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Astral Ltd.

BSE: 532830 Sector: Industrials
NSE: ASTRAL ISIN Code: INE006I01046
BSE 00:00 | 29 Nov 1881.65 -12.95
(-0.68%)
OPEN

1895.05

HIGH

1906.35

LOW

1879.00

NSE 00:00 | 29 Nov 1882.05 -13.85
(-0.73%)
OPEN

1900.00

HIGH

1907.70

LOW

1878.55

OPEN 1895.05
PREVIOUS CLOSE 1894.60
VOLUME 5621
52-Week high 2654.00
52-Week low 1584.00
P/E 102.21
Mkt Cap.(Rs cr) 37,915
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1895.05
CLOSE 1894.60
VOLUME 5621
52-Week high 2654.00
52-Week low 1584.00
P/E 102.21
Mkt Cap.(Rs cr) 37,915
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Astral Ltd. (ASTRAL) - Auditors Report

Company auditors report

To the Members of Astral Limited (Formerly known as Astral Poly TechnikLimited)

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone financial statements ofAstral Limited (Formerly known as Astral Poly Technik Limited) ("the Company")which comprise the Balance sheet as at March 31 2022 the Statement of Profit and Lossincluding the statement of Other Comprehensive Income the Cash Flow Statement and theStatement of Changes in Equity for the year then ended and notes to the Standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Companies Act 2013 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 at March31 2022 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the Standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the 'Auditor'sResponsibilities for the Audit of the Standalone Financial Statements' section of ourreport. We are independent of the Company in accordance with the 'Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder 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 our auditopinion on the Standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone financial statements for thefinancial year ended March 31 2022. These matters were addressed in the context of ouraudit of the Standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the Standalone financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the Standalone financial statements. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying Standalone financial statements.

Key audit matters How our audit addressed the key audit matter
Impairment assessment of investments in subsidiaries (Refer note no. 2(v)(iii) of Standalone Financial Statements)
The Company's investment in subsidiaries is amounting to ? 3335 million as at 31 March 2022. We performed following procedures among others:
The determination of value in use of the Company's investments in subsidiaries is dependent on management's estimates with respect to such entity's performance future cash flows and making judgment with respect to assumptions used in computing the recoverable amount of investments in subsidiaries. • We evaluated the forecast of future cash flows used by the management in the model to compute the Recoverable amount.
Considering the uncertainty involved in forecasting of cash flows and the judgement involved in respect of assumptions used in computing the value in use this audit area is considered a key audit matter. • We compared the forecast of future cash flows to business plan and previous forecasts to the actual results.
• We focused our analysis on management assumptions in respect of future sales growth rate and discount rate used to compute the Recoverable amount.
• We recalculated estimates using the management model.
• We involved valuation specialists to assist in evaluating the key assumptions and methodologies used by the Company in computing the Recoverable amount.
• We assessed the disclosures made in the Standalone financial statements.

OTHER INFORMATION

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Director'sreport but does not include the standalone financial statements and our auditor's reportthereon. The Director's report is expected to be made available to us after the date ofthis auditor's report.

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

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

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIALSTATEMENTS

Our objectives are to obtain reasonable assurance about whether theStandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone financial statements.

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

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

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3) (i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference tofinancialstatements in place and the operating effectiveness of such controls.

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

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

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

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

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

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the Standalonefinancial statements for the financial year ended March 31 2022 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedeterminethat a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits 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 sub-section(11) of section 143 of the Act based on our audit we give in the "Annexure 1" astatement on the matters specified in paragraphs 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

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

(2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these Standalone financialstatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year endedMarch 31 2022 has been paid / provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone financial statements - Refer Note 33 to theStandalone financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection fund by the Company.

iv. a) The management has represented that to the best of itsknowledge and belief as stated in the note no. 45 to the standalone financial statementsno 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 orentity including foreign entities ("Intermediaries") with theunderstandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that to the best of its knowledgeand belief as stated in the note no. 45 to the standalone financial statements no fundshave been received by the Company fromany person or entity including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (a) and (b) contain anymaterial misstatement.

v. The final dividend paid by the Company during the year in respect ofthe same declared for the previous year is in accordance with section 123 of the Act tothe extent it applies to payment of dividend.

The interim dividend declared and paid by the Company during the yearand until the date of this audit report is in accordance with section 123 of the Act.

As stated in note 46 to the standalone financial statements the Boardof Directors of the Company have proposed final dividend for the year which is subject tothe approval of the members at the ensuing Annual General Meeting. The dividend declaredis in accordance with section 123 of the Act to the extent it applies to declaration ofdividend.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Anil Jobanputra

Partner

Membership Number: 110759

UDIN: 22110759AJSIDU6382

Place of Signature: Ahmedabad

Date: May 27 2022

Annexure 1 referred to in Paragraph 1 of Report on Other Legal andRegulatory Requirements of our report of even date of Astral Limited (Formerly known asAstral Poly Technik Limited) for the year ended March 31 2022

In terms of the information and explanations sought by us and given bythe company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that:

(i) (a)(A) The company has maintained proper records showing fullparticulars including quantitative details and situation of Property plant andequipment.

(a) (B) The Company has maintained proper records showing fullparticulars of intangibles assets.

(b) The Property plant and equipment are physically verified by themanagement according to a phased programme designed to cover all the items over a periodof three years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the programme a portion of theProperty plant and equipment has been physically verified by the management during theyear and no material discrepancies have been noticed on such verification.

(c) The title deeds of immovable properties (other than propertieswhere the Company is the lessee and the lease agreementsare duly executed in favour of thelessee) disclosed in note 3 to the financial statements are held in the name of thecompany except the following:

Description of Property Gross carrying value (Amt in Mn) Held in name of Whether promoter director other relative or employee Period held - indicate range where appropriate Reason for not being held in the name of Company*
Two buildings located at Ahmedabad 13 Sandeep Engineer Jagruti Engineer Director 12 years The title deeds are under process of being transferred in the name of the Company.
Land 290 Telangana State Industrial Infrastructure Corporation (TSIIC) No Less than one year The title deeds are under process and will beregistered after implementation of project.

(d) The Company has not revalued its Property Plant and Equipment(including Right of use assets) or intangible assets during the year ended March 31 2022.

(e) There are no proceedings initiated or are pending against theCompany for holding any benami property under the Prohibition of Benami PropertyTransactions Act 1988 and rules made thereunder.

(ii) (a) The inventory has been physically verified by the managementduring the year except for inventories lying with custom bonded warehouse. In our opinionthe frequency of verification by the management is reasonable and the coverage andprocedure for such verification is appropriate. Inventories lying with custom bondedwarehouse have been confirmed by them as at March 31 2022 and discrepancies were notnoticed in respect of such confirmations. Discrepancies of 10% or more were not noticed inaggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of? five crores in aggregate from banks and/or financial institutions during the year on thebasis of security of current assets of the Company. Based on the records examined by us inthe normal course of audit of the financial statements the quarterly returns / statementsfiled by the Company with such banks and financial institutions are in agreement with thebooks of accounts of the Company.

(iii) (a) During the year the Company has provided loans to companiesas follows:

(Amount in INR Mn)

Loans
Aggregate amount granted / provided during the year
- Subsidiaries -
- Joint Ventures -
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries 291
- Joint Ventures -

(b) During the year the terms and conditions of the grant of all loansand guarantees to companies are not prejudicial to the Company's interest.

(c) The Company has granted loans to companies where the schedule ofrepayment of principal and payment of interest has been stipulated and the repayment orreceipts are regular.

(d) There are no amounts of loans granted to companies which areoverdue for more than ninety days.

(e) There were no loans granted to companies which was fallen dueduring the year that have been renewed or extended or fresh loans granted to settle theoverdues of existing loans given to the same parties.

(f) As disclosed in note 37 to the financial statements the Companyhas granted loans repayable on demand. Of these following are the details of theaggregate amount of loans granted to promoters or related parties as defined in clause(76) of section2 of the Companies Act 2013.

(Amount in INR Mn)

Related Parties
Aggregate amount of loans f 11 million
- Repayable on demand
Percentage of loans to the total loans 3.78%

(iv) Loans investments guarantees and security in respect of whichprovisions of sections 185 and 186 of the Companies Act 2013 are applicable have beencomplied with by the Company.

(v) The Company has neither accepted any deposits from the public noraccepted any amounts which are deemed to be deposits within the meaning of sections 73 to76 of the Companies Act and the rules made thereunder to the extent applicable.Accordingly the requirement to report on clause 3(v) of the Order is not applicable tothe Company.

(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the rules made by the Central Government for the maintenance of costrecords under section 148(1) of the Companies Act 2013 related to the manufacture ofgoods and are of the opinion that prima facie the specified accounts and records havebeen made and maintained. We have not however made a detailed examination of the same.

(vii) a) The Company is regular in depositing with appropriateauthorities undisputed statutory dues including goods and services tax provident fundemployees' state insurance income-tax duty of customs value added tax cess and otherstatutory dues applicable to it. According to the ilnformation and explanations given tous and based on audit procedures performed by us no undisputed amounts payable in respectof these statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

Name of the statute Nature of the dues Amount (? in million) Period to whichthe amount Relates Forum where the dispute is Pending
Income Tax Act 1961 Income Tax 10 FY 2015-16 ITAT
Income Tax Act 1961 Income Tax 33 FY 2016-17 and FY 2017-18 CIT (A)
The Central Sales Tax Act 1956 Central Sales Tax 2 FY 2013-14 & FY 2014-15 Office of commercial Tax
GST Act 2017 Goods and Service Tax 4 FY 2017-18 to FY 2018-19 Appellate Authority
VAT Act Delhi depot Value Added Tax 3 Q1 2017-18 Appellate Authority
The Maharashtra Value Added Tax Act 2002 Value Added Tax 2 FY 2002-03 to FY 2006-07 Tribunal

(viii) The Company has not surrendered or disclosed any transactionpreviously unrecorded in the books of account in the tax assessments under the Income TaxAct 1961 as income during the year. Accordingly the requirement to report on clause3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender.

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

(c) The Company did not have any term loans outstanding during the yearhence the requirement to report on clause (ix)(c) of the Order is not applicable to theCompany.

(d) On an overall examination of the financial statements of theCompany no funds raised on short- term basis have been used for long-term purposes by theCompany.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries or joint ventures.

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries or joint ventures. Hence the requirement to report onclause (ix)(f)of the Order is not applicable to the Company.

(x) (a) According to the information and explanations given by themanagement the Company has not raised any money way of initial public offer / furtherpublic offer / debt instruments and term loans hence reporting under clause 3(x)(a) isnot applicable to the Company.

(b) The Company has not made any preferential allotment or privateplacement of shares /fully or partially or optionally convertible debentures during theyear under audit and hence the requirement to report on clause 3(x)(b) of the Order isnot applicable to the Company.

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

(b) During the year no report under sub-section (12) of section 143 ofthe Companies Act 2013 has been filed by cost auditor/ secretarial auditor or by us inForm ADT - 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government.

(c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year.

(xii) The Company is not a nidhi Company as per the provisions of theCompanies Act 2013. Therefore the requirement to report on clause 3(xii)(a) to (c) ofthe Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards.

(xiv) (a) The Company has an internal audit system commensurate withthe size and nature of its business.

(b) The internal audit reports of the Company issued till the date ofthe audit report for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions withdirectors or persons connected with him as referred to in section 192 of the Act andhence the requirement to report on clause (xv) of the Order is not applicable to theCompany.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of IndiaAct 1934 (2 of 1934) are not applicable to the Company. Accordingly the requirement toreport on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or HousingFinance activities. Accordingly the requirement to report on clause (xvi)(b) of the Orderis not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in theregulations made by Reserve Bank of India. Accordingly the requirement to report onclause 3(xvi) of the Order is not applicable to the Company.

(d) There are no Core Investment Company as part of the Group hencethe requirement to report on clause 3(xvi)(d) of the Order is not applicable to theCompany.

(xvii) The Company has not incurred cash losses in the currentfinancial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly requirement to report on Clause 3(xviii) of the Order is notapplicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 41 to thefinancial statements ageing and expected dates of realization of financial assets andpayment of financial liabilities other information accompanying the financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing

has come to our attention which causes us to believe that any materialuncertainty exists as on the date of theaudit report that Company is not capable ofmeeting its liabilities existing at the date of balance sheetas and when they fall duewithin a period of one year from the balance sheet date. We however state that this isnot an assurance as to the future viability of the Company. We further state that ourreporting is based on the facts up to the date of the audit report and we neither give anyguarantee nor any assurance that all liabilities falling due within a period of one yearfrom the balance sheet date will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects there are nounspent amounts that are required to be transferred to a fund specified in Schedule VII ofthe Companies Act (the Act) in compliance with second proviso to sub section 5 of section135 of the Act. This matter has been disclosed in note 35 to the financial statements.

(b) There are no unspent amounts in respect of ongoing projects thatare required to be transferred to a special account in compliance of provision of subsection (6) of section 135 of Companies Act. This matter has been disclosed in note 35 tothe financial statements.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Anil Jobanputra

Partner

Membership Number: 110759

UDIN: 22110759AJSIDU6382

Place of Signature: Ahmedabad

Date: May 27 2022

Annexure 2 to the Independent Auditor's Report of even date on theStandalone Financial Statements of Astral Limited (formerly known as Astral Poly TechnikLimited) Limted

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference tostandalone financial statements of Astral Limited (Formerly known as Astral Poly TechnikLimited) ("the Company") as of March 31 2022 in conjunction with our audit ofthe standalone 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to these standalone financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both issued by ICAI. 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 with reference to these standalone financial statements was establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to these standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to standalone financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone financialstatements assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols with reference to these standalone financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESESTANDALONE FINANCIAL STATEMENTS

A company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial controls with reference to standalone financial statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; 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 WITH REFERENCE TOSTANDALONE FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls with reference to standalone financial statements wereoperating effectively as at March 31 2022 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note issued by the ICAI.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Anil Jobanputra

Partner

Membership Number: 110759

UDIN: 22110759AJSIDU6382

Place of Signature: Ahmedabad

Date: May 27 2022

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