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Maharashtra Scooters Ltd.

BSE: 500266 Sector: Financials
NSE: MAHSCOOTER ISIN Code: INE288A01013
BSE 00:00 | 02 Dec 4953.30 -20.60
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NSE 00:00 | 02 Dec 4956.60 -21.40
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OPEN 4955.10
PREVIOUS CLOSE 4973.90
VOLUME 161
52-Week high 5602.60
52-Week low 3319.15
P/E 28.84
Mkt Cap.(Rs cr) 5,662
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4955.10
CLOSE 4973.90
VOLUME 161
52-Week high 5602.60
52-Week low 3319.15
P/E 28.84
Mkt Cap.(Rs cr) 5,662
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Maharashtra Scooters Ltd. (MAHSCOOTER) - Auditors Report

Company auditors report

To

the Members of

Maharashtra Scooters Ltd.

Opinion

We have audited the accompanying financial statements of Maharashtra Scooters Ltd.('the Company') which comprise the Balance Sheet as at 31 March 2022 the Statement ofProfit and Loss (including Other Comprehensive Income) the Statement of Changes in Equityand the Statement of Cash Flows for the year ended on that date and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas 'the financial statements').

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ('the Act') in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ('Ind AS')and other accounting principles generally accepted in India of the state of affairs ofthe Company as at 31 March 2022 the profit and total comprehensive income changes inequity 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 (SAs) specified under section 143(10) of the Act. 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 thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. We havedetermined that there are no key audit matters to communicate in our report.

Information other than the financial statements and auditor's report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholder's Information but does not include the financial statementsand our auditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

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 total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; 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 financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3) (i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified 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 deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about 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 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 Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in 'Annexure A'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 30 to the 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. With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors) Rules2014 as amended

a. The Management has represented that to the best of it's knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies) including foreign entities ('Intermediaries') with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the company ('Ultimate Beneficiaries') or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries.

b. Management has represented that to the best of it's knowledge and belief no fundshave been received by the company from any person(s) or entity(ies) including foreignentities ('Funding Parties') with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ('Ultimate Beneficiaries') or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

c. Based on such audit procedures that we have considered reasonable and appropriate inthe circumstances nothing has come to their notice that has caused us believe that therepresentations under sub-clause (a) and (b) contain any material mis-statement.

Dividend declared and paid during the year by the Company is in compliance with section123 of the Companies Act 2013.

2. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government in terms of section 143(11) of the Act we give in 'Annexure B' astatement on the matters specified in paragraphs 3 and 4 of the Order.

3. 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.

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1(f) under 'Report on other legal and regulatoryrequirements' section of our report to the Members of Maharashtra Scooters Ltd. of evendate)

Report on the Internal Financial Controls Over Financial Reporting under clause (i) ofSub- section 3 of section 143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of MaharashtraScooters Ltd. ('the Company') as of 31 March 2022 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

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 respective 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.

Auditor's responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the 'Guidance Note') issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 financial reporting includes those policiesand 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 financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance 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 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 31 March 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 Accountants ofIndia.

Annexure B to the Independent Auditors' Report

(Referred to in paragraph 2 under 'Report on other legal and regulatory requirements'section of our report to the Members of Maharashtra Scooters Ltd. of even date)

i. (a) In respect of records of property plant and equipment and intangible assets

A The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

B The Company does not have any intangible assets. Accordingly paragraph 3 (i) (a) (B)of the Order is not applicable.

(b) According to the information and explanations given to us Property plant andequipment were physically verified by the Management during the year and no materialdiscrepancies were noticed on such verification. In our opinion the frequency of physicalverification of Property plant and equipment is reasonable.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties asreported in note 2 of financial statements are held in the name of the Company.

(d) In our opinion and according to the information and explanations given to us theCompany has not revalued its Property plant and equipment during the year. Accordinglyclause 3(i)(d) of the Order is not applicable.

(e) According to the information and explanations given to us by Management noproceedings have been initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder.

ii. (a) As informed to us the physical verification of inventory has been conducted bythe Management at reasonable intervals by the Management. In our opinion the coverage andprocedure of such verification by the Management is appropriate and the no discrepanciesof 10% or more in the aggregate for each class of inventory were noticed on suchverification.

(b) As informed to us during any point of time of the year the Company has not beensanctioned working capital limits from banks or financial institutions. Accordinglyparagraph 3(ii) (b) of the Order is not applicable.

iii. Company has not provided any guarantee or security or granted any loans other thanloans and advances to employees as per Company's policy or advances in the nature ofloans secured or unsecured to companies firms Limited Liability Partnerships or anyother parties. Accordingly paragraph 3(iii) (a) 3(iii)(c) 3(iii)(d) 3(iii)(e)3(iii)(f) of the Order is not applicable.

With respect to reporting under 3(iii)(b) in respect of investment made during the yearand loans given to employees as per Company's policy does not prima facie appears toprejudicial to the Company's interest. Further as informed to us the Company has notprovided any guarantees or not provided security in connection with the loan during theyear. Accordingly reporting with respect to Loans Guarantees securities in connectionwith the loan 3(iii)(b) of the Order is not applicable

iv. In our opinion and according to information and explanations given to us theCompany has complied with the provisions of section 186 of the Companies Act 2013 inrespect of investments and loans given to employees as per Company's policy. Further theCompany has not given any guarantee or security in connection with a loan to any otherbody corporate or person. Further Company has not given any loan to directors as persection 185 of the act.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits during the year from the public under Section 73 to 76or any other relevant provisions of the Companies Act and the rules framed there under orneither has amounts which are deemed to be deposits and therefore the paragraph 3 (v) ofthe Order is not applicable to the Company. As informed to us no order has been passedagainst the Company by company law tribunal RBI or any other court or any othertribunal.

vi. In our opinion and according to the information and explanations given to usmaintenance of Cost Records for the Company has not been specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013. Accordinglyparagraph 3(ii)(b) of the Order is not applicable.

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

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCustoms Duty Cess and other material statutory dues applicable to it with the appropriateauthorities. 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 31 March 2022 for a period of more than sixmonths from the date they became payable.

(b) Details of disputed amounts of statutory dues Income Tax Sales Tax Service TaxExcise Duty and Value Added Tax and Goods and service tax as at 31 March 2022 are givenbelow:

Sl. No. Name of the statute Nature of the dues Amount in Dispute ( In Lakh) Period(s) to which the amount relate Forum where such dispute is pending
1 The Bombay Sales Tax Act 1959 and The Central Sales Tax Act1956 Sales Tax 388.08 2001-02 and 2002-03 Maharashtra Sales Tax Tribunal Mumbai
2 Central Sales Tax Act1956 Sales Tax 31.60 2005-06 Maharashtra Sales Tax Tribunal Mumbai
3 Maharashtra Value added Tax Act 2002 Value Added Tax 1.91 2014-15 to 2016-17 Joint Commissioner of Sales tax Kolhapur
4 Income Tax Act 1961 Income Tax 112.63 2007-08 to 2011-12 2016-17 to 2017-18 CIT Appeals Pune
5 Income Tax Act 1961 Income Tax 45.71 2012-13 to 2014-15 Income Tax Appellate Tribunal Pune
6 Income Tax Act 1961 Income Tax 39.84 1997-98 and 1998-99 High Court at Mumbai
7 Goods and Service Tax Act 2017 GST 5.95 2017-18 to 2018-19 Assistant Commissioner-Audit Satara
8 Central Excise Act 1944 Excise Duty 3.19 1985-86 to 1991-92 Customs Excise and Service Tax Appellate Tribunal Mumbai
12.14 1985-86 to 1995-96 High Court at Mumbai
4.66 1994-95 and 1995-96 Assistant Commissioner Satara
0.28 1987-88

viii. In our opinion and according to the information and explanations given to usthere are no transactions which have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961. Accordingly reporting underparagraph 3(viii)(a) of the Order is not applicable to the Company.

ix. In our opinion and according to the information and explanations given to us by theManagement Company has not raised any loans during the year accordingly reporting underparagraph 3(ix) (a) to (f) of the Order is not applicable to the Company.

x. (a) In our opinion and according to the information and explanations given to usthe Company has not raised moneys by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly reporting underparagraph 3(ix)(a) of the Order is not applicable to the Company.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Accordingly reporting underparagraph 3(x) (b) of the Order is not applicable to the Company.

xi. (a) As per information and explanations given to us no fraud by the Company or onthe Company been noticed or reported during the year nor have we been informed of any suchcase by the Management. Accordingly reporting under paragraph 3(xi) (a) of the Order isnot applicable to the Company.

(b) As per information and explanations given to us No report under sub-section (12)of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment.

(c) We have taken into consideration a whistle blower complaint received by the Companyduring the year while determining the nature timing and extent of audit procedures.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and hence reporting under paragraph 3 (xii) of the Order isnot 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 financial statements as required by the applicableAccounting Standards.

xiv. (a) In our opinion and based on our examination the Company has an internal auditsystem commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

xvi. (a) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has been classified as a CoreInvestment Company not requiring registration with Reserve Bank of India pursuant to theprovisions of section 45-IA of RBI Act 1934.

(b) According to the information and explanations given to us Company has notconducted any NonBanking Financial or Housing Finance activities without a validCertificate of Registration (CoR).

(c) According to the information and explanations given to us the Company is a CoreInvestment Company (CIC) as defined in the regulations made by the Reserve Bank of Indiaand Company continues to fulfil the criteria of a CIC. Further the Company has beenclassified as a Core Investment Company not requiring registration with Reserve Bank andit continues to fulfil the criteria.

(d) In our opinion and according to the information and explanation given to us inthe group (in accordance with Core Investment Companies (Reserve Bank) Directions 2016)there are 16 companies forming part of the promoter/promoter group of the Company whichare CICs (These are unregistered CICs as per Para 9.1 of notification No. RBI/2020-21/24dated 13 August 2020 of the Reserve Bank of India)

xvii. According to the information and explanations given to us company has notincurred cash losses in the financial year and in the immediately preceding financial yearaccordingly reporting under paragraph 3(xviii) of the Order is not applicable.

xviii. There is no resignation of the statutory auditors during the year. Accordinglyreporting under paragraph 3(xviii) of the Order is not applicable.

xix. In our opinion and according to the information and explanations given to us andon 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 nomaterial uncertainty exists as on the date of the audit report that Company is capable ofmeeting its liabilities existing at the date of Balance Sheet as and when they fall duewithin a period of one year from the Balance Sheet date. We however state that this isnot an assurance as to the future viability of the Company. We further state that ourreporting is based on the facts up to the date of the audit report and we neither give anyguarantee nor any assurance that all liabilities falling due within a period of one yearfrom the Balance Sheet date will get discharged by the Company as and when they fall due.

xx. (a) There is no unspent amount which was required to be transferred to a Fundspecified in Schedule VII Companies Act in compliance with second proviso to sub-section(5) of section 135 of the Companies Act. Accordingly reporting under paragraph 3(xx)(a) ofthe Order is not applicable to the Company.

(b) There is no unspent amount under sub-section (5) of section 135 of Companies Actpursuant to any ongoing project which was required to be transferred to special account incompliance with subsection (6) of section 135 of the Companies Act. Accordingly reportingunder paragraph 3(xx)(b) of the Order is not applicable to the Company.

xxi. Company does not have subsidiary associate or joint venture company. Hence as on31 March 2022 Company is not required to prepare consolidated financial statements.Accordingly reporting under paragraph 3(xxi) of the Order is not applicable to theCompany.

For Kirtane & Pandit LLP Chartered Accountants

ICAI Firm Registration Number: 105215W/W100057

Suhas Deshpande Partner

ICAI Membership Number: 31787

UDIN: 22031787AHUNGT4402

Pune: 25 April 2022

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