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Ashoka Metcast Ltd.

BSE: 540923 Sector: Others
NSE: N.A. ISIN Code: INE760Y01011
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OPEN 16.90
CLOSE 15.90
VOLUME 30000
52-Week high 20.21
52-Week low 6.55
P/E
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ashoka Metcast Ltd. (ASHOKAMETCAST) - Auditors Report

Company auditors report

To the Members of Ashoka Metcast Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Ashoka MetcastLimited (‘the Company') which comprise the balance sheet as at 31st March 2022 thestatement of profit and loss and cash flow statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting standards prescribed under section133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 as amendedand other accounting principles generally accepted in India of the state of affairs ofthe Company as at 31st March 2022 and loss and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under Section 143(10) of the Act. Ourresponsibilities under those SAs are further described in the Auditor's Responsibilitiesfor the Audit of the Standalone Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the standalone financial statements under the provisions of the Act andthe Rules there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matter

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements for the year ended March31 2022. 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. For each matter below our description of how ouraudit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditors' responsibilities for the audit of the Standalone Financial Statements section ofour report including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the Standalone Financial Statements. The results of our audit proceduresincluding the procedures performed to address the matters below provide the basis for ouraudit opinion on the accompanying Standalone Financial Statements.

Sr. No. Key Audit Matter. How our audit addressed the key audit matter
1. At the year end the Company has granted an interest free loan to its subsidiary. We consider granting loan to Subsidiaries as a key audit matter as it constitutes significant percentage of loan given. We have verified the relevant records and found in accordance with company's policy. Based on the above procedure and in our opinion the management's determination is considered to be reasonable. Our audit procedures included and were not limited to the following:
2. As at March 31 2022 the company has investments of Rs. 1791.00 lacs as on March 31 2022 in the quoted and unquoted equity shares. Majority of the investment is in related parties which constitutes around 84.32% of the total investments as on reporting date. Accordingly the same has been considered as a key audit matter. • Reviewed the fair value of the investment provided by the management and tested for the impairment as on reporting date.
• We also involved internal experts to assess the Company's valuation methodology and assumptions applied in determining the fair value and testing for impairment loss if any.
• Reviewed the disclosures made by the Company in the financial statements.

Information Other than the Financial Statements and Auditors' Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether such other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we 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.

Responsibilities of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of theseStandalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandardsspecified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

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 is responsible forassessing the company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the company or to cease operations or has norealistic alternative but to do so.

The board of directors are responsible for overseeing the company's financial reportingprocess.

Auditor's Responsibility for the audit of Standalone 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 auditors' 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 scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the entity hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 auditors' 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 auditors'report. 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.

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 for thefinancial year ended March 31 2022. We describe these matters in our auditors' reportunless law or regulation precludes public disclosure about the matter or when inextremelyrare circumstances we determine that a matter should not be communicated in our reportbecause the adverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin the paragraph 3 and 4 of the order.

2. As required by Section 143 (3) of the Act 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 standalone balance sheet the statement of profit and loss andthe cash flowstatement dealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with the companies(Accounting Standards) Rules 2015 as amended.

(e) on the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022from being appointed as a director in terms of Section 164(2) of the Act;

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and (g) In our opinion the managerialremuneration for the year ended March 31 2022 has not been paid / provided by the Companyto its directors in accordance with the provisions of Section 197 read with Schedule V tothe Act; is not applicable.

(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 our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company is not required to make provision as required under the applicable lawor accounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts as the company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses.

iii. There were no amount which were required to be transferred to the InvestorEducation 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 aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other persons or any entities includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the ultimate beneficiaries.

(b) Management has represented that to the best of its knowledge and belief no funds(which are material either individually or in aggregate) have been received by the companyfrom any persons or any entities including foreign entities ("Funding Parties")with the understanding whether recorded in writing or otherwise that the company shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the funding party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

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

FOR SUNIL PODDAR & CO.
Chartered Accountants
Firm Reg. No 110603W
[CA Harshil Lohia]
PLACE : AHMEDABAD Partner
DATE : 10.05.2022 M. No. 192753
UDIN : 22192753AITEXU1087

Annexure - A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31 March 2022 we report that:

i (a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(B) The company has maintained proper records showing full particulars of intangibleasset.

(b) According Majority of the Property Plant and Equipment have been physicallyverified by the management during the year and there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(c) The company does not have any immovable properties of freehold or leasehold landand building and hence reporting under clause 3(i)(c) of the order is not applicable.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not revalued any of itsProperty Plant and Equipment and intangible assets during the year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company no proceedings have been initiated during theyear or are pending against the Company as at March 31 2022 for holding any benamiproperty under Benami Transactions (Prohibition) Act 1988 (as amended in 2016) and rulesmade thereunder.

ii (a) There is no inventory held by the company hence the said clause is notapplicable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company Company has not been sanctioned working capitallimits in excess of five crore rupees in aggregate from banks on the basis of securityof current assets.

iii The company has made investments in firm ad granted unsecured loans to otherparties during the year in respect of which:

(a) During the year the company has made investments in provided any guarantee orsecurity or granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other partiesif so-

(A) the aggregate amount during the year and balance outstanding at the balance sheetdate with respect to such loans or advances and guarantees or security to subsidiariesjoint ventures and associates;

0Name of the Company Aggregate amount of loan or advances provided during the period Balance Outstanding at balance sheet date
Rhetan TMT Ltd. 88080100 88010000

Ashoka Metcast has given corporate guarantee on behalf of Rhetan TMT Ltd.. (subsidiary)to Punjab National Bank.

(B) the aggregate amount during the year and balance outstanding at the balance sheetdate with respect to such loans or advances and guarantees or security to parties otherthan subsidiaries joint ventures and associates;

Name of the Company Aggregate amount of loan or advances provided during the period Balance Outstanding at balance sheet date
Akhil Retail Pvt Ltd 30073000 3936000
Infiniti Infrasteel LLP 76100000 76100000
KCP Retail Pvt Ltd 13850000 13850000
Vishnu Chauhan - 116000

(b) In our opinion the investments made and the terms and conditions of the grant ofloans are prima facie not prejudicial to the Company's interest.

(c) In respect of loans granted by the Company no schedule of repayment of principaland payment of interest has been stipulated hence question of regularity of repayment orreceipts does not arise.

(d) In respect of loans granted by the Company there is no overdue amount remainingoutstanding as at the balance sheet date.

(e) No loan granted by the Company has fallen due during the year and has been renewedor extended or fresh loans granted to settle the overdues of existing loans given to thesame parties.

(f) The Company has granted loan to various parties without specifying any terms orperiod of repayment.

The aggregate amount is outstanding of Rs. 94002000/- to others and to relatedparties is of Rs. 88010000. Percentage to total loan is 100%. Company has granted loansto Promoters or related parties as defined in clause (76) of section 2 of the Companiesact 2013.

Iv According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not given any loans or provided any guaranteeor security as specified under Section 185 of the Companies Act 2013 and the Company hasprovided any guarantee or security as specified under Section 186 of the Companies Act2013. Further the Company has complied with the provisions of Section 186 except for186(7) of the Companies Act 2013 in relation to loans given and investments made.

v In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits as per the directives issued by the reserve bank ofIndia under the provision of section 73 to 76 or any other relevant provisions of the Actand the rules framed there under. Accordingly paragraph 3 (V) of the order is notapplicable to the company.

vi According to the explanations given to us the Central Government has not prescribedthe maintenance of cost records under sub section (1) of section 148 of the Companies Act2013 for any of the products manufactured/ services rendered by the company.

vii (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including goods and service tax provident fund employees'state insurance income tax sales tax duty of custom duty of excise value added taxcess and other material statutory dues as applicable though there has been a slightdelay in few cases with the appropriate authorities.

According to the information and explanations given to us and the records of theCompany examined by us in our opinion no undisputed amounts payable in respect of goodsand service tax provident fund employees' state insurance income tax sales tax dutyof custom duty of excise value added tax cess and other material statutory dues inarrears as at March 31 2022 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no statutory dues referred to in clause (a) above as at31 March 2022 which have not been deposited with the appropriate authorities on accountof any dispute.

viii According to the information and explanations given to us and the records of theCompany examined by us there were no transactions relating to previously unrecordedincome that have been surrendered or disclosed during the year in the tax assessmentsunder the Income Tax Act 1961 (43 of 1961).

ix (a) According to the information and explanations given to us and the records of theCompany examined by us the Company has not defaulted in repayment of loans or otherborrowings to any lender.

(b) According to the information and explanations given to us and the records of theCompany examined by us the Company has not been declared wilful defaulter by any bank offinancial institution or government or any government authority.

(c) The term loans have been applied for the purposes for which they were obtained.

(d) According to the information and explanations given to us and 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) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company the Company has not taken anyfunds from any entity or person on account of or to meet the obligations of its associatefirm.

(f) According to the information and explanations given to us and procedures performedby us we report that the Company has not raised loans during the year on the pledge ofsecurities held in its associate firm.

x (a) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year hence the point is not applicable.

(b) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has made private placement of shares duringthe year and requirements of section 42 and section 62 of the Companies Act 2013 havebeen complied with and the funds raised have been used for the purposes for which thefunds were raised.

xi (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no fraud by the Company and nomaterial fraud on the Company has been notices or reported during the year.

(b) According to the information and explanations given to us no report under subsection (12) of section 143 of the Companies Act has been filed in Form ADT-4 asprescribed under rule 13 of the Companies (Audit and Auditors) Rules 2014 with theCentral Government during the year and up to the date of this report.

(c) According to the information and explanations given to us no whistle-blowercomplaints if any received during the year by the Company.

xii According to the information and explanations given to us the company is not aNidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii Based on our examination of records of the Company and according to theinformation and explanations given to us the transactions with related parties are incompliance with the provisions of Section 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the Standalone Financial Statements asrequired by the applicable accounting standard.

xiv (a) With the size and nature of its business the company has no internal auditsystem hence reporting under these clause is not applicable.

xv In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non cash transactions with its directors orpersons connected with him and hence provisions of section 192 of the Companies act 2013are not applicable to the Company.

xvi (a) In our opinion the Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b) and(c) of the Order is not applicable.

(b) According to the information and explanations provided to us during the course ofaudit there is no core investment company within the group (as defined in the CoreInvestment Companies (Reserve Bank Directions 2016) and accordingly reporting underclause 3(xvi) (d) of the Order is not applicable.

xvii The company has not incurred cash loses during the financial year covered by ouraudit and the immediately preceding year.

xviii There has been no resignation of the statutory auditors of the Company during theyear. Accordingly reporting under clause 3(xviii) of the Order is not applicable

xix On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and 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 indicating that 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 (a) Based on our examination of records of the Company and according to theinformation and explanations given to us the provisions of Corporate Social Responsibilityas per section 135 of the Companies Act 2013 are not applicable to the Company for theyear under audit.

xxi There are no Companies of which reports are included in the consolidated financialstatements. Hence reporting under clauses 3(xxi) of the Order is not applicable.

FOR SUNIL PODDAR & CO.
Chartered Accountants
Firm Reg. No 110603W
[CA Harshil Lohia]
PLACE : AHMEDABAD Partner
DATE : 10.05.2022 M. No. 192753
UDIN : 22192753AITEXU1087

Annexure - B to Independent Auditors' Report of even date on the standalone financialstatement of the Ashoka Metcast Limited

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

We have audited the internal financial controls over financial reporting of AshokaMetcast Limited ("the Company") as of 31 March 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting with reference to these financial statements.

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

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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

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 the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these Financial Statements and suchinternal financial controls over financial reporting with reference to these FinancialStatements 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 SUNIL PODDAR & CO.
Chartered Accountants
Firm Reg. No 110603W
[CA Harshil Lohia]
PLACE : AHMEDABAD Partner
DATE : 10.05.2022 M. No. 192753
UDIN : 22192753AITEXU1087

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