You are here » Home » Companies » Company Overview » Asian Petroproducts & Exports Ltd

Asian Petroproducts & Exports Ltd.

BSE: 524434 Sector: Industrials
NSE: N.A. ISIN Code: INE810M01019
BSE 00:00 | 09 Dec 22.55 -0.20
(-0.88%)
OPEN

22.75

HIGH

22.75

LOW

21.65

NSE 05:30 | 01 Jan Asian Petroproducts & Exports Ltd
OPEN 22.75
PREVIOUS CLOSE 22.75
VOLUME 573
52-Week high 46.65
52-Week low 18.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.75
CLOSE 22.75
VOLUME 573
52-Week high 46.65
52-Week low 18.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asian Petroproducts & Exports Ltd. (ASIANPETROPROD) - Auditors Report

Company auditors report

TO THE MEMBERS OF ASIAN PETROPRODUCTS & EXPORTS LIMITED

Report on the Audit of the Standalone Financial Statements

Qualified Opinion

We have audited the financial statements of ASIAN PETROPRODUCTS & EXPORTS LIMITED("the Company") which comprise the balance sheet as at 31st March 2022 and thestatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity the Statement of Cash Flows and notes to the standalone Ind ASfinancial statements for the year ended on that date and a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the 'Basis for QualifiedOpinion' section of our report the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as atMarch31 2022 its profit including other comprehensive income its cash flows and thechanges in equity for the year ended on that date.

Basis for Qualified Opinion

We draw to attention to:

We are unable to determine the consequential impact of certain specific transactions/matters and disclosures on the Standalone Financial Statements. Such specifictransactions/ matters include:

1. The Company continues to prepare its accounts as going concern basis despite factsthat- a) There is an erosion in the Net Worth of the Company b) Company is incurringlosses since last many years

2. The Company has not complied with the TDS provisions of the Income Tax Act.

3. The Company has not complied with provision of Ind AS- 119 for employee benefits.

We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under Section 143(10) of the Companies Act 2013 ("the Act"). Ourresponsibilities under those Standards are further described in paragraph (a) of Auditor'sResponsibilities section below. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India ("theICAI") together with the ethical requirements that are relevant to our audit of theStandalone Financial Results for the year ended Month 31 2022 under the provisions of theAct and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence obtained by us is sufficient and appropriate to provide a basis for ouropinion except mentioned in basis for qualified opinion paragraph.

Emphasis of Matter

We draw your attention to:

a. Some of the balances of Trade Receivables Deposits Loans and Advances Tradepayable are subject to confirmation from the respective parties and consequentialreconciliation/adjustment arising there from if any.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Information other than the financial statements and auditors' 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 Board'sReport including Annexures to Board's Report but does not include the financial statementsand 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 work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards (AS) specifiedunder section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial 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.

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

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 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 Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company 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 and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone 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.

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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified in paragraphs 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 explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit except asmentioned in basis of qualified opinion para.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards (AS) specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 except as mentioned in basis of qualified opinion para

e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in ‘Annexure B'.

g) With respect to the matter to be included in the Auditor's Report under section197(16) In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under section 197(16) which arerequired to be commented upon by us.

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 did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts 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 it's knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the company to or in any other person(s)or entity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented that to the best of its knowledge and belief nofunds have been received by the company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that have been considered reasonable and 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 mis-statement.

v. No dividend has been declared or paid during the year by the company.

For DBS & Associates.
(CHARTERED ACCOUNTANTS)
Firm Reg. No : 081627N
Sd/-
CA. Roxy Teniwal
(Partner)
Membership No. 141538
Place : Mumbai
Date: 31-05-2022
UDIN: 22141538AJZLLI4039

Annexure A to Independent Auditors' Report

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' of the Independent Auditors' Report of even date to the members of ASIANPETROPRODUCTS & EXPORTS LIMITED on the financial statements for the year ended March31 2022

(i) (a) (A) The company is maintaining proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment;

(B) The company is maintaining proper records showing full particulars of intangibleassets;

(b) As explained to us Property Plant and Equipment have been physically verified bythe management at reasonable intervals; no material discrepancies were noticed on suchverification;

(c) The title deeds of all the immovable properties (other than properties where thecompany is the lessee and the lease agreements are duly executed in favour of the lessee)disclosed in the financial statements are held in the name of the company.

(d) The company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year.

(e) As explained to us no proceedings have been initiated or are pending against thecompany for holding any benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder.

(ii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company is primarily engaged in ManufacturingTrading and Exports of various products.

(b)The company has not been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets during any point of time of the year. therefore this clause is notapplicable to the company.

(iii) (a) During the year the company has made following investments in provided anyguarantee or security or granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties.

(Amount in Lakhs)
Name of the party Nature of transaction Transaction during the year Closing Balance
BRIJLAXMI INFOTECH LTD. Loan given 6.78 2.66
JJC (GUJ) PVT LTD Lona given 3.00 .005

(b) According to the information and explanations given to us the investments madeguarantees provided security given and the terms and conditions of the grant of all loansand advances in the nature of loans and guarantees provided are not prima facieprejudicial to the company's interest;

(c) There is no stipulation of schedule of repayment of principal and payment ofinterest and therefore we are unable to comment on the regularity of repayment ofprincipal & payment of interest.

(d) Since the term of arrangement do not stipulate any repayment schedule we areunable to comment whether the amount is overdue or not.

(e) No loan or advance in the nature of loan granted which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the over dues ofexisting loans given to the same parties.

(f) The company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment.

(iv) According to the information and explanations given to us the Company has grantedof Secured or unsecured loans investments or provided any guarantees and security asper provisions of section 185 and 186 of the Companies Act 2013. The Company have beencomplied with the provision of Section 186 of the Act with regard to Investments madeduring the year.

(v) Based on the information and explanation provided the Company has not accepted anydeposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptanceof Deposits) Rules 2014 (as amended). Accordingly the provisions of clause 3(v) of theOrder are not applicable.

(vi) As per information & explanation given by the management maintenance of costrecords has been specified by the Central Government under sub-section (1) of section 148of the Companies Act are not applicable to Company during the year.

(vii) (a) According to the records made available to us company is regular indepositing undisputed statutory dues(except as mentioned follow) including Goods andServices Tax provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesto the appropriate authorities. According to the information and explanation given to usthere were following outstanding statutory dues as on 31st of March 2022 for a period ofmore than six months from the date they became payable.

S.no. Nature of Dues Amount Due from
1 TDS on professional 5000/- 2019-20
2 Late filing fee on TDS returns 64929/- Various years
3 Interest on default of TDS payment 23969/- Various Years

(b) According to the information and explanations given to us there is no statutorydues referred to in sub-clause (a) that have not been deposited on account of any disputeexcept following:

(Amount in Rs.)
Nature of Statues Nature of Dues Amount Period for which amount related Forum where dispute is pending
Income tax Act- 1961 Income tax 50500 2012 Paid
Income tax Act- 1961 Income tax 1546910 2011 ITAT
Income tax Act- 1961 Income tax 5000000 2012 CIT Appeal
Income tax Act- 1961 Income tax 154000 2008 ITAT allowed appeal and deleted the demand
Income tax Act- 1961 Income tax 4668 2006 Paid
Income tax Act- 1961 Income tax 28750 2005 CIT appeal deleted the demand
Income tax Act- 1961 Income tax 3799590 2006 CIT appeal passed ordered in favour of assessee. Order Effect is pending.
Demand may nullify
Income tax Act- 1961 Income tax 28379 2008 Paid
Income tax Act- 1961 Income tax 195730 2005 ITAT
Income tax Act- 1961 Income tax 209039 1995 Paid
Income tax Act- 1961 Income tax 1066530 1995 IT Appeal
Income tax Act- 1961 Income tax 1760490 2010 ITAT
Income tax Act- 1961 Income tax 467000 2013 CIT Appeal

(viii) According to the information and explanations given by the management notransactions not recorded in the books of account have been surrendered or disclosed asincome during the year in the tax assessments under the Income Tax Act 1961.

(ix) (a) In our opinion and according to the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of loansor other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given by the management the companyis not declared willful defaulter by any bank or financial institution or other lender;

(c) In our opinion and according to the information and explanations given by themanagement the Company has not obtained money by way of term loans during the year.

(d) In our opinion and according to the information and explanations given by themanagement funds raised on short term basis have not been utilized for long termpurposes.

(e) In our opinion and according to the information and explanations given by themanagement the company has not taken any funds from any entity or person on account of orto meet the obligations of its subsidiaries associates or joint ventures

(f) In our opinion and according to the information and explanations given by themanagement the company has not raised loans during the year on the pledge of securitiesheld in its subsidiaries joint ventures or associate companies.

(x) (a) The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year.

(b) The company has made preferential allotment or private placement of shares orconvertible debentures (fully partially or optionally convertible) during the year.

(xi) (a) According to the information and explanations given by the management nofraud by the company or any fraud on the company has been noticed or reported during theyear;

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedby the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government;

(c) According to the information and explanations given to us by the management nowhistle-blower complaints had been received by the company.

(xii) The company is not a Nidhi Company. Therefore clause xii is not applicable onthe company.

(xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act whereapplicable and the details have been disclosed in the financial statements

(xiv) (a) In our opinion and based on our examination the company has required toimplement internal audit system. The company has complied the same.

(b)Company has not provide internal audit report to Statutory hence Statutory auditornot able to consider internal audit report.

(xv) On the basis of the information and explanations given to us in our opinionduring the year the company has not entered into any non-cash transactions with directorsor persons connected with him.

(xvi) (a) In our Opinion and based on our examination the Company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934 (2 of 1934).

(b) In our Opinion and based on our examination the Company has not conductedNon-Banking Financial or Housing Finance activities without a valid Certificate ofRegistration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act1934

(c) In our Opinion and based on our examination the Company is not a Core InvestmentCompany (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) According to the information and explanations given by the management the Groupdoes not have any CIC as part of the Group.

(xvii) Based on our examination the company has not incurred cash losses in thefinancial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and wehave taken into consideration the issues objections or concerns raised by the outgoingauditors.

(xix) On the information obtained from the management and audit procedures performedand 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 the auditor's knowledge of the Board of Directors and managementplans we are of the opinion that no material uncertainty exists as on the date of theaudit report that company is capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate;

(xx) Based on our examination the provision of section 135 is not applicable on thecompany.

(xxi) The company has not required to prepare Consolidated financial statementtherefore Clause (xxi) not applicable.

For D B S & ASSOCIATES.
Chartered Accountants
Firm Reg. No. 018627N
Sd/-
CA ROXY TENIWAL
Partner
Membership No. 141538
UDIN: 22141538AJZLLI4039
Date: 31st May 2022
Place: Mumbai

Annexure B to the Independent Auditors' Report

Referred to in paragraph 1(g) under the heading ‘Report on other Legal andRegulatory Requirements' of the Independent Auditors' Report of even date to the membersof ASIAN PETROPRODUCTS & EXPORTS LIMITED on the financial statements for the yearended March 31 2022:

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 ASIANPETROPRODUCTS & EXPORTS 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

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI').

These 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 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 the operatingeffectiveness. Our audit of internal financial control 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 auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

Because of the matters described in the Basis for Disclaimer of Opinion in the mainaudit report we were not able to obtain sufficient appropriate audit evidence to provide abasis for our opinion on whether the Company had adequate internal financial controls overfinancial reporting with reference to these Standalone Ind AS financial statements as atMarch 31 2022 and whether such internal financial controls were operating effectively.

Meaning of Internal Financial Controls over Financial Reporting

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over 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.

For D B S & ASSOCIATES.
Chartered Accountants
Firm Reg. No. 018627N
Sd/-
CA ROXY TENIWAL
Partner
Membership No. 141538
UDIN: 22141538AJZLLI4039
Date: 31st May 2022
Place: Mumbai

.