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Binny Mills Ltd.

BSE: 535620 Sector: Others
NSE: N.A. ISIN Code: INE160L01011
BSE 00:00 | 09 Dec 117.00 -4.00
(-3.31%)
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NSE 05:30 | 01 Jan Binny Mills Ltd
OPEN 115.05
PREVIOUS CLOSE 121.00
VOLUME 35
52-Week high 200.00
52-Week low 96.90
P/E
Mkt Cap.(Rs cr) 37
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 115.05
CLOSE 121.00
VOLUME 35
52-Week high 200.00
52-Week low 96.90
P/E
Mkt Cap.(Rs cr) 37
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Binny Mills Ltd. (BINNYMILLS) - Auditors Report

Company auditors report

To

The Members of Binny Mills Limited

Report on the Ind AS Financial Statements

Opinion

We have audited the accompanying IND AS financial statements of Binny Mills Limited("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date andnotes to the financial statements including a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "the IND ASfinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IND AS financial statements give the information required bythe 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 and its loss totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for opinion

We conducted our audit of the IND AS financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the IND AS Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the IND AS financial statements under the provisions ofthe Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the IND AS financial statements.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Emphasis of matter

We draw attention to the following matter in the Notes to the financial statements:

Note No.34(a) with regard to case filed against the Company (Binny Mills Ltd) by SquareProject Associates in respect of arrears of rent payable for the showroom at Bengaluruthe case has been dismissed by the Honourable Court of Civil Judge Bengaluru. The Companyhas created provision for possible liability for rent and damages amounting to Rs.23.25lakhs in the books and though the case has been decided in company's favour and inexpectation of further litigations the liability for rent and damages is retained by theCompany in the books.

Note No.34(b) with regard to pending litigation in the Honourable Court of Civil JudgeBengaluru in respect of compensation payable by the Company (Binny Mills Ltd) along withM/s SV Global Mills Limited to the legal successors of a victim who died in an electricityaccident outside the showroom at Bengaluru. The amount of compensation payable by theCompany is not determined as the case is pending and hence no provision is made.

Note. No.34(c) which indicates that the Company is a resulting company of the demergerscheme of erstwhile Binny Ltd and the company was not provided with the list of pendinglitigations for which it is liable and hence the liability if any arising out of thepending litigations will be provided for and settled as and when it arises.

Note No.34(d) with regard to case filed against the Company (Binny Mills Ltd) alongwith Binny Ltd and B&C Mill Ltd and in which case most of the demands raised by theUnion has been decided in favour of the Union by the Honourable Additional Labour CourtChennai. Since the liability of the company is not ascertained and the Company along withother respondents is preferring an appeal before the higher forum no provision has beenmade in the books.

Our opinion is not modified in respect of above matters.

Other information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's annual report but doesnot include the financial statements and our Auditors' Report thereon. The otherinformation included in the Company's annual report other than the financial statementsand Auditor's report is expected to be made available to us after the date of thisauditor's report.

Our opinion on the IND AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the IND AS financial statements our responsibility isto read the other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read the other information identified above if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance and describe actions applicable in the applicable laws and regulations.

Management's Responsibility for the IND AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these IND AS 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 IND AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the IND AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the IND AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the IND AS 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 IND AS 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 IND AS 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 financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 IND AS financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the IND AS financialstatements including the disclosures and whether the IND AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the IND AS financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced.

We consider quantitative materiality and qualitative factors in (i) planning the scopeof our audit work and in evaluating the results of our work; and (ii) to evaluate theeffect of any identified misstatements in the financial statements.

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

d) In our opinion the aforesaid IND AS financial statements comply with the Ind ASspecified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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

The company has not provided/paid remuneration to any of its directors during thefinancial year.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its IND AS financial statements.

ii. The Company does not have any long term contracts for which there were any materialforeseeable losses including derivative contracts.

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 its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable 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 misstatement

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

2. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Binny Mills Limited of even date)

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

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

Management's Responsibility for Internal Financial Controls

The Management of the Company is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

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.

Opinion

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

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Binny Mills Limited of even date)

i. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(b) The Property Plant and Equipment have been physically verified by the managementin a phased manner designed to cover all the items over a period of three years which inour opinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the Property Plant and Equipment has beenphysically verified by the management during the year and no material discrepancies werenoticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company and with reference to Note no.43 in thefinancial statements the title deeds of immovable properties disclosed in the financialstatements are held in the name of the Company.

(d) The Company has not revalued any of its Property Plant and Equipment during theyear.

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31st March 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 and rules made thereunder.

ii. (a) The inventory has been physically verified by the management during the year.In our opinion the frequency of such verification is reasonable and coverage andprocedure for verification were appropriate. No discrepancies were noticed on suchverification that were 10% or more in the aggregate for each class of inventory.

(b) The Company has not obtained working capital limits with any Banks and financialInstitutions during the year and hence reporting under clause 3(ii)(b) of the Order is notapplicable.

iii. (a) According to the information and explanation given to us and on the basis ofthe examination of the records of the Company the Company has not provided loans orprovided advances in the nature of loans or stood guarantee or provided security to anyother entity during the year. Hence reporting under Clause 3(iii)(a) of the Order is notapplicable to the Company.

(b) According to the information and explanation given to us and on the basis of theexamination of the records of the Company the Company during the year has not made anyinvestments or provided guarantee or provided security or provided loans or advances inthe nature of loans. Hence reporting under Clause 3(iii)(b) of the Order is not applicableto the Company.

(c) According to the information and explanation given to us and on the basis of theexamination of the records of the Company the Company has not provided any loans oradvances in the nature of loans during the year. However in respect of advances in thenature of loans provided in the earlier years schedule of repayment of principal andpayment of interest has not been stipulated.

(d) Since the schedule of repayment of principal and payment of interest was notstipulated in respect of advances in the nature of loans provided in the earlier yearsoverdue amount as required to be reported under clause 3(iii)(d) could not be commentedupon.

(e) Since the schedule of repayment of principal was not stipulated in respect ofadvance in the nature of loans provided whether the said advance in the nature of loanshave fallen due during the year could not be commented upon.

(f) The Company has not granted either any loans or advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment duringthe year. Hence reporting under Clause 3(iii)(f) of the Order is not applicable to theCompany.

iv. The Company has not given/made any loans investments guarantees and securitiesrequiring compliance with the provisions of section 185 of the Companies Act 2013.

The Company has provided requisite disclosures in its financial statements as to theadvance made to Binny Ltd. amounting to Rs.907.77 Lakhs (including unamortised interestcost Rs.275.09 lakhs) and these are in accordance with the provisions of section 186 ofthe Companies Act 2013.

v. The Company has not accepted any deposits or amounts which are deemed to bedeposits. Hence reporting under clause 3 (v) of the Order is not applicable.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Hence reporting under clause 3(vi) of the order is not applicable to theCompany.

vii. In respect of statutory dues:

(a) In our opinion the Company has generally been regular in depositing undisputedstatutory dues including Goods and Services Tax Provident Fund Employees' StateInsurance Income Tax Cess and other material statutory dues applicable to it with theappropriate authorities

(b) There were no undisputed amounts payable in respect of Goods and Service TaxProvident Fund Employees' State Insurance Income 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:

(c) There were no dues of Goods and Service Tax Provident Fund Employees StateInsurance Income tax outstanding on account of any dispute.

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961.

ix. (a) The company has not taken any loan or other borrowings from any lender. Hencereporting under clause 3(ix)(a) of the order is not applicable to the Company.

(b) According to the information and explanation given to us and on the basis of theexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) According to the information and explanation given to us and on the basis of theexamination of the records of the Company the Company has not obtained any term loans.Hence reporting under Clause 3(ix)(c) of the order is not applicable to the Company.

(d) According to the information and explanation given to us and on an overallexamination of the financial statements of the Company we report that no funds have beenraised on short-term basis by the Company. Hence reporting under clause 3(ix)(d) of theOrder is not applicable to the Company.

(e) According to the information and explanation given to us and on an overallexamination of the financial statements of the Company we report that the Company has nottaken any funds from any entity or person on account of or to meet the obligations of itsassociates as defined under the Companies Act 2013. Hence reporting under Clause 3(ix)(e)of the Order is not applicable to the Company.

(f) According to the information and explanation given to us and on an overallexamination of the financial statements of the Company we report that the Company has notraised any loans during the year and hence reporting under Clause 3(ix)(f) of the Order isnot applicable to the Company.

x. (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable to the Company

(b) During the year 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 to the Company.

xi. (a) Based on the examination of the books and records of the Company and accordingto the information and explanations given to us no fraud by the Company and no fraud onthe Company has been noticed or reported during the year.

(b) No report under Sub-section (12) of Section 143 of the Companies Act has been filedduring the year in Form ADT-4 as prescribed under rule 13 of the Companies (Audit andAuditors) Rules 2014 with the Central Government.

(c) As represented to us by the management there are no whistle-blower complaintsreceived by the Company during the year.

xii. According to the information and explanations given to us the Company is not aNidhi Company.

Hence reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us thetransactions with the related parties are in compliance with Section 177 and 188 ofCompanies Act where applicable and the details have been disclosed in the FinancialStatements as required by the applicable Indian Accounting Standards.

xiv. (a) In our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected with its directors and hence provisions of section 192 of the Companies Act2013 are not applicable to the Company.

xvi. (a) According to information and explanations given to us the Company is notrequired to be registered under Section 45 IA of the Reserve Bank of India Act 1934.Hence reporting under Clause 3(xvi) (a) and (b) of the order is not applicable to theCompany.

(b) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly Clause 3(xvi)(c) of the Order is notapplicable to the Company.

(c) In our opinion and according to the information and explanation given to us theGroup does not have any CIC and accordingly reporting under Clause 3(xvi)(d) of the Orderis not applicable to the Company.

xvii. The Company has not incurred cash losses in the current and immediately precedingfinancial year.

xviii.There has been no resignation of the statutory auditors during the year andaccordingly clause 3(xviii) of the Order is not applicable to the Company.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatcompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by thecompany as and when they fall due.

xx. In our opinion and according to the information and explanations given to usprovisions of Section 135 is not applicable to the Company and hence reporting underClause 3(xx) of the Order is not applicable to the Company.

For NSR & Co.
Chartered Accountants
Firm Regn. No. 010522S
Place : Chennai N Sowrirajan
Date : 30.05.2022 Proprietor
M. No. 207820
UDIN: 22207820AJWDQI1557

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