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Nirmitee Robotics India Ltd.

BSE: 543194 Sector: Engineering
NSE: N.A. ISIN Code: INE0CPQ01010
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NSE 05:30 | 01 Jan Nirmitee Robotics India Ltd
OPEN 101.00
PREVIOUS CLOSE 105.25
VOLUME 1800
52-Week high 153.70
52-Week low 57.55
P/E 110.99
Mkt Cap.(Rs cr) 36
Buy Price 96.95
Buy Qty 1800.00
Sell Price 102.00
Sell Qty 1800.00
OPEN 101.00
CLOSE 105.25
VOLUME 1800
52-Week high 153.70
52-Week low 57.55
P/E 110.99
Mkt Cap.(Rs cr) 36
Buy Price 96.95
Buy Qty 1800.00
Sell Price 102.00
Sell Qty 1800.00

Nirmitee Robotics India Ltd. (NIRMITEEROBOTIC) - Auditors Report

Company auditors report

To the Members of

NIRMITEE ROBOTICS INDIA LIMITED Opinion

We have audited the financial statements of NIRMITEE ROBOTICS INDIALIMITED. which comprise the Balance Sheet as at 31st March 2022 and Profit & Lossaccount and statement of Cash Flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 and its Profit for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor?s Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditor?sReport Thereon

The Company?s Board of Directors is responsible for the otherinformation. The other information comprises the [information included in the otherapplicable report but does not include the financial statements and our auditor?sreport thereon.]

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise 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 Financial

Statements

The Company?s Board of Directors are responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these 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 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 the Board of Directors areresponsible 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 the Board of Directors either intends to liquidate the Companyor to cease operations 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 the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an Auditor?s Report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Financial Statements.

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

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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

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

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 matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the financial statements of the current period and aretherefore the key audit matters. We describe these matters in our Auditor?s Reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Other Matter: (Not Applicable since the company does not have anybranch)

We did not audit the financial statements/information of (number)branches

included in the financial statements of the Company whose financialstatements / financial

information reflect total assets of Rs. as at 31st March 20XX andtotal revenues of

Rs. for the year ended on that date as considered in the financialstatements. The

financial statements/information of these branches have been audited bythe branch auditors whose reports have been furnished to us and our opinion in so far asit relates to the amounts and disclosures included in respect of these branches is basedsolely on the report of such branch auditors.

Our opinion is not modified in respect of this matter.

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 2013 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 Balance Sheet and the statement of Profit & Loss and theCash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations

received from the directors as on 31st March 2022 taken on record bythe Board of Directors none of the directors is disqualified as on 31st March 2022 frombeing appointed as a director in terms 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" Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company?s internalfinancial controls over financial reporting;

(h) With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

1. The Company does not have any pending litigations as on 31 March2022 which would impact its financial position.

2. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

3. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

Place: Nagpur FOR B P S D & ASSOCIATES
Date: 28.05.2022 Chartered Accountants
FRN: 118251W
CA Shantanu Deshniukh
Partner
Membership No. 103837
UDIN: 22103837AKCZIY7648

The "Annexure A" referred to in our report to the Members ofNirmitee Robotics India Limited for the year Ended on 31-Mar-2022. We report that:

Sr.No Particulars Auditors Remark
(i) (a) A. whether the company is maintaining proper records showing full particulars including quantitative details and situation of Property Plant & Equipment; Yes
B. whether the company is maintaining proper records showing full particulars of intangible assets; Yes
(b) whether these Property Plant & Equipment have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; As explained to us Property Plant & Equipment have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification by the management.
(C) whether the title deeds of all the immovable properties. (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the Standalone Financial Results are held in the name of the company. If not provide the details thereof; NA.
(D) Whether the Company has revalued its Property Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and if so whether the revaluation is based on the valuation by a Registered Valuer; specify the amount of change if change is 10% or more in the aggregate of the net carrying value of each class of Property Plant and Equipment or intangible assets; No
(E) Whether any proceedings have been initiated or are pending against the company for holding any Benami property under the "Benami Transactions (Prohibition) Act 1988 and Rules made thereunder; if so whether the Company has appropriately disclosed the details in its Standalone Financial Results; No
(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether in the opinion of the auditor the coverage and procedure of such verification by the management is appropriate; whether any discrepancies of 10% or more in the aggregate for each class of inventory were noticed and if so whether they have been properly dealt with in the books of account; The inventory has been physically verified by the management during the year. In our opinion the frequency of such verification is reasonable.
According to the information and explanations given to us and as examined by us no material discrepancies were noticed on such verification.
(b) whether during any point of time of the year the Company has been sanctioned working capital limits in excess of Rs. 5 crores in aggregate from banks or financial institutions on the basis of security of current assets; whether the quarterly returns or statements filed by the Company with such banks or financial institutions are in agreement with the books of account of the Company. If not give details. NA
(iii) whether during the year the company has made investments in provided any guarantee or security or granted any loans or advances in the nature of loans secured or unsecured to companies firms Limited Liability Partnerships or any other parties. If so No according to information and explanation given to us. However the Company is in process of forming an subsidiary in the UAE for which it has advanced certain sum.
(a) whether during the year the company has provided loans or provided advances in the nature of loans or stood guarantee or provided security to any other entity [not applicable to companies whose principal business is to give loans] if so indicate- Yes
(A) the aggregate amount during the year and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries joint ventures and associates. Rs. 1154592/- transferred for the proposed wholly owned subsidiary which is also the balance outstanding at the Balance Sheet date.
(B) the aggregate amount during the year and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries joint ventures and associates. N.A
(b) whether the investments made guarantees provided security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the company?s interest; Not prejudicial to the Company?s interest.
(c) in respect of loans and advances in the nature of loans whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; N.A
(d) if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and inleivM. N.A
(e) whether any loan or advance in the nature of loan granted which has fallen due during the year has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties; If so specify the aggregate amounts of such dues renewed or extended or settled by fresh loans and the percentage of aggregate to the total loans or advances in the nature of loans granted during the year. N.A
(f) whether the Company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment; if so specify the aggregate amount percentage thereof to the total loans granted aggregate amount of loans granted to Promoters related parties as defined in clause (76) of section 2 of the Companies Act 2013 N.A . .. . . .
(iv) in respect of loans investments guarantees and security whether provisions of section 185 and 186 of the Companies Act 2013 have been complied with. If not provide the details thereof. According to the information and explanation given to us the Company has neither made any investments nor has it given loans or provided guarantee or security as specified under section 185 of the Companies Act 2013 except as mentioned under point no. (iii) which is according to the provisions and the Company has not provided any security as specified under section 186 of the Companies Act 2013.
(v) in respect of deposits accepted by the Company or amounts which are deemed to be deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder where applicable have been complied with? If not the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? N.A
(vi) whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 and whether such accounts and records have been so made and maintained. N.A
(vii) (a) whether the company is regular in depositing undisputed The Company does
statutory dues including provident fund employees? state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues to the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated; not have liability in respect of Service tax Duty of excise Sales tax and Value added tax during the year since effective 1 July 2017 these statutory dues has been subsumed into Goods and Services Tax ("GST"). According to the information and explanations given to us and on the basis of our examination of the records of the Company undisputed statutory dues including GST Provident fund Employees? State Insurance Income- Tax Duty of Customs Cess and other statutory dues have been regularly deposited by the Company with the appropriate authorities;
(b) where statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute). No according to the information and explanations given to us and on the basis of our examination of the records of the Company.
(viii) whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961; if so whether the previously unrecorded income has been properly recorded in the books of account during the year? No
(ix) (a)whether the company has defaulted in repayment of loans or borrowing to a financial institution bank Government or dues to debenture holders? If yes the period and the amount of default to be reported (in case of defaults to banks financial institutions and Government lender wise details to be provided). No according to the information and explanations given to us and on the basis of our examination of the records of the Company.
(b)Whether the company is a declared wilful defaulter by any bank or financial institution or other lender? No
11 '(c)Whether term loans were applied for the purpose for which the loans were obtained; if not the amount of loan so diverted and the purpose for which it is used may be reported According to the information explanation to given to us the Company has not obtained any term loans during the year.
(d)whether funds raised on short term basis have been utilized for long term purposes? If yes the nature and amount to be indicated No
(e)whether the Company has taken any funds from any entity No
or person on account of or to meet the obligations of its subsidiaries associates or joint ventures? If so details thereof with nature of such transactions and the amount in each case.
(f)whether the Company has raised loans during the year on the pledge of securities held in its subsidiaries joint ventures or associate companies? If so give details thereof and also report if the company has defaulted in repayment of such loans raised. No
(x) (a) Whether money raised by way of initial public offer or further public offer and the term loans were applied for the purpose for which those are raised. If not the details together with delays and defaults and subsequent rectification if any as may be applicable. Yes.
(b) whether the Company has made any preferential allotment or private placement of shares or convertible debentures (fully partially or optionally convertible) during the year and if so whether the requirements of Section 42 and Section 62 of the Companies Act 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised. If not provide details in respect of amount involved and nature of noncompliance According to the information explanation to given to us the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully partially or optionally convertible) during the year.
(xi) (a)whether any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated; To the best of our knowledge and according to the information and explanations given to us no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year nor have we been informed of such case by the management.
(b) whether any report under sub-Section (12) of Section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government? No
(c)whether the auditor has considered whistle-blower complaints if any received during the year by the Company? No such case came up.
(xii) (a) whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability N.A
(b) whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liability; NA
(c)whether there has been any default in payment of interest on deposits or repayment thereof for any period and if so the details thereof. NA
(xiii) whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in Yes
the Standalone Financial Results etc. as required by the applicable accounting standards;
(xiv) (a) whether the company has an internal audit system commensurate with the size and nature of its business? Yes
(b) Whether the reports of the Internal Auditors for the period under audit were considered by the statutory auditor? Yes
(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act 2013 have been complied with; In our opinion and according to the information and explanations given to us the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence provisions of Section 192 of the Act are not applicable to the .Company.
(xvi) '(a)whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934. Accordingly clauses 3(xvi)(a) and 3(xvi)(b) of the Order are not applicable.
(b)whether the Company has conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act 1934 The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is not applicable.
(c)whether the Company is a Core Investment Company (CIC) as defined under the Regulations by the Reserve Bank of India? If so whether it continues to fulfil the criteria of a CIC and In case the company is an exempted or unregistered CIC whether it continues to fulfil such criteria According to the information and explanations provided to us during the course of audit the Group does not have any CICs.
(d)Whether the Group has more than one CIC as part of the Group If yes indicate the number of CICs which are part of the Group. N.A
(xvii) whether the Company has incurred cash losses in the Financial Year and in the immediately preceding Financial year? If so state the amount of cash losses No
(xviii) whether there has been any resignation of the statutory auditors during the year? If so whether the auditor has taken into consideration the issues objections or concerns raised by the outgoing auditors? Yes all the issues objections or concerns raised by the outgoing auditors if any were taken into consideration.
(xix) on the basis of the financial ratios ageing and expected dates of realization of financial assets and payment of financial liabilities other information accompanying the Standalone According to the information and explanations given to
Financial Results the auditor?s knowledge of the Board of Directors and management plans whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. us and on the basis of the financial ratios ageing and expected dates of realization of financial assets and payment of financial liabilities other information accompanying the standalone Standalone Financial Results our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the lassumptions nothing has come to our attention which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We however state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance Isheet date will get discharged by the Company as and when they fall due.
(xx) (a) whether in respect of other than ongoing projects the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act. NA
(xxi) whether there have been any qualifications or adverse NA
remarks by the respective auditors in the Companies (Auditor?s Report) Order (CARO) reports of the companies included in the consolidated Standalone Financial Results? If yes indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks

 

For B P S D & Associates
Chartered Accountants
FRN: 118251W
Place: Nagpur
Date: 28.05.2022 CA Shantanu Deshmukh
Partner
Membership No. 103837
UDIN No.: 22103837AKCZIY7648

Annexure "B" to the Independent Auditor?s Report

[Referred to in paragraph 2 (f) under ‘Report on other legal andregulatory requirements? section of our report to the Members of Nirmitee RoboticsIndia Limited of even date]

Report on the internal financial controls over financial reportingunder clause (i) of sub - section 3 of section 143 of the Companies Act 2013 ("theAct")

Opinion

We have audited the internal financial controls over financialreporting of Nirmitee Robotics India Limited ("the Company") as at March 312022 in conjunction with our audit of the financial statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls were operating effectively as at 31 March 2022 based on theinternal financial controls with reference to standalone financial statements 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 (the "Guidance Note").

Management?s responsibility for internal financial controls

The board of directors of the Company is responsible for establishingand maintaining 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors? responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the standards on auditing prescribed under Section 143 (10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 were established andmaintained and if such controls operated effectively in all material respects.

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

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial control system over financial reporting.

Meaning of internal financial controls over financial reporting

A company?s internal financial control over financial reporting isa process 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 controlover financial reporting includes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with

generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany?s assets that could have a material effect on the financial statements.

Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper management ofoverride 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.

For B P S D & Associates

Chartered Accountants

FRN: 118251W

CA Shantanu Deshmukh

Partner

Membership No. 103837

UDIN No.:22103837AKCZIY7648

Place: Nagpur

Date: 28.05.2022

.