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Kaycee Industries Ltd.

BSE: 504084 Sector: Engineering
NSE: N.A. ISIN Code: INE813G01015
BSE 16:01 | 11 Aug 5120.05 243.80
(5.00%)
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NSE 05:30 | 01 Jan Kaycee Industries Ltd
OPEN 5120.05
PREVIOUS CLOSE 4876.25
VOLUME 94
52-Week high 5120.05
52-Week low 3223.10
P/E 11.89
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5120.05
CLOSE 4876.25
VOLUME 94
52-Week high 5120.05
52-Week low 3223.10
P/E 11.89
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kaycee Industries Ltd. (KAYCEEINDS) - Auditors Report

Company auditors report

To The Members

Kaycee Industries Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of KAYCEE INDUSTRIES LIMITED (the"Company") which comprise the Balance Sheet as at March 31 2022 the Statementof Profit and Loss (including Other Comprehensive Income) the Statement of Changes inEquity and the Statement of Cash Flows for the year ended on that date and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas the " financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the "Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and its profit total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing ("SA"s) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India ("ICAI") together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI’s Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no key audit matters to communicate in our report.

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

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Board’s Report including Annexures to Board’s Report BusinessResponsibility Report Corporate Governance and Shareholder’s InformationBoard’s Report including Annexures to Board’s Report but does not include thefinancial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse 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.

Management’s Responsibilities for the IND AS Financial 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 financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in Indiaincluding the IND ASspecified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements the management and the Board of Directors areresponsible for assessing the Company’s ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Standalone IND AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone IND AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal financial control relevant to the audit in orderto 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 adequate internal financial controls system with respect to the financialstatements in place and the operating effectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the annual financial statements made bythe management and the Board of Directors.

? 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 theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

? Obtain sufficient appropriate audit evidence regarding the Annual financial resultsof the Company to express an opinion on the annual standalone financial results.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor’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

1. As required by Section 143(3) of the Act based on our audit 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid IND AS financial statements comply with the Ind ASspecified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules2014 to the extent applicable.

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

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 A". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company’s internal financial controls over financialreporting.

g) 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 as amended 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 as at March 31 2022 onits financial position in its standalone financial statements.

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

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

(iv) 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 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;

(v) 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

(vi) Based on such audit procedures we have considered reasonable and appropriate inthe circumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause .(i) and (ii) of Rule 11(e) as provided under (iv) and(v) above contain any material mis-statements.

(vii) The dividend declared or paid during the year by the Company is in compliancewith Section 123 of the Act.

2. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.

3. With respect to the matter to be includedin the Auditor’s Report underSection197(16) of the Act:

In our opinion and according to theinformation and explanations given to ustheremuneration paid by the Company toits directors during the current year is inaccordancewith the provisions of Section197 of the Act. The remuneration paid toany director is notin excess of the limitlaid down under Section 197 of the Act.The Ministry of CorporateAffairs has notprescribed other details under Section197(16) of the Act which are requiredtobe commented upon by us.

For R Subramanian and Company LLP
Chartered Accountants
Firm Registration No. 004137S/S200041
Kartik Subramanian
Place : Mumbai Partner
Membership No:209698
Date : 12 May 2022 UDIN No. : 2209698AIVAHE9028

ANNEXURE "A" TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members ofKaycee Industries Limited ofeven date)]

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

We have audited the internal financial controls over financial reporting of KayceeIndustries Limited (the "Company") as of March 31 2022 in conjunction withour audit of the Ind AS financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Management of the Company 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 (the "ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the ICAI and the Standardson Auditing prescribed under Section 143(10) of the Companies Act 2013 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 adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial 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 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 over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For R Subramanian and Company LLP
Chartered Accountants
Firm Registration No. 004137S/S200041
Kartik Subramanian
Place : Mumbai Partner
Date : 12 May 2022 Membership No:209698
UDIN No. : 2209698AIVAHE9028

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Kaycee Industries Limited ofeven date)

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant and equipment. The Company hasmaintained proper records showing full particulars ofIntangible assets.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of theCompany the Company has a regular programme of physicalverification of its Property plant and equipment by which allProperty plant andequipment are verified in a phased manner over a period of two years. In accordance withthis programme certain Property plant and equipment were verified during the year. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.

(c) According to the information and explanations given to usand based on theexamination of the records produced to us the company did not own any freehold propertiesas at the Balance Sheet date. In respect of immovable properties in the form of leaseholdbuilding which has been taken on lease and disclosed as right-of use assets in thefinancial statements the lease agreements are in the name of the company where thecompany is the lessee in the agreement.

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

(e) No proceedings have been initiated or are pending against the company as at March31 2022 for holding any benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder.

ii. a. The inventory of Finished Good Raw Material and Work in Progress has beenphysically verified by the management at reasonable intervals during the year. In ouropinion the frequency of such verification is reasonable and procedures and coverage asfollowed by management were appropriate. No discrepancies were noticed on verificationbetween the physical stocks and the book records that were 10% or more in the aggregatefor each class of inventory.

b. The company has not been sanctioned working capital limits from any bank in excessof Rs. 5 crores. Accordingly reporting under clause 3(ii) (b) of the Order is notapplicable to the Company.

iii. During the year the Company has not made investments in provided any guaranteeor security or granted any loans or advances in the nature of loans secured or unsecuredto companies firms Limited Liability Partnerships or any other parties. Accordinglyreporting under clause 3(iii) of the Order is not applicable to the Company.

iv. According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not given any loans or provided any guaranteeor security asspecified under Section 185 of the Companies Act 2013 and the Company hasnot provided any guarantee or security as specified under Section 186 of the CompaniesAct 2013. Further the Company has complied with the provisions of Section 186 of theCompanies Act 2013 in relation to the investments made.

v. The Company has notaccepted any depositsfrom the public or amounts which are deemedto be depositswithin the meaning of sections 73 to 76 or any other relevant provisions ofthe Companies Act and the rules framed there under. Therefore reporting under clause 3(v)of theOrder is not applicable.

vi. In our opinion and according to the information and explanations given to ustherequirements for maintenance of cost records by the Company pursuant to Companies(CostRecords and Audit) Rules 2014 specified by the Central Government under Section148 of theAct is not applicable to the Company for the year under audit.

vii. The Company does not have liability in respect of Sales tax Service tax Duty ofexcise and Value added tax during the year since effective 1 July 2017 these statutorydues have been subsumed into GST.

a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Goods and Services Tax(‘GST’) Provident fund Employees’ State Insurance Income-tax Duty ofCustoms Cess and other material statutory dues have generally been regularly depositedwith the appropriate authorities. except few delays in the payment of PF ESI TaxDeducted at source and Goods and Service Tax.

According to the information and explanations given to us no undisputed amountspayable in respect of GST Provident fund Employees’ State Insurance Income-taxDuty of Customs Cess and other material statutory dues were in arrears as at 31 March2022 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are nodues of GSTProvident fund Employees’ State Insurance Income-taxSales tax Service tax Dutyof Customs Value added tax Cess or otherstatutory dues which have not been deposited bythe Company onaccount of disputes except for the following :

Nature of the Statute Nature of the dues Amount (Rs. In lakhs) Period Forum where dispute is pending Current status
Central Sales Tax Assessment dues 3.9 2013-14 Deputy commissioner of Sales Tax Mazgaon Appeal has been filed. Part payment of Rs. 1.4 lakhs has been made.

viii. 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 surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income-tax Act 1961 as income during the year.

ix. According to the information and explanations given to us :-

a. The company has not been declared as a wilful defaulter for loans taken borrowingsfrom financial institutions or banks or any other lender.

b. The loans were applied for the purpose for which they were obtained.

c. According to the information andexplanations given to us by themanagement theCompany has notobtained any term loans. Accordinglyclause 3(ix)(c) of the Order is notapplicable.

d. The short term loans raised by the company have not been utilised for long termpurposes.

e. The Company does not have any subsidiaries associates or Joint Ventures andtherefore raising of funds to meet obligations of its subsidiaries associates or JointVentures is not applicable to the Company.

f. The Company does not have any subsidiaries associates or Joint Ventures andtherefore raising of loans on pledge of securities held in its subsidiaries associates orJoint Ventures is not applicable to the Company.

x. According to the information and explanations given to us :-

a. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and hence reporting under clause 3 (x) (a) of the Orderis not applicable to the Company.

b. The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year andhence reporting under clause 3 (x) (b) of the Order is not applicable to the Company.

xi. To the best of our knowledge and according to the information and explanationsgiven to us :-

a. no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

b. No report under sub-section (12) of section 143 of the Companies Act has beenfiledby the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors)Rules 2014 with the Central Government.

c. No whistle blower complaints have been received during the year by the company.

xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalonefinancial statements as required by theapplicable Indian accounting standards.

(xiv) (a) Based on information and explanationsprovided to us and our audit proceduresinour opinion the Company has an internalaudit system commensurate with the sizeandnature of its business.

(b) We have considered the internal auditreports of the Company issued till date fortheperiod under audit.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

xvi. As per the information and explanations given to us :-

a. The Company is not required to be registered under section 45-IA of the Reserve Bankof India Act 1934.

b. The company has not conducted any Non-Banking Financial or Housing Financeactivitieswithout a valid Certificate of Registration (CoR) from the Reserve Bank of Indiaas per theReserve Bank of India Act 1934.

c. The company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India.

d. According to the information and explanations provided to us during the course ofaudit the Group does not haveany CIC. Accordingly the requirements of clause 3(xvi)(d)are not applicable.

xvii. The Company has not incurred cash losses in the current and in the immediatelypreceding financial year.

xviii. With reference to the resignation of the earlier statutory auditors during theyear there has been no issues objections or concerns raised by the outgoing auditor.

xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets andpayment of financial liabilities other information accompanying thefinancial statements our knowledge of the Board of Directors and management plans we areof theopinion that no material uncertainty exists as on the date of the audit reportabout the capability ofthe company in meeting its liabilities existing at the date ofbalance sheet as and when they fall duewithin a period of one year from the balance sheetdate.

xx. a. The company is not required to comply with second proviso to sub-section (5) ofsection 135 of the Companies Act with respect to the transfer of unspent amount to a Fundspecified in Schedule VII tothe Companies Act within a period of six months of the expiryof the financial year.

b. The company is not required to comply with the provisions of subsection (6) ofSection 135 of the Companies Act with respect to the transfer of any amount remainingunspent under subsection (5) of section 135 of the CompaniesAct pursuant to any ongoingproject to a special account.

xxi. Consolidated financial statements are not applicable to the company and thereforequalifications or adverse remarks in the Companies (Auditor’s Report) Order (CARO)reports of the respective companies to be included in the consolidated financialstatements are not applicable.

For R Subramanian and Company LLP
Chartered Accountants
Firm Registration No. 004137S/S200041
Kartik Subramanian
Place : Mumbai Partner
Membership No:209698
Date : 12 May 2022 UDIN No. : 2209698AIVAHE9028

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