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Jai Corp Ltd.

BSE: 512237 Sector: Industrials
NSE: JAICORPLTD ISIN Code: INE070D01027
BSE 12:31 | 03 Feb 128.45 -2.60
(-1.98%)
OPEN

132.50

HIGH

133.15

LOW

125.35

NSE 12:19 | 03 Feb 128.15 -3.00
(-2.29%)
OPEN

132.70

HIGH

133.20

LOW

125.30

OPEN 132.50
PREVIOUS CLOSE 131.05
VOLUME 40388
52-Week high 218.00
52-Week low 95.80
P/E 41.84
Mkt Cap.(Rs cr) 2,292
Buy Price 128.40
Buy Qty 1.00
Sell Price 128.55
Sell Qty 369.00
OPEN 132.50
CLOSE 131.05
VOLUME 40388
52-Week high 218.00
52-Week low 95.80
P/E 41.84
Mkt Cap.(Rs cr) 2,292
Buy Price 128.40
Buy Qty 1.00
Sell Price 128.55
Sell Qty 369.00

Jai Corp Ltd. (JAICORPLTD) - Auditors Report

Company auditors report

To the Members of Jai Corp Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone financial statements of Jai Corp Limited("the Company") which comprise the Balance Sheet as at 31st March 2022 theStatement of Profit and Loss including Other Comprehensive Income Statement of Changes inEquity and the Cash Flow Statement for the year then ended and the notes to theStandalone financial statements including a summary of significant accounting policies andother explanatory information (hereinafter referred to as " 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 Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2022 and its profittotal comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act (SAs). Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibility 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 (ICAI) togetherwith the ethical requirements that are relevant to our audit of the Standalone financialstatements under the provisions of the Act and the Rules made thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion.

Key Audit Matters

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 year.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. We have determined the matter described below to be thekey audit matters to be communicated in our report.

Key Audit Matters Auditors' response
Inventories Our audit procedures included the following:
As of 31st March 2022 inventories appear on the standalone financial statements for an amount of Rs 8352.13 Lakh which constitutes 43% of the total current assets. As indicated in Note no. 1(h) to the standalone financial statements inventories are valued at the lower of cost and net realizable value: Reviewing the Company's process and procedures for physical verification of inventories.
Assessing the methods used to value inventories and ensuring ourselves of the consistency of accounting methods.
The Company may recognize an inventory allowance if inventory items are damaged if the selling price has declined or if the estimated costs to completion or to be incurred to make the sale have increased. Reviewing of the reported acquisition cost on a sample basis.
Analyzing of the Company's assessment of net realizable value as well as reviewing of assumptions and calculations for stock obsolescence.
We focused on this matter because of the: Assessing of appropriateness of disclosures provided in the standalone financial statements.
Significance of the inventory balance. Complexity involved in determining inventory quantities on hand due to the number location and diversity of inventory storage locations.
Valuation procedure including of obsolete

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board of Director's report for theyear ended 31st March 2022 but does not include the Standalone financial statements andour auditor's report thereon.

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 ouraudit of the Standalone financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the Standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

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

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

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 includingother comprehensive income cash flows and changes in equity of the Company in accordancewith accounting principlesgenerallyacceptedinIndiaincludingtheIndian Accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

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.

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

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

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.

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 Standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial 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 reasonableness ofaccounting estimates and related disclosures made by the management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

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

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

ReportonOtherLegalandRegulatoryRequirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. As required by Section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income the Cash Flow Statement and Statement of Changes inEquity dealt with by this Report are in agreement with the relevant books of account. d.In our opinion the aforesaid Standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014. e. On the basis of the written representations receivedfrom the directors as on 31st March 2022 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2022 from being appointed as a directorin terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference toStandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B". g. With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act. 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 its financialposition in its financial statements as referred to in Note 41 to the Standalone financialstatements; ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.iv. (a) The Management has represented that to the best of it's knowledge and belief asdisclosed in the notes to the financial statements no funds have been advanced or loanedor invested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries; (b) The Management has represented that tothe best of it's knowledge and belief as disclosed in the notes to the financialstatements no funds have been received by the Company from any person(s) or entity(ies)including foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that caused us to believethat the representations under subclause (i) and (ii) of Rule 11(e) as provided under (a)and (b) above contain any material misstatement. v. Dividend paid by the Company duringthe for the previous year is in accordance with Section 123 of the Act to the Extent itapplies to payment of Dividend

For D T S & Associates LLP
Chartered Accountants
(Firm's Registration No. 142412W/W100595)
Parimal Kumar Jha
Partner
Membership No. 124262
UDIN: 22124262AJOVXX5130
Place : Mumbai
Date : 25th May 2022

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date to the members of Jai Corp Limited on thefinancial statements for the year ended 31st March 2022)

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that i. a) A. The Company has maintained properrecords showing full particulars including quantitative details and situation of PropertyPlant and Equipment.

B. The Company has maintained proper records showing full particulars of intangibleassets. b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification. c) Based on the examination of the registered saledeed / transfer deed / conveyance deed provided to us we report that the title deeds ofall the immovable properties (other than immovable properties where the Company is thelessee and the lease agreements are duly executed in favour of the Company) disclosed inthe financial statements included in property plant and equipment are held in the name ofthe Company as at the balance sheet date except the following

Particulars Actual Cost as at 31st March 2022 Net Block as at 31st March 2022 Remarks
(Rs In Lakh) (Rs In Lakh)
Buildings (No. of Buildings: 2) 2.21 1.59 Out of Rs 2.21 Lakh the title deeds of Rs 2.06 Lakh are in the name of erstwhile companies that merged with the Company under Section 391 to 394 of the Companies Act 1956 pursuant to Schemes of Amalgamation and Arrangement as Approved by the high Court.

d) The Company has not revalued any of its property plant and equipment and intangibleassets during the year. e) No proceedings have been initiated during the year or arepending against the Company as at 31 March 2022 for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder. ii. In respect of its inventories: a) As explained to us inventories exceptgoods in transit have been physically verified during the year by the management. In ouropinion the frequency of verification is reasonable. Discrepancies noticed on physicalverification of the inventories between the physical inventories and book records were notmaterial having regard to the size of the operations of the Company and the same havebeen properly dealt with. b) According to the information and explanations given to us atany point of time of the year the Company has not been sanctioned any working capitalfacility from banks or financial institutions and hence reporting under clause (ii) (b) ofthe Order is not applicable. iii. During the year the Company has not provided anyguarantee or security and granted any loans or advances in the nature of loans securedor unsecured to companies firms Limited Liability Partnerships or any other parties. Inview thereof reporting under clause 3(iii) (a) (c) (d) (e) and (f) of the Order is notapplicable. During the year the Company has made investments which in our opinion primafacie are not prejudicial to the Company's interest. iv. According to information andexplanation given to us during the year the Company has not granted any loans madeinvestments or provided guarantees or securities that are covered under the provisions ofsections 185 or 186 of the Companies Act 2013 and hence reporting under clause (iv) ofthe Order is not applicable. v. The Company has not accepted any deposit or amounts whichare deemed to be deposits. Hence reporting under clause (v) of the Order is notapplicable.

vi. The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the books of accountmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government for maintenance of cost records underSection 148(1) of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been made and maintained by the Company. We have howevernot made a detailed examination of the cost records with a view to determine whether theyare accurate or complete.

vii. According to the information and explanations given to us in respect of statutorydues: a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Goods and Services TaxCustoms Duty Cess and other material statutory dues applicable to it to the appropriateauthorities as applicable during the year. According to the information and explanationsgiven to us no undisputed amounts payable in respect of such statutory dues wereoutstanding as at 31st March 2022 for a period of more than six months from the date theybecame payable.

b) Details of Statutory dues referred to in sub-clause (a) above which have not beendeposited as on March 31 2022 on account of disputes are given below:

Name of the Statute Nature of the Dues Amount ( Rs in Lakh) Period to which the amount relates Forum where dispute is pending Remarks if any
Income-tax Act1961 Income Tax 1358.44 AY 2009-10 to AY 2013-14 High Court Income-tax Act1961
2224.32 AY 2011-12 AY 2013-14 to AY 2017- 18 Dy. Commissioner of Income TAx
- AY 2016-17 Commissioner of Income Tax (Appeal)
Central Excise Act 1944 Excise Duty - 2004-05 to 2006-07 Assistant Commissioner
Total 1384.72

viii. There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year. ix. a) In our opinion the Company has not defaulted in therepayment of loans or other borrowings or in the payment of interest thereon to any lenderduring the year. b) The Company has not been declared wilful defaulter by any bank orfinancial institutions or government or any government authority. c) To the best of ourknowledge and belief in our opinion no term loans are availed by the Company thereforereporting under this clause is not applicable. d) On an overall examination of thefinancial statements of the Company there are no funds raised by the Company onshort-term basis therefore reporting under this clause in not applicable. e) The Companyhas not made any investment in or given any new loan or advances to any of itssubsidiaries during the year and hence reporting under clause (ix)(e) of the Order is notapplicable.

f) The Company has not raised loans during the year on the pledge of securities held inits subsidiaries. x. a) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) during the year and hence reportingunder clause (x)(a) of the Order is not applicable. b) During the year the Company has notmade any of the preferential allotment or private placement of shares or convertibledebentures (fully or partly or optionally) and hence reporting under clause (x)(b) of theOrder is not applicable to the Company. xi. a) To the best of our knowledge no fraud bythe Company and no material fraud on the Company has been noticed or reported during theyear. b) To the best of our knowledge no report under sub-section (12) of section 143 ofthe Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government during the year and upto thedate of this report. c) As represented to us by the Management there were no whistleblower complaints received by the Company during the year and upto the date of thisreport. xii. The Company is not a Nidhi Company and hence reporting under clause (xii) ofthe Order is not applicable. xiii. In our opinion the Company is in compliance withSection 177 and 188 of the Companies Act where applicable for all transactions with therelated parties and the details of related party transactions have been disclosed in thefinancial statements etc. as required by the applicable accounting standards. xiv. a) Inour opinion the Company has an adequate internal audit system commensurate with the sizeand the nature of its business. b) We have considered the internal audit reports issuedto the Company during the year. xv. In our opinion during the year the Company has notentered into any non-cash transactions with its directors or persons connected with itsdirectors and hence provisions of section 192 of the Companies Act 2013 are notapplicable to the Company. xvi. The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b)and (c) of the Order is not applicable. d) The Group does not have any Core InvestmentCompany (CIC) as part of the Group as per the definition of Group contained in the CoreInvestment Companies (Reserve Bank) Directions 2016 and hence the reporting under clause(xvi)(d) of the Order is not applicable. xvii. The Company has not incurred cash lossesduring the financial year covered by our audit and the immediately preceding financialyear. xviii. There has been no resignation of the statutory auditors of the Company duringthe year. xix. On the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the Standalone financial statements and our knowledge of the Board of

Directors and Management plans and based on our examination of the evidence supportingthe assumptions nothing has come to our attention which causes us to believe that anymaterial uncertainty exists as on the date of the audit report indicating that Company isnot capable of meeting its liabilities existing at the date of balance sheet as and whenthey fall due within a period of one year from the balance sheet date. We however statethat this is not an assurance as to the future viability of the Company. We further statethat our reporting is based on the facts up to the date of the audit report and we neithergive any guarantee nor any assurance that all liabilities falling due within a period ofone year from the balance sheet date will get discharged by the Company as and when theyfall due. xx. The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there are no unspent CSR amount for the year requiring a transferto a Fund specified in Schedule

VII to the Companies Act or special account in compliance with the provision ofsub-section (6) of section 135 of the said Act. Accordingly reporting under clause (xx)of the Order is not applicable for the year.

For D T S & Associates LLP
Chartered Accountants
(Firm's Registration No. 142412W/W100595)
Parimal Kumar Jha
Partner
Membership No. 124262
UDIN: 22124262AJOVXX5130
Place : Mumbai
Date : 25th May 2022

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date to the members of Jai Corp Limited on theStandalone financial statements for the year ended 31st March 2022)

Report on the Internal Financial Controls with reference to Standalone FinancialStatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls with reference to Standalone financialstatements of Jai Corp Limited ("the Company") as of 31st March 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls with referenceto financial statements issued by the Institute of Chartered Accountants of India (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 of its business including adherence torespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to Standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tothese Standalone financial statement was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to these Standalone financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to these Standalone financial statements included obtaining anunderstanding of internal financial controls with reference to financial statementsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 systemwith reference to these Standalone financial statements.

Meaning of Internal Financial Controls with reference to these Standalone FinancialStatements

A Company's internal financial control with reference to these Standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A Company's internalfinancial control with reference to these Standalone financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe Company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of these Standalone financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of theCompany are being made only in accordance with authorisations of management and directorsof the Company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to these StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference tothese Standalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to these Standalone financial statements to future periods aresubject to the risk that the internal financial control with reference to these Standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem with reference to these Standalone financial statements and such internal financialcontrols with reference to these Standalone financial statements were operatingeffectively as at

31st March 2022 based on the criteria for internal financial control with referenceto financial statements established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls withreference to Financial Statements issued by the Institute of Chartered Accountants ofIndia.

For D T S & Associates LLP
Chartered Accountants
(Firm's Registration No. 142412W/W100595)
Parimal Kumar Jha
Partner
Membership No. 124262
UDIN: 22124262AJOVXX5130
Place : Mumbai
Date : 25th May 2022

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