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G K P Printing & Packaging Ltd.

BSE: 542666 Sector: Industrials
NSE: N.A. ISIN Code: INE05QJ01015
BSE 00:00 | 27 Jan 15.40 -0.65
(-4.05%)
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NSE 05:30 | 01 Jan G K P Printing & Packaging Ltd
OPEN 15.40
PREVIOUS CLOSE 16.05
VOLUME 75634
52-Week high 206.80
52-Week low 15.30
P/E 42.78
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.40
CLOSE 16.05
VOLUME 75634
52-Week high 206.80
52-Week low 15.30
P/E 42.78
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

G K P Printing & Packaging Ltd. (GKPPRINTING) - Auditors Report

Company auditors report

To The Members of

G. K. P. Printing & Packaging Limited

Report on the Ind AS Financial Statements

Opinion

We have audited accompanying the Ind AS financial statements of G. K. P. Printing& Packaging Limited ("the Company") which comprise the balance sheet asat 31th March 2022 and statement of Profit and Loss including the statement of OtherComprehensive Income the cash flows statement and the Statement of Changes in Equity forthe year ended 31th March 2022 and notes to the financial statements including a summaryof significant accounting policies and other explanatory information (hereinafter referredto as "Ind AS financial Statements"). In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid Ind AS financialstatements give the information required by the Companies Act 2013 as amended (‘theact') in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2022 its profit or loss including other comprehensive income its cashflows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of thestandalone Ind AS Financial Statements' section of our report. We are independent of theCompany in accordance with the ‘Code of Ethics' issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on Ind ASfinancial statement.

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 of the current period. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. For each matter below our description of how our audit addressed thematter is provided in that context.

Key Audit Matters How our audit addressed the Key Audit Matters
As disclosed in Note 41 to the accompanying Financial Statements the Company has adopted Indian Accounting Standards notified under section 133 of the Act read together with the Companies (Indian Accounting Standards) Rules 2015 (as amended) ("Ind AS") with effect from 1 April 2021 (1 April 2020 being the transition date) and prepared the first set of Standalone Financial Statements under Ind AS framework in the current year. We obtained adequate and appropriate audit evidences by performing additional procedure which included but not limited to the following:
This change in the financial reporting framework required an evaluation of the potential impact on the components of the financial statement. This process also required the management to apply significant judgments to identify and elect appropriate accounting policies suitable for various transactions and balances relating to the operations of the Company including electing of available options for transition of balances as at transition date to the Ind AS framework. • Obtained an understanding of management's processes and controls around adoption of Ind AS. We sought explanations from the management for areas involving complex judgments or interpretations to assess its appropriateness.
Considering the significance of the transition the complexities and the efforts involved this matter has been determined as a key audit matter for the year under audit. • Examined the implementation of exemptions availed and options chosen by the Company in accordance with the requirements of Ind AS 101 First Time Adoption of Indian Accounting Standards (Ind AS 101).
• Examined the accounting policies adopted by the Company on transition to Ind AS and assessed its appropriateness on basis of our understanding of the entity and its operations and the requirements of relevant accounting standards under the Ind AS framework.
• Examined whether the presentation and disclosures in the financial statements are in accordance with the requirements of the applicable standards and regulatory requirements.
• Examined the appropriateness and adequacy of disclosures with respect to the reconciliations prepared and presented by the management in the financial statements in accordance with Ind AS 101

Information Other than the financial statements and Auditor's report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot 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 such other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management and those charged with governance for Ind AS FinancialStatements

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 including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian accounting Standards (Ind AS) specified undersection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statement that give a true and fair view and are freefrom material misstatement 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 theManagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. Those charged with governance are also responsible foroverseeing the Company's financial reporting 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 todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

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

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 forthe financial year ended 31st March 2022 and are therefore the key auditmatters. We describe these matters in our auditors' 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 adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on thematters specified 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 the statement ofOther Comprehensive income and the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting standard) Rules 2022;

(e) On the basis of the written representations received from the directors as on 31thMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31th March 2022 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these Ind AS financial statements and theoperating effectiveness of such controls refer to our separate Report in "AnnexureB" to this report;

(g) 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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has not any pending litigation which should require to disclose on itsfinancial position.

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

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 belief asdisclosed in to the accounts no funds 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 persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall: directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever ("UltimateBeneficiaries") by or on behalf of the Company or

Provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries.

(b) The management has represented that to the best of its knowledge and belief asdisclosed in the accounts no funds have been received by the Company from any persons orentities including foreign entities ("Funding Parties") with theunderstanding whether recorded in writing or otherwise that the Company shall:

directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalfof the Funding Party or

• Provide any guarantee security or the like from or on behalf of the UltimateBeneficiaries.

(c) Based on such audit procedures as considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause

(d) (i) and (d) (ii) contain any material misstatement.

v. There has no dividend paid during the period ended 31st March 2022 bythe Company hence is in compliance with section 123 of the Act is not arise.

vi. With respect to the matter to be included in the Auditor's Report under Section197(16) of the Act: In our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) ofthe Act which are required to be commented upon by us.

For Keyur Shah & Co. Chartered Accountants FRN.: 141173W

Keyur Shah
Proprietor
Membership No.: 153774 Date: 30th May 2022
UDIN 22153774AKBGMX5270 Place: Ahmedabad

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &‘Regulatory Requirement' of our report of even date to the financial statements ofthe Company for the period ended March 31 2022:

i. Property Plant Equipment and intangible Assets: a. The Company ismaintaining proper records showing full particulars including quantitative details andsituation of Property Plant Equipment and intangible Assets;

b. The Property Plant Equipment and intangible Assets are physically verified by themanagement according to a phased programme designed to cover all the items over a periodof three years which in our opinion is reasonable having regard to the size of thecompany and nature of its assets. Pursuant to the programme a portion of the PropertyPlant Equipment and intangible Assets has been physically verified by the managementduring the year and no material discrepancies have been noticed on such verification.

c. The title deeds of all the immovable properties (other than properties where theCompany is the lessee and the lease agreements are duly executed in favour of the lessee)as disclosed in Note 2 on Property plant and equipment and Intangible assets to thefinancial statements are held in the name of the Company.

d. The Company has not revalued its Property Plant Equipment and intangible Assetsduring the year. Accordingly the reporting under clause 3(i)(d) of the Order is notapplicable to the company.

e. Based on the information and explanations furnished to us no proceedings have beeninitiated on or are pending against the Company for holding Benami property under BenamiTransactions (Prohibitions) Act 1988(as amended in 2016) (formerly the Benami Transaction(Prohibition) Act 1998(45 of 1988) and Rules made thereunder and therefore the questionof our commenting on whether the company has appropriately disclosed the details in itsfinancial statements does not arise. ii. Inventory:

1. The physical verification of inventory (excluding stocks with third parties) hasbeen conducted at reasonable intervals by the Management during the year and in ouropinion the coverage and procedures of such verification by Management is appropriate.

2. The company does not have any inventory and no working capital limits in excess offive Crore rupees (at any point of time during the year) in aggregate from banks orfinancial institutions on the basis of security of current assets. Accordingly theprovisions of clause 3(ii) of the Order are not applicable.

iii. Loans given by the Company:

The Company has not made investments in companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year. Further theCompany has not provided any guarantee or security or granted any advances in the natureof loans secured or unsecured to companies firms Limited Liability Partnerships orany other parties and hence reporting under clause iii( a) to iii(f) in not applicable.

iv. Loans to directors & Investment by the Company:

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of the loans and investments made and guarantees and security provided byit as applicable.

v. Deposits

The Company has not accepted any deposits or amounts which are deemed to be depositswithin the meaning of Sections 73 74 75 and 76 of the Act and the Rules framed thereunder to the extent notified.

vi. Cost records:

To the best of our knowledge and belief the Central Government has not specifiedmaintenance of Cost Records under sub-section (1) of Section 148 of the Act in respect ofCompany's Products/Services. Accordingly the provisions of clause 3(vi) of the Order arenot applicable.

vii. Statutory Dues:

a. According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of provident fund employees' state insurance incometax goods and services tax and labour welfare fund there were no delay in depositingundisputed statutory dues including sales tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable with theappropriate authorities.

b. There are no dues in respect of Goods and Service Tax Provident Fund EmployeesState Insurance Income Tax Sales Tax Service Tax Duty of Customs Duty of ExciseValue Added Tax Cess and Other Statutory Dues that have not been deposited with theappropriate authorities on account of any dispute.

viii. Unrecorded income

According to the information and explanations given to us and the records of theCompany examined by us there are no transactions in the books of account that has beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 that has not been recorded in the books of account.

ix. Repayment of Loans:

According to the records of the Company examined by us and the information andexplanations given to us the Company has no borrowing including debts securities duringthe year hence the provision of clause 3(ix) (a) to 3(ix) (f) is not applicable to thecompany.

x. Utilization of IPO & FPO and Private Placement and Preferential issues:

a. The Company has not raised any money by way of initial public offer and through debtinstruments by way of further public offer during the year.

b. The Company has not made preferential allotment or private placement of sharesduring the year and the requirement to report on clause 3(x) (b) of the order is notapplicable to the company.

xi. Reporting of Fraud:

a. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported duringthe year nor have we been informed of any such case by the Management.

b. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no report under Section 143(12)of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 has been filed with the Central Government. Accordingly the reporting underClause 3(xi)(b) of the Order is not applicable to the Company.

c. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us the Company has not receivedwhistle-blower complaints during the year which have been considered by us for anybearing on our audit and reporting.

xii. NIDHI Company:

As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable toit the reporting under Clause 3(xii) of the Order is not applicable to the Company.

xiii. Related Party Transaction:

The Company has entered into transactions with related parties in compliance with theprovisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required by applicableaccounting standards.

xiv. Internal Audit a) According to the information and explanations given to usthe company has an internal audit system commensurate with the size and nature of itsbusiness.

b) We have not considered the reports of the Internal Auditors for the period underaudit.

xv. Non-Cash Transaction:

The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the reporting on compliance with the provisionsof Section 192 of the Act under Clause 3(xv) of the Order is not applicable to theCompany.

xvi. Register under RBI Act 1934:

The provisions of Section 45-IA of the Reserve Bank of India Act 1934 (2 of 1934) arenot applicable to the Company. Accordingly the requirement to report on clause (xvi)(a)(b)(c) & (d) of the Order is not applicable to the Company.

xvii. Cash Losses

The Company has not incurred any cash losses in the financial year or in theimmediately preceding financial year.

xviii. Auditor's resignation

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

xix. Financial Position

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 standalone financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that the 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 facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

xx. Corporate Social Responsibility

The Provision of Section 135 of the Companies Act 2013 in relation to Corporate SocialResponsibility are not applicable to the Company during the year and hence reporting underthis clause is not applicable.

For Keyur Shah & Co. Chartered Accountants FRN.: 141173W

Keyur Shah
Proprietor
Membership No.: 153774 Date: 30th May 2022
UDIN 22153774AKBGMX5270 Place: Ahmedabad

"Annexure B" to the Independent Auditor's Report of even date on the IndAS Financial Statements of G. K. P. Printing & Packaging Limited.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of G. K. P.Printing & Packaging Limited ("the Company") as of March 31 2022 inconjunction with our audit of the Ind AS financial statements of the Company for theperiod ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management 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 company's internal financialcontrols over financial reporting with reference to these Ind AS financial statement basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note")issued by the Institute of Chartered Accountants of India and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. 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 with reference to these Ind AS financial statement was established andmaintained and if such controls 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 with reference to theseInd AS financial statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting with reference to these Ind ASfinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the Ind AS financial statementswhether due to fraud or error. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the internalfinancial controls system over financial reporting with reference to these Ind ASfinancial statements of the Company.

Meaning of Internal Financial Controls over Financial Reporting with reference to theseInd AS Financial Statements

A company's internal financial control over financial reporting with reference to theseInd AS financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples.

A company's internal financial control over financial reporting with reference to theseInd AS financial statements includes those policies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting withreference to these Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these Ind AS financial statements including the possibilityof collusion or improper management override of controls material misstatements due toerror or fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these Ind ASfinancial statements to future periods are subject to the risk that the internal financialcontrol over financial reporting with reference to these Ind AS financial statements maybecome inadequate because of changes in conditions or that the degree of compliance withthe 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 with reference to these Ind AS financial statements andsuch internal financial controls over financial reporting with reference to these Ind ASfinancial statements were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Keyur Shah & Co. Chartered Accountants FRN.: 141173W

Keyur Shah
Proprietor
Membership No.: 153774 Date: 30th May 2022
UDIN 22153774AKBGMX5270 Place: Ahmedabad

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