The Members of Nitin Castings Limited
Report on the Indian Accounting Standards ("Ind AS") Financial Statements
We have audited the accompanying Ind AS financial statements of Nitin Castings Limited("the Company") Opinion Comprehensive Income) the Statement of Changesin Equity and the Statement of Cash Flows for the year which comprise the Balance Sheet asat 31st March 2022 the Statement of Profit and Loss (including Other (hereinafterreferred to as "Ind AS financial statements"). ended on that date and a summaryof the significant accounting policies and other explanatory information Ind AS financialstatements give the information required by the Companies Act2013 ("the Act")in the manner In our opinion and to the best of our information and according to theexplanations given to us the aforesaid section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended ("Indso required and give atrue and fair view in conformity with the Indian Accounting Standards prescribed under31st March 2022 the Net Profit total comprehensive income changes in equity and itscash flow for the year AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ('SAs') specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the 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 ('ICAI') together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on the Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matter described below to be the key audit matters to be communicatedin our report.
|The Company's Investment Consists of Shares and Mutual Funds. ||Our Audit procedures for this area included : |
|Total Investment of the Company represents 21.67 per cent of the Company's total assets. || We assessed appropriateness of the pricing methodologies with reference to Company's valuation policy. |
|Investment are made and valued in accordance with policy of the Company and relevant Ind As at fair value through profit or loss account. Refer Note no. 2.2 (K) of "Significant Accounting Policies ". || We have verified the investments in Shares with Demat Account and Mutual Funds with the Mutual Fund Statements and PMS funds with PMS Statement. Further few shares are held by company in physical form which are not verified by us. |
| || For quoted investments the valuations are recalculated with independent pricing sources. |
Other The Company's Board of Directors is responsible for the other information.The other information comprisesinformation our auditor's report thereon. theBoard's Report including Annexures to Board's Report but does not include the financialstatements and of assurance conclusion thereon. Our opinion on the financial statementsdoes not cover the other information and we do not express any form in doing so considerwhether the other information is materially inconsistent with the financial statements orIn connection with our audit of the financial statements our responsibility is to readthe other information and our knowledge obtained in the audit or otherwise appears to bematerially misstated.
Responsibility of Board of Directors is responsible for the matters stated inSection 134(5) of the Companies
Management for Financial Statements view of the financial position financialperformance and cash flows of the Company in accordance with the Act 2013 ("theAct") with respect to the preparation of these financial statements that give a trueand fair 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includesaccounting principles generally accepted in India includingthe Accounting Standards specified under Section assets of the Company and for preventingand detecting frauds and irregularities; selection and application ofmaintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe implementation and maintenance of adequate internal financial controls that wereoperating effectively appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design presentation of the financial statements that givea true and fair view and are free from material misstatement for ensuring the accuracyand completeness of the accounting records relevant to the preparation and whether due tofraud or error. continue as a going concern disclosing as applicable matters related togoing concern and using the goingIn preparing the financial statements management isresponsible for assessing the Company's ability to or has no realistic alternative but todo so. concern basis of accounting unless management either intends to liquidate theCompany or to cease operations The Board of Directors is also responsible for overseeingthe company's financial reporting process. Auditor's Our objectives are to obtain Responsibilitiesreasonable assurance about whether the financial statements as a whole are free forthe Audit of the Financial Statements opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conductedfrom material misstatementwhether due to fraud or error and to issue an auditor's report that includes our fromfraud or error and are considered material if individually or in the aggregate theycould reasonably bein accordance with SAs will always detect a material misstatement whenit exists. Misstatements can arise expected to influence the economic decisions of userstaken on the basis of these financial statements.
Asskepticism throughout the audit. We also: part of an audit in accordance with SAs weexercise professional judgment and maintain professional
or error design and perform audit procedures responsive to those risks and obtainaudit evidence thatIdentify and assess the risks of material misstatement of the financialstatements whether due to fraud misstatementis sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.
that are appropriate in the circumstances. Under section 143(3)(i) of the CompaniesAct 2013 we areObtain an understanding of internal control relevant to the audit inorder to design audit procedures controls system in place and the operating effectivenessof such controls. also responsible for expressing our opinion on whether the company hasadequate internal financial
and related disclosures made by management.
basedConclude on the appropriateness of management's use of the going concern basis ofaccounting and on the audit evidence obtained whether a material uncertainty existsrelated to events or conclude that a material uncertainty exists we are required to drawattention in our auditor's report to conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor's report.the relateddisclosures in the financial statements or if such disclosures are inadequate to modifyour However future events or conditions may cause the Company to cease to continue as agoing concern.
disclosures and whether the financial statements represent the underlying transactionsand events in a Evaluate the overall presentation structure and content of the financialstatements including the manner that achieves fair presentation. makes it probable thatthe economic decisions of a reasonably knowledgeable user of the financial statementsMateriality is the magnitude of misstatements in the financial statements thatindividually or in aggregate of our audit work and in evaluating the results of our work;and (ii) to evaluate the effect of any identified may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope misstatementsin the financial statements. timing of the audit and significant audit findings includingany significant deficiencies in internal control that We communicate with those chargedwith governance regarding among other matters the planned scope and we identify duringour audit. requirements regarding independence and to communicate with them allrelationships and other matters We also provide those charged with governance with astatement that we have complied with relevant ethical that may reasonably be thought tobear on our independence and where applicable related safeguards.
Report 1. As required by the Companies (Auditor's Report) Order 2020 ("theOrder") issued by the Central on Other Legal and Regulatory Requirements statementon the matters specified in paragraphs 3 of the Order to the extent applicable.Government of India in terms of sub-section (11) of Section 143 of the Act we give in theAnnexure A
2. As required by Section 143(3) of the Act we report that:
(a) knowledge and belief were necessary for the purpose of our audit; We have soughtand obtained all the information and explanations which to the best of our
(b) as appears from our examination of those books; In our opinion proper books ofaccount as required by law have been kept by the Company so far (c) are in agreement withthe books of account; The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this report (d) Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) In our opinion the aforesaid Ind ASfinancial statements comply with the applicable Accounting
(e) functioning of the company. In our opinion there are no financial transactions ormatters which have any adverse effect on the
(f) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 2022 from being appointed as a director in terms of Section 164(2)of the Act. st March (g) therewith. There is no adverse remark relating to themaintenance of accounts and other matters connected
and the operating effectiveness of such controls refers to our separate Report inAnnexure B. (i) report as under with respect to other matters to be included in theAuditor's Report in accordanceIn our opinion and to the best of our information andaccording to the explanations given to us we with Rule 11 of the Companies (Audit andAuditors) Rules2014: i. no. 43 in its Ind AS Financial Statements. The Company hasdisclosed the impact of pending litigations on its financial position in Note ii. thequestion of commenting on any foreseeable losses thereon does not arise. The Company doesnot have any long-term contracts including derivative contracts; as such iii. andProtection Fund by the Company. There were no amounts which were required to betransferred to the Investor Education iv. (a) funds (which are material eitherindividually or in the aggregate) have been advancedThe Management has represented thatto the best of its knowledge and belief no sources or kind of funds) by the Company to orin any other person or entity includingor loaned or invested (either from borrowed fundsor share premium or any other or otherwise that the Intermediary shall whether directlyor indirectly lend or investforeign entity ("Intermediaries") with theunderstanding whether recorded in writing
Company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on in other persons or entities identified in any manner whatsoever by or on behalfof the behalf of the Ultimate Beneficiaries;
(b) The Management has represented that to the best of its knowledge and beliefno funds(which are material either individually or in the aggregate) have beenreceived by the the understanding whether recorded in writing or otherwise that theCompany shallCompany from any person or entity including foreign entity ("FundingParties") with any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") whether directly or indirectly lend or invest inother persons or entities identified in or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; v. As stated in Note to the standalone financialstatements a. during the year is in accordance with Section 123 of the Act as applicable.The final dividend proposed in the previous year declared and paid by the Company b.There is no interim dividend declared nor paid during the year.
3. requirements of section 197(16) of the Act as amended: With respect to the othermatters to be included in the Auditor's Report in accordance with the paid by the companyto its directors during the year is in accordance with the provisions of section 197 ofthe Act. In our opinion and to the best of our information and according to theexplanations given to us the remuneration
For GMJ & Co
Firm Registration No. 103429W
CA Atul Jain Partner
Membership No. 037097 UDIN: 22037097ALRTBM3901 Place: Mumbai Date: 28th May2022
Annexure-A to the Independent Auditors' Report
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' section of our report (i) (a)to the (A) Members TheCompany has maintained records showing full particulars including quantitative details ofNitin Castings Limited of even date) and situation of Property Plant & Equipment;
(B) According to the information and explanations given to us the Company hasIntangible Assetand the company is maintaining proper records showing fullparticulars of intangible assets;
(b) The Company has a regular program of physical verification of its PropertyPlant & Equipment by which the Property Plant & Equipment are verified atreasonable intervals. In our opinion this nature of its assets. As per the informationand explanation given to us by the management noperiodicity of physical verification isreasonable having regard to the size of the Company and the material discrepancies werenoticed on such verification;
(c) Based on our examination of the property taxrespect of the land factory buildingsand title deeds of all other immovable properties disclosedreceipts for the land we reportthat the title in the Company as at the balance sheet date; in the financial statementsincluded under Property Plant and Equipment are held in the name of
(d) According to the information and explanations given to us the Company has notrevalued anyProperty Plant & Equipment or any Intangible Asset. Accordinglyparagraph 3(i)(d) of the Companies (Auditor's Report) Order 2020 ("the Order")is not applicable to the Company; (e) No proceedings have been initiated during the yearor are pending against the Company as at 31 March 2022 for holding any benami propertyunder the Benami Transactions (Prohibition) Actst 1988 (as amended in 2016) and rulesmade thereunder;
(ii) (a) The physical verification of inventory has been conducted at reasonableintervals by the management and hence no discrepancies have been found by themanagement; (b) Accordingworking capital limits in excess of five crore rupees inaggregate from banks at any point of time to the information and explanations given to usthe Company has been sanctioned banks and the same are in agreement with the books ofaccount of the Company; during the year under audit. The company has filed quarterlyreturns and statements with such
(iii) (a) According to information and explanations given to us and to the best ofour knowledge and beliefthe Company has granted interest free unsecured loans tothe companies and LLP's covered in the register maintained under Section 189 of the Act.;(A) 3(iii)(a)(A) of the Companies (Auditor's Report) Order 2020 ("the Order")is not applicableCompany does not have any subsidiaries joint ventures and associates andhence paragraph to the Company; (B) with respect to such loans or advances other thansubsidiaries joint ventures and associatesThe aggregate amount during the year andbalance outstanding at the balance sheet date are as follows: -
|Sr. No. ||Particulars ||Balance as on 1st April 2021 ||Loan given during the year ||Amount Reed during the year ||Balance as on 313t March 2022 |
|1 ||Prescon Anjuna LLP ||0 ||400133 ||400133 ||0 |
|2 ||Prescon Shelters LLP ||0 ||5741585 ||5741585 ||0 |
|3 ||Rajshila Construction LLP ||0 ||33005504 ||33005504 ||0 |
|4 ||Rajshila Realtors LLP ||0 ||28835707 ||28835707 ||0 |
|Total || ||0 ||67982929 ||67982929 ||0 |
conditions hence the same is prejudicial to the interest of the company;
(c) has been stipulated by the Company. Therefore in absence of stipulation ofrepayment terms weIn respect of the aforesaid loans no schedule for repayment ofprincipal and payment of interest interest; are unable to make any comment on theregularity of repayment of principal and payment of (d) applicable in case of principal;As the above-mentioned loan granted is payable on demand thus adherence of this clause isnot (e) renewed or extended or fresh loans granted to settle the overdues of existingloans given to theNo loan or advance in the nature of loan granted which has fallen dueduring the year has been ("the Order") is not applicable to the Company;various parties Accordingly paragraph 3(iii)(e) of the Companies (Auditor's Report)Order 2020
(f) disclosed as under: Details of paragraph 3(iii)(f) of the Companies (Auditor'sReport) Order 2020 ("the Order")
|Particulars ||All Parties ||Promoters ||Related Parties |
|Aggregate amount of loans/ advances in nature of loans || || || |
|>Repayable on demand (A) || || || |
|>Agreement does not specify any terms or period of repayment (B) ||67982930 ||- ||67982930 |
|Total (A+B) ||67982930 ||- ||67982930 |
|Percentage of loans/ advances in nature of loans to the total Loans ||100% ||- ||100% |
interest free loan to the related parties which are prejudicial to the interest of thecompany and hencefree loan to LLP's thereby violating Section 185 of the Companies Act2013. The company has given the company has not complied with the section 186 of CompaniesAct 2013; (v) public within the meaning of Sections 73 to 76 of the Act and the rulesframed thereunder; thus reportingThe Company has not accepted any deposits or amountswhich are deemed to be deposits from the under clause 3(v) of the order is not applicableto the Company; (vi) Section 148 of the Act for any of the activities of the Company. Thusreporting under clause 3(vi) of theThe Central Government of India has not prescribedmaintenance of cost records under subsection (1) of order is not applicable to theCompany;
(vii) According to records of the Company examined by us and the information andexplanations given to us:
(a) fundThe Company is generally regular in depositing undisputed statutory duesincluding providentemployees' state insurance income-tax goods and service tax duty ofcustoms duty of no undisputed amounts payable for a period of more than six months fromthe date they becameexcise value added tax cess and other statutory dues withappropriate authorities. There were payablerelating to issues of taxability anddeductibility as disputed by the Company and provision is notexcept for income Tax amountof Rs. 3169067; (Taxation matters for which liability made)
(b) with the concerned authorities on account of dispute as at 31st March 2022.According to the information and explanation given to us following dues have not beendeposited
Rs. in Lakhs)
|Name of the Statute ||Nature of the dues ||Rs. in Lakhs ||Period to which the Amount Relates ||Forum where Dispute is Pending |
|Central Excise ||Excise Duty ||103.30 ||Apr 2007 to Oct 2011 ||CESTAT |
|Central Excise ||Excise Duty ||14.06 ||Nov 2011 to Sep 2012 ||CESTAT |
|Central Excise ||Excise Duty ||0.66 ||Jul 2000 to Jun 2001 ||CESTAT |
|Central Excise ||Excise Duty ||30.59 ||Oct 2012 to Jun 2015 ||CESTAT |
|Central Excise ||Excise Duty ||6.90 ||Jul 2015 to Apr 2016 ||CESTAT |
|Central Excise ||Excise Duty ||16.32 ||May 2016 to Jun 2017 ||CESTAT |
|Central Excise ||Excise Duty ||360.98 ||Mar 2010 to Jan 2014 ||CESTAT |
in the tax assessments under the Income Tax Act 1961. Accordingly paragraph 3(viii) ofthe Companiesnot recorded in books of accounts that have been surrendered or disclosed asincome during the year (Auditor's Report) Order 2020 ("the Order") is notapplicable to the Company; (ix) (a) The Company has taken loans and borrowings fromlenders but the company has not defaulted inrepayment of loans or other borrowingsor in the payment of interest thereon to any lender; (b) Thegovernment or any governmentauthority; Company has not been declared wilful defaulter by any bank or FinancialInstitution or (c) which the loans were obtained and no amount of the loan is diverted forany other purpose; The Company has taken term loans during the year and the loans wereapplied for the purpose for (d) which have not been utilised for the long term purposes;According to the information given to us the company has raised short-term funds duringthe year
(e) entity or from any person on account of or to meet the obligations of itssubsidiaries associatesAccording to information and explanation given to us Company hasnot taken any fund from any ("the Order") is not applicable to the Company; orjoint ventures and hence paragraph 3(ix)(e) of the Companies (Auditor's Report) Order2020
(f) the year on the pledge of securities held in its securities joint ventures orassociates companiesAccording to information and explanation given to us the company hasnot raised loans during applicable to the Company; and hence paragraph 3(ix)(f) of theCompanies (Auditor's Report) Order 2020 ("the Order") is not (x) (includingdebt instruments) and term loans and has not made any preferential allotment orprivateDuring the year the company has not raised money by way of initial public offer orfurther public offer paragraph 3(x)(a) & (b) of the Companies (Auditor's Report)Order 2020 ("the Order") is not applicableplacement of shares or fully orpartly convertible debentures during the year under review. Accordingly to the Company;(xi) CompanyTo the best of our knowledge and belief and according to the information givento us no fraud by theor on the Company has been noticed or reported during the year.Accordingly paragraph Company; 3(xi)(a) & (b) of the Companies (Auditor's Report)Order 2020 ("the Order") is not applicable to the company during the year.Also the whistle blower mechanism is not mandatory for the company andAs represented tous by the management there are no whistle-blower complaints received by the thus theClause 3(xi)(c) is not applicable for the company; a Nidhi Company. Accordingly clause3(xii) of the Order is not applicable to it;
(xiii) compliance with Sections 177 and 188 of the Act wherever applicable and detailshave been disclosed inAccording to the information and explanations given to us alltransactions with related parties are in the Ind AS Financial Statements as required byapplicable accounting standards;
(xiv) has an adequate Internal Audit system commensurate with the size and the natureof its business. Hence We have not received the Internal Audit report. Hence we areunable to comment whether the company this amounts to violation of section 138 underCompanies Act 2013.
(xv) cash transactions with its directors or persons connected with him. Accordinglythe provisions of ClauseAccording to the information and explanations given to us theCompany has not entered into any non-3(xv) of the Order are not applicable to the Company;(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934; not applicable to the Company; hence paragraph 3(xvi)(a)(b) & (c) of the Companies (Auditor's Report) Order 2020 ("the Order") is
(xvii) The Company has not incurred cash losses during the financial year covered byour audit and in the
immediately preceding financial year;
(xviii) There has been no instance of resignation by the statutory auditor undersection 140(2) of the companies
2020 ("the Order") is not applicable to theCompany; act 2013 during the year and accordingly paragraph 3(xviii) of the Companies(Auditor's Report) Order
(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and
knowledgepayment of financial liabilities other informationaccompanying the financial statements and our of the Board of Directors and Managementplans and based on our examination of the any material uncertainty exists as on the dateof the audit report indicating that Company is not capableevidence supporting theassumptions nothing has come to our attention which causes us to believe that of oneyear from the balance sheet date. We however state that this is not an assurance as tothe futureof meeting its liabilities existing at the date of balance sheet as and whenthey fall due within a period audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within aviability of the Company. We furtherstate that our reporting is based on the facts up to the date of the due; period of oneyear from the balance sheet date will get discharged by the Company as and when they fall(xx) applicable to the company in respect of year under review and accordingly paragraph3(xx)(a) & (b) ofAs represented to us by the management Provisions of section 135 ofthe Companies Act 2013 is not the Companies (Auditor's Report) Order 2020 ("theOrder") is not applicable to the Company;
For GMJ & Co.
Chartered Accountants Firm No. 103429W
CA Atul Jain Partner M. No. 037097
Place: Mumbai Date: 28th May 2022
(Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the CompaniesAnnexure - B to the Auditors' Report Act 2013 ("theAct"))
We have audited the internal financial controls over financial reporting of "Company") as of 31 Company for the year ended on that date. st March 2022 inconjunction with our audit of the standalone financial statements of the Nitin CastingsLimited" ("the The Company's management is responsible for establishing andmaintaining internal financial controls based Management's Responsibility for InternalFinancial Controls components of internal control stated in the Guidance Note on Auditof Internal Financial Controls over Financialon the internal control over financialreporting criteria established by the Company considering the essential designimplementation and maintenance of adequate internal financial controls that were operatingeffectively Reporting issued by the Institute of Chartered Accountants of India(ICAI'). These responsibilities include the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completenessfor ensuringthe orderly and efficient conduct of its business including adherence to company'spolicies the Companies Act 2013. of the accounting records and the timely preparationof reliable financial information as required under the Our responsibility is to expressan opinion on the Company's internal financial controls over financial reporting
Financial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued bybased on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about issued by the Institute of Chartered Accountants of India. Those Standardsand the Guidance Note require that such controls operated effectively in all materialrespects. whether adequate internal financial controls over financial reporting wasestablished and maintained and if controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design controls over financial reporting included obtaining an understanding ofinternal financial controls over on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend statementswhether due to fraud or error. audit opinion on the Company's internal financial controlssystem over financial reporting. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our A company's internal financialcontrol over financial reporting is a process designed to provide reasonable
Meaning of Internal Financial Controls over Financial Reporting external purposesin accordance with generally accepted accounting principles. A company's internalfinancial assurance regarding the reliability of financial reporting and the preparationof financial statements for records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of of thecompany; statements in accordance with generally accepted accounting principles and thatreceipts and expenditures(2) Provide reasonable assurance that transactions are recordedas necessary to permit preparation of financial company; and of the company are being madeonly in accordance with authorizations of management and directors of the or dispositionof the company's assets that could have a material effect on the Ind AS financialstatements. Because of the inherent
Inherent Limitations of Internal limitations of internal financial controls overfinancial reporting including the Financial Controls Over Financial Reporting fraudmay occur and not be detected. Also projections of any evaluation of the internalfinancial controls over possibility of collusion or improper management override ofcontrols material misstatements due to error or reporting may become inadequate becauseof changes in conditions or that the degree of compliance with the financial reporting tofuture periods are subject to the risk that the internal financial control over financialpolicies or procedures may deteriorate.
In our opinion and to the best of our information and according to the explanationsgiven to us the CompanyOpinion internal financial controls over financialreporting were operating effectively as at 31 has in all material respects an adequateinternal financial controls system over financial reporting and such st March 2022 basedcomponentson the internal control over financial reporting criteria established by theCompany considering essential of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
For GMJ & Co
Firm Registration No. 103429W
CA Atul Jain Partner
Membership No. 037097 UDIN: 22037097ALRTBM3901 Place: Mumbai Date: 28thMay 2022