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Dynamic Industries Ltd.

BSE: 524818 Sector: Industrials
NSE: N.A. ISIN Code: INE457C01010
BSE 00:00 | 03 Feb 63.85 -1.25
(-1.92%)
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NSE 05:30 | 01 Jan Dynamic Industries Ltd
OPEN 67.50
PREVIOUS CLOSE 65.10
VOLUME 343
52-Week high 90.00
52-Week low 61.30
P/E 11.22
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 67.50
CLOSE 65.10
VOLUME 343
52-Week high 90.00
52-Week low 61.30
P/E 11.22
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dynamic Industries Ltd. (DYNAMICINDUSTRI) - Auditors Report

Company auditors report

To the Members of

DYNAMIC INDUSTRIES LIMITED

Ahmedabad.

Report on the Audit of the financial statements

Opinion

We have audited the accompanying financialstatements of DYNAMIC INDUSTRIES LIMITED (“the Company”) which comprise thebalance sheet as at 31st March 2022 and the statement of Profit and Loss statement ofchanges in equity and statement of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as ‘financial statements').

In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid financialstatements give the information required by the Companies Act 2013 (The Act) in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (“lnd AS”) and other accountingprinciples generally accepted in India of the state of affairs of the Company as at March312022 and its profit and total comprehensive income changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities 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 together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matters

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

Other Information

The Company's Board of Directors is responsiblefor the other information. The other information comprises the information included in theManagement Discussion and Analysis Board's Report including Annexure to Board's reportBusiness Responsibility Report Corporate Governance Report and Share Holders Informationbut does not include the financial statements and our auditor's report thereon. The otherinformation report is expected to be made available to us after the date of this auditor'sreport.

Our opinion on the financial statements doesnot cover the other information and we will not express any form of assurance conclusionthereon.

In connection with our audit of the financialstatements our responsibility is to read the other information identified above when itbecomes available and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated.

When we read the other information report ifwe conclude that there is a material misstatement therein we are required to communicatethe matter to those charged with governance to initiate actions applicable in theapplicable laws and regulations.

Management?s Responsibility for theFinancial Statements

The Company's Board of Directors is responsiblefor the matters stated in section 134(5) of the Companies Act 2013 (“the Act”)with respect to the preparation of these financial statements that give a true and fairview of the financial position financial performance changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 ccuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the financial statement that give a trueand fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statementsmanagement is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless management either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsiblefor overseeing the Company's financial reporting process.

Auditor?s Responsibilities for theAudit of the Financial Statements

Our objectives are to obtain reasonableassurance about whether the financial statements as a whole are free from materialmisstatement whether due to fraud or error and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic dec1s1ons of users taken on the basis of thesefinancial statements.

As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also :

• Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

• Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 weare also responsible for expressing our opinion on whether the company has adequateinternal financial controls system in place and the operating effectiveness of suchcontrols.

• Evaluate theappropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by management.

• Conclude on theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the financial statementsor if such disclosures are inadequate to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor's report. However future eventsor conditions may cause the Company to cease to contmue as a going concern.

• Evaluate the overallpresentation structure and content of the financial statements including the closuresand whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

Materiality is the magnitude of misstatementsin the financial statements that individually or in aggregate makes it probable that theeconomic decisions 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 withgovernance regarding among other matters the planned scope and timing of the audit andsignificant audit findings including any significant deficiencies in internal controlthat we identify during our audit.

We also provide those charged with governancewith a statement that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with thosecharged with governance we determine those matters that were of most significance in theaudit of the financial statements of the current period and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the dverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and RegulatoryRequirements

As required by the Companies (Auditor's Report)Order 2020 (“the Order”) issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Companies Act 2013 we give in the Annexure- A - astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

As required by Section 143(3) of the Act wereport that:

(a) We have sought and obtainedall the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit.

(b) In our opinion proper booksof account as required by law have been kept by the Company so far as it appears from ourexamination of those books.

(c) The Balance Sheet theStatement of Profit and Loss (including other comprehensive income) Statement of Changesin Equity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaidfinancial Statements comply with the lnd AS specified under Section 133 of the Act readwith Companies (Indian Accounting Standards) Rules 2015 as amended;.

(e) On the basis of the writtenrepresentations received from the directors as on 31st March 2022 taken on record by theBoard of Directors none of the directors is disqualified as on 31st March 2022 frombeing appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacyof the internal financial controls over financial reporting of the Company and theoperating effectiveness of such controls refer to our separate Report in “Annexure B”and

(g) With respect to the othermatters to be included in the Auditor's Report in accordance with the requirements ofSection 197(16) of the Act as amended in our opinion and to the best of our informationand according to the explanations given to us the remuneration paid by the Company to itsDirectors during the year is in accordance with the provisions of Section 197 of the Act.

(h) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:

(i) The Company has disclosed theimpact of pending litigations on its financial position in its financial statements -Refer Note 40 to the financial statements;

(ii) The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses.

(iii) The company has nottransferred amount of unpaid dividend amounting to Rs. 1.14/- lacs pertaining to financialyear 2013-2014 required to be transferred to the investor Education and Protection Fund.

(iv) (a) The Management hasrepresented that to the best of its knowledge and belief no funds (which are aterialeither individually or in the aggregate) have been advanced or loaned or invested (eitherfrom borrowed funds or share premium or any other sources or kind of funds) by the Companyto or in any other person or entity including foreign entity (“Intermediaries”)with the understanding whether recorded in writing or otherwise that the Intermediaryshall whether directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company (“UltimateBeneficiaries”) or provide any guarantee security or the like on behalf of theUltimate Beneficiaries;

(b) The Management hasrepresented that to the best of its knowledge and belief no funds (which are materialeither individually or in the aggregate) have been received by the Company from any personor entity including foreign entity (“Funding Parties”) with the understandingwhether recorded in writing or otherwise that the Company shall whether directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit proceduresthat have been considered reasonable and appropriate in the circumstances nothing hascome to our notice that has caused us to believe that the representations under sub-clause(i) and (ii) of Rule 11 (e) as provided under (a) and (b) above contain any materialmisstatement.

(v) As stated in Note 20.1 to thefinancial statements.

(a) The final dividend proposed inthe previous year declared and paid by the Company during the year is in accordance withSection 123 of the Act as applicable.

(b) The Board of Directors of theCompany have proposed final 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 as applicable.

ANNEXURE- A

INDEPENDENT AUDITORSREPORT

To the Independent Auditors? Report ofeven date on Financial Statements of Dynamic Industries Limited

(i) (a) (A) The Company hasmaintained proper records showing full particulars including quantitative details andituation of Property Plant and Equipment and relevant details of right-of-use assets.

(B) The Company has maintained proper recordsshowing full particulars of intangible assets.

(b) The Company has a program ofphysical verification of Property Plant and Equipment and right-of use assets so to coverall the assets once every three years which in our opinion is reasonable having regardto the size of the Company and the nature of its assets. Pursuant to the program certainProperty Plant and Equipment were due for verification during the year and werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) Based on the informationprovided to us the title deed of all the immovable properties disclosed in the financialstatements are held in the name of the Company.

(d) According to information andexplanation given to us the Company has not revalued its Property Plant and Equipment(including Right of Use assets) or intangible assets during the year. Accordingly clause3 (i)(d) of the Order in not applicable to the Company.

(e) According to information andexplanation given to us no proceedings have been initiated or are pending against theCompany for holding any benami property under the Benami Transactions (Prohibition) Act1988 and rules made thereunder. Accordingly clause 3(i)(e) of the Order in not applicableto the Company.

(ii) (a) According to informationand explanation given to us the Management of the Company has conducted physicalerification of inventory at reasonable intervals and no material discrepancies werenoticed on such physical verification during the year.

(b) According to information and explanationgiven to us the Company has been sanctioned working capital limits in excess of Rs 5crore in aggregate during the year from banks on the basis of security of currentassets. Quarterly return & statement filed by the Company with such banks or financialinstitutions are materially in agreement with the books of account of the company.

(iii) The Company has madeinvestment in provided any guarantee or security or granted any loans or advances in thenature of loans secured or unsecured to companies firms Limited Liability Partnershipsor any other parties during the year in respect of which:

(a) The Company has not grantedany loans or provided advances in the nature of loans or stood guarantee or providedsecurity to four entities other than subsidiaries joint ventures and associates.

(b) In our opinion theinvestments made and the terms and conditions of the grant of loans during the year areprima facie not prejudicial to the Company's interest.

In respect of loans granted in earlier yearsthe company has made full provision for doubtful loans for entire loans hence reportingunder clause 3(iii)(c) (d) (e) and (f) of the order is not applicable to the company.

The Company has not provided any guarantee orsecurity or granted any advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnership or any other parties.

(iv) In our opinion and accordingto the information and explanations given to us the Company has complied with theprovisions of section 185 and 186 of the Act wherever applicable with respect to theloans investments guarantees and securities.

(v) According to information andexplanations given to us the Company has not accepted any deposits within the meaning ofsection 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of Clause 3(v) of the Order are not applicable tothe Company.

(vi) We have broadly reviewed thecost records maintained by the Company pursuant to rules made by the Central Government.We are of the opinion that prima facie the prescribed accounts and records have beenmaintained and being made. We have not however made a detailed examination of theserecords with a view to determine whether they are accurate or complete.

(vii) (a) According to theinformation given to us In our opinion the Company has generally been regular indepositing ndisputed statutory dues including Goods and Services tax Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax duty of Custom duty ofExcise Value Added Tax Cess and other material statutory dues applicable to it with theappropriate authorities and There were no undisputed amounts payable in respect of Goodsand Service tax Provident Fund Employees' State Insurance Income Tax Sales TaxService Tax duty of Custom duty of Excise Value Added Tax Cess and other materialstatutory dues in arrears as at March 312022 for a period of more than six months fromthe date they became payable.

(b) According to the information andexplanations given to us the company has no disputed outstanding statutory dues as at31st March 2022 other than stated below :

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Name of the Statute

Nature of Dues

Amount Rsn lacs

Period to which the amount relates

Forum where dispute is pending

Income Tax Act 1961

Income Tax

1.45

A.Y 2013-2014

CIT(A) Ahmedabad

 

 

12.21

A.Y 2003-2004

CIT(A) Ahmedabad

 

 

1.68

A.Y 2008-2009

CIT(A) Ahmedabad

Customs Act 1962

Customs Duty

171.14

F.Y 2006-2007 & F.Y 2007-2008

CESTAT Ahmedabad

Finance Act 1994

Service Tax

77.13

F.Y 2012-2013

CESTAT Ahmedabad

(viii) According to informationand explanations given to us the Company has not surrendered or disclosed any unrecordedtransaction as income during the year in the tax assessments under the Income Tax Act1961. Accordingly the provisions of Clause 3(viii) of the Order are not applicable to theCompany.

(ix) (a) According to theinformation and explanations given to us and on the basis of our examination of therecords of

the Company the company has not defaulted inrepayment of loans or other borrowings or in the payment of interest thereon to anylender.

(b) According to the informationand explanations given to us the Company has not been declared as wilful defaulter by anybank or financial institution or other lender.

(c) According to the informationand explanations given to us by the management the Company has not obtained any termloans. Accordingly clause 3(ix)(c) of the Order is not applicable.

(d) In our opinion and accordingto the information and explanation given to us the company has not raised any funds onshort term basis which have been utilised for long term purposes. Accordingly theprovisions of Clause 3(ix)(d) of the Order are not applicable to the Company.

(e) On an overall examination ofthe financial statements of the Company the Company has not taken any funds from anyentity or person on account of or to meet the obligations of its subsidiaries associatesor joint venture.

(f) The Company has not raised anyloans during the year on the pledge of securities held in subsidiaries associates orjoint venture and hence reporting on clause 3(ix)(f) of the Order is not applicable.

(x) (a) Accordingly to informationand explanation provided to us the Company has not raised moneys by way of initial ublicoffer or further public offer (including debt instruments) during the year. Accordinglythe provisions of Clause 3(x)(a) of the Order are not applicable to the Company.

(b) The company has not made anypreferential allotment or private placement of shares or convertible debentures

(fully partially or optionally convertible)during the year. Accordingly the provisions of Clause 3(x)(b) of the Order are notapplicable to the Company.

(xi) (a) Accordingly toinformation and explanation provided to us no fraud by the Company or no fraud on the

Company has been noticed or reported during theyear. Accordingly the provisions of Clause 3(xi)(a) of the Order are not applicable tothe Company.

(b) No report under sub-section(12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment. Accordingly the provisions of Clause 3(xi)(b) of the Order are not applicableto the Company.

(c) As represented by themanagement there are no whistle blower complaints received by the Company during theyear.

(xii) In our opinion and accordingto the information and explanations given to us the Company is not a Nidhi Company.Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) According to theinformation and explanations given to us transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details have beendisclosed in the lnd AS Financial Statements as required by the applicable accountingstandards.

(xiv) (a) In our opinion andaccording to the information and explanation provided to us the Company has an internaludit system commensurate with the size and nature of its business.

(b) The internal audit reports furnished by theinternal auditors for the period under audit have been considered by us.

(xv) In our opinion and accordingto the information and explanations given to us during the year the Company has notentered into any non-cash transactions with its Directors or persons connected with itsdirectors and hence provisions of section 192 of the Companies Act 2013 are notapplicable to the Company.

(xvi) (a) In our opinion theCompany is not required to be registered under section 45-IA of the Reserve Bank of India

Act 1934. Hence reporting under clause3(xvi)(a) (b) and (c) of the Order is not applicable.

(b) In our opinion there is no core investmentcompany within the Group (as defined in the Core Investment Companies (Reserve Bank)Directions 2016) and accordingly reporting under clause 3(xvi)( d) of the Order is notapplicable.

(xvii) In our opinion andaccording to the information and explanation provide to us the Company has not incurredcash losses during the current financial year and in the immediately preceding financialyear.

(xviii) During the year there hasnot been any resignation of the statutory auditors. Accordingly paragraph 3(xviii) of theOrder are not applicable.

(xix) According to the informationand explanations given to us and on the basis of the financial ratios ageing and expecteddates of realization of financial assets and payment of financial liabilities otherinformation accompanying the financial statements our knowledge of the Board of Directorsand management plans and based on our examination of the evidence nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof the audit report that Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the informationavailable and explanation provided 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) In our opinion and accordingto the information and explanations given to us the company does not have net worth ofrupees five hundred crore or more or turnover of rupees one thousand crore or more or anet profit of rupees five crore or more during immediately preceding financial year.Hence reporting under clause 3(xx)(a) and (b) of the Order is not applicable.

Annexure- B to theIndependent Auditors? Report of even date on the Financial Statements of DynamicIndustries Limited

Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controlsover financial reporting Dynamic Industries Limited (“the Company”) as of 31March 2022 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

Management?s Responsibility forInternal Financial Controls

The Company's management is responsible forestablishing and maintaining internal financial controls 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 (‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors? Responsibility

Our responsibility is to express an opinion onthe Company's internal financial controls over financial reporting based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the “Guidance Note”) and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls overFinancial Reporting

A company's internal financial control overfinancial reporting is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting includes those policies and proceduresthat

(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 assurancethat transactions are recorded as necessary to permit preparation of financial statementsin accordance 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 assuranceregarding prevention or timely detection of unauthorised acquisition use or dispositionof the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal FinancialControls Over Financial Reporting

Because of the inherent limitations of internalfinancial controls over financial reporting including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all materialrespects an adequate internal financial controls system over financial reporting and suchinternal financial controls over financial reporting were operating effectively as at 31stMarch 2022 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

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For ASHOK K. BHATT & CO.

 

[Firm Registration No. 100657W]

 

Chartered Accountants

 

Sd/-

 

ASHOK K. BHATT

Place : Ahmedabad

Proprietor

Date : 20th May 2022

Membership No. 036439

 

UDIN : 22036439AJIFGH6303

.