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Ambar Protein Industries Ltd.

BSE: 519471 Sector: Industrials
NSE: N.A. ISIN Code: INE072V01017
BSE 00:00 | 08 Feb 329.45 -17.00
(-4.91%)
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NSE 05:30 | 01 Jan Ambar Protein Industries Ltd
OPEN 342.70
PREVIOUS CLOSE 346.45
VOLUME 483
52-Week high 843.50
52-Week low 26.95
P/E 29.63
Mkt Cap.(Rs cr) 189
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 342.70
CLOSE 346.45
VOLUME 483
52-Week high 843.50
52-Week low 26.95
P/E 29.63
Mkt Cap.(Rs cr) 189
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ambar Protein Industries Ltd. (AMBARPROTEIN) - Auditors Report

Company auditors report

To the Members of Ambar Protein Industries Limited

Report on the Financial Statements

Opinion

1. I have audited the accompanying financial statements of Ambar Protein IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 the Statement of Profit and Loss(including the statement of otherComprehensive Income) the Cash Flow Statement and the statement of changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information (here in after referred to as "the financialstatements").

2. In my opinion and to the best of my information and according to the explanationsgiven to me the financial statements give the information required by the Companies Act2013 ("the Act") in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including IndianAccounting Standards ("Ind AS") specified under section 133 of the Act of thestate of affairs of the Company as at March 31st 2022 its profits (includingother comprehensive income) its cash flows and the changes in equity for the year endedon that date.

Basis for Opinion

3. I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. My responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of my report. I am independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ('ICAI') together withthe ethical requirements that are relevant to my audit of the financial statements underthe provisions of the Act and the rules there under and I have fulfilled my other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. I believethat the audit evidence I have obtained is sufficient and appropriate to provide a basisfor my opinion on the financial statements.

Key Audit Matters

4. Key audit matters are those matters that in my professional judgment are of mostsignificance in my audit of the financial statements of the current period. These mattersare addressed in the context of my audit of the financial statements as a whole andinforming my opinion thereon and I do not provide a separate opinion on these matters.

5. I have determined the matters described below to be the key audit matters to becommunicated in my report.

Key Audit Matter Auditor's Response
Revenue from Related Parties Our Audit Procedures included the following:
The Company is in the business of sale of edible oils. Significant portion of such revenues are attributable to transactions with related parties. -assessed the revenue recognition accounting policies by comparing with applicable accounting standards
We identified revenue from related parties as a key audit matter. -evaluated the design and operating effectiveness of key controls for recognition of revenue
This is mainly on account of judgment involved in assessing arm’s length completeness of disclosures assessing compliance with statutory regulations (Companies Act 2013 and SEBI Regulations) governing related party relationships. -performed substantive testing by selecting samples of revenue transactions recorded during the year by testing the underlying documents.
-assessed the existence of related party relationships and transactions by inspecting relevant ledgers agreements and other information
-carried out an assessment of compliance with listing regulations and Companies Act 2013
-considered the adequacy and completeness of the disclosures in the financial statements relating to the related party transactions
-obtained independent confirmations from related parties
- Assessed that the transactions with related parties are done at arm’s length by testing the same with unrelated party transactions carried out during the same period.

Information other than the financial statements and Auditor's Report thereon

6. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard’s Report including Annexure to Board’s Report Corporate

Governance Report but does not include the financial statements and my auditor'sreport thereon. My opinion on the financial statements does not cover the otherinformation and I do not express any form of assurance conclusion thereon. In connectionwith my audit of the financial statements my responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or my knowledge obtained in the auditorotherwise appears to be materially misstated. If based on the work I have performed Iconclude that there is a material misstatement of this other information; I am required toreport that fact. I have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

7. The company's board of directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statement that give atrue and fair of the financial position financial performance including othercomprehensive Income cash flows and changes in equity of the company in accordance withaccounting principles generally accepted in India including Indian Accounting Standards(Ind AS) specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and the design implementation andmaintenance of adequate internal financial control that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to presentationof the financial statements that give true and fair view and are free from materialmisstatement whether due to fraud or error.

8. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

9. The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

10. My objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes my opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

11. As part of an audit in accordance with Standards on Auditing I exerciseprofessional judgment and maintain professional skepticism throughout the audit. I also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis formy opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) ofthe Act I am also responsible for explaining my opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If I conclude that a material uncertainty existsI am required to draw attention in my auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify my opinion. Myconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

12. I communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that I identify during my audit.

13. I also provide those charged with governance with a statement that I have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on myindependence and where applicable related safeguards.

14. From the matters communicated with those charged with governance I determine thosematters that are of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. I describe these matters in myauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances I determine that a matter should not becommunicated in my report because the adverse consequences of doing so would reasonably beexpected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

15. As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best myknowledge and belief were necessary for the purpose of my audit;

b) In my opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from the examination of those books;

c) The balance sheet the statement of profit and loss including the statement of otherComprehensive Income cash flow statement and statement of changes in Equity dealt withthis Reports are in agreement with the books of accounts;

d) In my opinion the aforesaid financial statements comply with accounting Standardsspecified under section 133 of the Act.

e) On the basis of written representations received from the directors as on 31 March2022 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2022 from being appointed as a director in terms of sections 164(2)of theact;

f) With respect to the adequacy of the internal financial controls over Financialreporting of the Company and operating effectiveness of such controls refer to myseparate Report in the "Annexure 1" to this report;

g) In my opinion the managerial remuneration for the year ended 31 March 2022 hasbeen paid/provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the companies (Audit And Auditors) Rules 2014 in my opinionand to the best of my Information and according to the explanations given to me:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

ii. The Company did not have any material foreseeable losses in long term contractincluding derivative contracts during the year ended 31 March 2022

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

iv. (a) The management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the

Ultimate Beneficiaries;

(b) The management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate

Beneficiaries; and

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to my notice that has caused me to believe that therepresentations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and (b)above contain any material misstatement. v. The Company has not declared or paid dividendduring the year covered by my audit.

16. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the central government of India in terms of sub-section (11) of section 143 ofthe Act & on the basis of such checks of books & records of the company as Iconsider appropriate and according to the information and explanation given to me I givein the "Annexure 2" a statement on the matters specified in paragraphs 3 and 4of the order to the extent applicable.

ANNEXURE1 to the Independent Auditors Report

Referred to in paragraph 15(f) of the Independent Auditor’s Report of even date tothe members of Ambar Protein Industries Limited on the financial statements for the yearended 31 March 2022.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

1. I have audited the internal financial controls over financial reporting of AmbarProtein Industries Limited ("the Company") as of 31st March 2022 inconjunction with my audit of the financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act 2013.

Auditors' Responsibility

3. My responsibility is to express an opinion on the Company's internal financialcontrols over financial Reporting based on my audit. I conducted my audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards On Auditing deemed to be prescribedunder section 143(10) of the Act 2013 to the extent applicable to the audit of internalfinancial controls and both issued by the ICAI. Those Standards and the Guidance noterequire that I comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

4. My audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material Weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting with reference to theseFinancial Statements

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and Directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting withreference to these Financial Statements

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.

Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In my opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

"ANNEXURE 2" to Independent Auditor’s Report

Referred to in Paragraph 16 of Report on Other Legal and Regulatory Requirements of myreport of even date for the year ended 31st March 2022

In terms of the information and explanations sought by me and given by the Company andthe books of account and records examined by me in the normal course of audit and to thebest of my knowledge and belief I state that

1. Fixed Assets;

a) The company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment; The company hasmaintained proper records showing full particulars of intangible assets;

b) The Property Plant and Equipment were physically verified during the year by theManagement which in my opinion provides for physical verification at reasonableintervals. No material discrepancies were noticed on such verification;

c) Based on my examination of the registered sale deed / transfer deed / conveyancedeed provided to me I report that the title deeds of Immovable properties included inproperty plant and equipment are held in the name of the Company.

d) The Company has not revalued its Property Plant and Equipment or intangible assetsor both during the year.

e) No such proceedings have been initiated during the year or are pending against thecompany as at 31 March 2022 for holding any Benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and Rules made there under.

2. Inventories

a. The inventories were physically verified during the year by the Management atreasonable intervals. In my opinion and according to the information explanations given tome the coverage and procedure of such verification by the Management is appropriatehaving regard to the size of the Company and the nature of its operations. Nodiscrepancies of 10% or more in the aggregate for each class of inventories were noticedon such physical verification of inventories when compared with books of account.

b. According to the information and explanations given to me the Company has beensanctioned working capital limits in excess of Rs. 5 crores in aggregate at points oftime during the year from banks or financial institutions on the basis of security ofcurrent assets. In my opinion and according to the information and explanations given tome the quarterly returns or statements filed by the Company with such banks or financialinstitutions are in agreement with the books of account of the Company except as follows:

(Amount in Lakhs)

Quarter Name of the Bank Particulars of Statement Amount as per books of account Amount as reported in the quarterly return/ statement Amount of Difference Whether return/ statement subsequen tly rectified Reasons for Difference
June 2021 The Kalupur Com. CoOp. Bank Ltd Stock 1257. 22 1593. 59 336. 37 No Reasons as per the explanation of the management as per note 16
Sales 8190. 50 8201. 66 11. 16 No
-The differences in inventories is majority on account of goods in transit where the goods have been physically dispatched from the Company location however the same has not been considered as revenue from the purpose of revenue recognition principles and hence reversed from books of accounts for respective quarter ends.
September 2021 The Kalupur Com. CoOp. Bank Ltd Stock 1428. 90 1413. 87 -15. 03 No
Sales 7252. 22 7275. 17 22. 94 No
December 2021 The Kalupur Com. Co- Stock 2112. 39 2068. 86 -43. 53 No
Sales 9478. 89 9449. 05 -29. 84 No
March2022 Op. Bank Ltd Stock 2669. 31 2789. 28 119. 97 No - The management basis their understanding with banks submits stock statement of physical stock as available at respective locations at the period end. Accordingly adjustment for goods in transit (inward and outward) is not considered for the purpose of filing returns with banks.
The Kalupur Com. CoOp. Bank Ltd Sales 9053. 20 9025. 49 -27. 71 No - Impact of sales reversal/adjustments arising out of provision for debit and credit notes/freight adjustments/non-adjustment of advance received from customers not considered in returns/ statements submitted to the bank

3. According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has neither made any investmentnor has it provided any guarantee or security to companies firms limited liabilitypartnership or any other parties. The company has granted loans to parties during theyear in respect of which the requisite information is as below. The Company has notgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms or Limited Liability Partnerships during the year.

a) Based on the audit procedures carried on by me and as per the information andexplanations given to me the Company has provided loans to any other parties as below:Amount in Lakhs

Particulars Loans
Aggregate amount during the year
-Key Managerial Personnel 1.22
-Others- Advances to employees 4.35
Balance outstanding as at balance sheet date
-Key Managerial Personnel 3.68
-Others- Advances to employees 4.63

b) According to the information and explanations given to me and based on the auditprocedures conducted by me I am of the opinion that the terms and conditions of the grantof loans are prima facie not prejudicial to the interest of the Company.

c) According to the information and explanations given to me and on the basis of ourexamination of the records of the Company in case of loans given which are repayable ondemand the Company has received loan repayable on demand as and when demanded during theyear. Thus there has been no default on the part of the party to whom the money has beenlent. Further the Company has not given any advance in the nature of loan to any partyduring the year.

d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in case of loan of Rs. 3.68 Lakhs given to Mr.Dhiraj Panchal and Mr. Mehul Mehta the schedule for repayment of principal and paymenthas not been stipulated and accordingly I am unable to comment on the amount overdue formore than ninety days. Further the Company has not given any loans to any party duringthe year. e) According to the information and explanations given to me and on the basis ofour examination of the records of the Company there is no loan or advance in the natureof loan granted falling due during the year which has been renewed or extended or freshloans granted to settle the overdues of existing loans given to same parties.

f) According to the information and explanations given to me and on the basis of ourexamination of the records of the Company in my opinion the Company has not granted anyloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment except for the following loans to its related parties asdefined in Clause (76) of Section 2 of the Companies Act 2013 (the Act"): Rs. InLakhs

Particulars Loans
Aggregate of loans
- Repayable on demand(A) 3.68
- Agreement does not specify any terms or period of Repayment (B) 0.00
Total (A+B) 3.68
Percentage of loans repayable on demand to the total loans 44.31%

4. According to the information and explanations given to me and on the basis of ourexamination of records of the Company the Company has neither made any investment norhas it provided any guarantee or security as specified under Section

185 and 186 of the Companies Act 2013 (‘the Act"). In respect of loansgranted by the Company in my opinion the provisions of section 185 and 186 of the Acthave been complied with.

5. The Company has not accepted any deposit or amounts which are deemed to be deposits.Hence reporting under clause (v) of the Order is not applicable.

6. The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013 related to the manufacture of edible oil. Ihave broadly reviewed the books of account maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment for maintenance of cost records under Section 148(1) of the Companies Act2013 and I am of the opinion that prima facie the prescribed cost records have beenmade and maintained by the Company. I have however not made a detailed examination ofthe cost records with a view to determine whether they are accurate or complete.

7. (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employee’s state insurance income tax sales tax goods and servicetax service tax duty of custom duty of excise value added tax cess and otherstatutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to me no undisputed amountspayable in respect of provident fund employees' state insurance income tax service taxsales-tax duty of custom duty of excises value added tax cess and other statutory duesIre outstanding at the year end for a period of more than six months from date theybecame payable.

(c) According to the information and explanations given to me there are no dues ofprovident fund investor education and protection fund employees state insurance incometax sales tax wealth tax service tax goods and service tax excise duty custom dutycess and any other statutory dues which have not been deposited with the appropriateauthorities on account of any disputes.

8. There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961during the year.

9. (a) In my opinion the Company has not defaulted in the repayment of loans or otherborrowings or in the payment of interest thereon to any lender during the year (b) Thecompany is not declared as wilful defaulter by any bank or financial institution orgovernment or any government authority.

(c) To the best of my knowledge and belief in my opinion no term loans were availedduring the year by the Company hence this clause is not applicable. (d) On an overallexamination of the financial statements of the Company funds raised on Short term basishave prima facie not been used during the year for long-term purposes by the Company.(e) The Company did not have any subsidiary or associate or joint venture during the yearand hence reporting under clause (ix) (e) of the Order is not applicable. (f) The Companyhas not raised loans during the year on the pledge of securities held in its subsidiariesjoint ventures or associate companies.

10. (a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x)(a) of the Order is not applicable.(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

11. (a) To the best of my knowledge no fraud by the Company and no fraud on theCompany has been noticed or reported during the year. (b) To the best of my knowledge noreport under sub-section (12) of section 143 of the Companies Act has been filed in FormADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with theCentral Government during the year and up to the date of this report. (c) As representedto me by the Management there were no whistle blower complaints received by the companyduring the year and up to the date of this report

12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable

13. In my opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable INDAS.

14. (a) In my opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business. (b) I have considered the internal auditreports issued to the Company during the year and covering the period up to March 312022.

15. In my opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

16. (a) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and (c) of the Orderis not applicable.

17. The Company has not incurred any cash losses in the Financial Year and in theimmediately preceding financial year.

18. There been no resignation of the statutory auditors of the Company during the year.

19. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and my knowledge of the Board of Directors and Management plans andbased on my examination of the evidence supporting the assumptions nothing has come to myattention which came to me to believe that any material uncertainty exists as on the dateof the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of the balance sheet as and when they fall due within a period of oneyear from the balance sheet date. I however state that this is not an assurance as tothe future viability of the Company. I further state that my reporting is based on thefacts up to the date of the audit report and I neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

20. The Company was not having net worth of rupees five hundred crore or more orturnover of rupees one thousand crore or more or a net profit of rupees five crore or moreduring the immediately preceding financial year and hence provisions of Section 135 ofthe Act are not applicable to the Company during the year. Accordingly reporting underclause 3(xx) of the Order is not applicable for the year.

21. The framework of the consolidated financial statements is not applicable to thecompany. Accordingly Reporting under clause 21 of the order is not applicable to thecompany.

(Monali D. Shah)
UDIN:22190489AJXIXH5479
Chartered Accountant
(M.No.190489)
Date: 30.05.2022
Place: Ahmedabad

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