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Kabra Extrusion Technik Ltd.

BSE: 524109 Sector: Engineering
NSE: KABRAEXTRU ISIN Code: INE900B01029
BSE 00:00 | 27 Jan 538.15 15.20
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NSE 00:00 | 27 Jan 538.05 13.15
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OPEN 526.00
PREVIOUS CLOSE 522.95
VOLUME 30639
52-Week high 575.80
52-Week low 256.00
P/E 46.23
Mkt Cap.(Rs cr) 1,726
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 526.00
CLOSE 522.95
VOLUME 30639
52-Week high 575.80
52-Week low 256.00
P/E 46.23
Mkt Cap.(Rs cr) 1,726
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kabra Extrusion Technik Ltd. (KABRAEXTRU) - Auditors Report

Company auditors report

To

The Members

Kabra Extrusiontechnik Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of KabraExtrusiontechnik Limited ("the Company") which comprise the Standalone BalanceSheet as at March 31 2022 and the Standalone Statement of Profit and Loss (includingOther Comprehensive Income) Standalone Statement of Changes in Equity and StandaloneStatement of Cash Flows for the year then ended and Notes to the standalone financialstatements including a summary of significant accounting policies and other explanatoryinformation. 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 Companies (Indian Accounting Standards)Rules 2015 as amended and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditors' Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (ICAI) together with the ethical requirements that are relevant toour audit of the standalone 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 Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters (‘KAM') are those matters that in ourprofessional judgment were of most significance in our audit of the standalone financialstatements of the current period. These matters were addressed in the context of our auditof the standalone financial statements as a whole and in forming an opinion thereon andwe do not provide a separate opinion on these matters.

Key audit matters How our audit addressed the key audit matter
Segment Reporting
As per Ind AS 108 "Operating Segments" An Operating Segment is a Our audit procedures on adoption of Ind AS 108 include: component of an entity: Reviewed and assessed the disclosures with respect to Segment Reporting (Ind AS 108).
? That engages in business activities from which it may earn revenues and incur expenses
? Whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and Understood and reviewed Revenue Recognition policy in relation to Battery Manufacturing Segment
? For which discrete financial information is available The Company has commenced Battery Manufacturing Plant which is a separate segment and the results of the same is regularly reviewed by the chief operating decision makers. Reviewed and assessed capital expenditure incurred during the year and accounting for the same.
Reviewed various projections and the future plans of new segment commenced during the year.
Further Company shall disclose information to enable users of financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.
Investment in Subsidiary Company
As per Ind AS 110 "Consolidated Financial Statements" An entity that is Our audit procedures on adoption of Ind AS 110 include: a parent shall present consolidated financial statements if it has control over the other entity i.e.Subsidiary Company. Reviewed and assessed Financial Statements of Subsidiary Company
The Company has invested in Subsidiary Company during the year under Audit. Understood and reviewed the adjustment made in consolidated financial statements.
Further Company shall disclose information to enable users of financial statements to evaluate the nature and financial effects of the business activities in which Subsidiary engages and the economic environments in which it operates.

Information Other than the Standalone Financial Statements andAuditors' Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the IntegratedReport Board's Report along with its Annexures and Financial Highlights included inthe Company's Annual Report but does not include the standalone financial statementsand our auditors' report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management and those charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors are responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the 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 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 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 statement that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board ofDirectors are responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditors' Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditors' report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

We give in "Annexure A" a detailed description ofAuditors' responsibilities for Audit of the Standalone Financial Statements.

Report on Other Legal and Regulatory Requirements

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

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Standalone Balance Sheet the Standalone Statement of Profitand Loss the Standalone Statement of Changes in Equity and the Standalone Statement ofCash Flow dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act.

(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 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlswith reference to standalone financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure C".

(g) With respect to the other matters to be included in theAuditors' 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 has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

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

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company

iv. 1) The Management has represented that to the best of it'sknowledge 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 person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall 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 provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

2) The Management has represented that to the best of it'sknowledge and belief no funds have been received by the Company from any person(s) orentity(ies) including foreign entities (Funding Parties) with the understanding whetherrecorded in writing or otherwise as on the date of this audit report that the Companyshall directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

3) Based on the audit procedures performed that have been consideredreasonable and appropriate in the circumstances and according to the information andexplanations provided to us by the Management in this regard nothing has come to ournotice that has caused us to believe that the representations under sub-clause (iv) asprovided under (1) and (2) above contain any material mis-statement. v. The Board ofDirectors of the Company have proposed final dividend for the year which is subject to theapproval of the members at the ensuing Annual General Meeting. The dividend declared is inaccordance with section 123 of the Act to the extent it applies to declaration ofdividend.

3. As required by The Companies (Amendment) Act 2017 in our opinionaccording to information explanations given to us the remuneration paid by the Companyto its directors is within the limits prescribed under Section 197 of the Act and therules thereunder.

For A.G.Ogale & Company
Chartered accountants
ICAI Firm Registration No.: 114115W
Place: Pune Pramod Gugale
Date: 10/05/2022 Partner
Membership No.: 113775
UDIN: 22113775AISTRK7830

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT ON EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF KABRA EXTRUSIONTECHNIK LIMITED

Auditors' Responsibilities for the Audit of the StandaloneFinancial 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 thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has internal financial controls with reference to standalone financial statementsin place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the Management.

Conclude on the appropriateness of Management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors' report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' 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 thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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.

For A.G.Ogale & Company
Chartered accountants
ICAI Firm Registration No.: 114115W
Place: Pune Pramod Gugale
Date: 10/05/2022 Partner
Membership No.: 113775
UDIN: 22113775AISTRK7830

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF KABRA EXTRUSIONTECHNIK LIMITED FOR THE YEAR ENDED MARCH31 2022

[Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' in the Independent Auditors' Report] i. (a) (A) TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of Property Plant and Equipment.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) Property Plant and Equipment have been physically verified by theManagement at reasonable intervals during the year and no material discrepancies wereidentified on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(d) According to the information and explanations given to us theCompany has not revalued its Property Plant and Equipment and its intangible assets both.Accordingly the requirements under paragraph 3(i)(d) of the Order are not applicable tothe Company.

(e) According to the information and explanations given to us noproceeding has been initiated or pending against the Company for holding benami propertyunder the Benami Transactions (Prohibition) Act 1988 and rules made thereunder.Accordingly the provisions stated in paragraph 3(i) (e) of the Order are not applicableto the Company.

ii. (a) The inventory has been physically verified during the year bythe Management. In our opinion the frequency of verification coverage & procedure isof such verification reasonable and appropriate. No discrepancies were noticed onverification between the physical stocks and the book records that were more than 10% inthe aggregate of each class of inventory.

(b) The Company has been sanctioned working capital limits in excess ofRs. 5 crores in aggregate from Banks/financial institutions on the basis of security ofcurrent assets. Quarterly returns / statements filed with such Banks/ financialinstitutions are in agreement with the books of account.

iii. The Company has not granted any loans secured or unsecured toCompanies Firms Limited Liability Partnerships (LLP) or other parties covered in theregister maintained under Section 189 of the Companies Act 2013 (‘‘theAct''). Accordingly the provisions stated in paragraph 3 (iii) of the Order arenot applicable to the Company. iv. In our opinion and according to the information andexplanations given to us the Company has complied with the provisions of Section 185 and186 of the Act in respect of loans investments guarantees and securities made. v. Inour opinion and according to the information and explanations given to us there are noamounts outstanding which are in the nature of deposits within the meaning of Sections 7374 75 and 76 of the Act and the rules framed thereunder as on March 31 2022 and theCompany has not accepted any deposits during the year.

vi. We have broadly reviewed the books of account relating tomaterials labour and other items of cost maintained by the Company pursuant as specifiedby the Central Government for the maintenance of cost records under sub-section (1) ofsection 148 of the Act and we are of the opinion that prima facie the prescribed accountsand records have been made and maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate or complete.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax servicetax duty of custom duty of excise value added tax goods and service tax cess andother statutory dues have generally been regularly deposited with the appropriateauthorities.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax service tax sales-tax duty of custom duty of excise value added tax goodsand service tax cess and other statutory dues were outstanding at the year end for aperiod of more than six months from the date they became payable.

(c) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of income tax goods and servicetax customs duty cess and any other statutory dues which have not been deposited onaccount of any dispute except as below:

Name of the Statute Nature of dues Amount Under Dispute (Lakhs) Financial year to which the amount relates Forum where dispute is pending
Income Tax Act* Penalty 125.85 2012-13 CIT Appeal
Finance Act 1994 Service Tax 2.40 2014-15 Asst. commissioner
Finance Act 1994 Service Tax 7.45 2015-16 Asst. commissioner
GST GST on ocean freight 2.25 2017-18 Original Adjudicating Auth.
GST E-way bill discrepancies 9.24 2018-19 Commissioner Daman
Custom Appeal against Order- in-Original 1.43 2018-19 Commissioner of Customs

* Rs 25.17 Lakhs paid with Appeal.

viii. According to the information and explanations given to us thereare no transactions which are not accounted in the books of account which have beensurrendered or disclosed as income during the year in Tax Assessment of the Company. Alsothere are no previously unrecorded income which has been now recorded in the books ofaccount. Hence the provision stated in paragraph 3(viii) of the Order is not applicableto the Company.

has not defaulted in repayment of loans or borrowings or in payment ofinterest thereon to any lender.

(b) According to the information and explanations given to us and onthe basis of our audit procedures we report that the company has not been declared wilfuldefaulter by any bank or financial institution or government or any government authority

(c) In our opinion and according to the information explanationprovided to us money raised by way of term loans during the year have been applied forthe purpose for which they were raised.

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the standalone financialstatements of the company we report that no funds raised on short-term basis have beenused for long-term purposes by the company.

(e) According to the information explanation given to us and on anoverall examination of the standalone financial statements of the Company we report thatthe company has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has not raised loans during theyear on the pledge of securities held in its securities joint ventures or associatecompanies. x. (a) The Company did not raise any money by way of initial public offer orfurther public offer (including debt instruments) during the year. Accordingly theprovisions stated in paragraph 3 (ix) of the Order are not applicable to the Company.

(b) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company hasmade preferential allotment of shares during the year and the requirements of Section 42and section 62 of the Act have been complied with. The amount raised has been used for thepurposes for which they were raised. xi. (a) During the course of our audit examinationof the books and records of the Company carried out in accordance with the generallyaccepted auditing practices in India and according to the information and explanationsgiven to us we have neither come across any instance of material fraud by the Company oron the Company by its officers or employees.

(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 the Companies (Audit and Auditors) Rules 2014with the Central Government.

(c) As represented to us by the management there are no whistle-blowercomplaints received by the Company during the year. Accordingly the provisions stated inparagraph (xi)(c) of the Order is not applicable to company. xii. In our opinion andaccording to the information and explanations given to us the Company is not a NidhiCompany. Accordingly the provisions stated in paragraph 3 (xii) (a) to (c) of the Orderare not applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with Sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable Indian accounting standards.

xiv. (a) In our opinion and based on our examination the Company hasan internal audit system commensurate with the size and nature of its business.

(b) We have considered internal audit reports issued by internalauditors during our audit. xv. According to the information and explanations given to usand based on our examination of the records of the Company the Company has not enteredinto non-cash transactions with directors or persons connected with him. Accordinglyprovisions stated in paragraph 3 (xv) of the Order are not applicable to the Company.

xvi. (a) In our opinion the Company is not required to be registeredunder Section 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisionsstated in paragraph clause 3 (xvi) (a) of the Order are not applicable to the Company.

(b) In our opinion the Company has not conducted any Non-BankingFinancial or Housing Finance activities without any valid Certificate of Registration fromReserve Bank of India. Hence the reporting under paragraph clause 3 (xvi)(b) of the Orderare not applicable to the Company.

(c) The Company is not a Core investment Company (CIC) as defined inthe regulations made by Reserve Bank of India. Hence the reporting under paragraph clause3 (xvi)(c) of the Order are not applicable to the Company.

(d) The Company does not have any CIC as a part of its group. Hencethe provisions stated in paragraph clause 3 (xvi) (d) of the Order are not applicable tothe Company.

xvii. Based on the overall review of standalone financial statementsthe Company has not incurred cash losses in the current financial year and in theimmediately preceding financial year. Hence the provisions stated in paragraph clause 3(xvii) of the Order are not applicable to the Company.

xviii. There has been no resignation of the statutory auditors duringthe year. Hence the provisions stated in paragraph clause 3 (xviii) of the Order are notapplicable to the Company.

xix. According to the information and explanations given to us andbased on our examination of financial ratios ageing and expected date of realisation offinancial assets and payment of liabilities other information accompanying the standalonefinancial statements our knowledge of the Board of Directors and management plans we areof the opinion that no material uncertainty exists as on the date of audit report and theCompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen they fall due within a period of one year from the balance sheet date.

xx. According to the information and explanations given to us theprovisions of section 135 of the Act are applicable to the Company. The Company has madethe required contributions during the year and there are no unspent amounts which arerequired to be transferred to the special account as on the date of our audit report.Accordingly the provisions of paragraph (xx)(a) to (b) of the Order are not applicable tothe Company.

For A.G.Ogale & Company
Chartered accountants
ICAI Firm Registration No.: 114115W
Place: Pune Pramod Gugale
Date: 10/05/2022 Partner
Membership No.: 113775
UDIN: 22113775AISTRK7830

ANNEXURE C TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF KABRA EXTRUSIONTECHNIK LIMITED

[Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' in the Independent Auditors' Report]

Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ("the Act") Opinion

We have audited the internal financial controls with reference tostandalone financial statements of KABRA EXTRUSIONTECHNIK LIMITED ("theCompany") as of March 31 2022 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls were operating effectively as at 31st March 2022 based on theinternal financial controls with reference to standalone financial statements 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(the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tostandalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (ICAI) (the "Guidance Note"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to standalone financial statements based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Auditingissued by ICAI and deemed to be prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether internal financial controls with reference tostandalone financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe internal financial controls with reference to standalone financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tostandalone financial statements included obtaining an understanding of internal financialcontrols with reference to standalone financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors' judgement including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls With Reference to StandaloneFinancial Statements

A Company's internal financial control with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. ACompany's internal financial control with reference to standalone financial statementsincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls With Reference toStandalone Financial Statements

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper Management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

For A.G.Ogale & Company
Chartered accountants
ICAI Firm Registration No.: 114115W
Place: Pune Pramod Gugale
Date: 10/05/2022 Partner
Membership No.: 113775
UDIN: 22113775AISTRK7830

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