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Garware Technical Fibres Ltd.

BSE: 509557 Sector: Industrials
NSE: GARFIBRES ISIN Code: INE276A01018
BSE 00:00 | 25 Nov 3323.15 16.75
(0.51%)
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3309.70

HIGH

3360.45

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3308.10

NSE 00:00 | 25 Nov 3324.35 20.35
(0.62%)
OPEN

3320.50

HIGH

3365.00

LOW

3302.45

OPEN 3309.70
PREVIOUS CLOSE 3306.40
VOLUME 550
52-Week high 3752.55
52-Week low 2611.20
P/E 41.76
Mkt Cap.(Rs cr) 6,852
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3309.70
CLOSE 3306.40
VOLUME 550
52-Week high 3752.55
52-Week low 2611.20
P/E 41.76
Mkt Cap.(Rs cr) 6,852
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garware Technical Fibres Ltd. (GARFIBRES) - Auditors Report

Company auditors report

To

The Members

GARWARE TECHNICAL FIBRES LIMITED

1. Opinion

We have audited the accompanying Standalone Financial Statements ofGARWARE TECHNICAL FIBRES LIMITED (hereinafter referred to as "the Company")which comprise the Standalone Balance Sheet as at 31st March 2022 the StandaloneStatement of Profit and Loss (including Other Comprehensive Income) Standalone Statementof Changes in Equity and Standalone Statement of Cash Flows for the year then ended andnotes to Standalone Financial Statements including a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"Standalone Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2022 its profit and other comprehensive income its changes in equity and its cash flowsfor the year ended on that date.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Financial Statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

3. Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matter described below to bethe key audit matters to be communicated in our report.

Key Audit Matter How our audit addressed the key audit matter
Inventory Existence: Our procedures included but were not limited to the following:
The inventory's carrying value in the Balance Sheet as at 31st March 2022 is Rs 19324.86 lakhs. We attended inventory counts at locations selected based on financial significance and risk. Where locations were not attended we tested certain controls over inventory existence across the Company. For locations attended we performed the following procedures at each site:
The inventory of the Company is held across various locations including its Plants Sales Depots Warehouses and Contract Manufacturers' locations. • Selected a sample of inventory items and compared the quantities we counted to the quantities recorded
We focussed on this matter because of the: • Observed a sample of management's inventory count procedures to assess compliance with the Company policy
• significance of the inventory balance to the profit and statement of financial position • Made enquiries regarding obsolete inventory items and looked at the condition of items counted
• Complexity involved in determining inventory quantities on hand due to the number and diversity of inventory storage locations There were no significant exceptions noted from these procedures. We tested a sample of inventory items to assess whether they were recorded at a value higher than that for which they could be sold. We did not identify any exceptions.

4. Information other than the Financial Statements and Auditor's Reportthereon

The Company's management and Board of Directors are responsible for theother information. The other information comprises the information included in theCompany's annual report but does not include the Financial Statements and our auditors'report thereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

5. Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements The Company's Management and Board of Directors areresponsible for the matters stated in Section 134(5) of the Act with respect to thepreparation of these Standalone Financial Statements that give a true and fair view of thestate of affairs profit/loss and other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management and Boardof Directors are 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.

The Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

6. Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. underSection 143(3)? of the Act we are also responsible for expressing our opinion on whetherthe Company has adequate internal financial controls with reference to StandaloneFinancial Statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures in the Standalone FinancialStatements made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management's and Board ofDirectors use of the going concern basis of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions that maycast significant doubt on the Company's ability to continue as a going concern. If weconclude that a material uncertainty exists we are required to draw attention in ourauditor's report to the related disclosures in the Standalone Financial Statements or ifsuch disclosures are inadequate to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditors' report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

7. Report on Other Legal and Regulatory Requirements I. As required bySection 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c. The Standalone Balance Sheet the Standalone Statement of Profit andLoss (including other comprehensive income) the Standalone Statement of Changes in Equityand the Standalone Statement of Cash Flows dealt with by this Report are in agreement withthe books of account.

d. In our opinion the aforesaid Standalone Financial Statements complywith the Accounting Standards (Ind AS) specified under Section 133 of the Act.

e. On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls withreference to Standalone Financial Statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".

g. With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended: Inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its directors during the year is in accordancewith the provisions of Section 197 of the Act.

h. With respect to other matters to be included in the Auditors' Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on itsfinancial position- Refer Note No. 43 to the Standalone Financial Statement.

(ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31st March 2022.

(iv) (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

(v) With respect to dividends

a. The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

b. There was no interim dividend declared by the Company.

c. The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with Section 123 of the Act asapplicable.

II.As required by the Companies (Auditor's Report) Order 2020 (the"Order") issued by the Central Government in terms of Section 143(11) of theAct we give in "Annexure B" a statement on the matters specified in paragraphs3 and 4 of the Order.

For Mehta Chokshi & Shah LLP
Chartered Accountants
(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Place: Mumbai M. No.: 046088
Date: 5th May 2022 UDIN: 22046088AIKVUA4295

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT ON THESTANDALONE FINANCIAL STATEMENTS OF GARWARE TECHNICAL FIBRES LIMITED FOR THE YEAR ENDED31ST MARCH 2022 Report on the internal financial controls with reference to the AforesaidStandalone Financial Statements under Clause (i) of Sub-Section 3 of Section 143 of theCompanies Act 2013.

Opinion

We have audited the internal financial controls with reference toStandalone Financial Statements of Garware Technical Fibres Limited (hereinafter referredto as "the Company") as of 31st March 2022 in conjunction with our audit of theStandalone Financial Statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference to Standalone Financial Statements and suchinternal financial controls were operating effectively as at 31st March 2022 based onthe internal financial controls with reference to Standalone Financial Statements criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (the "Guidance Note").Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible forestablishing and maintaining internal financial controls based on the internal financialcontrols with reference to Standalone Financial Statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 (hereinafterreferred to as "the Act").

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to Standalone Financial Statements based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls with reference to Standalone Financial Statements. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to Standalone Financial Statements were established andmaintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to Standalone FinancialStatements and their operating effectiveness. Our audit of internal financial controlswith reference to Standalone Financial Statements included obtaining an understanding ofsuch internal financial controls assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the Standalone Financial Statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial controls with reference to StandaloneFinancial Statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of Standalone Financial Statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal financial controls with reference to Standalone Financial Statementsinclude those policies and procedures that (1) pertain to the maintenance of records thatin reasonable detail accurately and fairly reflect the transactions and dispositions ofthe assets of the company; (2) provide reasonable assurance that transactions are recordedas necessary to permit preparation of Standalone Financial Statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorizations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls withreference to Standalone Financial Statements 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 with reference to Standalone Financial Statements to future periods are subjectto the risk that the internal financial controls with reference to Standalone FinancialStatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

For Mehta Chokshi & Shah LLP
Chartered Accountants
(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Place: Mumbai M. No.: 046088
Date: 5th May 2022 UDIN: 22046088AIKVUA4295

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT ON THESTANDALONE FINANCIAL STATEMENTS OF GARWARE TECHNICAL FIBRES LIMITED FOR THE YEAR ENDED31ST MARCH 2022

To the best of our information and according to the explanationsprovided to us by the Company and the books of account and records examined by us in thenormal course of audit we state that:

(i) In respect of the Company's Property Plant and Equipment andIntangible Assets:

(a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant and equipmentand investment properties.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) The Company has a regular programme of physical verification of itsproperty plant and equipment by which all material items of property plant and equipmentare periodically verified by the management according to phased programme. In our opinionthe periodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.

(c) The title deeds of immovable properties are held in the name of theCompany.

(d) During the year the Company has not made any revaluation of itsproperty plant and equipment or its intangible assets. Accordingly paragraph 3(i)(d) ofthe Order is not applicable.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at 31st March 2022 for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder.

(ii) (a) The management has conducted physical verification ofinventory at reasonable intervals during the year. No material discrepancies were noticedon the aforesaid verification.

(b) The Company has been sanctioned working capital limits in excess ofRs 5 crore in aggregate at any points of time during the year from banks on the basisof security of current assets. Monthly returns/statements filed by the Company with thebanks are in agreement with books of accounts.

(iii) During the year the Company has made investment only in aSection 8 wholly owned subsidiary company namely Garware Technical Fibres Foundation andhas not granted any loan/guarantee/securities to any companies firms or LLPs. During theyear the Company has granted loan only to its employees and hence in our opinionreporting under paragraph 3 (iii) of the Order is not applicable.

(iv) During the year the Company has made investment only in a Section8 wholly owned subsidiary company namely Garware Technical Fibres Foundation and has notgranted any loan/guarantee/securities to any companies firms or LLPs. During the yearthe Company has granted loan only to its employees and hence in our opinion reportingunder paragraph 3 (iv) of the Order regarding compliance with the provisions of Section185 and Section 186 of the Act is not applicable.

(v) The Company has not accepted deposits as per the directives issuedby the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the rules framed thereunder. Accordingly paragraph 3 (v) of theOrder is not applicable to the Company.

(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the rules prescribed by the Central Government for the maintenance ofcost records under Section 148(1) of the Act with respect to the Company's products andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained. However we have not made a detailed examination of the cost records witha view to determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income Tax Goodsand Service Tax Customs Duty Cess and other material statutory dues applicable to itwith the appropriate authorities. There were no undisputed amounts payable in respect ofProvident Fund Employees' State Insurance Income Tax Goods and Service Tax CustomsDuty Cess and other material statutory dues in arrears as at 31st March 2022 for aperiod of more than six months from the date they became payable.

(b) Details of dues of Income Tax Sales Tax Service Tax Value AddedTax and Goods and Service Tax which have not been deposited as at 31st March 2022 onaccount of dispute are given below:

Name of the Statute Nature of Dues Forum where Dispute is Pending Period to which Amount relates Amount (Rs in lakhs) not deposited
Sales Tax Laws State and Central Sales Tax Deputy Commissioner of Sales Tax (Appeals) - Delhi 1999-2000 0.78
2000-01 3.43
2001-02 1.65
2002-03 1.29
Deputy Commissioner of Commercial Tax (Appeals) - Chennai 2006-07 2.00
Income Tax Act Income Tax Income Tax Department 2013-14 541.51
2014-15 401.97
2015-16 280.72
2016-17 126.17
2017-18 205.44
2018-19 844.40
2019-20 723.64
Total 3133.00

(viii) There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

(ix) (a) The Company has not defaulted in the repayment of dues tobanks. The Company does not have any outstanding dues to financial institutions debentureholders and Government.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and thereare no outstanding term loans at the beginning of the year and hence reporting underclause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany funds raised on short term basis have prima facie not been used during the yearfor long-term purposes by the Company.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries.

(f) The Company has not raised any loans on security of assets of itssubsidiaries / associates / joint ventures.

(x) (a)The Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments) and has not obtained any termloans during the year. Accordingly paragraph 3 (ix) of the Order is not applicable.

(b)During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under paragraph 3(x)(b) of the Order is not applicable.

(xi) (a) No fraud by the Company and no material fraud on the Companyhas been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) No whistle-blower complaints received during the year by theCompany.

(xii) The Company is not a Nidhi Company and hence reporting underparagraph 3 (xii) of the Order is not applicable.

(xiii) In our opinion the Company is in compliance with Section 177and 188 of the Companies Act 2013 with respect to applicable transactions with therelated parties and the details of related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b)We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

(xv) In our opinion during the year the Company has not entered intonon-cash transactions with Directors or persons connected with the Directors. Accordinglyparagraph 3(xv) of the Order is not applicable.

(xvi) (a) In our opinion the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3 (xvi)(a) (b) and (c) of the Order is not applicable.

(b)In our opinion there is no core investment company within the Group(as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under paragraph 3(xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

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

(xix) On the basis of the financial ratios ageing and expected datesof realisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts 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) (a) There are no unspent amounts towards Corporate SocialResponsibility (CSR) on other than ongoing projects requiring a transfer to a Fundspecified in Schedule VII to the Companies Act in compliance with second proviso tosub-section (5) of Section 135 of the said Act. Accordingly reporting under paragraph3(xx)(a) of the Order is not applicable for the year.

(b) In respect of ongoing projects the Company has transferred unspentCorporate Social Responsibility (CSR) amount as at the end of the previous financial yearto a Special account within a period of 30 days from the end of the said financial year incompliance with the provision of section 135(6) of the Act.

For Mehta Chokshi & Shah LLP
Chartered Accountants
(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Place: Mumbai M. No.: 046088
Date: 5th May 2022 UDIN: 22046088AIKVUA4295

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