To the Members of Piccadily Agro Industries Ltd Report on the Audit of
the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of
Piccadily Agro Industries Ltd ("the Company"), which comprises the Standalone
Balance Sheet as at March 31, 2023, the Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone
Statement of Changes in Equity for the year then ended March 31,2023, and a summary of
significant accounting policies and other explanatory information. (Hereinafter referred
to as "the standalone financial statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements give the
information required by the Companies Act, 2013 ("the Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of theAct read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2023,
the profit and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing specified under Section 143(10) of the Act
(SAs). 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 (ICAI) together with the independence
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made there under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements Key
Audit Matters
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. We have determined the matters described below to be
the key audit matters to be communicated in our report:
| Sr.No. Key Audit Matters |
Auditors Response |
| 1. Evaluation of uncertain tax positions |
Principal Audit Procedures |
| The Company did not have material uncertain tax positions
including matters under dispute which involves significant judgment to determine the
possible outcome of these disputes. |
Obtained details of completed tax assessments and demands for
the year ended March 31, 2023 from management. We involved our internal experts to
challenge the managements underlying assumptions in estimating the tax provision and the
possible outcome of the disputes. Our internal experts also considered legal precedence
and other rulings in evaluating managements position on these uncertain tax positions. |
Other Information
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 Annexure to Boards Report,
Corporate Governance and Shareholders Information, but does not include the standalone
financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the
other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements,
our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the standalone financial statements or
our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a
material misstatement of this other information; we are required to report that fact. We
have nothing to report in this regard.
Managements Responsibility for the Standalone Financial Statements
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 standalone financial
statements that give a true and fair view of the state of affairs, profit/loss
(includingother comprehensive income), changes in equity and cash flows of the Company in
accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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, 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 responsible for overseeing the Companys
financial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
standalone financial statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
standalone 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 financial controls 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 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 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.
• 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.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the standalone
financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditors report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by 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 purpose 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, Statement of Profit and Loss including Other
Comprehensive income, the Cash Flow Statement and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements
comply with the Indian Accounting Standards specified under section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of 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 adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness of such controls,
refer to our separate reporting "Annexure A". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys internal financial
controls over financial reporting.
(g) With respect to the matter to be included in the Auditors Report
under Section 197(16) of the Act:
In our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which
are required to be commented upon by us.
(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, 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 standalone Ind AS financial statements - Refer Note 31 to the
standalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts and equity shares,
required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The Management has represented that, to the best of its knowledge
and belief, no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
v. The Management has represented, that, to the best of its knowledge
and belief, no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
vi. Based on the audit procedures that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e).
vii. 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.
2. As required by the Companies (Auditors Report) Order, 2020
("the Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
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 Piccadily Agro Industries
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")
Opinion
We have audited the internal financial controls over financial
reporting of PICCADILY AGRO INDUSTRIES 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.
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 respective companies
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.
Managements Responsibility for the 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 Companys internal
financial controls over financial 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 as specified under
section 143(10) of the Companies Act, 2013, 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 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 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 judgement, including the assessment of the
risks of material misstatement of the standalone Ind AS 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.
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) 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
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.
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under Report on Other Legal and Regulatory
Requirements section of our report to the Members of Piccadily Agro Industries Limited of
even date)
To the best of our information and according to the explanations
provided to us by the Company and the books of account and records examined by us in the
normal course of audit, we state that:
I. In respect of the Companys Property, Plant and Equipment and
Intangible Assets:
a) (A) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant and Equipment
and relevant details of right-of-use assets.
(B) The Company has maintained proper records showing full particulars
of intangible assets.
b) The property, plant and equipment and right-of use assets have been
physically verified by the management according to the program of periodical verification
in phased manner which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its property, plant and equipment. The discrepancies, if any,
noticed on such physical verification have been properly dealt with in the books of
accounts.
c) According to the information and explanation given to us and on the
basis of our examination of the records of the Company, the title deed of immovable
properties are held in the name of the Company.
d) The Company has not revalued any of its Property, Plant and
Equipment (including right-of-use assets) and intangible assets during the year.
e) No proceedings have been initiated during the year or are pending
against the Company as at March 31, 2023 for holding any Benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made there under.
II) (a) As explained to us, the inventories, were physically verified
during the year by the management at reasonable intervals and no material discrepancies
were noticed on physical verification.
(b)The applicability of this clause depends on upon the sanctioned
working capital limits of Rs. 5.00 crores or more from banks during the year. Since, the
Company has been sanctioned working capital limits of more than Rupees five crores in
aggregate from banks during the year on the basis of security of current assets of the
Company, this clause is applicable. The quarterly returns/statements filed by the Company
with such banks are not in agreement with the books of accounts of the Company and the
details are as follows:
(Rs. Crores)
| Quarter Ending |
Value as per Books of Accounts including
current Assets |
Value as per statements filed to the lender |
Differences |
Reason for differences if any |
| 30th June, 2022 |
117.32 |
116.19 |
1.13 |
The differences are because the statements
filed with the lenders are valued as per the terms of sanction and guidelines for
financing for Sugar Industry. For Instance - In statements to lender, valuation has been
arrived at 3 months moving average basis and in books as per IND AS -2 and inclusion of
certain current asset. |
| 30th September, 2022 |
! 86.03 |
84.09 |
1.94 |
|
| 31st December,2022 |
121.64 |
119.58 |
2.08 |
|
| 31st March,2023 |
190.15 |
186.83 |
3.32 |
|
I. The Company has made investments in a company to the furtherance of
business of IMFL, but not granted unsecured loans to other parties, during the year, in
respect of which:
a. The Company has not provided any loans or advances in the nature of
loans or stood guarantee, or provided security to any other entity during the year, and
hence reporting under clause 3(iii)(a) of the Order is not applicable.
b. In our opinion, the investments made during the year are, prima
facie, not prejudicial to the Companys interest.
c. The Company has not granted any loan during the year, hence
reporting under clause 3(iii)(c) of the Order is not applicable.
d. The Company has not granted any loan during the year, hence
reporting under clause 3(iii)(d) of the Order is not applicable.
e. No loan granted by the Company which has fallen due during the year,
has been renewed or extended or fresh loans granted to settle the over dues of existing
loans given to the same parties.
f. The Company has not granted any loans or advances in the nature of
loans either repayable on demand or without specifying any terms or period of repayment
during the year. Hence, reporting under clause 3(iii)(f) is not applicable.
The Company has not provided any guarantee or security or granted any
advances in the nature of loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships or any other parties.
II. In our opinion and according to the information and explanations
given to us, the Company has complied with provisions of Sections 185 and 186 of the Act,
with respect to investment made.
III. According to the information and explanations given to us, the
Company has not accepted any deposits or amounts which are deemed to be deposits within
the meaning of provisions of sections 73 to 76 or any other relevant provisions of the Act
and the Rules framed there under. Accordingly, reporting under clause 3 (v) of the Order
is not applicable to the Company.
IV. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company as specified by the
Central Government of India under section 148(1) of the Act and are of the opinion that
prima facie, the prescribed accounts and records have been made and maintained.
V. In respect of statutory dues:
(a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund, income-tax, sales-tax,
service tax, customs duty, excise duty, value added tax, cess and other material statutory
dues applicable to it.
(b) There were no undisputed amounts payable in respect of Provident
fund, Income-tax, Goods and Services Tax, service tax, sales-tax, duty of custom, duty of
excise, value added tax, cess and other material statutory dues were outstanding, at the
year end, for a period of more than six months from the date they became payable.
(c) According to the records of the Company, there are no dues
outstanding on account of Income-tax, Goods and Services Tax, sales-tax, service tax, duty
of custom, duty of excise, value added tax and cess.
VI. According to the information and explanations given to us, Company
has not surrendered or disclosed any transaction, previously unrecorded in the books of
accounts, in the tax assessments under the Income Tax Act, 1961, as income during the
year. Accordingly, the requirement to report on clause 3(viii) of the Order is not
applicable to the Company.
VII. (a) According to the information and explanations given to us and
as per the books and records examined by us, in our opinion, the Company has not defaulted
in repayment of loans or other borrowings or in the payment of interest thereon to any
lender including the loans and interest which are repayable on demand.
(b) According to the information and explanations given to us and the
records of the Company examined by us including representation received from the
management, the Company has not been declared wilful defaulter by any bank, financial
institution or other lenders or government or any government authority.
(c) Term loans were applied for the purpose for which the loans were
obtained.
(d) On an overall examination of the financial statements of the
Company, prima facie, no funds raised on short-term basis have been used for long term
purposes by the Company.
(e) On an overall examination of the financial statements of the
Company, the Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries.
(f) On an overall examination of the financial statements of the
Company, the Company has not raised loan during the year on the pledge of securities held
in its subsidiary.
VIII. (a) The Company has not raised moneys by way of initial public
offer or further public offer (including debt instruments) during the year and hence
reporting under clause 3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential
allotment or private placement of shares or convertible debentures (fully or partly or
optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.
IX. (a) 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 has been
noticed or reported during the year. Accordingly, reporting under clause 3 (xi) (a) and
(b) of the Order is not applicable to the Company. (b) According to the information &
explanations and representation made by the management, no whistle- blower complaints have
been received during the year (and up to the date of the report) by the Company.
X. The Company is not a Nidhi Company and hence reporting under clause
(xii) of the Order is not applicable.
XI. In our opinion, the Company is in compliance with Section 177 and
188 of the Companies Act, 2013 with respect to applicable transactions with the related
parties and the details of related party transactions have been disclosed in the
standalone financial statements as required by the applicable accounting standards.
XII. (a) In our opinion the Company has an adequate internal audit
system commensurate with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under
audit, issued to the Company during the year and till date, in determining the nature,
timing and extent of our audit procedures.
XIII. In our opinion during the year the Company has not entered into
any non-cash transactions with its Directors or persons connected with its directors and
hence provisions of section 192 of the Companies Act, 2013 are not applicable to the
Company.
XIV. (a) The provisions of section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to
report on clause 3 (xvi) (a) to (c) of the Order is not applicable to the Company
(b) In our opinion, there is no core investment company within the
Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and
accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
XV. In our opinion, and according to the information and explanations
provided to us, The Company has not incurred cash losses in the current financial year and
in the immediate preceding financial year.
XVI. There has been no resignation of the statutory auditors of the
Company during the year. Accordingly, provisions of clause (xviii) of the Order are not
applicable to the Company.
XVII. According to the information and explanations given to us and 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, 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.
XVIII. (a) In respect of other than ongoing projects, there are no
unspent amounts that are required to be transferred to a fund specified in Schedule VII of
the Act, in compliance with the proviso to sub section 5 of Section 135 of the Act.
Accordingly reporting under clause 3 (xx) (a) is not applicable.
(b) There are no unspent amounts and ongoing projects in the company,
that are required to be transferred to a special account in compliance of provision of sub
section 6 of section 135 of Companies Act.
|
For JAIN & ASSOCIATES Chartered Accountants (Regd No.:
001361N) |
|
Krishan Mangawa |
| Date: May 26, 2023 |
Partner |
| Place: Chandigarh |
(Membership No.: 513236) UDIN: 23513236BGUPTV4544 |
+91-9892691696
