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AMJ Land Holdings Ltd.

BSE: 500343 Sector: Infrastructure
NSE: AMJLAND ISIN Code: INE606A01024
BSE 16:01 | 07 Feb 27.75 -0.50
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27.40

NSE 15:54 | 07 Feb 28.15 0.05
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28.50

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OPEN 27.65
PREVIOUS CLOSE 28.25
VOLUME 20800
52-Week high 38.75
52-Week low 23.15
P/E 10.59
Mkt Cap.(Rs cr) 114
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.65
CLOSE 28.25
VOLUME 20800
52-Week high 38.75
52-Week low 23.15
P/E 10.59
Mkt Cap.(Rs cr) 114
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

AMJ Land Holdings Ltd. (AMJLAND) - Auditors Report

Company auditors report

To The Members of AMJ Land Holdings Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of AMJLand Holdings Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flows for the year ended onthat date and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312022the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those SAs are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements. Key AuditMatters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Loans given to associate company - classification measurement andimpairment

Key Audit Matter Auditor's Response
The Company has given loan to Biodegradable Products India Limited (formerly Pudumjee Plant Laboratories Limited) (the "associate company") in previous years and total loan outstanding as on March 31 2022 is Rs 2193.80 lakhs. Fixed repayment-terms of the loan not defined however the loan is repayable on demand. The same is classified as "Loans" in "Current financial assets" and measured at amortised cost using effective interest rate based on management's estimate. Our procedure included but were not limited to the following:
Management has evaluated and concluded that such loan is not long-term interests that in substance form part of the Company's net investment in the associate company. • We considered the business model and terms of the financial assets considering rights and obligation of the Company and the associate company.
Based on the valuation report of the valuation specialist engaged by the management and based on management estimate no impairment considered necessary for the investments made in associate company. • Obtained independent valuation report containing valuation of assets including investment properties of the associate company. Assessed the professional competence objectivity and capabilities of the valuation specialist engaged by the management. Assessed reasonableness of the assumptions used and future business plans of the business of the associate company's management.
Refer note 5(c) and note 24(a) of the standalone financial statements. • We have considered the managements representation regarding obtaining future planned repayment of the short term loan given.
• We have assessed the appropriateness disclosures given in the standalone financial statements.

Other Information

The Company's Management and Board of Directors are responsible for the preparation ofthe other information. The other information comprises the information included in theCompany's Annual Report but does not include the standalone financial statements and ourauditor's report thereon.

The Annual Report is expected to be made available to us after the dateof our auditor's report.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Management and Board of Directors are responsible for thematters stated in section 134(5) of the Act with respect to the preparation of thesestandalone financial statements that give a true and fair view of the state of affairsthe profit and total comprehensive income changes in equity and its cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company'sfinancial reporting process. Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists.

Misstatements can arise from fraud or error and are considered materialif individually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the consolidatedfinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the consolidated financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the consolidated financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen 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 (includingother comprehensive income) the Statement of Changes in Equity and the Cash FlowStatement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Indian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in Annexure B.

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of Section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of Section 197 read with Schedule V of the Act.

(h) With respect to the other matters to be included in the Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in the financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended March 31 2022.

iv. (a) The Management has represented that to the best of itsknowledge and belief no

funds (which are material either individually or in the aggregate) havebeen advanced or loaned or invested (either from borrowed funds or securities premium orany other sources or kind of funds) by the Company to or in any other person or entityincluding foreign entity ("Intermediaries") with the understanding whetherrecordedin writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the Company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. The dividend proposed in the previous year ended March 31 2021declared and paid by the Company during the current year ended March 31 2022 is inaccordance with Section 123 of the Act as applicable.

vi. The Board of Directors of the Company have proposed dividend forthe current year ended March 31 2022 which is subject to the approval of the members atthe ensuing Annual General Meeting. The amount of dividend proposed is in accordance withsection 123 of the Act as applicable.

For J M Agrawal & Co.

Chartered Accountants

Firm Registration Number: 100130W

Punit Agrawal

Partner

Membership Number: 148757 UDIN: 22148757AKTSPA7773

Place : Pune Date : May 16 2022

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in the Independent Auditors' Report of even date to themembers of AMJ Land Holdings

Limited on the standalone financial statements as of and for the yearended March 31 2022

To the best of our information and according to the explanationsprovided to us by the Company and the books of account and records examined by us in thenormal course of audit we state that:

i. (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant and equipmentand investment property (B) The Company does not hold any intangible assets hencereporting under clause 3(i)(a)(B) of the Order is not applicable.

(b) The property plant and equipment and investment property arephysically verified by the Management according to a phased program designed to cover allthe items over a period of three years which in our opinion is reasonable having regardto the size of the Company and the nature of its assets. Pursuant to the program a portionof the property plant and equipment and investment property were physically verified bythe Management during the year. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(c) Based on our examination of the property tax receipts and leaseagreement for land on which building is constructed registered sale deed / transfer deed/ conveyance deed provided to us we report that the title in respect of self-constructedbuildings and title deeds of all other immovable properties (other than properties wherethe company is the lessee and the lease agreements are duly executed in favour of thelessee) disclosed in the financial statements included under property plant andequipment and investment property are held in the name of the Company as at the balancesheet date.

(d) The Company has not revalued any of its property plant andequipment (including right-of-use assets) during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 312022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The physical verification of inventory have been conducted atreasonable intervals by the management during the year. No material discrepancies (of 10%or more in the aggregate for any class of inventory) were noticed on such physicalverification.

(b) The company has not been sanctioned working capital limits inexcess of five crore rupees in aggregate at any points of time during the year frombanks or financial institutions on the basis of security of current assets and hencereporting under clause 3(ii)(b) of the Order is not applicable.

iii. The Company has made investments in and granted unsecured loansto companies firms and other parties during the year. The Company has not provided anyguarantee or security or granted any advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties.

(a) During the year the Company has provided loans to other companiesin respect of which -

(A) with respect to unsecured loans to subsidiary and associate theaggregate amount of the loan given during the year is Rs 1178.84 lakhs and the balanceoutstanding at the balance sheet date is Rs 2312.30 lakhs.

(B) The company has not granted loans during the year to parties otherthan subsidiaries joint ventures and associates. Hence reporting under clause3(iii)(a)(B) of the Order is not applicable.

(b) In our opinion the investments made and the terms and conditionsof the grant of loans during the year are prima facie not prejudicial to the Company'sinterest.

(c) In respect of unsecured loans granted during the year by theCompany schedule for payment of interest is stipulated and interest payment is regular;however no schedule for repayment of principal has been stipulated. Therefore in absenceof stipulation of repayment terms we do not make any comment on the regularity ofrepayment of principal.

(d) In respect of loans granted by the Company during the year thereis no overdue amount remaining outstanding as at the balance sheet date.

(e) During the year no loan granted by the Company which has fallendue during the year has been renewed or extended or fresh loans granted to settle theoverdue of existing loans given to the same parties.

(f) The Company has granted loans repayable on demand. The aggregateamount of such loan outstanding and percentage thereof to the total loans granted as onbalance sheet date is Rs 2312.30 lakhs and 76.72% respectively. No loan is granted toPromoters. Aggregate amount of loans granted to related parties as defined in clause (76)of section 2 of the Companies Act 2013 is Rs 2193.80 lakhs.

iv. The Company has complied with the provisions of Section 185 and 186of the Companies Act 2013 in respect of the loans and investments made and guaranteesand security provided as applicable.

v. The Company has not accepted any deposits from the public within themeaning of Sections 73 74 75 and 76 of the Act and the Rules framed there under to theextent notified.

vi. The Central Government of India has not specified the maintenanceof cost records under sub-section (1) of Section 148 of the Act for any of the products ofthe Company.

vii. (a) In our opinion the Company is regular in depositing theundisputed statutory dues including goods

and service tax provident fund employees' state insuranceincome-tax duty of customs cess and other material statutory dues as applicable withthe appropriate authorities.

(b) There are no dues of goods and service tax provident fundemployees' state insurance income- tax duty of customs duty of excise service taxsales tax cess which have not been deposited on account of any dispute.

viii. There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

ix. (a) The Company has not taken any loans or other borrowings fromany lender and there are no outstanding loans at the beginning of the year. Hencereporting under clause 3(ix)(a) (c) (d) & (e) of the Order is not applicable.

(b) The Company has not been declared willful defaulter by any bank orfinancial institution or government or any government authority.

x. (a) The Company has not raised any moneys by way of initial publicoffer further public offer (including debt instruments) during the year. Hence reportingunder clause 3(x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) No fraud by the Company and no material fraud on the Companyhas been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT- 4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) No whistle blower complaints received by the Company during theyear (and upto the date of this report). Hence reporting under clause 3(xi)(c) of theOrder is not applicable.

xii. The Company is not a Nidhi Company and hence reporting underclause (xii) of the Order is not applicable.

xiii. In our opinion the Company is in compliance with Section 177 and188 of the Companies Act 2013 with respect to applicable transactions with the relatedparties and the details of related party transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

xv. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with him during the year. Accordingly the provisions ofsection 192 of the Act are not applicable to the Company.

xvi. (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act

1934. Hence reporting under clause 3(xvi)(a) (b) and (c) of the Orderis not applicable.

(b) There are three CICs (Core Investment Company) within the Group (asdefined in the Core Investment Companies (Reserve Bank) Directions 2016).

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date.

xx. There are no unspent amounts towards Corporate SocialResponsibility (CSR) nor there is any ongoing project. Accordingly reporting under clause3(xx)(a) & (b) of the Order is not applicable for the year.

For J M Agrawal & Co.

Chartered Accountants

Firm Registration Number: 100130W

Punit Agrawal

Partner

Membership Number: 148757

UDIN: 22148757AKTSPA7773

Place : Pune Date : May 16 2022

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in the Independent Auditors' Report of even date to themembers of AMJ Land Holdings

Limited on the standalone financial statements for the year ended March31 2022

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financialreporting of AMJ Land Holdings Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 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 company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For J M Agrawal & Co.

Chartered Accountants

Firm Registration Number: 100130W

Punit Agrawal

Partner

Membership Number: 148757

UDIN: 22148757AKTSPA7773

Place : Pune

Date : May 16 2022

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