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Jakharia Fabric Ltd.

BSE: 535093 Sector: Industrials
NSE: JAKHARIA ISIN Code: INE00N401018
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Jakharia Fabric Ltd. (JAKHARIA) - Auditors Report

Company auditors report

To

The Members of Jakharia Fabric Limited

(Formerly known as Jakharia Fabric Private Limited)

Report on the audit of Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Jakharia FabricLimited (Formerly known as Jakharia Fabric Private Limited) ("the company")which comprise the Balance Sheet as at 31st March 2022 the Statement of Profitand Loss and the Statement of Cash Flow for the year then ended and notes to theStandalone Financial Statements including a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "thestandalone financial statements").

Auditor's Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state-of-affairs of the Company as at 31st March 2022 and itsLoss and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the "Auditor'sResponsibilities for the Audit of the Standalone Financial Statements" section of ourreport. We are independent of the Company in accordance with the "Code ofEthics" issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules there under and wehave 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 audit opinion on the standalone financialstatements.

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 period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole for the year ended 31st March 2022 and in forming ouropinion thereon and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report. For each matter below our description of how our auditaddressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone financial statements section ofour report including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the standalone financial statements. The result of our audit proceduresincluding the procedures performed to address the matters below provide the basis for ouraudit opinion on the accompanying standalone financial statements.

Key Audit Matters How was the matter addressed in our audit
Exposure in associate entity
The exposure in associate entity i.e. carrying amount of the Company's investments loans and advances trade & other receivables. We compared the carrying value of these investments loans and advances trade & other receivables and trade payables with the associate financial statements to identify whether their net assets were in excess of their carrying amount and assessed whether the associate have historically been profitmaking.
Their recoverability is dependent on associate entity generating enough cash flows in future estimation of which requires significant management judgement. We evaluated the associate entity projected statement of profit and loss and projected statement of cash flows with management assumptions relating to key inputs such as projected long-term growth and discount rates and assessing the managements assumptions over the recoverability of intercompany receivables against our own knowledge of the trading performance of the associate entity.
We do not consider valuation of these investments and recovery of associate receivables payables to be at a high risk of significant misstatement. However due to their materiality in the context of the Company's financial statement this is considered to be the area that had a significant effect on the company audit. Assessed the appropriateness of the disclosure in the Standalone Financial Statements in accordance with the applicable financial reporting framework.
Refer Note 12 and Note 40 forming part of the notes to the Standalone Financial Statements.

Other Information

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our 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 our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management and those charged with governance for standalone financialstatement

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring 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. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's Responsibilities for the audit of 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 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 professional judgement andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable users of the standalone financial statement may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

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.

Report on Other Legal and Regulatory Requirements

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.

As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss the statement of Cash Flowsand Notes to the standalone financial statements dealt with by this Report are inagreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on31/03/2022 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2022 from being appointed as a director in terms of Section 164 (2)of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended.

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements- refer note no 36 to the standalonefinancial statements.

ii. The Company does not have any long-term contracts including derivative contractsand therefore no provision is required to be made for any material foreseeable losses tothis effect.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. (a) The management has represented that to the best of its knowledge and beliefother than as disclosed in the noted to the accounts no funds have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other person(s) or entity(ies) includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe company ("ultimate beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accounts no funds have been received by theCompany 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.

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

v. Since the company has not declared or paid any dividend during the year thequestion of commenting on whether dividend declared or paid is in accordance with Section123 of the Companies Act 2013 does not arise.

For Shah Shroff & Associates
Chartered Accountants
ICAI firm registration number: 0128920W
Sd/-
per Yashesh Shroff
Partner
Membership number: 103277
UDIN: 22103277ANPGWB9790
Place: Mumbai
Date: 30-05-2022

"Annexure — A" to the Independent Auditors' Report

(Refer to in paragraph on ‘Report on Other Legal and Regulatory Requirementssection of Independent Auditors Report of even date of the members of Jakharia FabricLimited on standalone financial statements as at for the year ended 31st March 2022)

(i) (a) According to the information and explanations given to us the Company has notmaintained proper records showing full particulars including quantitative details andsituation of Property Plant and Equipment ("PPE").

(b) As explained to us all the Property Plant and Equipment ("PPE") havebeen physically verified by the Management in a periodical manner which in our opinion isreasonable having regard to the size of the company and nature of its activities. Nomaterial discrepancies were noticed on such physical verification.

(c) According to the information and explanation given to us the records examined byus and based on the examination of sale deed / transfer deed / conveyance deed provided tous we report that the title deeds comprising all immovable properties of factorybuilding which are freehold are held in the name of the Company as at the balance sheetdate. In respect of Immovable property amounting to Rs. 2.74 crores taken of lease anddisclosed as Leasehold land in the standalone financial statement the deed of assignmenthas been executed in the name of the Company.

(d) The company has not revalued any of its property plant and equipment andintangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31st March 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) As explained to us physical verification of the inventories have beenconducted at reasonable intervals by the management which in our opinion is reasonablehaving regard to the size of the Company and nature of its inventories. No materialdiscrepancies were noticed on verification between the physical stock and the book recordsthat were 10% or more in the aggregate for each class of inventory.

(b) According to the information and explanations given to us the company has not beensanctioned working capital in excess of Rs.5 crores in aggregate at points of timeduring the year from banks or financial institutions on the basis of security of currentassets. Accordingly reporting under sub-clause 3(ii)(b) of the order is not applicable.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies Firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act. Accordingly paragraph 3(iii) (a) (b) (c) (d) (e) and (f) of the Orderare not applicable to the Company.

(iv) The company has not advanced loans to directors including the entities in whichthey are interested to which provisions of section 185 of the Act apply and hence notcommented upon. In our opinion and according to the information and explanations given tous provisions of section 186 of the Act in respect of investments loans securities andguarantees given have been complied with by the Company.

(v) According to information and explanations given to us the Company has not acceptedany deposits from the public in accordance with the provisions of section 73 to 76 or anyrelevant provisions of the Act and rules framed thereunder. Accordingly paragraph 3(v) ofthe order is not applicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the products dealt by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxemployees' state insurance duty of excise sales tax value added tax duty of customsservice tax goods and service tax cess and other material statutory dues have not beenregularly deposited during the year by the Company with the appropriate authorities thoughthe delays in deposits have not been serious.

(b) According to the information and explanations given to us and the records examinedby us outstanding statutory dues that have not been deposited by the Company on accountof disputes are given below:

Name of the statute Nature of dues Period for which amount relates Forum where dispute is pending Amount
Income-tax Act 1961 Income Tax 2015-2016 Income-tax-Assessing 2610
Income-tax Act 1961 Income Tax 2016-2017 CPC Bangalore 330590

(viii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not surrendered ordisclosed any transactions previously unrecorded as income in the books of account inthe tax assessments under the Income-tax Act 1961 as income during the year.

(ix) (a) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any lender.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) The Company has not taken any term loan during the year and hence reporting underclause (ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overallexamination of the financial statement of the company we report that prima-facia itappears that no funds raised on short-term basis have been used for long-term purpose bythe company.

(e) According to the information and explanation given to us and on an overallexplanation of the financial statements of the company we report that during the year thecompany has not taken any funds from an entity or person on account of or to meet theobligation of its subsidiary or associate entity.

(f) The company has not raised any loans during the year on the pledge of securitiesheld in its subsidiaries joint ventures and associate companies.

(x) (a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge no fraud by the Company or no material fraud onthe Company has been noticed or reported during the year.

(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 by the Management there was no whistle blower complaints receivedby the Company during the year (and upto the date of this audit report).

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of clause 3(xii) of the order are not applicable to theCompany.

(xiii) In our opinion the company is in compliance with section 177 and 188 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

(xiv) (a) In our opinion the company has an adequate internal audit system commensuratewith the size and the nature of the entity.

(b) We have considered the internal audit reports for the year under audit issued tothe company during the year and till date in determining the nature timing and extent ofour audit procedure.

(xv) The Company has not entered into non-cash transactions with its directors orpersons connected with them and hence provision of section 192 of the Companies Act 2013are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 hence reporting under clause (xvi)(a) (b) and (c) of the orderis not applicable.

(xvii) The company has incurred cash losses amounting to Rs.134.06 lacs during thecurrent financial year covered by our audit and Rs.40.61 lacs in the immediately precedingfinancial year.

(xviii) There has been no resignation of the statutory auditors of the company duringthe year.

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios disclosed in note 42 of the standalone financial statements ageing andexpected dates of realization of financial assets and payment of financial liabilitiesother information accompanying the financial statements our knowledge of the Board ofDirectors and management plans and based on our examination of the evidence supporting theassumptions nothing has come to our attention which cause us to believe that anymaterial uncertainty exists as on the date of the audit report that the company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the company as and when they falldue.

(xx) During the year under review the company did not get attracted under theprovision of Section 135 and accordingly reporting under clause 3(xx) of the order is notapplicable for the year. However the company has unspent amounts of the previous yearaggregating to Rs.37.86 lakhs for which suitable provisions have been made in thefinancial statements. This matter has been disclosed in note 37 to the standalonefinancial statements.

For Shah Shroff & Associates
Chartered Accountants
ICAI firm registration number: 0128920W
Sd/-
per Yashesh Shroff
Partner
Membership number: 103277
UDIN: 22103277ANPGWB9790
Place: Mumbai
Date: 30-05-2022

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of Jakharia Fabric Limited (Formerly Known as JakhariaFabric Private Limited).

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013.

We have audited the internal financial controls over financial reporting of JakhariaFabric Limited (Formerly Known as Jakharia Fabric Private Limited) 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 Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 amount the adequacyof the internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone 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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions 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 withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized 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 Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to standalone financial statements and suchinternal financial controls over financial reporting were operating effectively as at 31stMarch 2022 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issues bythe Institute of Chartered Accountants of India.

For Shah Shroff & Associates
Chartered Accountants
ICAI firm registration number: 0128920W
Sd/-
per Yashesh Shroff
Partner
Membership number: 103277
UDIN: 22103277ANPGWB9790
Place: Mumbai
Date: 30-05-2022

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