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Galaxy Bearings Ltd.

BSE: 526073 Sector: Engineering
NSE: N.A. ISIN Code: INE020S01012
BSE 00:00 | 01 Feb 1052.00 -21.95
(-2.04%)
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NSE 05:30 | 01 Jan Galaxy Bearings Ltd
OPEN 1097.90
PREVIOUS CLOSE 1073.95
VOLUME 2048
52-Week high 1337.70
52-Week low 356.65
P/E 22.87
Mkt Cap.(Rs cr) 335
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 1097.90
CLOSE 1073.95
VOLUME 2048
52-Week high 1337.70
52-Week low 356.65
P/E 22.87
Mkt Cap.(Rs cr) 335
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Galaxy Bearings Ltd. (GALAXYBEARINGS) - Auditors Report

Company auditors report

To

The Members of

GALAXY BEARINGS LIMITED

Ahmedabad

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of GALAXY BEARINGSLIMITED (the 'Company') which comprise the Balance Sheet as at 31st March 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (the 'Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards ('Ind AS') specified under Section 133 of the Act of thestate of affairs of the Company as at 31st March 2022 and its profit (includingother comprehensive income) its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatement section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') togetherwith the ethical requirements that are relevant to our audit of the Standalone FinancialStatement under the provisions of the Act and the rules thereunder and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that in our professional judgment were ofmost significance in our audit of the standalone financial statements of the currentperiod. These matters were addressed

in the context of our audit of the standalone financial statement as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

5. Key audit matter identified in our audit is on Recognition of Revenue From Contractas follows:

Key audit matter Audit Approach
1. Revenue recognition :Revenue from Contracts
Revenue from the sale of goods is recognised upon the transfer of control of the goods to the customer usually on delivery of goods. 1. Our audit procedures included reading the Company's revenue recognition accounting policies to assess compliance with Ind AS 115 "Revenue from contracts with customers".
The Company uses a variety of shipment terms across its operating markets and this has an impact on the timing of revenue recognition. 2. We performed test of controls of management's process of recognizing the revenue from sales of goods and placed specific attention on the timing of revenue recognition as per the sales terms with the customers.
There is a risk that revenue could be recognised in the incorrect period for sales transactions occurring on and around the year end therefore revenue recognition has been identified as a key audit matter 3. We performed test of details of the sales transactions testing based on a representative sampling of the sales orders to test that the related revenues and trade receivables are recorded appropriately taking into consideration the terms and conditions of the sale orders including the shipping terms.
4. We also performed sales cut off procedures by agreeing deliveries occurring around the year end to supporting documentation to establish that sales and corresponding trade receivables are properly recorded in the correct period.

Information other than the Standalone Financial Statement and Auditor's Report thereon

6. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe Standalone Financial Statement and our auditor's report thereon. The Annual Report isexpected to be made available to us after the date of this auditor's report.

Our opinion on the Standalone Financial Statement does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statement our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the StandaloneFinancial Statement or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance and asmay be legally advised.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

7. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the state of affairs profit (including othercomprehensive income) changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Ind AS specifiedunder Section 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 Standalone Financial Statement that give a true and fair view and arefree from material misstatement whether due to fraud or error.

8. In preparing the Standalone Financial Statement management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

9. Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statement

10. Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statement as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith Standards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone Financial Statement.

11. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the StandaloneFinancial Statement whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for explaining our opinion on whether the Companyhas adequate internal financial controls system in place and the operating effectivenessof 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 Standalone Financial Statement 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 StandaloneFinancial Statement including the disclosures and whether the Standalone FinancialStatement represent the underlying transactions and events in a manner that achieves fairpresentation.

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

13. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

14. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the Standalone FinancialStatement of the current period and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

15. As required by the Companies (Auditor's Report) Order 2016 (the 'Order') issued bythe Central Government of India in terms of Section 143(11) of the Act we give in theAnnexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.

16. Further to our comments in Annexure A as required by Section 143(3) of the Act wereport that:

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

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

c) the standalone financial statements dealt with by this report are in agreement withthe books of account;

d) in our opinion the aforesaid standalone financial statements comply with Ind ASspecified under Section 133 of the Act;

e) on the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31stMarch 2022 from being appointed as a director in terms of Section 164(2) of the Act;

f) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31st March 2022 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date and ourreport as per Annexure B expressed an unmodified opinion;

g) The company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

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

i. the Company has disclosed the impact of pending litigations on its financialposition in the standalone financial statements; (Refer Note 37 to the StandaloneFinancial Statement);

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. (i) The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accounts no funds have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other persons or entities including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediaries shall whether directly or indirectly lend orinvest in the other persons or entities identified in any manner whatsoever by or onbehalf of the Company ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accounts no funds have been received by theCompany from any persons or entities including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in the other persons orentities identified in any manner whatsoever by or on behalf of the Funding Parties("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

(iii) Based on such audit procedures applied by us nothing has come to our notice thathas caused them to believe that the representations made under sub clause (i) and (ii)contain any material misstatement.

The company has not declared any dividend during the year as prescribed under Section123 of the Companies Act 2013.

ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 16 of "Report on Other Legal and RegulatoryRequirements" of our Report of

even date to the Members of GALAXY BEARINGS LIMITED for the year ended 31stMarch 2022.

1. In respect of Property Plant and Equipment :

i. (i) In our opinion and according to the information and explanations provided to usthe Company has maintained proper records showing full particulars including quantitativedetails and situation of Property Plant & Equipments.

(ii) In our opinion and according to the information and explanations provided to usthe Company has maintained proper records showing full particulars of intangible assets.

ii. The property plant and equipments were physically verified by the Managementaccording to a phased programme at regular interval which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. Pursuant to theprogramme property plant and equipments have been physically verified by the managementduring the year and no material discrepancies have been noticed on such verification.

iii. According to the information and explanations given to us the title deeds of allthe immovable properties disclosed in the financial statements are held in the name of thecompany.

iv. According to the information and explanations given to us the company has notrevalued its Property Plant & Equipments or intangible assets during the year.

v. According to the information and explanations given to us no proceedings have beeninitiated or pending against the company for holding any Benami property under the BenamiTransaction (Prohibition) Act 1988 and rules made there under.

2. In respect of its Inventories :

(a) As per the information and explanations given to us the physical verification ofinventories has been conducted at reasonable intervals by the management. In our opinionthe coverage and procedure of such verification by management is appropriate and nomaterial discrepancies of 10% or more in aggregate for each class of inventory werenoticed on such physical verification.

(b) According to the information and explanation given to us and relevant recordsproduced the company has been sanctioned working capital limit of Rs. 9.30 Crores inaggregate. Copies of quarterly statement and return furnished to bank have also been madeavailable for our verification. We have verified the same on random sampling basis andfound the same in agreement with books of accounts. Discrepancies noticed during theverification were reasonably explained by the management.

3. In respect of Loans and Advances granted during the year:

According to the information and explanations given to us the company has not made anyinvestments 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. Accordingly the clauses 3(iii) (a) to (f) of theCompanies (Auditor's Report) Order 2020 are not applicable to the company.

4. Loans Investments and Gurantees:

According to the information and explanations given to us the company has not grantedany loans or made any investments or provided any guarantees or security during the yearto the parties covered under section 185 and 186 of the companies Act 2013.Thereforeclause3(iv) of the Companies (Auditor's Report) Order 2020 is not applicable tothe company.

5. In respect of Deposits:

According to the information and explanations given to us during the year the companyhas not accepted any deposits or amount which are deemed to be deposits and hence thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed there under arenot applicable to the company. Accordingly clause 3(v) of Companies (Auditor's Report)Order 2020 is not applicable.

6. In Respect of Cost Records:

According to the information and explanations given to us we have broadly reviewed thebooks of account maintained by the Company pursuant to the order of the Central Governmentfor maintenance of cost records under sub section (1) of section 148 of the Companies Act2013 and are of the opinion that prima facie the prescribed records have been made andmaintained. We have however not made a detailed examination of the records with a viewto determining whether they are accurate or complete.

7. In respect of Statutory Dues :

(a) According to the information and explanations given to us the Company is by andlarge regular in depositing with appropriate authorities undisputed statutory duesincluding Goods and Service Tax Provident Fund Employees State Insurance Income TaxDuty of Customs cess and any other material statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect statutory dues were outstanding as at 31st March2022 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us and the records of thecompany examined by us there were no dues of Goods and Service Tax Provident FundEmployees State Insurance Duty of Customs cess which have not been deposited on accountof any dispute except fol owing.

Act Nature of Dues F.Y. Amounts Forum Remarks
Gujarat Value Added Tax Act VAT 2016-17 19.65 Lacs Dy. Commissioner of Commercial Tax (Appeal)

8. In Respect of Undisclosed Income Discovered in Income tax Assessment:

According to the information and explanation given to us and based on the records ofthe company examined by us there were no transactions that were not recorded in books ofaccounts and have been surrendered or disclosed as income during the year in the taxassessments under the Income

Tax Act 1961. Hence clause 3(viii) of Companies (Auditor's Report) Order 2020 is notapplicable to the company.

9. In respect of Repayment of Loans:

(a) According to the information and explanation given to us and the records of thecompany examined by us the Company has not taken any term loan during the year and henceclause

3 (ix)(a) (c) & (d) of the Companies (Auditor's Report) Order 2020 is notapplicable to the Company.

(b) According to the information and explanation given to us the company is notdeclared as willful defaulter by any bank or financial institution or other lenders.

(c) According to the information and explanation given to us and the records of thecompany examined by us the company has not taken any funds from any entity or person tomeet obligations of its subsidiaries associates or joint ventures. Hence reporting underclause 3 (ix) (e) of the Companies (Auditor's Report) Order 2020 is not applicable to theCompany.

(d) According to the information and explanation given to us and the records of thecompany examined by us the company has not has raised any loans during the year on thepledge of securities held in its subsidiaries joint ventures or associate companies.Hence clause 3 (ix)(f) of the Companies (Auditor's Report) Order 2020 is not applicableto the Company.

10. In Respect of Public Offerings:

(a) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments).Accordingly clause 3 (x)(a) of the Companies(Auditor's Report) Order 2020 is not applicable to the Company.

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures during the year. Accordingly clause 3(x)(b) of the Companies(Auditor's Report) Order 2020 is not applicable to the Company.

11. (a)According to the information and explanation given to us and the records of thecompany examined by no fraud by the Company or no material on the company has been noticedor reported during the year.

(b) According to the information and explanation given to us and the records of thecompany examined by us no report under sub-Section (12) of Section 143 of the CompaniesAct2013 has been filed by the auditors in Form ADT-4 as prescribed under rule 13 ofCompanies (Auditor and Auditor) Rules 2014 with the Central Government.

(c) According to the information and explanation given to us and the records of thecompany examined by us no whistle-blower complaints were received during the year by thecompany.

12. As the company is not a Nidhi Company the Nidhi Rules 2014 are not applicable toit. Accordingly provisions of clause (xii) (a) to (c) of the Company's (Auditor's Report)Order 2020 are not applicable to the Company.

13. According to the information and explanation given to us and the records of thecompany examined the company is in compliance with section 177 and 188 of the CompaniesAct 2013 where applicable for all transactions with the related parties and the detailsof related part transactions have been disclosed in the standalone financial statements asrequired under Indian Accounting Standard (Ind AS) 24 "Related Party Disclosure"specified under section 133 of the act.

14. In Respect of Internal Audit:

(a) In our opinion and according to the information and explanations given to us thecompany has an internal audit system commensurate with the size and nature of its businessof the company.

(b) We have considered the report of the internal auditor for the period under audit.

15. According to the information and explanation given to us and the records of thecompany examined the Company has not entered in to any non-cash transactions with itsdirectors or persons connected with him. Accordingly clause 3(xv) of the Companies(Auditor's Report) Order 2020 is not applicable to the Company.

16. In Respect to the Provisions of Reserve Bank Of India Act 1934:

(a) The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause (xvi)(a) of the Company's (Auditor's Report)Order 2020 is not applicable to the company.

(b) According to the information and explanation given to us and the records of thecompany examined by us the company has not conducted any Non-Banking Financial or HousingFinance activities. Accordingly clause (xvi)(b) of the Company's (Auditor's Report)Order 2020 is not applicable to the company.

(c) According to the information and explanation given to us the company is not a CoreInvestment Company (CIC) as defined in the regulations made by the Reserve Bank of India.Hence clause (xvi)(c) & (d) of the Company's (Auditor's Report) Order 2020 is notapplicable to the company.

17. The Company has not incurred any cash losses in the financial year under review andimmediately preceding financial year. Accordingly clause (xvii) of the Company's(Auditor's Report) Order 2020 is not applicable to the company.

18. There has been no resignation of the statutory auditors during the year underconsideration. Accordingly clause (xviii) of the Company's (Auditor's Report) Order 2020is not applicable to the company.

19. According to the information and explanation given to us and on the basis offinancial ratios ageing and expected date of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements andBoard of Directors and Management plans we are of the opinion that no materialuncertainty exists as on the balance sheet date that company is capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date.

20. According to the information and explanation given to us and the records of thecompany examined by us there were no unspent amount required to be transferred to specialaccount as required by Section 135 of the Companies Act2013. Accordingly provisions ofsub clause (a) and (b) of clause (xx) of the Company's (Auditor's Report) Order 2020 arenot applicable to the company.

21. The Company is not required to prepare the consolidated financial statement for theyear under consideration. Accordingly clause (xxi) of the Company's (Auditor's Report)Order 2020 is not applicable to the company.

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 16 (f) of "Report on Other Legal and RegulatoryRequirements" of our Report of even date to the Members of GALAXY BEARING LIMITED forthe year ended 31st March 2022.

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 GALAXYBEARING LIMITED as of 31st March 2022 in conjunction with our audit of thestandalone financial statements of the Company for the year 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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

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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone Financial Statement for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1)Pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) Provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneFinancial Statement in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneFinancial Statement.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

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

For Samir M Shah & Associates
Chartered Accountants
[Firm Regd. No. 122377W]
Place : Ahmedabad
Date : 21/05/2022
(Samir M Shah)
Partner
[M. No. 111052]
(UDIN: 22111052AJJIXC4191)

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