You are here » Home » Companies » Company Overview » Integra Engineering India Ltd

Integra Engineering India Ltd.

BSE: 505358 Sector: Industrials
NSE: N.A. ISIN Code: INE984B01023
BSE 00:00 | 16 Aug 56.30 -1.70
(-2.93%)
OPEN

59.00

HIGH

60.00

LOW

54.90

NSE 05:30 | 01 Jan Integra Engineering India Ltd
OPEN 59.00
PREVIOUS CLOSE 58.00
VOLUME 46449
52-Week high 108.50
52-Week low 52.55
P/E 22.98
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 59.00
CLOSE 58.00
VOLUME 46449
52-Week high 108.50
52-Week low 52.55
P/E 22.98
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integra Engineering India Ltd. (INTEGRAENGG) - Auditors Report

Company auditors report

To the Members of Integra Engineering India Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone Financial Statements of IntegraEngineering India Limited ("the Company") which comprise the Balance Sheetas at 31st March 2022 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the Standalone Financial Statements including a summary ofsignificant accounting policies and other explanatory information.

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 Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2022 the profit and total comprehensive income changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theCompanies Act 2013. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with theindependence requirements that are relevant to our audit of the Standalone FinancialStatements under the provisions of the Companies Act 2013 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matter How our audit addressed the matter
1 Evaluation of uncertain tax positions and litigations In assessing the potential exposure of the on-going litigation we have performed the following procedures:
The company has on-going legal matters relating to direct tax indirect tax and other matters which require significant management judgement to determine the likely outcome. • Obtaining from the management details of all completed / pending tax assessments and other litigations upto 31st March 2022;
(Refer Note 39 to the standalone financial statements) • Understanding the status of pending tax demands and potential liability for the other pending litigations;
• Involved our internal tax teams and discussing with the company's legal advisors to con firm the management's underlying assumptions and judgement for determining the potential liability and provisions and the possible outcome of the litigation.

Information other than the Standalone Financial Statement and Auditor'sReport thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in Board'sReport including Annexure to that Board's Report Corporate Governance and Shareholder'sInformation but does not include the Standalone Financial Statements and our auditor'sreport 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 during the course of our audit or otherwise appears to bematerially 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.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone Financial Statements that give a true and fair view of thefinancial position financial performance including other comprehensive income changes inequity and cash flows of the Company in accordance with the Ind AS and other accountingprinciples generally accepted in India including the accounting Standards specified underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Financial Statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of 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 scepticism 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)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls;

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management;

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause 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 of the Company ofwhich we are the independent auditors regarding among other matters the planned scopeand timing of the audit and significant audit findings including any significantdeficiencies in internal control that we identify during our audit. We also provide thosecharged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence and whereapplicable 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 auditor's 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.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 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 havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and the Cash FlowStatement dealt with by this Report are in agreement with the relevant books of account;

(d) In our opinion the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;

(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 controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B";

(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:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act; and

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 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 itsfinancial position in its standalone financial statements - Refer Note 39 to theStandalone Financial Statements;

ii. The Company did not have any long-term contracts includingderivatives 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.

iv. i. The Management has represented that to the best of it'sknowledge and belief as disclosed in Note 53(v) to the accounts 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 person(s) or entity(ies)including foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries;

ii. The Management has represented that to the best of it's knowledgeand belief as disclosed in Note 53(vi) to the accounts no funds have been received bythe company from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate

Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and

iii. Based on such audit procedures performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)contain any material mis-statement.

v. There is no dividend declared or paid during the year by the Companyand hence provisions of Section 123 of the companies Act 2013 are not applicable.

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT Referred to in Para 1'Report on Other Legal and Regulatory Requirements' in our Independent Auditor's Report tothe members of the Company on the Standalone Financial Statements for the year ended 31stMarch 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. (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment;

(B) The Company has maintained proper records showing full particularsof Intangible Assets;

(b) The company has a phased programme of physical verification of itsProperty Plant and Equipment so as to cover all assets once in three years. In accordancewith this programme certain Property Plant and Equipment were verified during the yearand no material discrepancies were noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets;

(c) Based on our verification of the documents provided to us andaccording to the information and explanations given by the management the title deeds ofall the immovable properties (other than properties where the company is the lessee andthe lease agreements are duly executed in favour of the lessee) disclosed in thestandalone financial statements are held in the name of the Company as at the balancesheet date;

(d) The company has not revalued its Property Plant and Equipment(including Right of Use assets) or intangible assets or both during the year;

(e) No proceedings have been initiated or are pending against thecompany for holding any benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder;

II. (A) As per the information and explanations given to us theinventories held by the Company have been physically verified by the management. In ouropinion having regard to the nature and the location of the stock the frequency of thephysical verification is reasonable no discrepancies of 10% or more in aggregate for eachclass of inventory were noticed on physical verification;

(B) Based on our examination of the records provided by the managementthe company has Bank overdraft facilities which is secured against fixed deposits. Thecompany is not required to submit any quarterly returns or statements to the banks andhence reporting under this clause is not applicable to the Company;

III. During the year the Company has not made investments providedany guarantee or security secured or unsecured to companies firms or Limited LiabilityPartnerships. The company has provided unsecured loans to its employees during the year;

(a) The details of unsecured loans provided by the company to itsemployees during the year are as follows:

Unsecured loans Aggregate amount granted/Provided during the year (Rs. in lakhs) Balance outstanding as at balance sheet date in respect of loans (Rs. in lakhs)
15 Employees 6.18 4.60

(b) In our opinion the terms and conditions of the grant of loans areprima facie not prejudicial to the Company's interest;

(c) The repayment of principal and payment of interest is beenstipulated and the same are regular;

(d) In respect of the aforesaid loan there is no amount which isoverdue for more than ninety days;

(e) No loan granted by the Company which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the overdues ofexisting loans given to the same parties;

(f) The Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentduring the year. Hence reporting under clause 3(iii)(f) is not applicable;

IV. In our opinion and according to the information and explanationsgiven to us provisions of Sections 185 and 186 of the Act in respect of loansinvestments guarantees and securities have been complied with;

V. The Company has not accepted any deposits or amounts which aredeemed to be deposits during the year and therefore the provisions of sections 73 to 76or any other relevant provisions of the Companies Act 2013 and the rules framedthereunder are not applicable to the Company;

VI. We have broadly reviewed the cost records maintained by the Companyas prescribed by the Central Government under sub section (1) of Section 148 of theCompanies Act and are of the opinion that prima facie the prescribed cost records havebeen made and maintained by the Company. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete;

VII. (a) In our opinion the Company is regular in depositing withappropriate authorities undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Goods and Service Tax (GST) Custom Duty Cess and otherstatutory dues as applicable. There were no undisputed amounts payable with respect toabove statutory dues in arrears as at 31st March 2022 for a period of more than sixmonths from the date they became payable;

(b) The particulars of statutory dues as at 31st March 2022 which havenot been deposited on account of disputes are as follows:

Name of the Statute Nature of Dues Amount (in lakhs) Period to which the amount relates Forum where the dispute is pending
The Income Tax Act 1961 Income Tax 25.37 A.Y. 2014-15 Commissioner of Income Tax (Appeal)
98.49 A.Y 2007-08 Income tax Tribunal
The Finance Act 1944 Service Tax 99.18 2008-09 to 2013-14 Tribunal
The Finance Act 1944 Service Tax 8.75 Dec-2016 to June 2017 Tribunal

VIII. There were no transactions which were not recorded in the booksof account 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 repayment of loans or otherborrowings or in the payment of interest thereon to any lender;

(b) The company is not declared as wilful defaulter by any bank orfinancial institution or other lender;

(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) We report that no funds raised on short-term basis have been usedfor long-term purposes by the Company;

(e) The company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries associates or joint ventures;

(f) The company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ve)ntures or associate companies;

X. (a) No moneys were raised by way of initial public offer or furtherpublic offer (including debt instruments) during the year hence reporting under thisclause is not applicable to the Company;

(b) The company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or operationallyconvertible) during the year;

XI. (a) During the course of our examination of the books of accountand records of the Company carried out in accordance with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither come across any incidence of material fraud by the Company or on the Companynoticed or reported during the year nor we have been informed of any such case by themanagement;

(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 up to the date ofthis report;

(c) According to the information and explanations given to us Companyhas not received any whistle blower complaints during the year;

XII. The company is not a Nidhi Company and hence reporting underclause (xii) of the order is not applicable;

XIII. In our opinion the Company is in compliance with Section 177 and188 of the Companies Act 2013 (where applicable) for all transactions with the relatedparties 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 and the records examined by us the company hasan internal audit system commensurate with the size and nature of its business;

(b) We have considered report of the internal auditors for the periodunder audit;

XV. According to the information and explanation given to us and basedon our examination of the records the Company has not entered into non-cash transactionswith the directors or persons connected with them. Hence the provisions of Section 192 ofthe Act are 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. Hence reporting under clause3(xvi)(a) (b) and (c) of the Order is not applicable;

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

XVII. The company has not incurred any cash losses in the financialyear and in the immediately preceding financial year;

XVIII. There has been no resignation of the statutory auditors duringthe year and accordingly the reporting under clause 3(xviii) is not applicable;

XIX. Based on our examination financial ratios ageing and expecteddates of realisation of financial assets and payment of financial liabilities otherinformation accompanying the standalone financial statements knowledge of the Board ofDirectors and management plans no material uncertainty exists as on the date of the auditreport that company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due;

XX. (a) There are no unspent amounts of Corporate Social Responsibility(CSR) towards other than ongoing projects requiring transfer to a Fund specified inSchedule VII to the Companies Act. Accordingly reporting under clause 3(xx)(a) of theorder is not applicable for the year;

(b) The company does not have any amount remaining unspent pursuant toany ongoing projects requiring transfer to special account. Accordingly reporting underclause 3(xx)(b) of the Order is not applicable for the year.

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT Report on the InternalFinancial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Integra Engineering India Limited ("the Company") as of 31stMarch 2022 in conjunction with our audit of the Standalone Financial Statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls with reference to standalone financial statements of the Company thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing prescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to standalone financialstatements of the company were established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls with reference tostandalone financial statements of the company and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat 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.

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 system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the standalonefinancial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an internal financialcontrols with reference to standalone financial statements of the Company and suchinternal financial controls over financial reporting were operating effectively as at 31stMarch 2022 based on the internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For CNK & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W-100036
Pareen Shah
Partner
Membership No.125011
Place: Halol
Date: 13th May 2022
UDIN: 22125011AIXRNS4822

.