations given to us and on the basis
		either repayable on demand or without	of our examination of the records of the
		specifying any terms or period of	Company, the Company has not given
		repayment, if so, specify the aggregate	any loans either repayable on demand or
		amount, percentage thereof to the total	without specifying any terms or period of
		loans granted, aggregate amount of	repayment.
		loans granted to Promoters, related
		parties as de ned in clause (76) of
		section 2 of the Companies Act, 2013;
	Loan to	In respect of loans, investments,	While doing transaction for loans,
(iv)
	Directors and	guarantees, and security whether	investments, guarantees, and security
	Investment by	provisions of section 185 and 186 of the	provisions of section 185 and 186 of the
	the Company	Companies Act, 2013 have been	Companies Act, 2013 have been
		complied with. If not, provide the details	complied with.
		thereof.
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Deposits	In respect of deposits accepted by the	The company has not accepted any
(v)
	Accepted by the	company or amounts which are deemed	Deposits.
	Company	to be deposits, whether the directives
		issued by the Reserve Bank of India and
		the provisions of sections 73 to 76 or any
		other relevant provisions of the
		Companies Act and the rules made
		thereunder, where applicable, have been
		complied with, if not, the nature of such
		contraventions be stated; if an order has
		been passed by Company Law Board or
		National Company Law Tribunal or
		Reserve Bank of India or any court or any
		other tribunal, whether the same has
		been complied with or not
	Maintenance of	Whether maintenance of cost records	The Company is not required to maintain
(vi)
	Cost records	has been speci ed by the Central	cost cecords pursuant to the Rules made
		Government under sub-section (1) of	by the Central Govenment for the
		section 148 of the Companies Act, 2013	maintenance of cost records under sub-
		and whether such accounts and records	section (1) of section 148 of the
		have been so made and maintained?	Companies Act, 2013.
	Statutory Dues	Whether the company is regular in	According to the information and
vii (a)
		depositing undisputed statutory dues	explanations given to us, undisputed
		including Goods and Services Tax,	dues in respect of provident fund,
		provident fund, employees state	investor education and protection fund,
		insurance, income-tax, sales- tax,	employees state insurance, income tax,
		service tax, duty of customs, duty of	sales tax, wealth tax, service tax,
		excise, value added tax, cess and any	customs duty, excise duty, cess and
		other statutory dues to the appropriate	other statutory dues which were
		authorities and if not, the extent of the	outstanding at the year end for a period of
		arrears of outstanding statutory dues as	more than six months from the date they
		on the last day of the nancial year	became payable are as follows: as per
		concerned for a period of more than six	annxure
		months from the date they became
		payable, shall be indicated?
		Where statutory dues referred to in sub-	Detail of Disputed amount payable to
vii (b)
		clause (a) have not been deposited on	statutory authorities are as given below.
		account of any dispute, then the amounts	as per annxure
		involved and the forum where dispute is
		pending shall be mentioned
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Disclosure of	Whether any transactions not recorded in	According to the information and
(viii)
	Undisclosed	the books of account	have been	explanations given to us and on the basis
	Transactions	surrendered of disclosed as income	of our examination of the records of the
		during the year in the tax assessments	Company, the Company has not
		under the Income Tax Act, 1961, if so,	surrendered or disclosed any
		whether the previously	unrecorded	transactions, previously unrecorded as
		income has been properly recorded in the	income in the books of account, in the tax
		books of account during the year	assessments under the Income-tax Act,
				1961 as income during the year.
	Loans or Other	Whether the company has defaulted in	The company has not defaulted in
ix (a)
	Borrowings	repayment of loans or other borrowings	repayment of dues to nancial institution,
		or in the payment of interest thereon to	or a bank.
		any lender, if yes, the period and the
		amount of default to be reported in the
		format given
	Statutory Dues	Whether the company is a declared wilful	According to the information and
ix (b)
		defaulter by any bank	or nancial	explanations given to us and on the basis
		institution or other lender;		of our examination of the records of the
				Company, the Company has not been
				declared a wilful defaulter by any bank or
				nancial institution or government or
				government authority.
		Whether term loans were applied for the	According to the information and
ix(c)
		purpose for which the	loans were	explanations given to us by the
		obtained; if not, the amount of loan so	management, the Company has not
		diverted and the purpose for which it is	obtained any term loans. Accordingly,
		used may be reported;		clause 3(ix)(c) of the Order is not
				applicable
		Whether funds raised on short term basis	According to the information and
ix (d)
		have been utilised for	long term	explanations given to us and on an overall
		purposes, if yes, the nature and amount	examination of the balance sheet of the
		to be indicated;		Company, we report that no funds have
				been raised on short-term basis by the
				Company. Accordingly, clause 3(ix)(d) of
				the Order is not applicable.
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
		Whether the company has taken any	According to the information and
ix (e)
		funds from any entity or person on	explanations given to us and on an overall
		account of or to meet the obligations of	examination of the nancial statements
		its subsidiaries, associates or joint	of the Company, we report that the
		ventures, if so, details thereof with nature	Company has not taken any funds from
		of such transactions and the amount in	any entity or person on account of or to
		each case;	meet the obligations of its subsidiaries as
			de ned under the Companies Act, 2013.
			Accordingly, clause 3(ix)(e) of the Order
			is not applicable.
		Whether the company has raised loans	According to the information and
ix (f)
		during the year on the pledge of	explanations given to us and procedures
		securities held in its subsidiaries, joint	performed by us, we report that the
		ventures or associate companies, if so,	Company has not raised loans during the
		give details thereof and also report if the	year on the pledge of securities held in its
		company has defaulted in repayment of	subsidiaries as de ned under the
		such loans raised;	Companies Act, 2013. Accordingly,
			clause 3(ix)(f) of the Order is not
			applicable.
	Money raised by	Whether moneys raised by way of initial	The company has not raised any money
x (a)
	IPO, FPOs	public offer or further public offer	by way of initial public offer or further
		{including debt instruments) and term	public offer {including debt instruments)
		loans were applied for the purposes for	and term loans. Hence this clause is not
		which those are raised. If not, the details	applicable.
		together with delays or default and
		subsequent recti cation? if any, as may
		be applicable, be reported.
		Whether any report under sub-section	According to the information and
xi (b)
		(12) of Section 143 of the Companies Act	explanations given to us, no report under
		has been led by the auditors in Form	sub-section (12) of Section 143 of the
		ADT-4 as prescribed under rule 13 of	Companies Act, 2013 has been led by
		Companies (Audit and Auditors) Rules,	the auditors in Form ADT-4 as prescribed
		2014 with the Central Government;	under Rule 13 of Companies (Audit and
			Auditors) Rules, 2014 with the Central
			Government.
		Whether the auditor has considered	As inform to us there were no such
xi(c)
		whistle-blower complaints, if any,	complaint.
		received during the year by the company;
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Compliance by	Whether the Nidhi Company has	As per information and records available
xii (a)
	Nidhi Company	complied with the Net Owned Funds to	with us The company is not Nidhi
	Regarding Net	Deposits in the ratio of 1:20 to meet out	Company.
	Owned Fund to	the liability?
	Deposits Ratio
		Whether the Nidhi Company	is	According to the information and
xii (b)
		maintaining ten per cent. unencumbered	explanations given to us, the Company is
		term deposits as speci ed in the Nidhi	not a Nidhi Company. Accordingly,
		Rules, 2014 to meet out the liability;		clause 3(xii) of the Order is not applicable
		Whether there has been any default in	According to the information and
xii(c)
		payment of interest on deposits	or	explanations given to us and on the basis
		repayment thereof for any period and if	of our examination of the records of the
		so, the details thereof;		Company, the Company has not made
				any any default in payment of interest
				on deposits or repayment thereof for
				any period.
	Related party	Whether all transactions with the related	Yes , All transactions with the related
(xiii)
	transactions	parties are in compliance with sections	parties are in compliance with section
		177 and 188 of Companies Act where	177 and 188 of Companies Act, 2013
		applicable and the details have been	where applicable and the details have
		disclosed in the nancial statements,	been disclosed in the Financial
		etc., as required by the applicable	Statements etc., as required by the
		accounting standards?		applicable accounting standards.
	Internal audit	Whether the company has an internal	Based on information and explanations
xiv (a)
	system	audit system commensurate with the	provided to us and our audit procedures,
		size and nature of its business;		in our opinion, the Company has an
				internal audit system commensurate
				with the size and nature of its business.
	Internal audit	Whether the reports of the Internal	We have considered the internal audit
xiv (b)
	system	Auditors for the period under audit were	reports of the Company issued till date
		considered by the statutory auditor;		for the period under audit.
	Non cash	Whether the company has entered into	The company has not entered into any
(xv)
	transactions	any non-cash transactions with directors	non-cash transactions with directors or
		or persons connected with him and if so,	persons connected with him.
		whether the provisions of section 192 of
		Companies Act have been complied
		with?
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Requirement of	Whether the company is required to be	The company is not required to be
xvi (a)
	Registration	registered under section 45-IA of the	registered under section 45-IA of the
	under 45-IA of	Reserve Bank of lndia Act, 1934 and if	Reserve Bank of lndia Act.
	Reserve Bank of	so, whether the registration has been
	India Act, 1934	obtained?
		Whether the company has conducted	The Company is not required to be
xvi (b)
		any Non-Banking Financial of Housing	registered under Section 45-IA of the
		Finance activities without a valid	Reserve Bank of India Act, 1934.
		Certi cate of Registration (CoR) from the	Accordingly, clause 3(xvi)(b) of the Order
		Reserve Bank of India as per the Reserve	is not applicable.
		Bank of India Act 1934;
		Whether the company is a Core	The Company is not a Core Investment
xvi(c)
		Investment Company (CIC) as de ned in	Company (CIC) as de ned in the
		the regulations made by the Reserve	regulations made by the Reserve Bank of
		Bank of India, if so, whether it continues	India. Accordingly, clause 3(xvi)(c) of the
		to ful l the criteria of a CIC, and in case	Order is not applicable.
		the company is an exempted or
		unregistered CIC, whether it continues to
		ful l such criteria;
		Whether the Group has more than one	According to the information and
xvi (d)
		CIC as part of the Group, if yes, indicate	explanations provided to us during the
		the number of CICs which are part of the	course of audit, the Group does not have
		Group;	any CIC. Accordingly, the requirements
			of clause 3(xvi)(d) are not applicable.
	Cash Losses	Whether the company has incurred cash	The Company has not incurred cash
(xvii)
		losses in the nancial year and in the	losses in the current and in the
		immediately preceding nancial year, if	immediately preceding nancial year.
		so, state the amount of cash losses;
	Consideration of	Whether there has been any resignation	There has been no resignation of the
(xviii)
	outgoing	of the statutory auditors during the year, if	statutory auditors during the year.
	auditors	so, whether the auditor has taken into	Accordingly, clause 3(xviii) of the Order
		consideration the issues, objections or	is not applicable.
		concerns raised by the outgoing
		auditors;
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
	Material	On the basis of the nancial ratios, ageing	According to the information and
(xix)
	uncertainty in	and expected dates of realisation	of	explanations given to us and on the basis
	relation to	nancial assets and payment of nancial	of the nancial ratios, ageing and
	realisation of	liabilities, other information	expected dates of realisation of nancial
	nancial assets	accompanying the nancial statements,	assets and payment of nancial
	and payment of	the auditors knowledge of the Board of	liabilities, other information
	nancial	Directors and management plans,	accompanying the nancial statements,
	liabilities	whether the auditor is of the opinion that	our knowledge of the Board of Directors
		no material uncertainty exists as on the	and management plans and based on our
		date of the audit report that company is	examination of the evidence supporting
		capable of meeting its liabilities existing	the assumptions, nothing has come to
		at the date of balance sheet as and when	our attention, which causes us to believe
		they fall due within a period of one year	that any material uncertainty exists as on
		from the balance sheet date;		the date of the audit report that the
				Company is not capable of meeting its
				liabilities existing at the date of balance
				sheet as and when they fall due within a
				period of one year from the balance sheet
				date. 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.
	Compliance of	Whether, in respect of other than ongoing	In our opinion and according to the
xx (a)
	CSR	projects, the company has transferred	information and explanations given to us,
		unspent amount to a Fund speci ed in	there is unspent amount under sub-
		Schedule VII to the Companies Act within	section (5) of Section 135 of the
		a period of six months of the expiry of the	Companies Act, 2013.
		nancial year in compliance with second
		proviso to sub-section (5) of section 135
		of the said Act;
	Comment
SL. NO.		Auditors Opinion on Following Matter	Auditors Remark
	Required on
		Whether any amount remaining unspent	In our opinion and according to the
xx (b)
		under sub-section (5) of section 135 of	information and explanations given to us,
		the Companies Act, pursuant to any	there is unspent amount Rs.67,98,570/-
		ongoing project, has been transferred to	under sub-section (5) of Section 135 of
		special account in compliance with the	the Companies Act, 2013.
		provision of sub-section (6) of section
		135 of the said Act;
	Quali cations or	Whether there have been any	NOT APPLICABLE
(xxi)
	adverse remarks	quali cations or adverse remarks by the
	in the	respective auditors in the Companies
	consolidated	(Auditors Report) Order (CARO) reports
	nancial	of the companies included in the
	statements	consolidated nancial statements, if yes,
		indicate the details of the companies and
		the paragraph numbers of the CARO
		report containing the quali cations or
		adverse remarks.

 

Annexure to Point No : (7)(a)
Related To	Authority where Pending	Financial Year Disputed Amount
INCOME TAX	CIT APPEAL	2017-18 1,119,614,500.00
INCOME TAX	CIT APPEAL	2017-18 548,540.00
INCOME TAX	CIT APPEAL	2016-17 2,155,682.00
INCOME TAX	CIT APPEAL	2018-19 52,120,130.00
Annexure to Point No : (7)(b)
Related To	Authority where Pending	Financial Year Disputed Amount
INCOME TAX	CIT APPEAL	2017 1,119,614,500.00
INCOME TAX	CIT APPEAL	2017 548,540.00
INCOME TAX	CIT APPEAL	2016 2,155,682.00
INCOME TAX	CIT APPEAL	2018 52,120,130.00

 

	FOR J M Patel & Bros.
Place: Ahmedabad	CHARTERED ACCOUNTANTS
Date: 30 - 05 - 2023	Reg. No. 107707W
UDIN: 23030161BGRRPO3835
	CA JASWANT M PATEL
	PROPREITOR
	Mem. No. 030161