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Maximus International Ltd.

BSE: 540401 Sector: Others
NSE: N.A. ISIN Code: INE544W01021
BSE 00:00 | 04 Oct 38.55 1.80
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NSE 05:30 | 01 Jan Maximus International Ltd
OPEN 38.55
PREVIOUS CLOSE 36.75
VOLUME 373597
52-Week high 48.05
52-Week low 8.63
P/E
Mkt Cap.(Rs cr) 485
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 38.55
CLOSE 36.75
VOLUME 373597
52-Week high 48.05
52-Week low 8.63
P/E
Mkt Cap.(Rs cr) 485
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Maximus International Ltd. (MAXIMUSINTERNA) - Auditors Report

Company auditors report

TO THE MEMBERS OF

MAXIMUS INTERNATIONAL LIMITED

Report on the audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of MaximusInternational Limited ("the Company") which comprise the Standalone BalanceSheet as at March 31 2022 the Standalone Statement of Profit and Loss (including othercomprehensive income) the Standalone Statement of Cash Flows the Standalone statement ofchanges in equity for the year ended and summary of Standalone significant accountingpolicies and other explanatory information. (hereinafter referred to as "thestandalone financial statements").

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 Companies Act 201 3 (the "Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 1 33 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2022 the loss and other comprehensive income changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theCompanies Act 2013. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with theindependence requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Companies Act 2013 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. Key Audit Matter Auditor's Response
1. The company has a substantial exposure in a subsidiary for investment and loan. How the matter was addressed in our audit
The company has made Investment of Rs. 373.07 lakhs (AED 21.00 lakhs) and Rs. 74.38 lakhs (USD 1.00 lakhs) and has given loan of Rs. 252.53 lakhs (AED 12.25 lakhs) and 37.88 lakhs (USD 0.50 lakhs) in its wholly owned subsidiaries Maximus Global FZE (hereinafter referred to as "MGF") and MX Africa Limited (hereinafter MX Africa) respectively. For the exposure in the Wholly Owned Subsidiaries Maximus Global FZE (hereinafter referred to as "MGF") and MX Africa Limited (hereinafter MX Africa):
• We have evaluated the relevant agreements / statutory approvals / filings for the same;
The above exposure in subsidiaries forms a substantial portion of the net worth of the company. • We have perused the audited financial statements of MGF and MX Africa to assess the diminution if any of the investment and recoverability of the loan as per agreed terms;
Refer note no 6 and 7 financial statement. • We have perused and taken on record the management's representation for the above related to the future business plans of MGF and MX Africa.

Information other than the standalone Financial Statement and Auditor'sReport thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Managementdiscussion and analysis board's report including Annexure to Board's Report CorporateGovernance and Shareholder's information but does not include the standalone financialstatements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above and in doing soconsider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit orotherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone 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 thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof 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 Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating 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 the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern;

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decision of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our works;and (ii) to evaluate the effect of any identified misstatements in the standalonefinancial 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 tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charges with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 201 3 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Standalone Balance Sheet the Standalone Statement of Profitand Loss (including other comprehensive income) and the Standalone changes in Equity andthe Standalone Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance 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 theexplanations given to us the company has not paid any managerial remuneration to itsdirectors; and

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 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 itsfinancial position in it's the standalone financial statements - Refer Note 35 to thestandalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no such instances requiring transfer of any amountsto the Investor Education and Protection Fund by the Company

iv. i. The Management has represented that to the best of itsknowledge and belief as disclosed in note no. 46(v) to the financial statements no fundshave been advanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other person(s) orentity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

ii. The Management has represented that to the best of its knowledgeand belief as disclosed in note no. 46(vi) to the financial statements no funds havebeen received by the company from any person(s) or entity(ies) including foreign entities("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 orthe like on behalf of the Ultimate Beneficiaries; and

iii. Based on such audit procedures that we have considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii)of Rule 11(e) contain anymaterial mis-statement.

v. There is no dividend declared or paid during the period by theCompany.

ANNEXURE - A TO THE AUDITORS' REPORT

Referred to in Para 1 'Report on Other Legal and RegulatoryRequirementsRs in our Independent Auditor's Report to the members of the Company on thestandalone Financial Statements for the year ended March 31 2022.

To the best of our information and according to the explanationsprovided to us by the Company and the books of account and records examined by us in thenormal course of audit we state that:

1(a)(A)The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment;

1(a)(B)The company is maintaining proper records showing fullparticulars of Intangible assets.

1(b) As informed to us the company has a regular programme of physicalverification of its Property Plant and Equipment by which Property Plant and Equipmentare verified in a phased manner over a period of three years. In accordance with thisprogramme certain Property Plant and Equipment were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets;

1(c) Based on our verification of the documents provided to us andaccording to the information and explanations given by the Management the title deeds ofall the immovable properties are held in the name of the Company (other than propertieswhere the company is the lessee and the lease agreements are duly executed in favour ofthe lessee) as disclosed in the financial statements as at the Balance Sheet date;

1 (d) The company has not revalued any of its Property Plant andEquipment (including Right of Use assets) and intangible assets during the year.

1(e) As disclosed in note no. 46(i) to the accounts and as verified byus no proceedings have been initiated or are pending against the company for holding anybenami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) andrules made thereunder.

2(a) In our opinion and according to the information and explanationsgiven to us physical verification of inventory has been conducted at reasonable intervalswith appropriate coverage and procedures of such verification by the management and nomaterial discrepancies were noticed on physical verification of 10% or more in aggregatefor each class of inventory;

2(b) Based on our examination of the records the company has not beensanctioned working capital limits in excess of five crore rupees in aggregate from bankson the basis of security of current assets. Hence reporting under this clause in notapplicable.

3 The Company has made investments in companies firms LimitedLiability Partnerships and granted unsecured loans to other parties during the year inrespect of which;

3(a) The Company has provided loans to employee and other partiesduring the year are as follows:

Unsecured Loans No. of Parties Aggregate amount granted/ provided during the year (Rs. In Lakhs) Balance Outstanding as at balance sheet date in respect of loans (Rs. In Lakhs)
Other Parties 8 242.89 836.11
Employee 1 - 0.07

3(b) In our opinion and according to the information provided to usthe terms and conditions of the grant of such loans and investments made are notprejudicial to the interest of the company;

3(c) In respect of loans granted by the Company the schedule ofrepayment of principal and payment of interest has been stipulated and the repayments ofprincipal amounts and receipts of interest are generally been regular as per stipulation.

3(d) In respect of loans granted by the Company there is no overdueamount remaining outstanding as at the balance sheet date.

3(e) No loan granted by the Company which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the overdue ofexisting loans given to the same parties.

3(f) The Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentduring the year. Hence reporting under clause 3(iii) (f) is not applicable.

Other than that mentioned above the company has not provided anyguarantee or security or granted any advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnership or any other parties;

4 In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investments made;

5 The Company has not accepted deposits or amounts which are deemed tobe deposits and therefore the compliance with the provisions of sections 73 to 76 of thecompanies Act and the rules framed there under for the deposits accepted is not applicableto the company;

6 The Central Government has not prescribed the maintenance of costrecords by the Company under section 148(1) of the Companies Act;

7(a) In our opinion the Company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income-tax Goods and Service Tax (GST) custom duty cess and otherstatutory dues and there are no undisputed statutory dues outstanding as at 31st March2022 for a period of more than six months from the date they became payable except IncomeTax of Rs. 16.59 lakhs and 9.81 lakhs outstanding related to financial year 2019-2020 and20202021 respectively;

We are informed that the provisions relating to provident fund andemployees' state insurance are not applicable to the company;

7(b) According to the information and explanations given to us andrecords examined by us there are no statutory dues of referred in subclause (a) that hasnot been deposited on account of any dispute;

8 As disclosed in note no. 46(vii) to the accounts and as verified byus there were no transactions which were not recorded in the books of account have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961;

9(a) Based on examination of records and according to the informationand explanations given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon during the year.

9(b) As disclosed in note no. 46(ix) to the accounts and as verified byus the company has not been declared wilful defaulter by any bank or financialinstitution or other lender;

9(c) According to the information and explanations given to us and therecords examined by us all term loans were applied for the purpose for which the loanswere obtained;

9(d) On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company;

9(e) According to the information and explanations given to us and therecords examined by us the company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries.

9(f) According to the information and explanations given to us and therecords examined by us the company has not raised any loans during the year on the pledgeof securities held in its subsidiaries companies.

10(a) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) during the year and hence reportingunder clause 3(x)(a) of the Order is not applicable

10(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

11(a) During the course of our examination of the books of account andrecords of the Company carried out in accordance with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither came across any incidence of fraud on or by the Company noticed or reported duringthe year nor we have been informed of any such case by the management

11(b) According to the information and explanations given to us andbased on our examination of the records no fraud on or by the Company noticed or reportedduring the course of audit. Accordingly reporting under this clause is not applicable;

11(c) According to the information and explanations provided to us nowhistle-blower complaints have been received during the year by the company.

1 2 The Company is not a Nidhi Company and hence reporting under clause(xii) of the Order is not applicable;

1 3 According to the information and explanations given to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with sections 177 and 188 of the Act where applicable and details ofsuch transactions have been disclosed in the standalone financial statements as requiredby the applicable accounting standards;

14(a) In our opinion and the records examined by us the company has aninternal audit system commensurate with the size and nature of its business of thecompany;

14(b) We have considered report of the internal auditors for the periodunder audit.

1 5 According to the information and explanations given to us and basedon our examination of the records of the Company the company has not entered into anynon-cash transactions with directors or persons connected with them. Hence the provisionsof section 192 of the Act are not applicable;

16(a) In our opinion the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi) (a) (b) and (c) of the order is not applicable.

16(b) In our opinion and as informed to us by the management there isnot more than one Core investment company within the Group (as defined in the CoreInvestment Companies (Reserve Bank) Directions 2016) .

1 7 The company has incurred cash loss of Rs. 3.38 lakhs in thefinancial year. However company has not incurred cash loss in the immediately precedingfinancial year.

1 8 There has been no resignation of the statutory auditors during theyear;

1 9 On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities

other information accompanying the financial statements and ourknowledge of the Board of Directors and Management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit reportindicating that Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due;

20(a) According to the information and explanations given to us andbased on our examination of the records company is not required in incurred expenditureas per section 135 of company act. Hence reporting under clause 20(a) and 20(b) is notapplicable.

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S 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 MAXIMUS INTERNATIONAL LIMITED ("the Company") as of March31 2022 in conjunction with our audit of the standalone financial statements of theCompany 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 maintenance of internalfinancial controls with reference to the financial statements of the company that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 prescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether internal financial controls with reference to financial statements of thecompany were established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence aboutthe internal financial controls with reference to financial statements of the company andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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 the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould 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 to the best of our information and according to theexplanations given to us the Company has in all material respects an internal financialcontrols with reference to the financial statements of the company and such internalfinancial controls over financial reporting were operating effectively as at March 312022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For C N K & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W-100036
Sd/-
Alok Shah
Partner
Membership No.042005
Place: Vadodara
Date: 30th May 2022
UDIN: 22042005AJXAFT3503

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