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Mid India Industries Ltd.

BSE: 500277 Sector: Industrials
NSE: MIDINDIA ISIN Code: INE401C01018
BSE 13:44 | 08 Feb 9.32 -0.49
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NSE 05:30 | 01 Jan Mid India Industries Ltd
OPEN 9.60
PREVIOUS CLOSE 9.81
VOLUME 1562
52-Week high 46.45
52-Week low 4.76
P/E 18.27
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.32
Sell Qty 1988.00
OPEN 9.60
CLOSE 9.81
VOLUME 1562
52-Week high 46.45
52-Week low 4.76
P/E 18.27
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.32
Sell Qty 1988.00

Mid India Industries Ltd. (MIDINDIA) - Auditors Report

Company auditors report

To

The members of

MID INDIA INDUSTRIES LIMITED

Registered Office: Textile Mill Area Station Road MANDSAUR (MP) 458001

CIN: L17124MP1991PLC006324

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying Ind AS financial statements of MID INDIA INDUSTRIESLIMITED ("the Company") which comprise of the Balance Sheet as at 31stMarch 2022 the Statement of Profit and Loss (including statement of other comprehensiveincomes) the Statement of Changes in Equity and the Statement of Cash Flows for the yearended on that date notes to the Ind AS financial statements including a summary of thesignificant accounting policies and other explanatory information.

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 the Indian Accounting Standards prescribed under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other 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 Ind AS Financial statements in accordance with theStandards on Auditing (Sas) specified under section 143 (10) of the Companies Act 2013(the Act). Our responsibilities under those Standards are further described in the'Auditor's Responsibilities for the Audit of the Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India to get her with the ethicalrequirements that are relevant to our audit of the financial Statements under theprovisions of the Companies Act 2013 and the Rules there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on Ind AS financial statement.

Emphasis of Matter

The accumulated losses of the company have wiped off the book value of net worth of thecompany. However in the opinion of management the going concern of the company is stillintact and has not got defeated as the fair market value of land exist in the financialstatement of company is more than sufficient to mitigate the liabilities of the companyand moreover the company has leased out the manufacturing facility of company's unit withPlant & machinery and civil construction thereon for usually carrying on manufacturingactivities during the financial year also. Our opinion is not modified in respect of thismatter.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Ind AS financial statements for the financial year endedMarch 31 2022. These matters were addressed in the context of our audit of the Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe Ind AS financial statements and our auditor's report thereon. Our opinion on the IndAS financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon. In connection with our audit of Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. 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 Responsibilities for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Act with respect to the preparation and presentation of these Ind Asfinancial Statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany and other financial information in accordance the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with relevant rules issued hereunder and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the IND AS financial statements the Management are responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the 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 statement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain Professional scepticism 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 control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the company's internal control. Undersection 143(3)

(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

- Conclude on the appropriateness of the 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 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 Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when 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 2020 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the "Annexure-A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

Subject to the limitations of the audit indicated in paragraphs Key Audit matter andalso subject to the limitations of disclosure required therein 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 the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the 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 representation 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 theCompanies Act 2013.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these Ind AS financial statements and theoperating effectiveness of such controls refer to our separate Report in"Annexure-B" to this report.

(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 opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe 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) Rules2014 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 notes 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. The management has represented that to the best of its 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 personsor entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Companyor

• Provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries.

a. The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any persons or entities including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall:

• directly or indirectly lend or invest in other persons or entities identifiedin any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of theFunding Party or

• provide any guarantee security or the like from or on behalf of the UltimateBeneficiaries; and

b. Based on such audit procedures as considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub clause (iv)(a) and (iv)(b) contain any material mis-statement.

v. No Dividend is declared or paid by the company during the year.

Date: 26th May 2022 For ATM & Associates
Place: Indore Chartered Accountants
Firm Reg. No.-017397C
CA Anand Seksaria
Partner
(Membership No. 420231)
UDIN: 22420231ANGDLT7275

"Annexure A" to the Independent Auditor's Report

Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of MID INDIAINDUSTRIES LIMITED for the year ended on 31st March 2022

(i) In respect of the Company's Property Plant and Equipment and Intangible Assets:

(a)

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

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(b) As informed and explained to us the management has physically verified the itemsof the property plant and equipment of the company at reasonable interval and nosignificant discrepancies were noticed on such physical verification.

(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 areheld in the name of the Company.

(d) According to information and explanations given to us and on the basis of ourexamination of the records of the company the company has not revalued its PropertyPlant and Equipment (including Right of Use assets) or intangible assets or both duringthe year.

(e) According to information and explanations given to us and on the basis of ourexamination of the records of the company there are no proceedings initiated or arepending against the company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii)

(a) As informed and explained to us the inventory has been physically verified by themanagement at reasonable intervals during the year. No material discrepancies were noticedon such physical verification.

(b) The Company has not been sanctioned working capital limits in excess of e 5 crorein aggregate at any points of time during the year from banks or financial institutionson the basis of security of current assets and hence reporting under clause 3(ii)(b) ofthe Order is not applicable.

(iii) The Company has not made investments in companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) According to the information and explanations given to us the company has notaccepted any deposits during the year under sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under and therefore theprovisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) As informed to us the Company is not covered under the requirements formaintenance of cost records under sub section (1) of section 148 of the Companies Act2013 prescribed by Central Government. The company is also not covered under the Companies(cost records and audit) Rules 2014.

(vii) In respect of statutory dues:

(a) According to the information and explanation given to us the Company has beengenerally regular in depositing undisputed statutory dues relating to Provident FundEmployees' State Insurance Income Tax Goods and Service Tax Sales Tax Service TaxDuties of Customs Value Added Tax and any other statutory dues applicable to it withappropriate authorities.

(b) There are no undisputed statutory dues payable which are outstanding as at year endfor a period of more than 6 months from the date they become payable. However:

(A) Details of dues of Income Tax which have not been deposited as at year end onaccount of dispute are given below:

*The final demand may be of Rs. 863450 plus applicable interest u/s. 234 B/C since29/03/2016 onwards.

**The Amount of Rs. 24685235 includes interest under section 234B calculated only upto25-01-2002. Therefore the final amount of demand as on 31-03-2022 may be comprising of Rs.24685235 plus applicable interest U\S 234B/234C thereafter.

(B) One case for claim of Rs. 95340/- was admitted to labour court against the companyby ex-security guard towards claim of minimum wages. However the case was decided infavour of the company by the labour court but the claimant has lodged the appeal in highcourt.

(viii) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the company there were no such unrecordedtransaction in the books of account which were surrendered or disclosed as income duringthe year in tax assessments under Income Tax Act 1961 (43 of 1961).

(ix)

(a) The Company has not taken any loans or other borrowings from any lender. Hencereporting under clause 3(ix)(a) of the Order is not applicable.

(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are nooutstanding term loans at the beginning of the year and hence reporting under clause3(ix)? of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(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.

(f) The Company has not raised any loans during the year and hence reporting on clause3(ix)(f) of the Order is not applicable.

(x)

(a) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause 3(x)(b) of the Order is not applicable.

(xi)

(a) No fraud by the Company and no material fraud 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 upto the date of this report.

(c) There were no whistle-blower complaints received by the company during the year.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv)

(a) In our opinion the Company has an adequate internal audit system commensurate withthe 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 explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non cashtransactions with directors or persons connected with him.

(xvi)

(a) In our opinion the Company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.Hence reporting under clause 3(xvi)(a) (b) and (c)of the Order is not applicable.

(b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable.

(xvii) The company has not incurred cash losses in the current financial year and inthe immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.However since tenure of 5 years of the previous Statutory Auditors of the company wasexpired M/s. A T M & Associates Chartered Accountants Indore (Firm Registration No.017397C) were appointed as Statutory Auditors of the company for next 5 years.

(xix) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company on the basis of the financialratios ageing and expected dates of realisation of financial assets and payment offinancial liabilities other information accompanying the financial statements 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 cause usto believe that any material uncertainty exists as on the date of the audit report thatthe company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.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.

(xx) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company

(a) there was no such unspent amount to be transferred to fund specified in ScheduleVII to the Companies Act. Accordingly paragraph 3(xx)(a) of the Order is not applicable.

(b) there was no such amount remaining unspent under sub-section (50 of section 135 ofthe Companies act 2013 to be transferred to special account under sub-section (6) ofsection 135 of the said act. Accordingly paragraph 3(xx)(b) of the Order is notapplicable.

(xxi) Paragraph 3(xxi)(b) of the Order is not applicable.

(xxii) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xxiii) The company has not granted any unsecured loans to any person covered in theregister maintained under Section 189 of the Companies Act 2013 ("the Act")during the year. However out of loan granted in previous year loan amounting to Rs.30000/- (Previous Year outstanding) to the company secretary has been paid during theyear.

Date: 26th May 2022 For ATM & Associates
Place: Indore Chartered Accountants
Firm Reg. No.-017397C
CA Anand Seksaria
Partner
(Membership No. 420231)
UDIN: 22420231ANGDLT7275

"Annexure B" to the Auditor's Report

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 Mid IndiaIndustries Limited ("the Company") as of 31 March 2022 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing 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 ('ICAI').

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

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

Our audit involves performing procedures to obtain audit evidence 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 mis statement 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 Company's internal financial controls withreference to these Ind AS financial statements.

Meaning of Internal Financial Controls with Reference to these Ind AS FinancialStatements:

A company's internal financial control with reference to these Ind AS financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial control with reference to these Ind AS financial statements includes thosepolicies and procedures that:

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

- provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and

- provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton the Ind AS financial statements.

Inherent 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 controlsover 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.

Date: 26"' May 2022 For ATM & Associates
Place: Indore Chartered Accountants
Firm Reg. No.-017397C
CA Anand Seksaria
Partner
(Membership No. 420231)
UDIN: 22420231ANGDLT7275

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