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Bharat Wire Ropes Ltd.

BSE: 539799 Sector: Metals & Mining
NSE: BHARATWIRE ISIN Code: INE316L01019
BSE 00:00 | 01 Feb 104.10 -5.45
(-4.97%)
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NSE 00:00 | 01 Feb 104.00 -5.90
(-5.37%)
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109.00

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OPEN 109.85
PREVIOUS CLOSE 109.55
VOLUME 16087
52-Week high 138.00
52-Week low 53.40
P/E 12.41
Mkt Cap.(Rs cr) 671
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 109.85
CLOSE 109.55
VOLUME 16087
52-Week high 138.00
52-Week low 53.40
P/E 12.41
Mkt Cap.(Rs cr) 671
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharat Wire Ropes Ltd. (BHARATWIRE) - Auditors Report

Company auditors report

To the Members of

BHARAT WIRE ROPES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of BHARAT WIREROPES LIMITED ("the Company") which comprise the Balance Sheet as at March 312022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and notes to the financial statements including a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the 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 (ICAI) together with the independence requirements thatare relevant to our audit of the financial statements under the provisions of the Act andthe Rules made 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 we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Emphasis of Matter

We draw attention to Note no. 48 of the statement which states theimpact of Coronovirus disease (COVID 19) on the operation and financial position of theGroup.

Our opinion is not modified in respect of this matter.

Key Audit Matters

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

We have determined the matter described below to be the key auditmatters to be communicated in our report.

We have fulfilled the responsibilities described in the Auditor'sresponsibilities for the audit of the Ind AS financial statements section of our reportincluding in relation to these matters. Accordingly our audit included the performance ofprocedures designed to respond to our assessment of risks of a material misstatement ofInd AS financial statements. The results of our audit procedures including the proceduresperformed to address the matters below provide the basis for our audit opinion on theaccompanying standalone Ind AS financial statements.

Sr No. Key Audit Matter Auditor's Response
1 Revenue Recognition Principal Audit Procedures
Revenue is measured taking into account discounts and rebates earned by the customers on sales. These arrangements result in deductions to gross sales in arriving at turnover and give rise to obligations for the Company to provide customers with rebates discounts allowances. Obtained an understanding of the policies and procedures applied to revenue recognition including testing the design and operating effectiveness of controls related to revenue recognition processes employed by the Company.
• Performed procedures by analyzing the cost of sales related to discounts incentives rebates and margins to total revenue recognized as compared with prior year.
• Assessed the relevant estimates made by the management in connection with discounts incentives and rebates at year's end.
• Performed procedures for a sample of revenue transactions at the year end to assess whether they were recognized at the correct period by corroborating the date of revenue recognition to third party support such as bills of lading lorry receipt etc.
• Analyzed other adjustments and credit notes issued after the reporting date.

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Information butdoes not include the financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the 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 financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the 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'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these 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 thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the 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 thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 financialstatements of the current year and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements.

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure B" a statement on the mattersspecified 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 purpose of our audit;

b. In our opinion proper books of account as required by law have beenkept 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 OtherComprehensive Income the Statement of Changes in Equity and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with IndAS specified under Section 133 of the Act read with relevant rule issued there under.

e. On the basis of written representations received from the Directorsas on March 312022 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2022 from being appointed as a director in terms ofSection 164 (2) of the Act.

f. With respect to the adequacy of Internal financial controls overfinancial reporting of the company and the operating effectiveness of such control referto our separate report in "Annexure A".

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

i. In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197 of 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 theexplanation given to us:

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

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

iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

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

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause iv(a) and iv(b) contain any materialmisstatement

v. The company has not declared or paid any dividend during the year.

For NGS & CO. LLP.
Chartered Accountants
Firm Registration No. 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place : Mumbai
Date : 19th May 2022
UDIN: 22042472AJGCAX8362

ANNEXURE - A TO THE AUDITOR'S REPORT

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 over financialreporting of BHARAT WIRE ROPES LIMITED ("the Company") as of March 312022 in conjunction with our audit of the financial statements of the Company for the yearended 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 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 internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting 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 judgment 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 system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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.

Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For NGS & CO. LLP.
Chartered Accountants
Firm Registration No. 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place : Mumbai
Date : 19th May 2022
UDIN: 22042472AJGCAX8362

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 of the Independent Auditors' Reportof even date to the members of Bharat Wire Ropes Limited on the financialstatements as of and for the year ended March 312022)

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

i. In respect of the Company's Property Plant and Equipment andIntangible Assets

(a) i) The company is maintaining proper records showing fullparticulars including quantitative detail and situation of property plant andequipments.

ii) The Company has maintained proper records showing full particularsof intangible asset.

(b) The Company has a program of physical verification of propertyplant and equipments at periodic intervals. In our opinion the period of verification isreasonable having regard to the size of the Company and the nature of its assets.Discrepancies reported on such verification have been properly dealt in the accounts.

(c) According to the information and explanation given to us and on thebasis of our examination of the records of the company the title deeds of immovableproperties (other than immovable properties where the company is the lessee and leasesagreement are duly executed in favour of the lessee) disclosed in the financial statementare held in the name ofthe company.

(d) The Company has not revalued any of its property plant andequipment and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) As explained to us management has conducted physicalverification of inventory at regular intervals during the year. In our opinion andaccording to the information and explanation given to us the procedures of physicalverification of inventory followed by the management were reasonable and adequate inrelation to the size of the company and nature of business. In our opinion and accordingto the information and explanation given to us the company has maintained proper recordsof its inventories and no material discrepancies were noticed on physical verification.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the company the company has beensanctioned working capital limits in excess of five crore rupees in aggregate from banksand financial institutions on the basis of security of current assets. In our opinion themonthly returns or statements field by the company with such banks or financialinstitutions are in agreement with the books of account of the company.

iii. The Company has not made any 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 partiescovered in the register maintained under section 189 of the act.

Hence reporting under clause 3(iii) (a) (b) (c) (d) (e) and (f) isnot applicable.

iv. In our opinion and according to the information and explanationgiven to us the company has complied with the provisions of section 185 and 186 of theact with respect to the loans and investments made.

v. The Company has not accepted any deposit or amounts which are deemedto be deposits within the meaning of sections 73 74 75 and 76 of the companies act andrules made thereunder to the extent notified. Hence reporting under clause 3(v) of theOrder is not applicable.

vi. Pursuant to the rules made by the Central Government of India thecompany is not required to maintain cost records as specified under section 148(1) of theact in respect of its business. Hence reporting under clause 3 (vi) of the Order is notapplicable to the Company.

vii. In respect of statutory dues:

(a) According to the information and explanation given to us and therecords of the company examined by us in our opinion the Company has generally beenregular in depositing undisputed statutory dues including Goods and Services taxProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax duty ofCustom duty of Excise Value Added Tax Cess and other material statutory dues asapplicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Employees' State Insurance Income Tax Sales Tax ServiceTax duty of Custom duty of Excise Value Added Tax Cess and other material statutorydues in arrears as at March 31 2022 for a period of more than six months from the datethey became payable.

(b) According to the information and explanation given to us and therecords of the company examined by us the particulars of dues of Income Tax as at March31 2022 which has not been deposited on account of a dispute are as follows:

Nature of Statute Nature of Dues Forum where dispute is pending Period to which amount relates Amount (In Lakhs)
The Income Tax Act1961 Income Tax Department has filed an Appeal with high court Mumbai A.Y. 2011-12 156.80

viii. According to the information and explanation given to us and therecords of the company examined by us there were no transactions relating to previouslyunrecorded income that have been surrendered or disclosed as income during the year in thetax assessments under the Income Tax Act 1961 (43 of 1961).

xi. (a) According to the records of the company examined by us and theinformation and explanation given to us the company has not defaulted in repayment ofloans or other borrowings or in the payment of interest to any lender to any lender duringthe year.

(b) According to the information and explanation given to us and on thebasis of our audit procedure we report that the company has not been declared willfuldefaulter by any bank or financial institution or government or any government or anygovernment authority.

(c) In our opinion and according to the information and explanationgiven to us by the management term loans were applied for the purpose for which the loanswere obtained.

(d) According to the information and explanations given to us and on anoverall examination of the balance sheet of the company we report that no funds raised onshort-term basis have been used for long term purposes by the company.

(e) According to the information and explanation given to us and therecords of the company examined by us the company has not taken any funds from any entity/ person on account of / to meet the obligations of its subsidiaries associates or jointventures.

(f) The Company has not raised any loans during the year on the pledgeof securities held in its subsidiaries joint ventures or associate companies and hencereporting on clause 3 (ix)(f) of the Order is not applicable.

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

(b) The Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally convertible)and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) During the course of our examination of the books and recordsof the company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanation given to us we have neithercome across any instance of material fraud by the company or on the company noticed orreported during the year nor have we been informed of any such case by the management.

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

(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 and hence Nidhi Rules 2014along with reporting under clause 3(xii) of the order are not applicable.

xiii. In our opinion the Company has entered into transactions withrelated parties in compliance with the provision of Section 177 and 188 ofthe CompaniesAct 2013. The details of such related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards (Ind AS24 - related party disclosures) as specified u/s 133 of the act read with Rule 7 of thecompanies (accounts) Rules 2014.

xiv. (a) In our opinion and according to the information andexplanation given to us the company has an internal audit system commensurate with thesize and nature of its business.

(b) The reports of the Internal Auditor for the period under audit havebeen considered by us.

xv. The company has not entered into any non-cash transactions with itsdirectors or persons connected with its directors. Accordingly the provision of clause3(xv) of the order is not applicable to the company.

xvi. (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b)and (c) ofthe Order is not applicable to the company.

(b) The company has not conducted non-banking financial activities orhousing finance activities during the year. Accordingly the reporting under clause3(xvi)(b) of the order is not applicable to the company.

(c) The company is not a Core investment company (CIC) as defined inthe regulation made by the Reserve Bank of India. Accordingly the reporting under clause3(xvi)(c) of the order is not applicable to the company.

(d) According to the information and explanations given to us andprocedures performed by us we report that the company did not have any subsidiariesjoint ventures or associate companies during the year. Accordingly clause xvi(d) is notapplicable to the company.

xvii. The company has not incurred cash losses during the financialyear covered under audit. However the Company has incurred cash loss of Rs. 111.54 Lakhsin the immediately preceding financial year.

xviii. There has been no resignation ofthe statutory auditors oftheCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. The company is not required to form corporate social responsibility(CSR) committee in pursuance of section 135 of the Companies act 2013 hence the provisionof clause 3(xx) of the order is not applicable to the company.

For NGS & CO. LLP.
Chartered Accountants
Firm Registration No. 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place : Mumbai
Date : 19th May 2022
UDIN: 22042472AJGCAX8362

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