To the Members of Multibase India Limited Report on the Audit of the Financial
Statements Opinion
1. We have audited the accompanying Financial Statements of Multibase India Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information.
2. 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 principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, and total comprehensive income
(comprising of profit and other comprehensive income), changes in equity and its cash
flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified
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 financial statements
under the provisions of the Act 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.
Key audit matters
4. Key audit matters are those matters that, in our professional judgement, were of
most significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the financial statements as a whole
and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
| Key audit matter |
How our audit addressed the key audit matter |
| Inventory Provision – |
Our procedures included the following: |
| As at March 31, 2023, the Company held inventories of Rs. 849.19 lakhs (net of
provision of Rs. 37.09 lakhs). Inventories are carried at lower of cost and net realisable
value in accordance with the accounting policy of the Company. |
? Evaluated the appropriateness of the Companys accounting
policy in relation to inventory provision. |
| The Company makes provision for slow moving and/ or obsolete inventory by arriving at
net realisable value based on provisioning policy, past experience, current trend and
future expectations of realisation of the materials depending upon the category of goods. |
? Obtained an understanding, evaluated the design and tested the
operating effectiveness of controls that the Company has in relation to inventory
provision. |
| Significant judgment is required in assessing the appropriate level of the provision
for slow moving and/ or obsolete inventory. |
? Compared the methodology used to calculate the inventory
provision and its consistency with prior periods and obtained an understanding of
management justification for changes. |
| Accordingly, we have considered provision for inventories to be a key audit matter. |
? Tested the calculation of the provision as per the Companys
policy. |
|
? Tested on a sample basis, whether inventories are accounted at
the lower of cost and net realisable value. |
|
? Assessed the adequacy of the Companys disclosure with respect
to the inventory provision. |
|
Based on the above procedures performed, we did not identify any
significant exceptions in the managements assessment in relation to the provision for
inventory and the related disclosure thereof. |
Other Information
5. The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Board report, but does not include
the financial statements and our auditors report thereon. The Board report is expected to
be made available to us after the date of this auditors report.
Our opinion on the financial statements does not cover the other information and we
will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information identified above when it becomes available 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.
When we read the Board report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and
take appropriate action as applicable under the relevant laws and regulations.
Responsibilities of management and those charged with governance for the financial
statements
6. The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these financial statements that give
a true and fair view of the financial position, financial performance, changes in equity
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 financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
7. In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. Those Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors responsibilities for the audit of the financial statements
8. 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.
9. As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the
Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements in place and
the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
10. 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. 11. 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.
12. From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements of
the current period and are therefore the key audit matters. We describe these matters in
our auditors report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. 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 Act, we give in the Annexure B a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable. 14. 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, except that the backup
of the books of account and other books and papers maintained in electronic mode has not
been maintained on servers physically located in India on a daily basis.
(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March
31, 2023 , taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2023 from being appointed as a director in terms of Section
164(2) of the Act.
(f) With respect to the maintenance of accounts and other matters connected therewith,
we draw reference to our comment in paragraph 14(b) above. (g) With respect to the
adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure A".
(h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in
our opinion and to the best of our information and according to the explanations given to
us: i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements – Refer Note 38 to the financial statements; ii.
The Company was not required to recognise a provision as at March 31, 2023 under the
applicable law or accounting standards, as it does not have any material foreseeable
losses on long-term contract. The Company did not have any derivative contracts as at
March 31, 2023. iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year ended March 31,
2023. iv. (a) The management has represented that, to the best of its knowledge and
belief, 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 persons or entities, 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 (Refer Note 42 to the financial statements);
(b) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no funds have been received by the Company from
any persons or entities, 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 (Refer Note 42 to the financial statements); and (c) Based on such
audit procedures that we considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations
under sub-clause (a) and (b) contain any material misstatement. v. The dividend declared
and paid during the year by the Company is in compliance with Section 123 of the Act.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which
provides for books of account to have the feature of audit trail, edit log and related
matters in the accounting software used by the Company, is applicable to the Company only
with effect from financial year beginning April 1, 2023, the reporting under clause (g) of
Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not
applicable. 15. The Company has paid/provided for managerial remuneration in accordance
with the requisite approvals mandated by the provisions of Section 197 read with Schedule
V to the Act.
For price Waterhouse LLp
Chartered Accountants
Firm Registration Number: 301112E/E300264
Ashish taksali
Partner
Membership Number: 99625 UDIN: 23099625BGWKDJ7099 Mumbai May 23, 2023
AnnexuRe A tO Independent AudItORS RepORt
Report on the Internal Financial Controls with reference to financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls with reference to financial
statements of Multibase India Limited ("the Company") as of March 31, 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
("the Guidance Note") issued by the Institute of Chartered Accountants of India
("ICAI"). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to
companys policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls with reference to financial statements based on our audit. We conducted our audit
in accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed
under Section 143(10) of the Act to the extent applicable to an audit of internal
financial controls, both applicable to an audit of internal financial controls and both
issued by the ICAI. 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 with reference to financial statements were
established and maintained and if such controls operated effectively in all material
respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system with reference to financial statements and their
operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of internal financial controls
with reference to financial statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditors
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements
6. A companys internal financial controls with reference to financial statements 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 controls
with reference to financial statements includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls with reference to financial
statements
7. Because of the inherent limitations of internal financial controls with reference to
financial statements, 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 with
reference to financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system with reference to financial statements and such internal
financial controls with reference to financial statements 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 issued by the ICAI.
For price Waterhouse LLp
Chartered Accountants
Firm Registration Number: 301112E/E300264
Ashish taksali
Partner
Membership Number: 99625 UDIN: 23099625BGWKDJ7099 Mumbai May 23, 2023
AnnexuRe B tO Independent AudItORS RepORt
i. (a) (A) The Company is maintaining proper records showing full particulars,
including quantitative details and situation, of Property, Plant and Equipment.
(B) According to the information and explanations given to us and the records of the
Company examined by us, the Company does not have any Intangible assets and accordingly,
reporting under this Clause is not applicable. b) The Property, Plant and Equipment of the
Company have been physically verified by the Management during the year and no material
discrepancies have been noticed on such verification. In our opinion, the frequency of
verification is reasonable.
(c) The title deeds of all the immovable properties (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee),
as disclosed in Note 3 to the financial statements, are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment during the year.
Consequently, the question of our commenting on whether the revaluation is based on the
valuation by a Registered Valuer, or specifying the amount of change, if the change is 10%
or more in the aggregate of the net carrying value of each class of Property, Plant and
Equipment does not arise. Further, there are no right of use assets or intangible assets
held by the Company.
(e) Based on the information and explanations furnished to us, no proceedings have been
initiated on or are pending against the Company for holding benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and
therefore the question of our commenting on whether the Company has appropriately
disclosed the details in its financial statements does not arise. ii. (a) The physical
verification of inventory has been conducted at reasonable intervals by the Management
during the year and, in our opinion, the coverage and procedure of such verification by
Management is appropriate. The discrepancies noticed on physical verification of inventory
as compared to book records were not 10% or more in aggregate for each class of inventory.
(b) During the year, the Company has not been sanctioned working capital limits in
excess of Rs. 5 crores, in aggregate from banks and financial institutions and
accordingly, the question of our commenting on whether the quarterly returns or statements
are in agreement with the unaudited books of account of the Company does not arise. iii.
The Company has not made any investments, granted secured/unsecured loans/advances in
nature of loans, or stood guarantee, or provided security to any parties. Therefore, the
reporting under clause 3(iii), (iii)(a), (iii) (b), (iii)(c), (iii)(d), (iii)(e) and
(iii)(f) of the Order are not applicable to the Company. iv. The Company has not granted
any loans or made any investments or provided any guarantees or security to the parties
covered under Sections 185 and 186. Therefore, the reporting under clause 3(iv) of the
Order are not applicable to the Company. v. The Company has not accepted any deposits or
amounts which are deemed to be deposits referred in Sections 73, 74, 75 and 76 of the Act
and the Rules framed there under to the extent notified. vi. Pursuant to the rules made by
the Central Government of India, the Company is required to maintain cost records as
specified under Section 148(1) of the Act in respect of its products. We have broadly
reviewed the same and are of the opinion that, prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, made a detailed examination
of the records with a view to determine whether they are accurate or complete. vii. (a)
According to the information and explanations given to us and the records of the Company
examined by us, in our opinion, the Company is regular in depositing the undisputed
statutory dues, including goods and services tax, provident fund, employees state
insurance, income tax, duty of customs, cess and other material statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no statutory dues of goods and services tax, provident
fund, employees state insurance, duty of customs, cess and other material statutory dues,
as applicable which have not been deposited on account of any dispute. The particulars of
other statutory dues referred to in sub-clause (a) as at March 31, 2023 which have not
been deposited on account of a dispute, are as follows
| Name of the statute |
Nature of dues |
Amount (Rs. In lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
| The Income Tax Act, 1961 |
Income tax |
1.82 |
2015-16 |
Assessing Officer, Vapi |
| Finance Act, 1994 |
Service tax |
1.62 |
2010-11 |
Commissioner Appeals, North Daman Division |
viii. According to the information and explanations given to us and the records of the
Company examined by us, there are no transactions in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account. ix. (a) As the Company
did not have any loans or other borrowings from any lender during the year, the reporting
under clause 3(ix)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our
audit procedures, we report that the Company has not been declared Wilful Defaulter by any
bank or financial institution or government or any government authority. (c) According to
the records of the Company examined by us and the information and explanations given to
us, the Company has not obtained any term loans. (d) According to the information and
explanations given to us, and the procedures performed by us, and on an overall
examination of the financial statements of the Company, the Company has not raised funds
on short term basis.
(e) According to the information and explanations given to us and procedures performed
by us, we report that the Company did not have any subsidiaries, joint ventures or
associate companies during the year.
(f) According to the information and explanations given to us and procedures performed
by us, we report that the Company did not have any subsidiaries, joint ventures or
associate companies during the year. x. (a) The Company has not raised any money by way of
initial public offer or further public offer (including debt instruments) during the year.
Accordingly, the reporting under clause 3(x)(a) of the Order is not applicable to the
Company.
(b) The Company has not made any preferential allotment or private placement of shares
or fully or partially or optionally convertible debentures during the year. Accordingly,
the reporting under clause 3(x)(b) of the Order is not applicable to the Company.
xi. (a) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company, noticed or reported during
the year, nor have we been informed of any such case by the Management.
(b) During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing practices in
India, and according to the information and explanations given to us, a report under
Section 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit
and Auditors) Rules, 2014 was not required to be filed with the Central Government.
Accordingly, the reporting under clause 3(xi)(b) of the Order is not applicable to the
Company.
(c) During the course of our examination of the books and records of the Company
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, and as represented to us by the
management, no whistle-blower complaints have been received during the year by the
Company. Accordingly, the reporting under clause 3(xi)(c) of the Order is not applicable
to the Company. xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are
not applicable to it, the reporting under clause 3(xii) of the Order is not applicable to
the Company. xiii. The Company has entered into transactions with related parties in
compliance with the provisions of Sections 177 and 188 of the Act. The details of such
related party transactions have been disclosed in the financial statements as required
under Indian Accounting Standard 24 "Related Party Disclosures" specified under
Section 133 of the Act. xiv. (a) In our opinion and according to the information and
explanation given to us, the Company has an internal audit system commensurate with the
size and nature of its business.
(b) The reports of the Internal Auditor for the period under audit have been considered
by us.
xv. The Company has not entered into any non-cash transactions with its directors or
persons connected with them. Accordingly, the reporting on compliance with the provisions
of Section 192 of the Act under clause 3(xv) of the Order is not applicable to the
Company. xvi. (a) The Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934. Accordingly, the reporting under clause 3(xvi)(a) of the
Order is not applicable to the Company.
(b) The Company has not conducted non-banking financial / housing finance activities
during the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not
applicable to the Company.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)(c) of
the Order is not applicable to the Company.
(d) Based on the information and explanations provided by the management of the
Company, the Group (as defined in the Core Investment Companies (Reserve Bank) Directions,
2016) does not have any CICs, which are part of the Group. We have not, however,
separately evaluated whether the information provided by the management is accurate and
complete. Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable
to the Company. xvii. The Company has not incurred any cash losses in the financial year
or in the immediately preceding financial year. xviii. There has been no resignation of
the statutory auditors during the year and accordingly the reporting under clause (xviii)
is not applicable. xix. According to the information and explanations given to us and on
the basis of the financial ratios (Also refer Note 42 to the financial statements), ageing
and expected dates of realisation of financial assets and payment of financial
liabilities, other information accompanying the financial statements, our knowledge of the
Board of Directors and management plans and based on our examination of the evidence
supporting the assumptions, nothing has come to our attention, which causes us to believe
that any material uncertainty exists as on the date of the audit report that Company is
not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of
one year from the balance sheet date will get discharged by the Company as and when they
fall due. xx. As at balance sheet date, the Company does not have any amount remaining
unspent under Section 135(5) of the Act. Accordingly, reporting under clause 3(xx) of the
Order is not applicable. xxi. The reporting under clause 3(xxi) of the Order is not
applicable to the Company as it does not have any subsidiaries, joint ventures or
associate companies and the Company does not prepare Consolidated Financial Statements.
Accordingly, no comment in respect of the said clause has been included in this report.
For price Waterhouse LLp
Chartered Accountants
Firm Registration Number: 301112E/E300264
Ashish taksali
Partner
Membership Number: 99625 UDIN: 23099625BGWKDJ7099 Mumbai May 23, 2023
+91-9892691696
