TO
THE MEMBERS OF
PITTI ENGINEERING LIMITED
Report on the Audit of the Standalone financial statements Opinion
We have audited the accompanying standalone financial statements of
Pitti Engineering Limited ("the Company") which comprise the Balance Sheet as of
31st March 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Cash Flow and the Statement of Changes in Equity for the year ended on
that date, and a summary of the 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
("Ind AS") prescribed under Section 133 of the Act read with Companies (Indian
Accounting Standards) Rules 2015, as amended and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March 2023, its
profit including other comprehensive income, its cash flows and changes in equity for the
year ended on that date.
Basis for Opinion
We conducted our audit of standalone financial statements in accordance
with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those standards are further described in the
Auditors Responsibilities for the Audit of the standalone financial statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India ("ICAI")
together with the ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the rules made thereunder, 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 for the
financial year ended 31st March, 2023. 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. We have determined that there are no
key audit matters to communicate in our report.
Information other than the Standalone financial statements and
auditors report thereon:
The Companys management and Board of Directors are responsible
for the other information. The other information comprises the information included in the
Management Discussion and Analysis, Boards Report including Annexures to
Boards Report, Business Responsibility Report, Corporate Governance and
Shareholders Information and other information in the Companys annual report,
but does not include the standalone financial statements and our auditors report
thereon.
Our opinion on the standalone financial statements does not cover the
other information and we will 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 materiallyinconsistentwiththestandalonefinancialstatements 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.
Responsibilities of Management and Those Charged with Governance 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 and presentation of
these standalone financial statements that give a true and fair view of the state of
affairs, profit/loss and other comprehensive income, cash flows and changes in equity of
the Company in accordance the accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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, the Management and
the Board of the Directors are 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 is also responsible for overseeing the financial
reporting process of the Company.
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, specified under section
143(10) 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 an adequate internal financial controls with
reference to standalone financials 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 standalone financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated 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.
Other matter
Corresponding figures for the year ended 31st March 2022 have been
audited by another auditor who expressed an unmodified opinion dated 23rd May 2022 on the
standalone financial statements of the Company for the year ended 31st March, 2022. Our
opinion on the standalone financial statements is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act, based on our audit 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
of the accompanying standalone financial statements;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss (including
other comprehensive income), the Cash Flow Statement and the 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 IND AS specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015 as amended.
(e) On the basis of the written representations received from the
directors as of 31st March 2023, taken on record by the Board of Directors, none of the
directors is disqualified as of 31st March 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 Report in "Annexure A".
(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 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 as at
31-03-2023 on its financial position in its standalone financial statements – Refer
to Note 25.02 to the standalone financial statements;
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses as on 31st March
2023;
(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, no funds have been received by the Company from any person or
entity, 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 person or entity 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;
(b) The management has represented that, to the best of its knowledge
and belief, 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 or entity, 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 person or entity identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on the audit procedures that were 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 or paid during the year by the Company is in
compliance with Section 123 of the Act.
(h) 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) of the Act which are required to be commented upon by us.
2. 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 B", a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
|
For Talati & Talati LLP |
|
Chartered Accountants |
| (Firm Reg No: 110758W/W100377 |
|
Amit Shah |
|
Partner |
| Place of Signature: Hyderabad |
Membership Number: 122131 |
| Date: 29th May 2023 |
UDIN: 23122131BGYHKP9566 |
Annexure - A to the Auditors Report
(Referred to in paragraph 2 (f) under the heading "Report on other
Legal and Regulatory Requirements" of our report to the members of Pitti Engineering
Limited on the standalone financial statements as on 31st March, 2023)
Report on the Internal Financial Controls over Financial Reporting
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act")
We have audited the internal financial controls over financial
reporting of Pitti Engineering Limited ("the Company") as of 31st March 2023 in
conjunction with our audit of the Standalone financial statements of the Company for the
year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management 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
(‘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 the
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 issued by the
Institute of Chartered Accountants of India prescribed under section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal financial controls.
Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the Standalone 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 the financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A Companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of Standalone 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 the preparation of Standalone financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with the authorizations of management and
directors of the Company; and;
(3) Provide reasonable assurance regarding the prevention or timely
detection of unauthorized acquisition, use, or disposition of the Companys assets that
could have a material effect on the Standalone financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, 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 31st March 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 Talati & Talati LLP |
|
Chartered Accountants |
| (Firm Reg No: 110758W/W100377 |
|
Amit Shah |
|
Partner |
| Place of Signature: Hyderabad |
Membership Number: 122131 |
| Date: 29th May 2023 |
UDIN: 23122131BGYHKP9566 |
Annexure B to the Auditors Report
Referred to in paragraph 1 under the heading "Report on Other
Legal and Regulatory Requirements" of our report of even date to the members of Pitti
Engineering Limited on the standalone financial statements as on 31st March, 2023 we
report that:
(i). (a) (A) The Company is maintaining proper records showing full
particulars including quantitative details and situation of property plant and equipment
and right of use assets.
(B) The Company is maintaining proper records showing full particulars
of intangible assets.
(b) The Company has a program of verification of property, plant and
equipment, investment property, right of use asset and capital work in-progress to cover
all the items in a phased manner over a period of three years, which, in our opinion, is
reasonable having regard to the size of the Company and the nature of its assets. Pursuant
to the program, certain property, plant, and equipment were due for verification during
the year and were physically verified by the Management during the year. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.
(c) The title deeds of all the immovable properties held by the Company
(other than properties where the Company is the lessee and the lease agreements are duly
executed in favour of the lessee) disclosed in the Note 2A of standalone financial
statements are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (and
Right of Use Assets) or Intangible assets, or both during the year. Accordingly, reporting
under Clause 3(i)(d) of the Order is not applicable to the company.
(e) No proceeding has been initiated or pending against the company for
holding any benami property under the Benami Transaction (Prohibition) Act, 1988.
Accordingly, reporting under Clause 3(i)(e) of the Order is not applicable to the Company.
(ii). (a) The management has conducted physical verification of
inventory at reasonable intervals during the year. In our opinion, the coverage and
procedure of such verification by the management is appropriate and discrepancies of 10%
or more in the aggregate for each class of inventory noticed were dealt with properly in
the books of accounts.
(b) The Company has been sanctioned working capital limits of over five
crore rupees, in aggregate, from banks and financial institutions based on the security of
current assets; the quarterly returns or statements have been filed by the Company as per
the terms of sanction letter with such banks or financial institutions are in agreement
with the books of accounts of the Company.
(iii). In our opinion and according to the information and explanations
given to us, The Company has not made any investments in, provided any guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured, to
companies, firms, limited liability partnerships or any other parties during the year.
Accordingly, reporting under Clause 3(iii)(a) to (f) of the Order is not applicable to the
Company.
(iv). In our opinion and according to the information and explanations
given to us, The Company has not given any loans, guarantees and security in respect of
which provisions of Sections 185 of the Act are applicable. Investments in respect of
which provisions of Section 186 of the Act are applicable, have been complied with by the
Company.
(v). In our opinion and according to the information and explanations
given to us, The Company has not accepted any deposits or there is no amount which has
been considered as deemed deposit within the meaning of Sections 73 to 76 of the Act and
the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting
under Clause 3(v) of the Order is not applicable to the Company.
(vi). We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as by the Central
Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the
opinion that, prima facie, the prescribed cost records have been made and maintained. We
have not , however made a detailed examination of the same.
(vii).(a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including goods and services tax, provident fund,
employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty
of excise, value added tax, cess and other statutory dues applicable to it. According to
the information and explanations given to us and based on audit procedures performed by
us, no undisputed amounts payable in respect of these statutory dues were outstanding, at
the year end, for a period of more than six months from the date they became payable.
(b) Details of dues of Income Tax, and Service Tax which has not been
deposited as of 31st March, 2023, on account of dispute are given below:
| Sr. No. |
Name of statute |
Nature of Dues |
Amount in (J in Lakhs) |
Amount Paid under Protest (J in
Lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
| 1 |
Income Tax Act, 1961 |
Income tax |
5.14 |
1.03 |
AY 2018-19 |
Commissioner of Income Tax, Hyderabad |
| 2 |
Income Tax Act, 1961 |
Income Tax |
923.08 |
184.62 |
AY 2017-18 |
Commissioner of Income Tax, Hyderabad |
| 3 |
Income Tax Act, 1961 |
Income Tax |
38.24 |
7.65 |
AY 2020-21 |
Commissioner of Income Tax, Hyderabad |
| 4 |
CGST Act, 2017 |
Goods and Service Tax |
4.59 |
- |
FY 2017-18 |
Superintendent of Central tax, Aurangabad |
| 5 |
Finance Act, 1994 |
Service Tax |
54.11 |
- |
FY 2008-09 to 2010-11 |
CESTAT, Bangalore |
| 6 |
Finance Act, 1994 |
Service Tax |
14.44 |
- |
FY 2011-12 |
CESTAT, Bangalore |
(viii).According to the information and explanations given to us and on
the basis of our examination of the records, the Company has not surrendered or disclosed
any transaction, previously unrecorded in the books of account, in the tax assessments
under the Income Tax Act, 1961 as income during the year. Accordingly, reporting under
Clause 3(viii) of the Order is not applicable to the Company.
(ix). (a) According to the information and explanations given to us and
based on our examination of the records, during the period the Company has not defaulted
in repayment of its loans or borrowings or in the payment of interest thereon to any
lender.
(b) According to the information and explanations are given to us, the
Company has not been declared a willful defaulter by any bank or financial institution or
any other lenders.
(c) According to the information and explanations given to us and based
on the examination of records of the Company, Term loans were applied for the purpose for
which the loans were obtained.
(d) According to the information and explanations given to us and on an
overall examination of the financial statements of the Company, no funds raised on short
term basis have been used for long term purpose by the Company.
(e) According to the information and explanations given to us on an
overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or a person on account of or to meet the obligations of its
subsidiary.
(f) According to the information and explanations given to us and based
on the examination of records of the Company, the Company has not raised loans during the
year on the pledge of the securities held in its subsidiary.
(x). (a) The Company has not raised any money by the way of an initial
public offer or further public offer (including debt instruments) during the year.
Accordingly, 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 convertible debentures (fully, partially optionally convertible)
during the year. Accordingly, reporting under Clause 3(x)(b) of the Order is not
applicable to the Company.
(xi). (a) According to the information and explanations given to us and
based on our examination of the records of the Company, based upon the audit procedures
performed, we report that no fraud by the Company or no material fraud on the Company by
the officers and employees of the Company has been noticed or reported during the year.
Accordingly, reporting under Clause 3(xi)(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 examination of the records during the year, no report under subsection
(12) of Section 143 of the Act has been filed by the auditors in Form ADT – 4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government. Accordingly, reporting under Clause 3 (xi) (b)of the Order is not applicable
to the Company.
(c) According to the information and explanations are given to us,
there were no whistle-blower complaints received during the year by the Company.
Accordingly, the requirement to report on Clause 3 (xi) (c) of the Order is not applicable
to the Company.
(xii).According to the information and explanations are given to us and
on the basis of our examination of the records of the Company, the Company is not Nidhi
Company as per the provisions of the Act. Accordingly,, the requirement to report on
Clause (xii) (a), (b) and (c) of the Order is not applicable to the Company.
(xiii). According to the information and explanations given to us and
based on our examination of the records of the Company, transactions with the related
parties are in compliance with sections 177 and 188 of the Act where applicable and
details of such transactions have been disclosed in the note no 25.13 of the notes to the
Standalone financial statements as required by the applicable accounting standards.
(xiv).(a) According to the information and explanations given to us and
based on our examination of the records of the Company, the Company has an internal audit
system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of
the audit report, for the period under audit have been considered by us.
(xv).According to the information and explanations given to us and
based on our examination of the records of the Company, the Company has not entered into
any non-cash transactions with directors or persons connected with its directors.
Accordingly, the requirement to report on 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 requirement to report on
Clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing
Finance activities. Accordingly, the requirement to report on 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 requirement to report
on Clause 3(xvi)(c) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the group does not have core
investment Company. Accordingly, the requirement to report on Clause 3(xvi)(d) of the
Order is not applicable to the Company
(xvii). The Company has not incurred any cash losses in the current
financial year and in the immediately preceding financial year. Accordingly, the
requirement to report on Clause 3(xvii) of the Order is not applicable to the Company.
(xviii). There has been no resignation of the statutory auditors during
the year. Accordingly, the requirement to report on Clause 3(xviii) of the Order is not
applicable to the Company.
(xix). On the basis of the financial ratios, ageing and expected dates
of realization of financial assets and payment of financial liabilities, other information
accompanying the standalone financial statements, our knowledge of the plans of the Board
of Directors and management, 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).The Company has fully spent the required amount towards Corporate
Social Responsibility (CSR) and there is no unspent amount for the year requiring a
transfer to a Fund specified in Schedule VII to the Companies Act or special account in
compliance with the provision of sub section (6) of section 135 of Companies Act.
Accordingly, reporting under clause 3 (xx) of the Order is not applicable for the year.
|
For Talati & Talati LLP |
|
Chartered Accountants |
| (Firm Reg No: 110758W/W100377 |
|
|
Amit Shah |
|
Partner |
| Place of Signature: Hyderabad |
Membership Number: 122131 |
| Date: 29th May 2023 |
UDIN: 23122131BGYHKP9566 |
+91-9892691696
