To the Members of Shekhawati Poly- Yarn Limited Report on the Audit of the Ind AS
Financial Statements Qualified Opinion
We have audited the accompanying Ind AS financial statements of Shekhawati Poly-Yarn
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2022, the Statement of Profit and Loss (including other comprehensive income), the
Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that
date and notes to financial statements a summary of the significant accounting policies
and other explanatory information (herein after referred to as "Ind AS financial
statements").
In our opinion and to the best of our information and according to the explanations
given to us, except the possible effects of the matter described in the Basis for
Qualified Opinion paragraph, the aforesaid Ind AS financial statements give the
information required by 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 31st March, 2022, the loss and other comprehensive
income, the changes in equity and its cash flow for the year ended on that date.
Basis for Qualified Opinion
The company has not provided for Interest Expenses amounting to Rs 2,012.29 lakhs (P. Y
2,054.78lakhs) (derived on simple interest basis) which should have been provided as per
the principle of prudence on the borrowings which have been classified as
"Non-performing assets" (NPA) by the banks and on borrowings transferred to
Asset restructuring company (ARC) as referred in Note 17(e) of accompanying notes to
financial statement. The company has also not provided penal interest and other bank
charges, as the same are not ascertainable. Had these Interest Expenses been debited to
the Statement of Profit and Loss Account, loss for the year ended and debit balance of
Other Equity would have been higher by Rs 2,012.29 lakhs and 13,214.60 lakhs.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
Standalone financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
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. During the course of our audit, we have determined that there
are no key audit matters to be communicated in our report except for the matters
prescribed in Basis of Qualified Opinion & Material Uncertainty Related to Going
Concern section.
Material Uncertainty Related to Going Concern
Attention is invited to Note No. 36 to the accompanying financial statements which
indicate that the Company has suffered heavy losses during the current and previous years,
its net worth has been completely eroded and the credit facilities of the company has also
been classified as "Non-performing assets" (NPA) by its banks. These conditions
indicate the existence of a material uncertainty that may cast significant doubt about the
Companys ability to continue as a going concern. However, the company has prepared its
financials on going concern basis, as the company is in the process of discussion with its
lenders and is hopeful that the suitable resolution plan will be considered by its
lenders. Our opinion is not modified in respect of this matter.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Companys management and Board of Directors is responsible for the other
information. The other information comprises the information included in the management
discussion and analysis, Boards Report, annexure to board report and report on corporate
governance but does not include the financial statements and our auditors report thereon.
Our opinion on the 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained 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.
Responsibilities of Management and Those Charged with Governance for the Ind AS
Financial Statements
The Companys Board of Directors is responsible for the matters stated in sub-section 5
of Section 134 of the Companies Act, 2013 ("the Act") with respect to the
preparation of these Ind AS financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with IndAS and accounting principles
generally accepted in India, including the Indian Accounting Standards ("Ind
AS") prescribed under Section 133 of the Act, read with relevant rules issued
thereunder. 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 Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
1. 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.
2. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also :
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal 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 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.
3. 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.
4. 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.
5. 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
1. 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 A, a statement on the matters specified in the paragraph
3 and 4 of the order.
2. As required by section 143(3) of the Act, we further 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) Except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph above, in our opinion, proper books of accounts as required by law have
been kept by the Company so as far as it appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive
income), the Statement of Cash Flows and the Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account;
d) Except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph above, in our opinion, the aforesaid Ind AS financial statements comply
with the Indian Accounting Standards prescribed under Section 133 of the Act, read with
relevant rules issued thereunder.
e) The matters described under the ‘Basis for Qualified Opinion paragraph and the
‘Material Uncertainty Related to Going Concern paragraph above, in our opinion, may
have an adverse effect on the functioning of the Company.
f) On the basis of written representations received from the directors as on March 31,
2022, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2022, from being appointed as a director in terms of subsection 2 of
Section 164 of the Act;
g) The qualification relating to the maintenance of accounts and other matters
connected therewith are as stated in the Basis for Qualified Opinion paragraph above.
h) 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 B"; and
i) 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 pending litigation in its financial statements (Refer Note
No. 33(ii)).
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;
iii. The company is not required to transfer any amounts as required by the law to
Investor Education and Protection Fund.
iv. (a) 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;
(b) 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;
(c) 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), as provided under (a) and
(b) above, contain any material misstatement.
v. Since The Company has not declared / paid any dividend during the year, Section 123
of the Act is not applicable.
3. In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.
Annexure "A" to the Independent Auditor’s Report of even date on the
financial statements of Shekhawati
Poly- Yarn Limited for the year ended 31st March 2022.
As required by the Companies (Auditors Report) Order, 2020 and according to the
information and explanations given to us during the course of the audit and on the basis
of such checks of the books and records as were considered appropriate we report 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 Company has a program of physical verification of Property, Plant and Equipment
and right-of-use assets so to cover all the assets once every 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. According to the information and explanations given to us and on the basis of our
examination of the records of the Company the title deeds 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, 2022 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) (a) The inventories have been physically verified by the management during the
year at reasonable intervals.
No material discrepancies were noticed on physical verification of inventories by the
management.
(b) As mentioned in note 17 to the financial statements, credit facilities of the
company has been classified as "Non-performing assets" (NPA) by its banks.
Accordingly the Company has not filed any quarterly returns or statements of current
assets to the banks.
(iii) The Company has not made any investments in, and not 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.
Hence paragraph 3 (iii) (a), (b), (c), (d), (e) and (f) of the said Order are not
applicable to the Company.
(iv) In our opinion and according to the information and explanation given to us,
section 185 and 186 of the Companies Act, 2013 is not applicable, since the Company does
not have any loans, investments, guarantees or security.
(v) The Company has not accepted any deposit from the public in accordance with the
provisions of sections 73 to 76 or amounts which are deemed to be deposits of the Act and
the rules framed there under. Hence, reporting under clause 3(v) of the Order is not
applicable.
(vi) The Central Government has prescribed the maintenance of cost record under Section
148(1) of the Act. We have not reviewed the cost records maintained by the Company but
based on the information submitted by the Company we are of the view that such accounts
and records have been made and duly maintained.
(vii) (a) Accordingly to the records of the Company, the 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, Goods and
Service Tax and other statutory dues wherever applicable have regularly been deposited
with the appropriate authorities. There are no undisputed amount payable in respect of
such statutory dues which have remained outstanding as at 31st March, 2022 for
a period more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no statutory
dues referred to in sub- clause^) on account of any dispute with the relevant authorities
except following:
(Rs in lakhs)
| Name of the statute |
Nature of dues |
Amount |
Amount paid under protest |
Period to which the amount relates |
Forum where dispute is pending |
| The Income Tax Act, 1961 |
Income Tax |
313.52 |
62.70 |
F.Y. 2015-16 |
CIT (Appeals) |
|
|
21.86 |
4.37 |
F.Y. 2013-14 |
ITAT |
(viii) According to the information and explanations given to us, there were no
transactions relating to previously unrecorded income that have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(43 of 1961)
(ix) (a) Based on our audit procedure and as per the information and explanation given
by the management, the
Company had defaulted in repayment of its dues to Banks. Accordingly during the
financial year 2015-16, the bank accounts of the company had been classified as
"Non-Performing asset" (NPA) by State bank of India, Union Bank of India and
Axis Bank and during the financial year 2016-17 Allahabad bank (merged with Indian Bank)
and Dena bank (merged with Bank of Baroda) has also declared the company accounts as NPA.
State Bank of India, Axis Bank and Dena Bank have assigned respective credit facilities to
Asset Restructuring Company (ARC). In respect of above loans the total principal
outstanding is 18,969.50 Lakhs and Interest Outstanding is Rs 1,132.21 lakhs. Also,
during the year the company has not provided for interest of Rs 2,012.29 lakhs lakhs (PY
2,054.78 lakhs) (Rs 13,214.60 lakhs till March 31, 2022) (Refer Note 17).
(b) According to the information and explanations given to us, the Company has been
declared wilful defaulter by the banks. However, the Company has made relevant
representations to the banks in this regard.
(c) The Company has not taken any term loan during the year hence, reporting under
clause 3(ix)(c) of the Order is not applicable.
(d) During the year, the Company has not raised funds on short-term basis hence,
reporting under clause 3(ix)
(d) of the Order is not applicable.
(e) The Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures.
(f) The Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies.
(x) (a) The Company has not raised any money by way of initial public offer, further
public offer (including debt instruments) and term loans during the year. Accordingly, the
provisions of Clause 3(x)(a) of the Order are not applicable to the Company.
(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.
(xi) (a) 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.
(b) According to the information and explanations given to us, No report under
sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and upto the date of this report.
(c) According to the information and explanations given to us, the Company has not
received any whistle blower Complaints during the year.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not
applicable.
(xiii) According to the information and explanations given to us and based on our
examinations of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act, where applicable. The details of such
related party transactions have been disclosed in the financial statements as required by
applicable accounting standards.
(xiv) (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.
(xv) According to the information and explanations given to us and based on our
examination of the records, the Company has not entered into non-cash transactions with
directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not
applicable.
(xvi) In our opinion, the Company is not required to be registered under section 45-IA
of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b), (c)
and (d) of the Order is not applicable.
(xvii) The Company has incurred cash losses in the financial year and in the
immediately preceding financial year amounting to Rs 799.60 lakhs and Rs 189.44 lakhs.
(xviii) There has been no resignation of the statutory auditors of the Company during
the year.
(xix) On the basis of the financial ratios, 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, and as mentioned in
note 36 to the financial statements, the Company has suffered heavy losses during the
current and previous years, its net worth has been completely eroded and the credit
facilities of the company has also been classified as "Non-performing assets"
(NPA) by its banks. Accordingly material uncertainty exists as on the date of the audit
report indicating 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.
(xx) Section 135 of Companies Act, 2013 is not applicable to company. Hence reporting
under clause 3(xx) of the Order is not applicable.
Annexure "B" to the Independent Auditor’s Report of even date on the
financial statements of Shekhawati
Poly- Yarn Limited for the year ended 31st March 2022.
Report on the Internal Financial Controls 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 Shekhawati
Poly- Yarn Limited ("the Company") as of March 31, 2022 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
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
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 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 ICAI and deemed
to be prescribed 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 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 Companys 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 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.
Qualified Opinion
According to the information and explanation given to us and based on our audit, the
following material weakness has been identified in the operating effectiveness of the
Companys internal financial controls over financial reporting as at 31st
March, 2022:
The documentation in respect of specific policies and procedures and the IT Controls
pertaining to internal financial controls over financial reporting are not adequate and
needs to be further strengthened.
A "material weakness" is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the Companys annual or interim financial statements will
not be prevented or detected on a timely basis.
In our opinion, except for the possible effect of the material weakness described above
on the achievement of the objectives of the control Criteria , the Company has maintained
, 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 31,2022, 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.
We have considered the material weaknesses identified and reported above in determining
the nature, timing and audit tests applied in our audit of the financial statements of the
Company and these material weaknesses above does not affect our opinion on the financial
statements of the Company.
| For Ajay Shobha & Co. |
| Chartered Accountants |
| Firm’s Reg. No. 317031E |
| Sd/- |
| Ajay Kumar Gupta |
| Partner |
| Mem. No. 53071 |
| UDIN : 22053071AJOWSH1078 |
| Place: Mumbai |
| Date: 25th May, 2022 |
+91-9892691696
