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Onward Technologies Ltd.

BSE: 517536 Sector: IT
NSE: ONWARDTEC ISIN Code: INE229A01017
BSE 00:00 | 29 Nov 351.60 31.95
(10.00%)
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325.00

HIGH

357.45

LOW

325.00

NSE 00:00 | 29 Nov 353.60 27.75
(8.52%)
OPEN

335.00

HIGH

357.45

LOW

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OPEN 325.00
PREVIOUS CLOSE 319.65
VOLUME 13774
52-Week high 428.15
52-Week low 223.00
P/E 71.61
Mkt Cap.(Rs cr) 780
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 325.00
CLOSE 319.65
VOLUME 13774
52-Week high 428.15
52-Week low 223.00
P/E 71.61
Mkt Cap.(Rs cr) 780
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Onward Technologies Ltd. (ONWARDTEC) - Auditors Report

Company auditors report

To the Members of Onward Technologies Limited

Report on the Audit of the Standalone financial statements Opinion

1. We have audited the accompanying standalone financial statements ofOnward Technologies Limited ("the Company") which comprise the Balance Sheet asat March 31 2022 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022and total comprehensive income (comprising of profit and other comprehensive income)changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the "Auditor's Responsibilities for the Audit ofthe Financial Statements" section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key audit matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
Appropriateness of recognition of revenue:
Refer note 1(d) and note 21 in the Standalone Ind AS Financial Statements. Our audit procedures included the following:
The Company enters into revenue contracts. Management uses judgement in respect of matters such as identification of performance obligations; allocation of consideration to identified performance obligations and recognition of revenue based on assessment of whether performance obligation is fulfilled over time or at a point in time as per the requirement of the Ind AS 115 "Revenue from Contracts with Customers". • Obtaining an understanding of and testing the design and operating effectiveness of key controls around the revenue recognition;
This matter has been determined as a Key Audit Matter in view of the complexity in application of requirements of Ind AS 115 and significant management judgements and estimates involved in such application. Further there is an inherent and presumed risk of fraud involved in the revenue recognition. • Testing of revenue transactions during the year on a sample basis to evaluate the terms of the contracts including timing of transfer of rights and obligations under the contract;
• In respect of the contracts tested evaluating the management's assessment of revenue recognition ensuring whether the same is in compliance with the requirement of Ind AS 115 and assessing the judgements and assumptions applied by the management based on the actual outcome of delivery of contract;
• Verified the inputs used in estimation of revenue to the source data;
• Verifying the underlying evidence including terms of contracts invoice and other source documents;
• Evaluating the adequacy of disclosures in the Standalone Financial Statements.
Based on the above procedures performed we did not find any significant exceptions to management's assessment of revenue recognition.

Other Information

5. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theDirector's report but does not include the standalone financial statements and ourauditor's report 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 basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance forthe financial statements

6. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting 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.

7. In preparing the financial statements management is 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 unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. Those Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the financialstatements

8. Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

9. 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 Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to financialstatements 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 the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto 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.

10. 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.

11. We also provide those charged with governance with a statement thatwe have 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.

12. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other legal and regulatory requirements

13. 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 Act we give in the Annexure B a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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

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

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

(c) The Standalone Balance Sheet the Standalone Statement of Profitand Loss (including other comprehensive income) the Standalone Statement of Changes inEquity and the Standalone Statement of Cash Flows dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act.

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

(f) With respect to the adequacy of the internal financial controlswith reference to financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in "Annexure A".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 (asamended) in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits financial position. Refer Note 29 to the Standalone financial statements.

ii. The Company has long term contracts including derivative contractsas at March 31 2022 for which there are no material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312022.

iv. (a) The management has represented that to the best of itsknowledge and belief as disclosed

in the notes to the accounts no funds have been advanced or loaned orinvested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies) including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries (Refer Note 43(vi) to the standalonefinancial statements);

(b) The management has represented that to the best of its knowledgeand belief as disclosed in the notes to the accounts no funds have been received by theCompany from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries (Refer Note 43(vi) to the standalone financialstatements); and

(c) Based on such audit procedures that we considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

v. The dividend declared and paid during the year by the Company is incompliance with Section 123 of the Act.

15. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

Annexure A to Independent Auditor's Report

Referred to in paragraph 14(f) of the Independent Auditor's Report ofeven date to the members of Onward

Technologies Limited on the standalone financial statements for theyear ended March 31 2022

Report on the Internal Financial Controls with reference to FinancialStatements under clause (i) of subsection 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference tofinancial statements of Onward Technologies Limited ("the Company") as of March31 2022 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting ("the Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingdeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

6. A company's internal financial controls with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control controls with reference to financial statements maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 31 2022 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the Institute of Chartered Accountants ofIndia.

Annexure B to Independent Auditor's Report

Referred to in paragraph 13 of the Independent Auditors' Report of evendate to the members of Onward

Technologies Limited on the standalone financial statements as of andfor the year ended March 31 2022

i. (a) (A) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(B) The Company is maintaining proper records showing full particularsof Intangible Assets.

(b) The Property Plant and Equipment of the Company have beenphysically verified by the Management during the year. The discrepancies noticed on suchverification were not material and have been properly dealt with in the books of account.In our opinion the frequency of verification is reasonable.

(c) The title deeds of all the immovable properties (other thanproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) as disclosed in Note 3 to the standalone financial statements areheld in the name of the Company.

(d) The Company has chosen cost model for its Property Plant andEquipment (including Right of Use assets) and intangible assets. Consequently thequestion of our commenting on whether the revaluation is based on the valuation by aRegistered Valuer or specifying the amount of change if the change is 10% or more in theaggregate of the net carrying value of each class of Property Plant and Equipment(including Right of Use assets) or intangible assets does not arise.

(e) Based on the information and explanations furnished to us noproceedings have been initiated on (or) are pending against the Company for holding benamiproperty under the Prohibition of Benami Property Transactions Act 1988 (as amended in2016) (formerly the Benami Transactions (Prohibition) Act 1988 (45 of 1988)) and Rulesmade thereunder and therefore the question of our commenting on whether the Company hasappropriately disclosed the details in its financial statements does not arise.

ii. (a) The Company is in the business of rendering services andconsequently does not hold any inventory.

Therefore the provisions of clause 3(ii)(a) of the Order are notapplicable to the Company.

(b) During the year the Company has been sanctioned working capitallimits in excess of '. 5 crores in aggregate from banks on the basis of security ofcurrent assets. The Company has filed quarterly returns or statements with such bankswhich are not in agreement with the unaudited books of accounts due to month endactivities and the timing difference between the returns filed and quarterly closure ofbooks of accounts. (Also refer Note 16 to the standalone financial statements)

iii. (a) The Company has made investments in three companies. TheCompany has not granted secured or unsecured loans or advances and has not provided anyguarantee or security to the subsidiaries during the year. (Also refer Note 5 to thestandalone financial statements)

(b) In respect of the aforesaid investments the terms and conditionsunder which such investments were made are not prejudicial to the Company's interest.

(c) During the year the Company has not granted any loans/ advances inthe nature of loans hence clause 3(iii)(c) is not applicable to the Company.

(d) The Company has not granted any loans/advances in the current yearhence reporting under Clause 3(iii)(d) is not applicable to the Company.

(e) There were no loans /advances in nature of loans which fell dueduring the year and were renewed/ extended. Further no fresh loans were granted to sameparties to settle the existing overdue loans/ advances in nature of loan

(f) There were no loans/advances in nature of loans which were grantedduring the year including to promoters/related parties.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurity provided by it.

v. The Company has not accepted any deposits or amounts which aredeemed to be deposits within the meaning of Sections 73 74 75 and 76 of the Act and theRules framed there under to the extent notified.

vi. The Central Government of India has not specified the maintenanceof cost records under sub-section (1) of Section 148 of the Act for any of the products ofthe Company.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is generallyregular in depositing undisputed statutory dues in respect of employees' state insuranceand goods and service tax though there has been a slight delay in a few cases and isregular in depositing undisputed statutory dues including provident fund income tax andother material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no statutory dues referred to insub-clause (a) which have not been deposited on account of any dispute.

viii. According to the information and explanations given to us and therecords of the Company examined by us there are no transactions in the books of accountthat has been surrendered or disclosed as income during the year in the tax assessmentsunder the Income Tax Act 1961 that has not been recorded in the books of account.

ix. (a) According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or other borrowings or in the payment of interest to any lender during the year.

(b) According to the information and explanations given to us and onthe basis of our audit procedures we report that the Company has not been declaredWillful Defaulter by any bank or financial institution or government or any governmentauthority.

(c) In our opinion and according to the information and explanationsgiven to us the term loans have been applied for the purposes for which they wereobtained. (Also refer Note 43(xi) to the standalone financial statements)

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the standalone financialstatements of the Company the Company has not raised funds on short term basis.

(e) According to the information and explanations given to us and on anoverall examination of the standalone financial statements of the Company we report thatthe Company has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries joint ventures or associatecompanies.

(x) (a) The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Accordinglythe reporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has made a preferential allotment during the year incompliance with the requirements of Section 42 and Section 62 of the Act. The funds raisedhave been used for the purpose for which funds were raised. (Also refer Note 40 to thestandalone financial statements)

(xi) (a) During the course of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanations given to us we have neithercome across any instance of material fraud by the Company or on the Company noticed orreported during the year nor have we been informed of any such case by the Management.

(b) During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us a report underSection 143(12) of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 was not required to be filed with the Central Government.Accordingly the reporting under clause 3(xi)(b) of the Order is not applicable to theCompany.

(c) During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us and as representedto us by the management no whistle-blower complaints have been received during the yearby the Company. Accordingly the reporting under clause 3(xi)(c) of the Order is notapplicable to the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the reporting under clause 3(xii) of the Order is not applicableto the Company.

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired under Indian Accounting Standard 24 "Related Party Disclosures"specified under Section 133 of the Act.

xiv. (a) In our opinion and according to the information andexplanation given to us the Company has an internal audit system commensurate with thesize and nature of its business.

(b) The reports of the Internal Auditor for the period under audit havebeen considered by us.

xv. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly the reporting on compliance with theprovisions of Section 192 of the Act under clause 3(xv) of the Order is not applicable tothe Company.

xvi. (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934.

Accordingly the reporting under clause 3(xvi)(a) of the Order is notapplicable to the Company.

(b) The Company has not conducted non-banking financial / housingfinance] activities during the year. Accordingly the reporting under clause 3(xvi)(b) ofthe Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly the reporting under clause3(xvi)(c) of the Order is not applicable to the Company.

(d) Based on the information and explanations provided by themanagement of the Company the Group does not have any CICs which are part of the Group.We have not however separately evaluated whether the information provided by themanagement is accurate and complete. Accordingly the reporting under clause 3(xvi)(d) ofthe Order is not applicable to the Company.

(xvii) The Company has not incurred any cash losses in the financialyear or in the immediately preceding financial year

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly the reporting under clause (xviii) is not applicable.

(xix) According to the information and explanations given to us and onthe basis of the financial ratios (Also refer Note 37 to the standalone financialstatements) ageing and expected dates of realisation of financial assets and payment offinancial liabilities other information accompanying the standalone financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing has come to our attention whichcauses us to believe that any material uncertainty exists as on the date of the auditreport that Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get discharged bythe Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects as at balance sheetdate the Company does not have any amount remaining unspent under Section 135(5) of theAct.

(b) In respect of ongoing projects as at balance sheet date theCompany does not have any amount remaining unspent under Section 135(5) of the Act.Accordingly reporting under this clause is not applicable.

(xxi) The reporting under clause 3(xxi) of the Order is not applicablein respect of audit of Standalone Financial Statements. Accordingly no comment in respectof the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Neeraj Sharma
Partner
Mumbai Membership Number 108391
May 13 2022 UDIN: 22108391AIWZIU4748

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