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Luharuka Media & Infra Ltd.

BSE: 512048 Sector: Financials
NSE: N.A. ISIN Code: INE195E01020
BSE 00:00 | 25 Nov 2.52 0.05
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NSE 05:30 | 01 Jan Luharuka Media & Infra Ltd
OPEN 2.56
PREVIOUS CLOSE 2.47
VOLUME 52453
52-Week high 5.74
52-Week low 1.29
P/E 36.00
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.56
CLOSE 2.47
VOLUME 52453
52-Week high 5.74
52-Week low 1.29
P/E 36.00
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Luharuka Media & Infra Ltd. (LUHARUKAMEDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF LUHARUKA MEDIA & InFRA LIMITED (Formerly Known as Splash Media& Infra Limited)

Report on the Audit of the Financial Statements Opinion

Opinion

We have audited the accompanying financial statements of LUHARUKA MEDIA & InFRALIMITED("the Company") which comprise the Balance Sheet as at March312022 the Statement of Profit and Loss (including other comprehensive income)Statement of changes in equity and the Statement of Cash Flows for the year ended on thatdate and notes to the Financial Statements including a summary of the significantaccounting policies and other explanatory information's (hereinafter referred to as"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 Indian Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and the 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 specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial 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 (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the !CAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on the financialstatements .

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 we have determined the matters described below to be the keyaudit matters to be communicated in our report

Sr. Key Audit Matter no. Auditor's Response
Company has entered into a Development Agreement with M/s. Krishna Sagar Builders Ltd. to develop a property situated at Charkop Village ?Kandivali (West) admeasuring total area of 1138.78 Sq. Mtrs (Developable Area: 984.90 Sq Mtrs) the total amount incurred on the said project is Rs. 446.62 Lacs as on 31st March 2022 which is under legal Dispute and the company has entered into a Joint Venture Agreement with M/s. Krishna Developers through its proprietor Mr. Rajiv Kashyap to develop the property situated at CTS No.484 at Gulmohar Road Juhu Mumbai the total amount incurred on the said project is Rs. 147.45 Lacs which is also under Dispute but the company has made a recovery of Rs. 50.70 Lacs in the year 2013 so the net amount incurred on the said project is Rs.90.50 Lacs as on 31st March 2022. Our procedures for going through the projects include the following :
Company showing both the Project under development Amount Rs. 53712067/- in Other Non-Current Assets. The matters are in legal Dispute since long period and final result awaited. In view of this we identified the assessments of projects as key audit matter Understanding the development agreements and legal matters going on
Enquiry and discussion with the Management
Assessing the accuracy and reasonableness of the input data provided by the management.
Assessed adequacy of relevant disclosures in the financial statement

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Director is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility reportCorporate Governance and Shareholder's information but does not include the standalonefinancial statements and or 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 standalone financial statements or our knowledge?obtained in the 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 Responsibility for the 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 and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the Provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 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 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 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 the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa 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. ?

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

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant de_ciencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied?with 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 the matter orwhen 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 the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. 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 financial statements comply with the mandatoryAccounting Standards referred to in section 133 of Companies Act 2013.

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 B".

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

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

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 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 on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

iv. (a) Whether the management has represented that to the best of it's knowledge andbelief other than as disclosed in the notes to the accounts no funds have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other person(s) or entity(ies) includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

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

For R D n A AnD CO LLP Chartered Accountants (FRn. 004435C/C400033)

(Ramesh Kumar Singhania) Partner M.no. 041880 UDIn: 22041880ALTnBJ8005 Place: Raipur(C.G.) Date : 29th April 2022

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Para-1 "Report on Other Legal and Regulatory Requirements" inour Independent Auditors' Report to the members of the Company on the Financial Statementsfor the year ended March 31 2022):

i. In respect of the Company's Property Plant and Equipments:

(a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(B) Company does not have any intangible Assets.

(b) As explained to us the Company has a regular programme of physical verification ofits Property Plant and Equipment by which Property Plant and Equipment are verified in aphased manner over a period of one year. In accordance with this programme certainProperty Plant and Equipment were verified during the year and no material discrepancieswere noticed on such verification. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets.

(c) There is no immovable properties held in the name of the company.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) or intangible assets or both during the year.

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

ii. The Company is in the business of providing loans and does not have any physicalinventories. Accordingly the provision of clause 3(ii) of the Order is not applicable toit.

iii (a) The company is a NBFC whose principal business is to give loans so this clauseis not applicable to the company.

(b) According to information and explanation given to us and based on the auditprocedure we are of the opinion that the terms and conditions on which loans have beengranted by the company during the year are not prejudicial to the company's interest.

(c) According to information and explanation given to us repayment of loan installmenttogether with interest wherever stipulated are regular.

(d) According to information and explanation and based on our audit procedure there isno overdue amount remain outstanding for more than 90 days as at the year end.

(e) The company is a NBFC whose principal business is to give loans so this clause isnot applicable to the company.

(f) The company has provided loans or advances in the nature of loans repayable ondemand to related party as defined in clause (76) of section 2 of the Companies Act 2013.

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 with respectto the loans and investments made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any Deposits or amount which are deemed to be deposit from thepublic and hence the directives issued by the Reserve Bank of India and the provisions ofSections 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder are not applicable.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Act for the business activities carried out by the Company.

(a) According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingGoods and Services tax Provident Fund Employees' State Insurance Income Tax Sales TaxService Tax Duty of Customs Duty of Excise Value Added Tax Cess and any otherstatutory dues with the appropriate authorities wherever applicable and there are no suchoutstanding dues as at March 31 2022 for a period of more than six months from the datethey became payable.

(b) According to the information and explanation given to us and the records examinedby us no disputed amount payable in respect of provident fund Sales Tax wealth Taxservice Tax duty of Customs value added tax cess and other material statutory dues onaccount of matters pending before any appropriate authorities except:

S. name of the no. Statute name of the duties Amount in Lacs Period to which amount Relates Forum where dispute is pending
1 Income Tax Income Tax 2.43 2005-06 DCIT 3(1) Indore
2 Act 1961 1.50 2006-07 DCIT 3(1) Indore
3 0.99 2007-08 DCIT 3(1) Indore
4 0.58 2008-09 DCIT 3(1) Indore
5 0.52 2012-13 DCIT 3(1) Indore
6 3.02 2015-16 CPC of I Tax Department
7 1.43 2016-17 CPC of I Tax Department
8 3.24 2018-19 CPC of I Tax Department
9 1.87 2019-20 CPC of I Tax Department
Total 15.58

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act1961.

ix. According to the information and explanations given by the management and as perrecord examined by us we are of the opinion that the Company

(a) Has not defaulted in repayment of loan or borrowings to bank and financialinstitution. Further there is no borrowing from government or debenture holders duringthe year.

(b) Has not been declared willful defaulter by any bank or financial institution orgovernment or any government authority.

(c) Has not taken any term loan during the year.

(d) On an overall examination of the financial statements of the Company the Companyhas prima facie not used funds raised on short-term basis during the year for long-termpurposes.

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries associates or joint ventures.

(f) In our opinion and according to the information and explanations given to us thecompany has not raised loans during the year on the pledge of securities held in itssubsidiaries joint ventures or associate companies.

x. (a) The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting on clause3(x)(a) of the order not applicable

(b) According to the information and explanation given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year and hencereporting on clause 3(x)(b) of the order not applicable.

xi. (a) During the course of our examination of the books of account and records of theCompany and according to the information and explanation given to us and representationsmade by the Management no material fraud by or on the Company has been noticed orreported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and up to the date of this report.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year (and up to the date of this report) while determining the naturetiming and extent of our audit procedures.

xii. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Standalone Financial Statements as required by theapplicable accounting standards.

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

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

xv. According to the information and explanation given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withthe directors or persons connected with them as prescribed under section 192 of the Act.Accordingly paragraph 3(xv) of the Order is not applicable during the year.

xvi. (a) The company is a NBFC (Loan finance company-Non deposit ) and registered undersection 45-IA of the Reserve Bank of India Act 1934.

(b) Company has conducted Non Banking Financial Activities with a valid certificate ofregistration (COR) From the Reserve Bank of India under the Reserve Bank of India ACT1934.

.

(c) The company is an exempted Core Investment Company (CIC) and we are of the opinionthat it continues to fulfill such criteria for exemption from registration as CIC.

(d) This clause is not applicable to the company as it is not CIC.

xvii. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year also.

xviii. There has been no resignation of the statutory auditors of the Company duringthe year.

xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx. This clause is not applicable to the company as Corporate social responsibilitiesunder section 135 of the Companies Act 2013 is not applicable.

xxi. This clause is not applicable to the company as company is not aHolding/Subsidiary/Associate/Joint Venture company of any other company.

For R D n A AnD CO LLP

Chartered Accountants (FRn. 004435C/C400033)

(Ramesh Kumar Singhania) Partner M.no. 041880 UDIn: 22041880ALTnBJ8005 Place: Raipur(C.G.) Date : 29th April 2022

AnnEXURE "B" TO THE InDEPEnDEnT AUDITOR'S REPORT

{Referred to in paragraph 2{f) under ?'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Luharuka Media & Infra Limitedof even date)

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

We have audited the internal financial controls over financial reporting of LuharukaMedia & Infra Limited {"the Company") as of March 31 2022 in conjunctionwith our audit of 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 and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 included obtaining.an understanding of internal financial controls over financial reporting assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of material.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 internal financial controls system overfinancial reporting of the Company

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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.

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 internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Account ants ofIndia.

For R D n A AnD CO LLP

Chartered Accountants

(FRn. 004435C/C400033)

(Ramesh Kumar Singhania)

Partner M.no. 041880 UDIn: 22041880ALTnBJ8005

Place: Raipur (C.G.)

Date: 29th April 2022

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