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Aneri Fincap Ltd.

BSE: 531252 Sector: Financials
NSE: N.A. ISIN Code: INE720D01019
BSE 00:00 | 03 Feb 5.00 -0.14
(-2.72%)
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NSE 05:30 | 01 Jan Aneri Fincap Ltd
OPEN 5.25
PREVIOUS CLOSE 5.14
VOLUME 65
52-Week high 7.93
52-Week low 3.06
P/E 3.88
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.25
CLOSE 5.14
VOLUME 65
52-Week high 7.93
52-Week low 3.06
P/E 3.88
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aneri Fincap Ltd. (ANERIFINCAP) - Auditors Report

Company auditors report

To

The Members of ANERI FINCAP LIMITED

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of ANERI FINCAP LIMITED("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including other comprehensive income) Statement of Changesin Equity and Statement of Cash Flows for the year ended and notes to the financialstatement including a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 the profit & Loss statement totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Emphasis of Matters

We draw your attention to Note no. 25 which describes that during the year theCompany has written off loans amounting to Rs. 9.78 crores as bad debts which were overduesince long time as the management does not foresee recoverability from these parties. Inrespect of the same we have relied upon management upon the management. Our report is notmodified in respect of this matter.

The Company did not have an appropriate internal control system for taking unsecuredloans and for granting Loans & advances which are governed by the Board Policies.Considering the close monitoring of Board no appraisal renewal Policies ProcedureCommittee or documents have been prescribed and executed.

The Company's internal control system is not commensurate to the size and scale ofoperation over purchase and sale of shares and inventory and for expenses incurred.

Key Audit Matters

Key audit matters (‘KAM') are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Financial Statements

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 statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding 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 design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

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.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

Our 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 our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

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

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

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 of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Changes in Equity and the Statement of Cash Flow dealt with bythis Report are in agreement with the relevant books of account.

d. In our opinion the aforesaid financial statements comply with the (Ind-AS)specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

e. On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to

the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. Regarding payment of managerial remunerationwithin limits.

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 as amended 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 its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There were no amounts which required to be transferred to the Investor Educationand 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;

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

(Annexure A to the Independent Auditors' Report)

(Referred to in our report to the member ANERI FINCAP LIMITED OF EVEN DATE)

To the best of our knowledge and information according to the explanations provided tous by the Company the audit procedures followed by us and examination of the books ofaccount and records examined by us in the normal course of audit we state that:

i. In respect of the Company's Fixed Assets

Company does not have any Fixed Asset Hence Clause (i) and sub-clause (a) (b) (c)(d) and (e) of the Companies (Auditors Report) Order 2020 is not applicable to the Company

ii. In respect of the Company's Inventory

The Company does not have any Inventory Hence Clause (ii) and sub-clause (a) and (b)of the Companies (Auditors Report) Order 2020 is not applicable to the Company.

iii. In respect of Loans Advances Investment and Guarantee.

a) The Company is a Non-Banking Finance Company and its principal business is to giveloans. Accordingly reporting under clause 3(iii)(a) of the order is not applicable to theCompany.

b) In our opinion and according to the information and explanations given to us theinvestments made and terms and conditions of the grant of all loans and advances in thenature of loans provided are prima facie not prejudicial to the interest of the Company.The Company has not provided any guarantee or given any security during the year.

c) In respect of loans and advances in the nature of loans no schedule of repayment ofprincipal and payment of interest has been stipulated. Therefore we cannot comment on thesame.

d) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The amount is not overdue for morethan 90 days since it is repayable on Demand hence sub-clause 3(iii) (d) of the Companies(Auditors Report) Order 2020 is not applicable to the company.

e) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. There is no loan given falling dueduring the year which has renewed or extended or fresh loans given to settle the overdueof existing loans given to the same party hence sub-clause 3(iii)(e) of the Companies(Auditors Report) Order 2020 is not applicable to the company.

f) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not given any loanseither repayable on demand or without specifying any terms or period of repayment hencesub-clause 3(iii) (f) of the Companies (Auditors Report) Order 2020 is not applicable tothe company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013as applicable. Further the Company has not entered into any transaction covered undersection 185 and section 186 of the Act in respect of guarantees and security.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public or amounts which are deemed to bedeposits from the public. Hence clause 3(v) of the Companies (Auditors Report) Order 2020is not applicable to the Company.

vi. The maintenance of the cost records has not been specified by central governmentunder the sub-section (1) of section 148 of the Companies Act 2013 for the businessactivities carried out by the company hence clause 3(vi) of the Companies (AuditorsReport) Order 2020 is not applicable to the Company.

vii. In respect of Statutory Dues.

The Company has been generally regular in depositing undisputed statutory duesincluding Goods and Services Act Provident fund Employees State Insurance Income TaxSales Tax Service Tax duty of Customs duty of Excise Value Added Tax Cess and otherstatutory dues to the appropriate authorities during the year. According to theinformation and explanations given to us no undisputed amount payable in respect of theaforesaid dues were outstanding as at March 31 2022 for a period of more than six monthsfrom the date they became payable. Except the following

Name of Status Nature of Dues Period to which amount relates Amount (in Rs.) Date Of Appeal Form Where dispu is pending
Income tax Act 1961 Income Tax demand A.Y. 2018-19 13348515110 19-01-2021 Commissioner of Income-tax
Income tax Act 1961 Interest on Income Tax demand A.Y. 2018-19 1067881208 19-01-2021 Commissioner of Income-tax
Income tax Act 1961 Income Tax demand A.Y. 2017-18 1442978230 02-04-2022 Commissioner of Income-tax
Income tax Act 1961 Interest on Income Tax demand A.Y. 2017-18 28859564 02-04-2022 Commissioner of Income-tax
Income tax Act 1961 Income Tax demand A.Y. 2012-13 2224180 31-04-2020 Commissioner of Income-tax
Income tax Act 1961 Income Tax demand A.Y. 2013-14 822320 02-04-2022 Commissioner of Income-tax
Income tax Act 1961 Interest on Income Tax demand A.Y. 2013-14 153356 02-04-2022 Commissioner of Income-tax

viii. There are no transactions that were not recorded in the books of account andwhich has been surrendered or disclosed as income during the year in the tax assessmentsunder the Income Tax Act 1961 (Section 43 of 1961) hence clause 3(viii) of the Companies(Auditors Report) Order 2020 is not applicable to the company.

ix. In respect of Term Loans

a) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not delayed inprinciple repayment of term loan.

b) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not been declaredwilful defaulter by any bank or financial institution or government or any governmentauthority hence sub-clause 3(ix) (b) of the Companies (Auditors Report) Order 2020 isnot applicable to the company.

c) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not borrowed anyterm loans during the year hence sub-clause 3(ix)(c) of the Companies (Auditors Report)Order 2020 is not applicable to the company.

d) On an overall examination of the financial statements of the company we report thatno funds raised on short-term basis have been used for long-term purposes by the companyhence sub-clause 3(ix) (d) of the Companies (Auditors Report) Order 2020 is notapplicable to the company.

e) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not taken any fundsfrom any entity or person on account hence sub-clause 3(ix)(e) of the Companies (AuditorsReport) Order 2020 is not applicable to the company.

f) According to information and explanation given to us the records examined by us andbased on examination of the documents provided to us. The company has not raised loansduring the year on the pledge of securities hence sub-clause 3(ix)(f) of the Companies(Auditors Report) Order 2020 is not applicable to the company.

x. The company has not raised any money by way of initial public offer / further publicoffer (including debt instruments) and not made any preferential allotment / privateplacement of shares / fully / partly / optionally convertible debentures during the yearunder review hence clause 3(x) and sub-clause (a) and (b) of the Companies (Auditor'sReport) Order 2020 is not applicable to the Company.

xi. (a)According to information and explanation given to us the records examined by usand based on examination of the documents provided to us. No fraud by the Company or anyfraud on the Company has been noticed or reported during the year hence sub-clause3(xi)(a) of the Companies (Auditors Report) Order 2020 is not applicable to the company.

(b) According to information and explanation given to us the records examined by usand based on examination of the documents provided to us. No report under sub-section (12)of section 143 of the Companies Act has been filed by us in Form ADT-4 as prescribed underrule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government andhence clause 3(xi)(b) of the Companies (Auditors Report) Order 2020 is not applicable tothe company.

xii. The Company is not a Nidhi Company and hence clause 3(xii) of the Companies(Auditors Report) Order 2020 is not applicable to the Company.

xiii. In our opinion the Company is in compliance with section 188 and 177 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements etc. as required by the applicable accounting standards.

xiv. As per section 138 of Companies Act 2013 read with Rule 13 Of Companies(Accounts) Rules 2014 the Company is required to appoint Internal Auditor but companyhas not made any appointment of Internal Auditor during the year.

xv. In our opinion and based on our examination. The company has not entered into anynon-cash transactions with its directors or persons connected with its directors henceclause 3(xv) of the Companies (Auditors Report) Order 2020 is not applicable to thecompany.

xvi. a) According to information and explanation given to us the records examined byus and based on examination of the documents provided to us. The company is a NBFCregistered under section 45-IA of the reserve bank of India Act 1934 and eligible to dobusiness as a NBFC.

b) The Company has conducted the non-banking financial activities with a validCertificate of Registration ('CoR') from the RBI as per the RBI Act. The Company has notconducted any housing finance activities and is not required to obtain CoR for suchactivities from the RBI.

c) The Company is not a Core Investment Company ('CIC') and hence reporting underparagraph 3(xvi)(c) of the Order is not applicable to the Company.

xvii. On an examination of the Statement of Profit and Loss account we are of theopinion that the Company has not incurred cash losses during the current financial yearhence clauses 3(xvii) of the Companies (Auditors Report) Order 2020 is not applicable tothe Company.

xviii. There was end of term of the previous statutory auditors during the year as persection 140 of company Act 2013 and new auditor is appointed as per under section 139 asper company Act 2013 Accordingly. Clause (3)(xviii) Companies (Auditors Report) Order2020 is not applicable to the Company.

xix. 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 our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that the company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the company. We further state that our reporting is based on thefacts up to the date of the audit report and we 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.

xx. In our opinion and based on our examination there is no unspent amount undersub-section (5) of section 135 of the companies Act 2013 pursuant to any project henceclauses 3(xx) of the Companies (Auditors Report) Order 2020 is not applicable to theCompany.

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of ANERI FINCAP LIMITED of Even Date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ANERIFINCAP LIMITED ("the Company") as of March 31 2022 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our 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 procedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial controls reporting includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

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

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For and on behalf of

ADV & Associates

Chartered Accountants

FRN.128045W

Prakash Mandhaniya

Partner

Membership No.: 421679

Place: Mumbai

Dated: 30th May 2022

UDIN: 22421679ANMNVL4373

.