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Centron Industrial Alliance Ltd.

BSE: 509499 Sector: Others
NSE: N.A. ISIN Code: INE450L01024
BSE 00:00 | 04 Mar Centron Industrial Alliance Ltd
NSE 05:30 | 01 Jan Centron Industrial Alliance Ltd
OPEN 2.91
PREVIOUS CLOSE 2.91
VOLUME 8180
52-Week high 2.91
52-Week low 0.00
P/E 145.50
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.91
Sell Qty 5419243.00
OPEN 2.91
CLOSE 2.91
VOLUME 8180
52-Week high 2.91
52-Week low 0.00
P/E 145.50
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.91
Sell Qty 5419243.00

Centron Industrial Alliance Ltd. (CENTRONINDL) - Auditors Report

Company auditors report

To

The Members of

Centron Industrial Alliance Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of CENTRON INDUSTRIALALLIANCE LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2022 the Statement of Profit & Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the Ind AS Financial Statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2022 its profitincluding other comprehensive income changes in equity and its cash flows for the yearended on that date.

Basis of 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 together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements for the financial year endedMarch 31 2022. These matters were addressed in the context of our audit of the Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. For each key audit matter below our description ofhow our audit addressed the matter is provided in that context.

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

Key Audit Matters How our audit addressed the Key Audit Matters
Revenue Recognition
The management is of the opinion that it controls the goods before transferring them to the customer. We assessed the Company's process to identify the impact of adoption of new Revenue Accounting Standard (Ind AS 115). Our audit approach included assessment of design and testing of operating effectiveness of internal controls related to revenue recognition calculation of discounts and rebates and other substantive testing. We carried out:
The variety of terms that de ne when control are transferred to the customer as well as the high value of the transactions give rise to the risk that revenue is not recognized in the appropriate accounting period.
Revenue is measured net of returns and allowances trade discounts and volume rebates (collectively 'Discount and rebates'). There is a risk that these discount and rebates are incorrectly recorded as it also requires ascertain degree of estimation resulting in understatement of the associated expenses and accrual. Evaluation of the design of internal controls relating to implementation of new revenue accounting standard. Selection of samples of both continuing and new contracts for
- testing of operating effectiveness of the internal control
Accordingly due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 -identification of contract wise performance obligations and
'Revenue from Contracts with Customers' it was determined to be a key audit matter in our audit of the Ind AS Financial Statements. - Determination of transaction price. Verification of individual sales transaction on sample basis and traced to sales invoices sales orders and other related documents. Further the samples were checked for revenue recognition as per the shipping terms.
Sample of sales transactions were selected pre- and post year end agreeing the period of revenue recognition to third party support such as transporter invoice and customer confirmation of receipt of goods. Direct confirmations were obtained from customers to support existence assertion of trade receivables and assessed the relevant disclosures made in the Financial Statements; to ensure revenue from contracts with customers are in accordance with the requirements of relevant accounting standards.
In the cases where direct confirmations are not available additional procedures were applied in respect of receipts in the Subsequent period.

We have determined that there are no other key audit matters to communicate in ourreport.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report 2021-22 but does notinclude the Ind AS financial statements and our auditor's report thereon.

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 and in doing so consider whether the other information ismaterially inconsistent with the Ind AS financial statements or our knowledge obtained inthe audit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Ind ASFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud 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.

Those Board of Directors are 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 control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness 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 financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit ndings 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 the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:\

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

(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) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended.

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

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) In our opinion the managerial remuneration for the year ended March 31 2022 hasbeen paid/ provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(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 no pending litigations hence the impact of pending litigations onits financial position in its Financial Statements is not disclosed.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(ies) including foreign entity ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company ("Ultimate Bene ciaries")or provide any guarantee security or the like on behalf of the Ultimate Bene ciaries;

(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 Bene ciaries") or provide anyguarantee security or the like on behalf of the Ultimate Bene ciaries;

(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. (a) The nal dividend paid by the Company during the year in respect of dividenddeclared with respect to financial year ending on 31st March 2022 is in accordance withSection 123 of the Actto the extent it applies to payment of dividend.

(b) As stated in Note 12 to the financial statements the Board of Directors of theCompany have proposed nal dividend for the year which is subject to the approval of themembers at the ensuing Annual General Meeting. The amount of dividend proposed is inaccordance with section 123 of the Act to the extent it applies to declaration ofdividend.

For S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
F.R.N.: 003439C
sd/-
CA. S.N. KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 30th May 2022
UDIN : 21072497AAAAMH9889

Annexure A - Referred to in paragraph under the heading 'Report on Other Legal andRegulatory Requirements' of our report of even date to the members Of Centron IndustrialAlliance Limited for the year ended March 31 2022

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

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

(b) The management during the year has physically veri ed the Property Plant andEquipment of the company and no material discrepancies were noticed on such physical verication. The management has adopted physical veri cation in a phased manner so that all theProperty Plant & Equipment are covered within a period of three years.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of all the immovable properties(other than properties where the company is the lessee and the lease agreements are dulyexecuted in favour of the lessee) disclosed in the financial statements are held in thename of the company.

(d) As informed and explained to us the management has not revalued its PropertyPlant and Equipment (including Right of Use assets) or intangible assets or both duringthe year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company no proceedings have been initiated or arepending against the company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 (previously known as Benami Transactions(Prohibition) Act 1988) and rules made thereunder.

ii. (a) Physical veri cation of inventory has been conducted at reasonable intervals bythe management. In our opinion the coverage and procedure of such veri cation by themanagement is appropriate. No discrepancies of 10% or more in the aggregate for each classof inventory were noticed during such physical veri cation by the management.

(b) As informed and explained to us by the management at any point of time during theyear the company has not been sanctioned working capital limits in excess of 5 crorerupees in aggregate from banks.

iii. (a) During the year the Company has not provided loans advances in the nature ofloans stood guarantee or provided security to Companies Firms Limited LiabilityPartnerships or any other parties. Accordingly the requirement to report on clause3(iii)(a) of the Order is not applicable to the Company.

(b) During the year the Company has not provided loans advances in the nature ofloans stood guarantee or provided security to Companies Firms Limited LiabilityPartnerships or any other parties. Accordingly the requirement to report on clause3(iii)(b) of the Order is not applicable to the Company.

(c) During the yearthe Company has not granted loans and advances in the nature ofloans to Companies Firms Limited Liability Partnerships or any other parties.Accordingly the requirement to report on clause 3(iii)(c) (d) (e) and (f) of the Orderis not applicable to the Company.

iv. In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of investments made have been compliedwith by the Company. Further in our opinion and according to the information andexplanations given to us there are no loans guarantees and securities given in respectof which provisions of section 185 and 186 of the Act are applicable. Accordingly therequirement to report on clause 3(iv) of the Order is not applicable to that extent to theCompany.

v. The Company has not accepted any deposits under sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under.

vi. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Act.

vii. (a) According to the books of accounts and records examined by us as per thegenerally accepted auditing practices in India in our opinion the company has beenregular in depositing undisputed statutory dues including Goods and Service Tax providentfund employee's state insurance Income Tax Duty of Customs Cess and any otherStatutory dues to the appropriate authorities. According to the information andexplanations given to us there were no undisputed amounts payable in respect of suchstatutory dues which have remained outstanding as at 31st March 2022 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no amountspayable in respect of income tax wealth tax service tax sales tax goods & servicetax customs duty and excise duty which have not been deposited on account of anydisputes.

viii.According to the explanations and information given to us by the management therehas been no amount surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961.

ix. (a) The Company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to lenders.

(b) According to the information provided to us by the management the company has notbeen declared as a wilful defaulter by any bank or financial institution or any otherlender.\

(c) The term loans were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the financial Statements of the Company no fundsraised on short-term basis have been used for long-term purposes by the Company.

(e) The company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiary.

(f) The company has not raised loans during the year on the pledge of securities heldin its subsidiary.

x. (a) The Company did not raise any money by way of initial public offer/ furtherpublic offer (including debt instruments).

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partly or optionally convertible) during the periodunder audit.

xi. (a) According to the information and explanations given to us no fraud by theCompany or no fraud on the Company has been noticed or reported during the year underaudit.

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

(c) As per our information and according to the explanations given to us no whistleblower complaints were received by the company during the year.

xii. In our opinion the company is not a Nidhi Company and therefore the provisionsof clause (xii)(a) (xii)(b) and (xii)(c) of para 3 of the said order are not applicableto the Company.

xiii.According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Ind AS financial statements as required by theapplicable accounting standards.

xiv.(a) In our opinion and according to the information and explanations given bymanagement the company has an internal audit system commensurate with the size and natureof its business.

(b) The reports of the Internal Auditors for the period under audit were duly obtainedand considered by us.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him as referred to in section 192 ofthe Act.

xvi.(a) According to the information and explanations given to us by the managementthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

(b) According to the information and explanations given to us by the management thecompany has not conducted any Non-Banking Financial or Housing Finance activities withouta valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934.

(c) According to the information and explanations given to us by the management thecompany is not a Core Investment Company (CIC) as defined in the regulations made by theReserve Bank of India.

(d) According to the information and explanations given to us by the management theGroup does not have any CIC as part of the Group hence clause (xvi)(d) of paragraph 3 ofthe said order is not applicable to the company.

xvii. The company has not incurred any cash losses in the current financial year andimmediately preceding financial year.

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

xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and in our knowledge of the Board of Directors and management planswe are of the opinion that no material uncertainty exists as on the date of the auditreport that company is capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.

xx. According to the information and explanations given to us by the managementand on the basis of our examination of the records of the company the company has spenttheentire amount as per the requirement of section 135 of the Companies Act 2013 andtherefore sub-clauses (a) and (b) of clause (xx) of para 3 are not applicable.

xxi. Since this report is being issued in respect of standalone financial statements ofthe company hence clause (xxi) of paragraph 3 of the said Order is not applicable to thecompany.

For S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
F.R.N.: 003439C
sd/-
CA. S.N. KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 30th May 2022
UDIN : 21072497AAAAMH9889

Annexure B - Referred to in paragraph (f) under the heading 'Report on Other Legal andRegulatory Requirements' of our report of even date to the members of Centron IndustrialAlliance Limited for the year ended March 31 2022

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

We have audited the internal financial controls with reference to the financialstatements of Centron Industrial Alliance Limited (the "Company") as of March31 2022 in conjunction with our audit of the Ind AS financial statements of the Companyfor 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 (the "ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the Ind AS financial statements of the Company 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 issued by the ICAI and prescribed under Section 143(10) of the Actto the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to the Ind AS financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to the Ind AS financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tothe Ind AS financial statements included obtaining an understanding of internal financialcontrols over financial reporting assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

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

Meaning of Internal Financial Controls with reference to these Ind AS financialstatements

A company's internal financial control with reference to these Ind AS financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial control with reference to these Ind AS financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls with reference to these Ind ASfinancial statements

Because of the inherent limitations of internal financial controls with reference tothese Ind AS financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting with reference to these Ind AS financial statements tofuture periods are subject to the risk that the internal financial control over financialreporting with reference to these Ind AS financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures 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 controlsover financial reporting with reference to these Ind AS Financial Statements and suchinternal financial controls over financial reporting with reference to these Ind ASFinancial Statements were operating effectively as at March 31 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
F.R.N.: 003439C
sd/-
CA. S.N. KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 30th May 2022
UDIN : 21072497AAAAMH9889

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