You are here » Home » Companies ยป Company Overview » Ironwood Education Ltd

Ironwood Education Ltd.

BSE: 508918 Sector: Others
NSE: N.A. ISIN Code: INE791H01011
BSE 00:00 | 27 Jan 25.00 0.90
(3.73%)
OPEN

25.30

HIGH

25.30

LOW

23.50

NSE 05:30 | 01 Jan Ironwood Education Ltd
OPEN 25.30
PREVIOUS CLOSE 24.10
VOLUME 1251
52-Week high 48.90
52-Week low 19.70
P/E
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 25.30
CLOSE 24.10
VOLUME 1251
52-Week high 48.90
52-Week low 19.70
P/E
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ironwood Education Ltd. (IRONWOODEDUCA) - Auditors Report

Company auditors report

TO THE MEMBERS OF IRONWOOD EDUCATION LIMITED (FORMERLY KNOWN ASGREYCELLS EDUCATION LIMITED)

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial statements of IronwoodEducation Limited (Formerly known as Greycells Education Limited) ("theCompany") which comprise the Balance Sheet as at 31st March 2022the Statement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "the financialstatements").

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 Standards("Ind AS") prescribed under Section 133 of the act read with the Companies(Indian Accounting Standards) Rules 2015 as amended and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch2022 and its loss and total comprehensive income changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor?sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI?s Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Emphasis of Matter

We draw attention to Note no 31 to standalone financial statementswhich states that no impairment of the cost of investment in the wholly ownedsubsidiary-EMDI (Overseas) FZ LLC Dubai has been provided in the financial statementsfor the reason stated in the note.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined that there are no key audit mattersto communicate in our report.

Information Other than the Financial Statements and Auditor?sReport Thereon

The Company?s Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Report Board?s Report includingAnnexures to Board?s Report and Shareholder?s Information but does not includethe financial statements and our auditor?s report thereon. The above mentionedreports are expected to be made available to us after the date of this auditor?sreport.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge 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.

Responsibilities of Management for the standalone financial statements

The Company?s Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation and presentation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance total comprehensive income cash flows and changes inequity of the Company in accordance with the IND AS and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding 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 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 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 responsible for overseeing theCompany?s financial reporting process.

Auditors? Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these 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 thefinancial 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 financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the 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 conditionsmay cause the Company to cease to continue as a going concern.

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

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 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 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 2016(the Order) issued by the Central Government of India in terms of subsection (11) ofSection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit wereport that:

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

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

c. The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) the Cash Flow Statement and the statement of changes in equitydealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 (as amended).

e. On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312022 from being appointed as a director in termsof Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". g. With respect to the other matters tobe included in the Auditor?s Report in accordance with the requirements of section197(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.

h. With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

(i) The Company does not have any pending litigations which wouldimpact its financial position.

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

(iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

(iv) (a) The management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall: l directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company("Ultimate Beneficiaries") or

l provide any guarantee security or the like to or on behalf of theUltimate Beneficiaries.

(b) The management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any persons or entitiesincluding foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall:

l directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or

l provide any guarantee security or the like from or on behalf of theUltimate Beneficiaries.

(c) Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

(v) No dividend has been declared or paid during the year by thecompany.

For A.T. Jain & Co.
Chartered Accountants
(Firm Registration No. 103886W)
Sushil Jain
Partner
Membership No.: 033809
UDIN: 22033809AKDFUD4976
Place: Mumbai
Date: 26th May 2022

Annexure "A" to the Independent Auditor's Report of even dateon the Financial Statements of IRONWOOD EDUCATION LIMITED (Formerly known as GREYCELLSEDUCATION LIMITED)

(Referred to in the paragraph 1 under the section "Report onOther Legal and Regulatory Requirements" section of our report of even date)

With reference to the annexure referred to in the IndependentAuditors? Report to the members of company on the standalone Financial Statements forthe year ended March 312022 we report the following

i. (a) The company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

The company has maintained proper records showing full particulars ofintangible assets.

(b) According to the information and explanation given to us and on thebasis of our examination of the records of the Company the Company has a regularprogramme of physical verification of its Property Plant and Equipment by which allproperty plant and equipment are verified in a phased manner. In accordance with thisprogramme certain property plant and equipment were verified during the year. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. No material discrepancies were noticed onsuch verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company we report that there are noimmovable properties held by the Company hence this clause is not applicable to theCompany.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not revaluedits Property Plant and Equipment (including Right of Use assets) or intangible assets orboth during the year.

(e) According to information and explanations given to us and on thebasis of our examination of the records of the Company there are no proceedings initiatedor pending against the Company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 and rules made thereunder.

ii. (a) The Company does not have any inventory and hence reportingunder this clause is not applicable.

(b) According to information and explanations given to us and on thebasis of our examination of the records the Company has not been sanctioned any workingcapital limits in excess of five crores rupees in aggregate at any point of time duringthe year from banks or financial institutions on the basis of security of current assets.Accordingly clause 3(ii)(b) of the said Order is not applicable to the Company.

iii. (a) The company has granted unsecured loan of Rs 59.74 Lakhs towholly owned subsidiary and balance outstanding of said loan is Rs 243.33 Lacs as at 31stMarch 2022.

(b) According to the information and explanation given to us and on thebasis of our examination of the records of the Company we are of the opinion that theinvestments made in subsidiary and other company and loan given to subsidiary are primafacie not prejudicial to the interest of the company.

(c) According to the information and explanations given to us and onthe basis of our examination of the records in case of loan given the repayment ofprincipal and payment of interest has been stipulated.

(d) According to the information and explanation given to us on thebasis of our examination of the records of the company there is no overdue amount formore than ninety days in respect of loans given.

(e) According to the information and explanations given to us and onthe basis of our examination of the records of the company there is no loan grantedfalling due during the year which has been renewed or extended or fresh loans granted tosettle the overdues of existing loans given to same parties.

(f) According to the information and explanation given to us and on thebasis of our examination of the records of the company the company has not granted anyloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment.

iv. In our opinion and according to the information and explanationgiven to us the company has complied with provisions of section 185 and 186 of theCompanies Act 2013 in respect of loan given and investment made.

v. The Company has not accepted any deposits or amounts which aredeemed to be deposits from the public. Accordingly clause 3(v) of the Order is notapplicable.

vi. According to the information and explanations given to us theCentral Government has not prescribed the maintenance of cost records under Section 148(1)of the Act for the Company. Accordingly clause 3(vi) of the Order is not applicable.

vii. (a) According to the information and explanation given to us andon the basis of records maintained by the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues Including Goods andservice tax provident fund employees? state insurance income tax sales taxwealth tax goods and service tax custom duty excise duty cess and other statutory dueswhere applicable.

According to the information and explanations given to us noundisputed amounts in respect of the aforesaid statutory dues were in arrears as at 31stMarch 2022 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there are no statutory duesrelating to Goods and Service Tax Provident Fund Employees State Insurance Income TaxDuty of Customs or Cess or other statutory dues which have not been deposited on accountof any dispute.

viii. According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company does not have anytransaction not recorded in the books of accounts that has been surrendered or disclosedas income during the year in the tax assessment under the Income tax Act 1961.

ix. (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company the company has notdefaulted in repayment of loans or other borrowings or in the payment of interest thereonto any lender.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not beendeclared a wilful defaulter by any bank or financial institution or other lender.

(c) According to the information and explanations given to us by themanagement the company has not obtained any term loans during the year. Accordinglyclause 3(ix)(c) of the Order is not applicable to the Company.

(d) According to information and explanations given to us and on anoverall examination of the balance sheet of the Company we report that no funds areraised on short-term basis. Accordingly the reporting under clause 3(ix)(d) of the Orderis not applicable to the Company.

(e) According to the information and explanations given to us and on anoverall examination of the financial statements of the Company the company has not takenany funds from any entity or person on account of or to meet the obligation of itssubsidiaries.

(f) According to the information and explanation given to us and basedon the audit procedures performed by us we report that the Company has not raised loansduring the year on the pledge of securities held in its subsidiaries.

x. (a) The Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments). Accordingly clause 3(x)(a) ofthe Order is not applicable.

(b) According to the information and explanations given to us thecompany has not made any private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year and therefore provision of Clause3(x)(b) of the order are not applicable to the company.

xi. (a) Based on examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported during theyear nor have we been informed of any such case by the management.

(b) According to the information and explanations given to us noreport under sub-section (12) of Section 143 of the Act has been filed by the auditors inForm ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 withthe Central Government.

(c) According to the information and explanations given to us and asrepresented to us by the management no whistleblower complaints have been received duringthe year by the Company.

xii. According to information and explanations provided to us theCompany is not a Nidhi Company. Accordingly the provisions of Clause 3(xii) of the Orderare not applicable to the Company.

xiii. In our opinion and according to the information and explanationsgiven to us the transactions with related parties are in compliance with Section 177 and188 of the Act where applicable and the details of the related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

xiv. (a) Based on information and explanations provided to us and inour opinion the Company has an internal audit system commensurate with the size andnature of its business.

(b) We have considered the internal audit reports of the Company issuedtill date for the period under audit.

xv. In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with its directorsor persons connected to its directors and hence provisions of Section 192 of the Act arenot applicable to the Company.

xvi. (a) According to the information and explanations given to us the

Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) of the Order is notapplicable.

(b) According to the information and explanations given to us and therecords of the Company examined by us the company has not conducted any Non-BankingFinancial or Housing Finance activities. Therefore the provisions of Clause 3(xvi) (b) ofthe Order are not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of theOrder is not applicable.

(d) Based on the information and explanations provided by themanagement of the company the Group does not have any CIC which are part of the Group.Accordingly the reporting under clause 3(xvi)(d) of the Order is not applicable to theCompany.

xvii. The Company has incurred cash loss in the current financial yearamounting to Rs. 69.72 Lakhs and has incurred cash loss of Rs. 79.39 Lakhs in theimmediately preceding financial year.

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

xix. According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the standalonefinancial statements our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that Company is not capable of meeting its liabilities existingat the date of balance sheet as and when they fall due within a period of one year fromthe balance sheet date. We however state that this is not an assurance as to the futureviability of Company. We further state that our reporting is based on the facts up to thedate of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by Company as and when they fall due.

xx. In our opinion and according to the information and explanationprovided by the management the company do not fall under the prescribed classes of theCompanies mentioned under the Section 135 of the Companies Act 2013. Accordinglyreporting under Clause 3(xx) of the Order are not applicable to the Company.

xxi. The reporting under clause 3(xxi) of the Order is not applicablein respect of audit of Standalone Financial Statements. Accordingly no comment in respectof the said clause has been included in this report.

For A.T. Jain & Co.
Chartered Accountants
(Firm Registration No. 103886W)
Sushil Jain
Partner
Membership No.: 033809
UDIN: 22033809AKDFUD4976
Place: Mumbai
Date: 26th May 2022

Annexure "B" to the Independent Auditor?s Report

[Referred to in paragraph 2(f) under the heading "Report on otherlegal and regulatory requirements of our report of even date to the members of IronwoodEducation Limited (Formerly known as Greycells Education Limited)]

Report on the Internal Financial Controls under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Ironwood Education Limited (Formerly known as Greycells Education Limited)("the Company") as of March 312022 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s management is responsible for establishing andmaintaining 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 that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company?s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors? Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company?s internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company?s internal financial controlover financial reporting includes those policies and procedures 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 asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company?s assetsthat could have a material effect on the financial 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 adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For A.T. Jain & Co.
Chartered Accountants
(Firm Registration No. 103886W) Sushil Jain
Partner
Membership No.: 033809
UDIN: 22033809AKDFUD4976
Place: Mumbai
Date: 26th May 2022

.