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Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
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NSE 05:30 | 01 Jan Kisan Mouldings Ltd
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VOLUME 57985
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Mkt Cap.(Rs cr) 77
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OPEN 22.70
CLOSE 21.65
VOLUME 57985
52-Week high 28.40
52-Week low 11.56
P/E
Mkt Cap.(Rs cr) 77
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kisan Mouldings Ltd. (KISANMOULDINGS) - Auditors Report

Company auditors report

To The Members of Kisan Mouldings Limited

Report on the Audit of the Standalone Financial Statements

Qualified Opinion

We have audited the accompanying standalone financial statements of Kisan MouldingsLimited ("the Company") which comprise the standalone balancesheetasatMarch312021andthestandalonestatement of of profit and loss (including othercomprehensive income) standalone statement of changes in equity and standalone statementof cash flows for the year then ended and notes to the standalone financial statementsincluding a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects if any of the matter described in the"Basis for Qualified Opinion" paragraph of our report the aforesaid standalonefinancial statements give the information required by the Companies Act 2013("Act") in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2021 of its profit other comprehensive income changes in equityand its cash flows for the year ended on that date.

Basis for Qualified Opinion

1. We draw attention to note 20.1 to the standalone financial Statement which statesthat the

Company has defaulted in repayment of loan and interest in respect of term loan andCash Credit of Punjab National Bank Union Bank of India IDBI Bank and The Shamrao VithalCo-Op Bank

Limited. Further the accounts are considered as Non-Performing Asset (NPA) by TheShamrao Vithal Co-Op Bank Limited.

Further as the borrowings is considered as NPA in March 2021 no interest has beencharged by for the the bank since then however the Company has provided for interest forthe month of March 2021 on these borrowings. The principal outstanding is ` 392.34 Lakhsand interest default is of ` 300.77 Lakhs in case of seven accounts which areconsidered as NPA by The Shamrao Vithal Co-Op Bank Limited.

Further the accounts with three more banks are categorized as NPA after the end of thefinancial year 2020-21. The management has approached all banks for considering theproposal of restructuring.

2. We draw attention to note 26.1 of the standalone financial statement which statesthat the company is in default w.r.t. payment of statutory dues to government authoritiesand filing periodic returns thereof; which may entail penalty which is not ascertainableand hence not provided for.

We conducted our audit in accordance with the Standards on Auditing (SAs’)specified under section 143(10) of the Act. Our responsibilities under those SAs arefurther described in the Auditor’s Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (‘the ICAl’) 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 qualified opinion on thestandalone financial statements.

Emphasis of Matters

1. We draw attention to note 8.1 of the standalone financial statement which statesthat the Company has a total deferred tax asset of ` 3818.61 Lakhs as at March 312021. As per the requirements of Ind AS 12 based on financial projections prepared by theCompany and approved by the Board of Directors the Company has assessed that there isreasonable certainty that sufficient future taxable income will be available against whichsuch deferred tax assets can be realized. The Company expects to years. Our have a taxableprofit conclusion is not modified in respect of this matter.

2. We draw your attention to Note 45 of the standalone financial statement whichdescribe the Management’s assessment of the impact of COVID-19 pandemic and theresultant lockdowns uncertaintieson the significant involved in developing some of theestimates involved in preparation of the financial statements including but not limited toits assessment of liquidity and going concern recoverable value of its property plantand equipment and the net realisable value of other assets. Based on information availableas of the date Management believes that no further adjustments are required to thefinancial statements. However in view of the highly uncertain economic impacting theindustry a definitive assessment of the impact is highly dependent upon circumstances asthey evolve in future and the actual result may differ from those estimated as at the dateof approval of these financial statements. Our opinion is not modified in respect of thismatter.

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 and in forming our opinion thereon and we do not provide a separateopinion on these matters.

In addition to the matter described in the "Basis for Qualified Opinion"paragraph we have determined that the following are the key audit matters:

Sr. No. Key Audit Matter Auditors Response
1 Revenue Recognition
(refer Note. 1.9 related to Revenue) We focused on this area as a key audit matter due to the risk of incorrect timing of revenue recognition and estimation related to recording the discount and rebates. According to the Standalone Financial Statement accounting principles revenue is recognized at a point in time when the control of the goods is transferred to the customer according to delivery terms. Due to variation of contractual sales terms and practices across the market and the pressure the management may feel to achieve performance targets there is a risk of material error. To address this risk of material misstatement relating to revenue recognition our audit procedures included:
- Assessing the compliance of Company’s revenue recognition policies with applicable accounting standards including those related to discounts and rebates.
- Assessing the adequacy of relevant disclosures.
2 Inventories
Refer Note No. 1.4 related to Inventories to address the risk for material error on inventories our audit procedures included amongst other:
Inventory were considered as a Key audit matter due to the size of the balance and because inventory valuation involves management judgment. According to Company’s accounting policies inventories are measured at the lower of cost or net realizable value. - Assessing the compliance of Company’s accounting policies over inventory with applicable accounting standards.
- Assessing the analyses and assessment made by management with respect to slow moving stock.

Other Matters

1. Due to COVID-19 pandemic it is not possible to verify the physical verification ofinventories at all locations therefore we have relied on the inventory verification andvaluation report issued by Independent Chartered Accountant.

Our conclusion is not modified in respect of this matter.

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

The Company’s management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in theCompany’s annual report but does not include the financial statements and ourauditors’ report thereon. Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon. In connection with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether the otherinformation is materially inconsistent with the standalone financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. As described in the Basis forQualified Opinion paragraph above we are unable to comment on the impact thereof if any onthe standalone financial statements for the year ended March 31 2021. Accordingly we areunable to conclude whether or not the other information is materially misstated withrespect to this matter.

Management’s and Board of Directors’ Responsibility for the StandaloneFinancial Statements

The Company’s Management and 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 state of affairs and othercomprehensive income changes in equity and cash flows of the Company in the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified 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 accuracy and completeness of the accounting records relevant to the preparationand presentation of the standalone financial statements that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Management and Board of Directorsare responsible 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 the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

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

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individually orin the aggregate they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these standalone financial statements.

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

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

Obtain an understanding of internal financial controls 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 in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on 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 conditions maycause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We consider quantitative 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 Standalone 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 Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors report unless law or regulation precludes public disclosure about thematter or when in extremely are 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 the Companies (Auditors’ Report) Order 2016 ("theOrder") issued by the Central Government in terms of section 143 (11) of the Act wegive in the "Annexure A" a statement on the matter specifiedin paragraphs 3 and4 of the Order which is subject to the effects/ possible effects of the matter describedin the "Basis for Qualified Opinion" paragraph of our Audit Report.

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

a. We have sought and except for the matter described in the "Basis for QualifiedOpinion" paragraph above obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit.

b. Except for the possible effects of the matter described in the "Basis forQualified Opinion" paragraph above in our opinion proper books of account as requiredby law have been kept by the Company so far as it appears from our examination of thosebooks.

c. The standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d. Except for possible effects of the matter described in the "Basis for QualifiedOpinion" paragraph above in our opinion the aforesaid standalone financial statementscomply with the Ind AS specified under section 133 of the Act.

e. The matter described in the "Basis for Qualified Opinion" paragraph andthe "Emphasis of Matter" paragraphs above in our opinion may have an adverseeffect on the functioning of the Company.

f. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2021 from being appointed as a director in terms of Section 164(2) of the Act.

g. The qualification relating to maintenance of accounts and other matters connectedthere with are as stated in the "Basis for Qualified Opinion" paragraph above.

h. With respect to the adequacy of the internal financial controls with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditors’ 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 as at March 31 2021 onits financial position in its standalone financial statements

- Refer Note 44 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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 disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from November 8 2016 to December 302016 have not been made in these standalone financial statements since they do not pertainto the financial year ended March 31 2021.

(C) With respect to the matter to be included in the Auditors’ Report undersection 197(16): In our opinion and according to the information and explanations given tous the remuneration paid by the company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For A D V & Associates

Chartered Accountants

Firm Registration No. 128045W

Sd/-

Prakash Mandhaniya

Partner

Membership No. 421679

UDIN: 21421679AAAABV9725

Mumbai

June 28 2021

Annexure ‘A’ to the Independent Auditor’s Report on the StandaloneFinancial Statements of Kisan Mouldings Limited for the year ended March 31 2021

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date and except for the effects /possible effects of the matters described in the "Basis for Qualified Opinion"paragraph of our audit report)

i) In respect of the Company’s fixed assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Company has a program of verification to cover all the items of fixed assets ina phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets.

Pursuant to the program certain fixed assets were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. Except two immovable properties acquired under the scheme of merger.

ii) The Company has a program of verification to cover all the items of inventories ina phased manner which in our opinion is reasonable having regard to the size of theCompany. According to the information and explanations given to us physical inventoryverifications was carried out at all locations by Independent Chartered Accountants whichis relied on by us and no material discrepancies were noticed on such verification.

iii) According the information and explanations given to us the Company has notgranted any secured or unsecured loans to body corporates firms LLP or other partiescovered in the register maintained under section 189 of the Companies Act 2013.Accordingly reporting under clause

(iii) of the order is not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2021 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

vi) We have broadly reviewed the books of accounts maintained by the Company in respectof products where pursuant to the Companies (Cost Records and Audit) Rules 2014 asamended and prescribed by the Central Government under section 148(1) of the Act. We areof the opinion that prima facie the prescribed accounts and records have beenmaintained by the Company. The contents of these accounts and records have not beenexamined by us.

vii) According to the information and explanations given to us in respect of statutorydues :

a) The Company has not been regular in depositing undisputed statutory dues includingProvident Fund Employees’ State Insurance Income Tax Goods and Service Tax andother material statutory dues applicable to it with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident FundEmployees’ State Insurance Income Tax Goods and Service Tax Customs Duty Cess andother material statutory dues in arrears as at March 31 2021 for a period of more thansix months from the date they became payable except Indirect Tax of ` 1207.28 Lakh TDS of` 26.68 Lakh and PF of ` 47.02 Lakh. c) According to the information and explanationsgiven to us there are no dues of income tax duty of excise and service tax and valueadded tax have not been deposited with the appropriate authorities on account of anydispute Except the below.

Sr. No. Act Nature of Dues Amount in Lakh Period related Authority
1 The Central Sales Tax/ VAT/Entry Tax VAT CST ENTRY TAX 1322.31 2000-2014 DY.COM. SALES TAX (APPEAL) NAVI MUMBAI DY. AND ASST. COMMISSIONER OF SALES TAX DC/ APPEAL SALES TAX-PALGARH DC SALES TAX BELAPUR NODAL OFFICE JC APPEAL SALES TAX BHAYANDAR
2 The Central Excise Act 1944 Excise Duty Service Tax 1900.40 2006-2015 COMMISSIONER CENTRAL EXCISE RAIGAD DY. COMMISSIONER OF ALIBAUG DIVISION ADDL. COMMISSIONER THANE-II ASSISTANT & DEPUTY COMMISSIONER

viii) In our opinion and according to the information and explanations given to us theCompany has defaulted in the repayment of dues to banks as mentioned below. The companydid not have any outstanding dues to debenture holders during the year.

Amount in Lakhs

Name of the Lender Punjab National Bank Principal Interest Remarks
Term Loan 86.46 34.69
Cash Credit 182.20 118.99
Union Bank of India
Term Loan 33.60 15.93
IDBI Bank
Term Loan 33.87 17.56
Cash Credit - 42.85
SVC
Term Loan 235.50 88.73 Considered as
Cash Credit 156.84 212.04 NPA
Total 728.47 530.79

Note:-

Except for the account considered as Non-Performing Assets (NPA) all other dues asmentioned above for repayment are delayed for days range of 0 day to 90 days.

ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term loans. Accordingly theprovisions of clause 3 (ix) of the order are not applicable to the company and hence notcommented upon.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

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 Standalone Financial Statements as required by theapplicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

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) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A D V & Associates

Chartered Accountants

Firm Registration No. 128045W

Sd/-

Prakash Mandhaniya

Partner

Membership No. 421679

UDIN: 21421679AAAABV9725

Mumbai

June 28 2021

Annexure ‘B’ to the Independent Auditor’s Report on the StandaloneFinancial Statements of Kisan Mouldings Limited for the year ended March 31 2021

Report on the Internal Financial Controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013

(Referred to in paragraph (2)(A)(h) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Opinion

We have audited the internal financial controls with reference to standalone financialstatements of Kisan Mouldings Limited ("the Company") as of March 31 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone financial statements and such internal financialcontrols were operating effectively as at March 31 2021 based on the internal financialcontrols with reference to standalone financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India (the "Guidance Note").

Management’s Responsibility for Internal Financial Controls

The Company’s management and the Board of Directors are responsible forestablishing and maintaining internal financial controls based on the internal financialcontrols with reference to standalone financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote. These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors the accuracyand completeness of the accounting records and the timely preparation of reliablefinancial information as required under the Companies Act 2013 (hereinafter referred toas "the Act").

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls with reference to standalone financial statements. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to standalone financial statements were established andmaintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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 such internalfinancial controls assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the standalone financialstatements 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 controlswith reference to standalone financial statements.

Meaning of Internal Financial controls with Reference to Standalone FinancialStatements

A company’s internal financialcontrols with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A company’sinternal financial controls with reference to standalone financial statements includethose policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could have amaterial effect on the Standalone financial statements.

Inherent Limitations of Internal Financial controls with Reference to StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference tostandalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occur andnot be detected. Also projections of any evaluation of the internal financial controlswith reference to the standalone financial statements to future periods are subject to therisk that the internal financial controls with reference to the standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

For A D V & Associates

Chartered Accountants

Firm Registration No. 128045W

Sd/-

Prakash Mandhaniya

Partner

Membership No. 421679

UDIN: 21421679AAAABV9725

Mumbai

June 28 2021

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