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Laxmipati Engineering Works Ltd.

BSE: 537669 Sector: Others
NSE: N.A. ISIN Code: INE920P01019
BSE 00:00 | 25 Aug Laxmipati Engineering Works Ltd
NSE 05:30 | 01 Jan Laxmipati Engineering Works Ltd
OPEN 36.00
PREVIOUS CLOSE 36.00
VOLUME 3000
52-Week high 38.50
52-Week low 36.00
P/E 92.31
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.00
CLOSE 36.00
VOLUME 3000
52-Week high 38.50
52-Week low 36.00
P/E 92.31
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Laxmipati Engineering Works Ltd. (LAXMIPATIENGG) - Auditors Report

Company auditors report

TO THE MEMBERS OF

M/s. LAXMIPATI ENGINEERING WORKS LIMITED

(Formerly known as L.P. NAVAL AND ENGINEERING LIMITED)

Report on the Audit of Standalone Financial Statements:

Opinion:

We have audited the accompanying standalone financial statements of M/S.Laxmipati Engineering Works Limited (Formerly known as L.P. Naval and EngineeringLimited) ("The Company") which comprises the Balance Sheet as on 31st March 2022the Statement of Profit and Loss and Cash Flow statement for the year then ended andnotes to financial statements including a summary of significant accounting policies andother explanatory information.

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 Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the company as at 31st March 2022 and its profit (or Loss) and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Companies Act 2013. Our responsibilitiesunder those standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the entityin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese 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 are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.

Accuracy of revenues and onerous obligation in respect of fixed pricecontracts involves critical estimate.

The company use the percentage of completion method in accounting forits contracts. Use of the percentage of completion method requires the company to estimatethe efforts or cost expended to date as a proportion of the total efforts or costs to beexpended. Efforts or costs expended have been use to measure progress towards completionas there is direct relationship between input and productivity.

The Company derives revenues from business fabrications and relatedservices. Revenue is recognized upon the work certified by company's engineers.

Auditor's Response

Our audit approach was a combination of test of internal controls andsubstantive procedure which include the following:

• Evaluate the design of internal controls relating to recordingof efforts incurred and estimations of efforts required to complete the performanceobligation.

• Tested the access and application controls pertaining to timerecording allocation and budgeting systems which prevents unauthorised changes torecording of efforts incurred.

• Select a sample of contract and through inspection of evidenceof performance of these controls tested the operating effectiveness of the internalcontrols relating to efforts incurred and estimated.

• Performed analytical procedure and test of details forreasonableness of incurred and estimated efforts.

Management's Responsibility for the Standalone FinancialStatements:

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘‘the Act'') withrespect to the preparation and presentation of these standalone financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting 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 also responsible for overseeing thecompany's financial reporting process. Auditor's Responsibility for the Auditof the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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 individuallyor in the aggregate they reasonably be expected to influence the economic decisions ofusers taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error; to design and perform auditprocedures responsive to those risks; and to obtain audit evidence that is sufficient andappropriate to provide a basis for the auditor's opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act2013 we are responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditionsmay cause an entity to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomics decisions of a reasonably knowledgeable user of the financial statement may beinfluenced. We consider quantitative materiality and qualitative factor in (i) planningthe scope of our audit work and in evaluating the result of our work and (ii) to evaluatethe effect of any identified misstatements in the financial statements.

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 communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2020issued by the Central Government of India in terms of section 143(11) of the CompaniesAct 2013 (hereinafter referred to as ‘order') and on the basis of test checkas we considered appropriate and according to information and explanation provided to uswe enclose in the Annexure "A" statement on the matters specified in paragraphs3 and 4 of the said Order.

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

2.1 We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of our audit

2.2 In our opinion proper books of account as required by law havebeen kept by the company as far as appears from our examination of those books.

2.3 The Balance Sheet Profit and Loss statement and Cash FlowStatement dealt with by this report are in agreement with the books of account.

2.4 In our opinion the aforesaid financial statements comply with theaccounting standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014

2.5 On the basis of written representations received from thedirectors as on March 312022 taken on record by the Board of directors none of thedirectors are disqualified as on March 31 2022 from being appointed as a director undersection 164(2) of the Act.

2.6 With respect to the adequacy of financial controls over financialreporting of the company and the operative effectiveness of such controls refer to ourseparate report in "Annexure B";

2.7 With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197 (16) of the Actas amended in our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act; and

2.8 With respect to the others matters to be included in theauditor's 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) There were no pending litigations which would impact the financialposition of the company.

(ii) The company did not have any material foreseeable losses on longterm contracts including derivative contracts

(iii) There were no amounts which were required to be transferred tothe Investor Education and Protection fund by the company.

(iv) (i) As per management's representation no funds other thandisclosed by way of notes to accounts have been advanced or loaned or invested (eitherfrom borrowed funds or share premium or any other sources or kind of funds) by the companyto or in any other person or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(ii) As per management's representation There were no funds whichhave been received by the company from any person(s) or entities including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and

(iii) The representation received from the company under sub-clause (i)and (ii) above does not contain any material mis-statement.

(v) No dividend has been declared by the Company during the year.

For R Kejriwal & Co.
Chartered Accountants.
Firm Reg. No. 133558W
Place: Surat
Date: 28.05.2022 Sd/-
Khushboo Shah
Partner
M. No. 171607
PAN: AAPFR9048C
UDIN: 22171607AJUCUB4370

Annexure "A" to Auditors' Report

(Referred to in of our report of even date to the members of LAXMIPATIENGINEERING WORKS LIMITED as on the financial statements for the year ended March 312022)

On the basis of such checks as we considered appropriate and accordingto the information and explanations given to us during the course of audit we state that:

1 Property Plant Equipment and Intangible Assets

(a) Whether the company is maintaining proper records showing full particulars including quantitative details and situation of property plant equipment and intangible assets. Yes
(b) Whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; The management conducted physical verification of certain fixed assets in accordance with its policy of physical verification in a phased manner. In our opinion such frequency is reasonable having regard to the size of the Company and the nature of its fixed assets. As explained to us the discrepancies noticed on physical verification as compared to book records maintained were not material and have been properly dealt with in the books of account
(c) Whether title deeds of immovable properties are held in the name of the company. If not provide details thereof. No Lease deed for land will be executed on completion of construction & subject to compliance of prescribed conditions.
(d) Whether the company has revalued its Property Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and if so whether the revaluation is based on the valuation by a Registered Valuer. No
(e) Whether any proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder. No
2 Inventories
(a) Whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so how they have been dealt with in the books of account; The management conducted physical verification of inventory in accordance with its policy of physical verification in a phased manner. In our opinion such frequency is reasonable having regard to the size of the Company and the nature of its inventory. As explained to us the discrepancies noticed on physical verification as compared to book records maintained were not material and have been properly dealt with in the books of account.
(b) Whether Company has availed Working Capital Loan(s) from banks or financial institutions by pledging current assets and the sanction limit(s) by combining limit of all banks or financial institutions exceed Rs 5 Crore and if so. Whether quarterly result or statement filed by the company with such banks or financial institutions are in line with the accounting books. Yes
3 Loan Granted
Whether the company has made investment in provide any guarantee or security or granted any loans secured or unsecured to companies firms LLPs or any other parties. No
(a) Whether the investment made guarantees provided security given and terms and conditions of the grant of such loans are not prejudicial to the company's interest; NA
(b) Whether receipt of the principal amount and interest are regular. If not provide details thereof; and NA
(c) if amount is overdue then total amount overdue for more than 90 days and whether reasonable steps have been taken by the company for recovery of the principal and interest; NA
(d) Whether any loan or advances granted which has fallen due during the year has been renewed or extended or fresh loans granted to settle the overdue of existing loan given to the same party If so specify the aggregate amount of such dues renewed or extended or settled by fresh loan and the percentage of the aggregate to the total loans or advances in the nature of loan granted during the year. NA
(e) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment if so specify the aggregate amount percentage thereof to the total loans granted aggregate amount of loans granted to promoters related parties as defined in clause (76) of the section 2 of the companies Act 2013 No
4 Loans Investments and guarantees
In respect of loans investments and guarantees whether provisions of Section 185 and 186 of the Companies Act 2013 have been complied with. If not provide details thereof. As explained to us and from the records verified the company has generally complied the provision of section 185 and 186 of The Companies Act 2013.
5 Deposit
In case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder where applicable have been complied with? If not the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? No
6 Cost Records
Whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 and whether such accounts and records have been so made and maintained; NA
7 Statutory dues
(a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income tax sales-tax service tax duty of customs duty of excise value added tax and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor. According to the information and explanations given to us and the record examined by us the company is generally regular in depositing with appropriate authorities undisputed statutory dues applicable to it. There were no arrears as at 31st March 2022 for a period of more than six months from the date they became payable.
(b) Where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute). NIL
Particulars F.Y. AMOUNT (In Rs.) STATUS
8 Income Disclosed in Tax Assessment but not properly accounted in Books of Accounts.
Whether any transactions not recorded in books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961 if so whether the previously unrecorded income has been properly recorded by the company in the books of accounts during the year. NA
9 Default in Repayment
(a) Whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported (in case of banks and financial institutions lender wise details to be provided). NO
(b) Whether the company has been disclosed wilful defaulter by any financial institution (including Banks) NO
(c) Whether term loan were applied for the purpose for which the loans were obtained if not the amount of loan so diverted and the purpose for which it is used. Yes
(d) Whether fund raised on short term basis have been utilised for long term purpose if yes the nature and amount to be indicated NO
(e) Whether the company has taken any fund from any entity or person on account of or to meet the obligations of its subsidiaries associates or joint ventures if so details thereof with nature of such transaction and the amount in each case. NA
(f) Whether the company has raised loans during the year on the pledge of securities held in its subsidiaries joint ventures or associate companies if so provide details thereof and also report if the company has defaulted in repayment of such loan raised. NA
10 Monev raised
(a) Whether moneys raised by way of initial public offer or further public offer (including debt instrument) were applied for the purposes for which those are raised. If not the details together with delays / default and subsequent rectification if any as may be applicable be reported; No
(b) Whether the company has made any preferential allotment / private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of Section 42 and section 62 of the Companies Act 2013 have been complied with and the fund raised have been used for the purpose for which the fund were raised if not the details in respect of amount involved and nature of non compliances. No
11 Fraud
(a) Whether any fraud by the company or any fraud on the Company by its officers/ employees has been noticed or reported during the year; If yes the nature and the amount involved be indicated. To the best of our knowledge and according to the information and explanations given to us there have been no cases of fraud on or by the Company noticed or reported during the year under report
(b) whether any report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government; Nil
(c) whether the auditor has considered whistle-blower complaints if any received during the year by the company Nil
12 Nidhi Company
Whether the Nidhi Company has complied with the Net Owned Fund in the ratio of 1:20 to meet out the liability and whether the Nidhi Company is maintaining 10% liquid assets to meet out the unencumbered liability. NA
13 Related Parties Transactions
Whether all transactions with the related parties are in compliance with Section 188 and 177 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc as required by the accounting standards and Companies Act 2013. As per the information and explanation provided to us and records produced before us the company has generally complied with the provisions.
14 Internal Audit
Whether the company has an internal audit system commensurate with the size and nature of its business if Yes whether the reports of the Internal Auditors for the period under audit were considered. Yes
15 Non-cash Transactions
Whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether provisions of Section 192 of Companies Act 2013 have been complied with. NA
16 Registration with RBI
(a) Whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration is obtained. NA
(b) Whether the company has conducted Non-Banking or Housing Finance activities without a valid Certificate of Registration (CoR) from RBI as per Reserve Bank of India Act 1934 NA
(c) Whether the company is Core Investment Company (CIC) as defined in the regulations made by the RBI if so whether it continue to fulfil the criteria of a CIC and in case the company is an exempted or unregistered CIC whether it continues to fulfil such criteria. NA
17 Cash Losses
Whether the company has incurred cash losses in the financial year and in the immediately preceding financial year if so the amount of cash losses. Yes Company has incurred Cash losses of Rs 62343823 in F.Y. 2020-21.
18 Resignation of Previous Statutory Auditor
Whether there has been any resignation of the Statutory Auditor during the year if so whether consideration has been taken for the issues objections or concerns raised by the outgoing auditors No
19 Material Uncertaintv
On the basis of the financial ratios ageing and expected dates of realisation of financial assets and payment of financial liabilities other information accompanying the financial statements the auditor's knowledge of the Board of Directors and management plans whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date; Yes
20 Corporate Social Responsibility
(a) whether in respect of other than ongoing projects the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act; NA
(b) whether any amount remaining unspent under sub-section (5) of section 135 of the Companies Act pursuant to any ongoing project has been transferred to special account in compliance with the provision of sub-section (6) of section 135 of the said Act; NA
21 Qualification or Adverse Remark for CFS Companies
Whether there have been any qualification or adverse remark by the respective auditors in the Companies (Auditor's Report) order (CARO) reports of the companies included in the Consolidated Financial Statement if yes the details of the companies and the paragraph number of the CARO report containing the qualifications or adverse remark. NA
For R. Kejriwal & Co.
Chartered Accountants
Sd/-
Khushboo Shah
Partner
M.No. 171607
FRN.133558W
Date :28.05.2022
Place : Surat

ANNEXURE - B TO THE AUDITORS' REPORT

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

We have audited the internal financial controls over financialreporting of LAXMIPATI ENGINEERING WORKS LIMITED(Formerly Known as L.P NAVAL ANDENGINEERING LIMITED) ("The Company") as of 31 March 2022 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the 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 internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2022 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For R Kejriwal & Co.
Chartered Accountants.
Firm Reg. No. 133558W
Place: Surat
Date:28.05.2022 Sd/-
Khushboo Shah
Partner
Membership No. -171607
PAN: AAPFR9048C

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