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Hindprakash Industries Ltd.

BSE: 543645 Sector: Industrials
NSE: HPIL ISIN Code: INE05X901010
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OPEN 80.50
PREVIOUS CLOSE 79.99
VOLUME 336
52-Week high 116.95
52-Week low 79.00
P/E 55.94
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 80.50
CLOSE 79.99
VOLUME 336
52-Week high 116.95
52-Week low 79.00
P/E 55.94
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hindprakash Industries Ltd. (HPIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

HINDPRAKASH INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the standalone financial statements of Hindprakash IndustriesLimited ("the Company") which comprise the standalone balance sheet as at 31stMarch 2022 the standalone statement of profit and loss and the standalone statement ofcash flows for the year then ended and notes to the standalone financial statementsincluding a summary of 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 trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2022 and profit and its cash flowsfor the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements 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 together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics.

4. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the standalone financial statements.

Key Audit Matters

5. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

The key audit matter How the matter was address in our audit
Revenue Recognition: In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
Revenue of the Company mainly comprises of sale of goods to its customers. Revenue from sale of goods is recognized when control is transferred to the customer and there is no other unfulfilled obligation. This requires detailed analysis of each contract/ customer purchase order regarding timing of revenue recognition. Inappropriate assessment could lead to a risk of revenue being recognized on sale of goods before the control in the goods is transferred to the customer. Accordingly timing of recognition of revenue is a key audit matter. - Assessing the Company's accounting policies for revenue recognition by comparing with the applicable accounting standards;
- Testing the design implementation and operating effectiveness of key internal controls over timing of recognition of revenue from sale of goods;
- Performed testing on selected samples of customer contracts/ customer purchase orders. Checked terms and conditions related to acceptance of goods acknowledged delivery receipts and tested the transit time to deliver the goods and its revenue recognition. Our tests of details focused on cut-off samples to verify only revenue pertaining to current year is recognized based on delivery documents along with terms and conditions set out in customer contracts/ customer purchase orders.

Information Other than the Standalone Financial Statements and Auditors' Report thereon

6. The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexure to Board's Report (but does not include the standalone financialstatements and our auditor's report thereon) and the rest of the Annual Report (the"Other Information"). The Other Information is expected to be made available tous after the date of this auditor's report.

Our opinion on the standalone financial statements 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 statements 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 statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated.

When we read the other information if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

Responsibility of Management and for the Standalone Financial 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 financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the standalone financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

8. In preparing the standalone financial statements 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. The Board of Directors is also responsible for overseeing the Company's financialreporting process.

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

10. Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements 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 SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

11. 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 standalonefinancial statements 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 expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern;

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

12. Materiality is the magnitude of misstatements in the standalone financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the standalone financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the standalone financialstatements.

13. 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.

14. 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.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

16. 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 standalone balance sheet the standalone statement of profit and loss and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

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

f) With respect to the adequacy of the internal financial controls over financialreporting with reference to standalone financial statements of the Company and theoperating effectiveness of such controls refer to our separate Report in 'Annexure A';

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impact its financialposition.

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 during the year ended 31st March 2022.

iv. (a) The management has represented that to the best of its knowledge and beliefas disclosed in Note 26(16)(j) to the standalone financial statements no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other persons or entities includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise 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 orthe like to or on behalf of the Ultimate Beneficiaries.

(b) The management has represented that to the best of its knowledge and belief asdisclosed in 26(16)(k) to the standalone financial statements no funds have been receivedby the Company from any persons or entities including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany 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 ofthe Ultimate Beneficiaries.

(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 16(g)(iv)(a) and 16(g)(iv)(b) contain any materialmisstatement.

v. The dividend declared or paid during the year by the Company is in compliance withSection 123 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of Section 197 of the Act. The remuneration paid to any director is not inexcess of the limit laid down under Section 197(16) of the Act. The Ministry of CorporateAffairs has not prescribed other details under Section 197(16) of the Act which arerequired to be commented upon by us.

17. As required by the Companies (Auditor's Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the 'Annexure B' a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

KUNAL KEDIA
(M. No.: 149403) Partner
for and on behalf of
K K A K & CO
Chartered Accountants
FRN: 148674W
UDIN: 22149403AJTCXQ6710
Ahmedabad; May 27 2022

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO THE MEMBERSOF HINDPRAKASH INDUSTRIES LIMITED on audit of the Standalone Financial Statements For theyear ended 31st MARCH 2022

(Referred to in para 16 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Independent Auditors' Report on the Internal Financial Controls with reference toStandalone Financial Statements under clause (i) of Sub-Section 3 Of Section 143 of theCompanies Act 2013 ("the Act")

Opinion

1. We have audited the internal financial controls over financial reporting withreference to Standalone Financial Statements of Hindprakash Industries Limited ("theCompany") as at 31st March 2022 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

2. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols over financial reporting with reference to the standalone financial statementsand such internal financial controls over financial reporting with reference to thestandalone financial statements were operating effectively as at 31st March 2022 based onthe internal financial controls over financial reporting with reference to the standalonefinancial statements criteria established by the Company considering the essentialcomponents of such internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

3. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct its business including adherence to Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

4. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to the standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note and theStandards on Auditing prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls over financial reporting withreference to standalone financial statements. Those Standards and the Guidance Noterequire that 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 the standalone financial statements was established andmaintained and if such controls operated effectively in all material respects.

5. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls over financial reporting with reference to thestandalone financial statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting with reference to the standalone financialstatements included obtaining an understanding of internal financial controls overfinancial reporting with reference to the standalone financial statements assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error.

6. 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 overfinancial reporting with reference to the standalone financial statements.

Meaning of Internal Financial Controls over Financial Reporting with Reference to theStandalone Financial Statements

7. A company's internal financial controls over financial reporting with reference tothe standalone financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of the standalonefinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial controls over financial reportingwith reference to the standalone financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and payments of the company are beingmade only in accordance with authorisations of management and directors of the Company;and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting withReference to the Standalone Financial Statements

8. Because of the inherent limitations of internal financial controls over financialreporting with reference to the standalone 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 the standalonefinancial statements to future periods are subject to the risk that the internal financialcontrols over financial reporting with reference to the standalone financial statementsmay become inadequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

KUNAL KEDIA
(M. No.: 149403) Partner
for and on behalf of
K K A K & CO
Chartered Accountants
FRN: 148674W
UDIN: 22149403AJTCXQ6710
Ahmedabad; May 27 2022

"ANNEXURE B" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO THE MEMBERSOF HINDPRAKASH INDUSTRIES LIMITED on the Standalone Financial Statements For the yearended 31st MARCH 2022

(Referred to in paragraph 17 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Report on the Matters Specified Paragraphs 3 and 4 of the Companies (Auditor's Report)Order 2020 ("the Order") Issued by the Central Government in Terms of Section143(11) of the Companies Act 2013 ("the Act")

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

1 (a) (A) The Company has maintained records showing full particulars includingquantitative details and situation of property plant and equipment (PPE) which in ouropinion are proper.

(B) The Company has maintained records showing full particulars of intangible assetswhich in our opinion are proper.

(b) The Company has a regular programme of physical verification of its PPE by whichPPE are verified in a phased manner over a period of three years. In accordance with thisprogramme certain PPE were verified during the year. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its PPE. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties (other than immovable properties where theCompany is the lessee and the lease agreements are duly executed in favour of the lessee)disclosed in the standalone financial statements are held in the name of the Companyexcept for the following:

Description of property Gross carrying value Held in the name of Whether promoter director or their relative or employee Period held Reason for not being held in the name of Company
Lease hold Land - Saykha - T 10 to T 12 Rs. 824.08 Lakhs Offer cum Allotment Letter in the name of Hindprakash Industries Private Limited. Offer cum Allotment letter issued by Gujarat Industrial Development Corporation on 06/11/2018 No 06/11/2018 Execution of lease deeds is under process

(d) The Company has not revalued its PPE or intangible assets or both during the year.

(e) There are no proceedings initiated or pending against the Company for holding anybenami property under the Prohibition of Benami Property Transactions Act 1988 (asamended in 2016) and rules made there under.

2 (a) The inventory except goods-in-transit has been physically verified by themanagement during the year. For goods-in-transit subsequent evidence of delivery has beenverified. In our opinion the frequency of such verification is reasonable and proceduresand coverage as followed by the management were appropriate. No discrepancies were noticedon verification between the physical stocks and the book records that were more than 10%in the aggregate of each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets. The quarterly returns or statements filed by the Company with such banksor financial institutions are generally in agreement with the books of account of theCompany. The Details of the same is given in notes to the account No materialdiscrepancies were noticed.

3 (a) The aggregate amount during the year and balance outstanding at the balancesheet date with respect to loans or advances in the nature of loans and guarantees orsecurity (A) to subsidiaries joint ventures and associates and (B) to parties other thansubsidiaries joint ventures and associates are as under:

(Rs. in Lakhs)

Aggregate amount granted/ provided during the year Loans Advances in nature of loans Guarantees Security
• Subsidiaries - - - -
• Joint Ventures - - - -
• Associates - - - -
• Others 2459.00 - - -
Balance Outstanding as at balance sheet date in respect of above cases Loans Advances in nature of loans Guarantees Security
• Subsidiaries - - - -
• Joint Ventures - - - -
• Associates - - - -
• Others - - - -

(b) In our opinion the terms and conditions of the grant of loans and advances in thenature of loans as referred to in 3(a) above prima facie are not prejudicial to theinterest of the Company.

(c) In respect of loans and advances in the nature of loans the schedule of repaymentof principal and payment of interest has been stipulated and the repayments or receiptsare regular.

(d) There is no amount overdue remaining outstanding as at the year end.

(e) There is no loan or advance in the nature of loan granted which has fallen dueduring the year which has been renewed or extended or fresh loans granted to settle theoverdues of existing loans given to the same parties.

(f) The Company has not granted loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment.

4 In our opinion the Company has complied with the provisions of Sections 185 and 186of the Act in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5 The Company has not accepted any deposits or amounts which are deemed to be depositsfrom the public.

Accordingly clause 3(v) of the Order is not applicable.

6 We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148 of the Act and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not carried out a detailedexamination of the same.

7 (a) Amounts deducted/ accrued in the books of account in respect of undisputedstatutory dues including goods and service tax provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have been generally regularly depositedduring the year by the Company with the appropriate authorities.

No undisputed amounts payable in respect of goods and service tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues were in arrears as at 31stMarch 2022 for a period of more than six months from the date they became payable.

(b) There are no dues of income-tax sales-tax service tax goods and service taxduty of customs duty of excise and value added tax which have not been deposited as on31st March 2022 on account of any dispute.

8 The Company has not surrendered or disclosed any transactions previously unrecordedas income in the books of account in the tax assessments under the Income Tax Act 1961as income during the year. Accordingly clause 3(viii) of the Order is not applicable.

9 (a) The Company has not defaulted in the repayment of loans or borrowings or in thepayment of interest thereon to any lenders.

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

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

(d) On an overall examination of the standalone financial statements of the Company inour opinion no funds raised on short-term basis have been used for long-term purposes bythe Company.

(e) The Company does not hold any investment in any subsidiary companies associatecompanies or joint ventures as defined under the Act. Accordingly clause 3(ix)(e) of theOrder is not applicable.

(f) The Company does not hold any investment in any subsidiary companies associatecompanies or joint ventures as defined under the Act. Accordingly clause 3(ix)(f) of theOrder is not applicable.

10 (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). Accordingly clause 3(x)(a) of the Order is notapplicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partly or optionally convertible)during the year and accordingly paragraph 3 (x)(b) of the order is not applicable to theCompany.

11 (a) No fraud by the Company or on the Company has been noticed or reported duringthe course of the audit.

(b) No report under sub-section (12) of Section 143 of the Act has been filed by theauditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) There are no whistle blower complaints received by the Company during the year.

12 The Company is not a Nidhi Company. Accordingly clauses 3(xii)(a) 3(xii)(b) and3(xii)(c) of the Order are not applicable.

13 In our opinion the Company's transactions with its related parties are incompliance with section 177 and 188 of the Act where applicable and the details of therelated party transactions have been disclosed in the standalone financial statements asrequired by the applicable accounting standards.

14 (a) In our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

15 In our opinion the Company has not entered into non-cash transactions covered underthe provisions of Section 192 of the Act with its directors or persons connected with itsdirectors. Accordingly paragraph 3 (xv) of the order is not applicable to the Company.

16 (a) & (b) In our opinion the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) andclause 3(xvi)(b) of the Order is not applicable.

(c) & (d) In our opinion the Company is not a Core Investment Company (CIC) asdefined in the regulations made by the Reserve Bank of India. Accordingly clause3(xvi)(c) and clause 3(xvi)(d) of the Order is not applicable.

17 The Company has not incurred cash losses in the current and in the immediatelypreceding financial year.

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

19 On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thestandalone financial statements our knowledge of the Board of Directors and managementplans and based on our examination of the evidence supporting the assumptions nothing hascome to our attention which causes us to believe that any material uncertainty exists ason the date of the audit report that Company is not capable of meeting its liabilitiesexisting at the date of standalone balance sheet as and when they fall due within a periodof one year from the standalone balance sheet date. We however state that this is not anassurance as to the future viability of the Company. We further state that our reportingis based on the facts up to the date of the audit report and we neither give any guaranteenor any assurance that all liabilities falling due within a period of one year from thestandalone balance sheet date will get discharged by the Company as and when they falldue.

20 There is no unspent amount under sub-section (5) of section 135 of the Act pursuantto any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are notapplicable.

KUNAL KEDIA
(M. No.: 149403) Partner
for and on behalf of
K K A K & CO
Chartered Accountants
FRN: 148674W
UDIN: 22149403AJTCXQ6710
Ahmedabad; May 27 2022

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