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Patels Airtemp (India) Ltd.

BSE: 517417 Sector: Engineering
NSE: N.A. ISIN Code: INE082C01024
BSE 00:00 | 06 Dec 282.35 -6.55
(-2.27%)
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NSE 05:30 | 01 Jan Patels Airtemp (India) Ltd
OPEN 294.70
PREVIOUS CLOSE 288.90
VOLUME 8925
52-Week high 309.75
52-Week low 167.55
P/E 12.67
Mkt Cap.(Rs cr) 154
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 294.70
CLOSE 288.90
VOLUME 8925
52-Week high 309.75
52-Week low 167.55
P/E 12.67
Mkt Cap.(Rs cr) 154
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Patels Airtemp (India) Ltd. (PATELSAIRTEMP) - Auditors Report

Company auditors report

To

The Members of PATELS AIRTEMP (INDIA) LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of PATELS AIRTEMP(INDIA) LIMITED ("the company") which comprise the Balance Sheet as at 31stMarch 2022 the Statement of Profit & Loss (including other comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flow for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "standalonefinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements read together with significantaccounting policies and accompanying notes thereon give the information required by theCompanies Act2013 (the "Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("IND AS") and other accounting principles generally accepted in India of thestate of affairs (financial position) of the Company as at 31st March 2022 its Profit(including other comprehensive income) the changes in equity and its cash flow for theyear 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 Companies Act 2013. 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 entity inaccordance with the Code of Ethics issued by ICAI together with the ethical requirementthat are relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with the Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the annual report but does notinclude the standalone financial statements and our auditor’s report thereon. Ouropinion on the standalone financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon. In connection with our audit ofthe standalone financial statements our responsibility is to read the other informationand in doing so consider whether the other information is materially inconsistent withthe standalone financial statements or our knowledge obtained in the audit or otherwiseappears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and those charged with governance for the StandaloneFinancial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the accounting Standards specified undersection 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements the Board of Directors is responsiblefor assessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the

financial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that:

a) We have sought & obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books.

c) The Balance sheet statement of Profit & Loss (including other comprehensiveincome) the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis report are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards prescribed under Section 133 of the Act read with Companies (Indian AccountingStandard) Rules 2015 as amended.

e) On the basis of the written representation received from the directors as on 31stMarch 2022 taken on record by Board of Directors none of the director is disqualified ason 31st March 2022 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.

f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g) With respect to the other matters to be included in the Auditor’s report inaccordance with the requirements of section 197(16) of the Act as amended in ouropinion and to the best of our information and according to the information andexplanations given to us the managerial remuneration for the year ended March 31 2022has been paid/ provided by the Company to its directors in accordance with the provisionsof Section 197 read with Schedule V to the Act;

h) With respect to other matters to be included in the Auditors’ Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The company has disclosed pending litigations which would impact its standalonefinancial statements.

ii) The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.

iv) (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("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;

(b) the Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("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;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v) The dividend proposed in the previous year declared and paid by the company duringthe year is in accordance with section 123 of the Act to the extent it applies to paymentof dividend.

2. As required by ‘the Companies (Auditors’ Report) Order 2020 ( "theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 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.

For SHAH & SHAH ASSOCIATES
Chartered Accountants
Firm Registration. No. 113742W
VASANT C.TANNA
PARTNER
Place: Ahmedabad. Membership Number: 100422
Date : 28th May2022 UDIN: 22100422AJUUJV3522

"Annexure A" to the Independent Auditors’ Report of even date on theStandalone Financial Statements of PATELS AIRTEMP (INDIA) LIMITED

Referred to in paragraph 2(f) under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the standalone financialstatements of the Company for the year ended March 31 2022.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of PATELSAIRTEMP (INDIA) LIMITED ("the Company") as of March 31 2022 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management’s Responsibility for Internal Financial Controls:

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(IFCOFR) issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit or internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors’ judgments including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Control Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally-accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally-accepted accounting principles and that receiptsand expenditure of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) 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.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the ICAI.

For SHAH & SHAH ASSOCIATES
Chartered Accountants
Firm Registration. No. 113742W
VASANT C.TANNA
PARTNER
Place: Ahmedabad. Membership Number: 100422
Date : 28th May2022 UDIN: 22100422AJUUJV3522

"Annexure B" to the Independent Auditors’ Report of even date on theStandalone Financial Statements of PATELS AIRTEMP (INDIA) LIMITED

Referred to in paragraph 2 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the standalone financialstatements of the Company for the year ended March 31 2022:

1. In respect of company’s property plant and equipment and intangible assets:

a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment. (B) The Company hasmaintained proper records showing full particulars of intangible assets.

b) As explained to us all the Property Plant and Equipment have been physicallyverified by the management in a phased manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) According to the information and explanations given to us and on the basis ofrecords examined by us we report that the title deeds of immovable properties includedin property plant and equipment are held in the name of the company.

d) According to the information and explanations given to us and on the basis ofrecords examined by us we report that the Company has not revalued any of its PropertyPlant and Equipment and intangible assets during the year. e) According to the informationand explanations given to us no proceedings have been initiated during the year or arepending against the Company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

2. (a) As explained to us physical verification of inventory has been conducted by themanagement at reasonable intervals. In our opinion the coverage and procedure of suchverification is appropriate. The discrepancies noticed on verification between thephysical stocks and book records were not 10% or more in aggregate for each class ofinventories.

(b) The Company has been sanctioned working capital limits in excess of Rs 5 crores inaggregate from banks on the basis of security of current assets. The quarterly statementsfiled by the company with consortium of Banks are not in agreement with the books ofaccounts of the Company and the details are as follows:

3. According to the information and explanations given to us and on the basis ofexamination of books and records by us: (a) The company has not provided any loans orprovided any advances in the nature of loans or stood guarantee or provided security toany other entity except loan granted/provided to a subsidiary: (A) The aggregate amountgranted during the year is Rs 4.36 Lakhs and balance of such loan outstanding as atbalance sheet date amounting to Rs 11.71 Lakhs;

(B) The Company has not granted any loans or provided advances in the nature of loansor stood guarantee or provided security to its subsidiaries and associates during theyear. Accordingly reporting under clause3(iii)(a)(B) of the Order is not applicable.

(b) The terms and conditions of the grant of loan as referred to in (A) above are primafacie not prejudicial to the interest of the company; (c) In respect of loans so grantedby the Company the schedule of repayment of principal has not been stipulated. (d) Inrespect of loans so granted by the Company there is no overdue amount remainingoutstanding as at the balance sheet date.

(e) Loan granted by the company which has fallen due during the year has not beenrenewed or extended or fresh loans granted to settle the overdues of existing loans givento the same party.

(f) The company has not granted any loans or advances in the nature of loans eitherrepayable on demand. However in respect of loan granted to a subsidiary terms or periodof repayment has not been specified.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act with respectto grant of loans investments made guarantees given and securities provided if any.

5. According to the information and explanations given to us the company has notaccepted any deposits in terms of the directives issued by the Reserve Bank of India andthe provisions of sections 73 to 76 or any other relevant provisions of the Act and theCompanies (Acceptance of Deposit) Rules 2014 with regard to the deposits accepted fromthe public are not applicable. According to the information and explanations given to usno order has been passed by the Company Law Board or National Company Law Tribunal orReserve Bank of India or any court or any tribunal.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

7. a) As per information and explanations given to us the company is regular indepositing undisputed statutory dues including provident fund employees’ stateinsurance income tax duty of customs Goods and Service tax cess and other materialstatutory dues applicable to it to the appropriate authorities. There are no outstandingstatutory dues as at the last day of the financial year under audit for a period of morethan six months from the date they became payable.

b) According to the information and explanation given to us there are no dues of salestax income tax custom duty wealth tax Goods & service tax and cess which have notbeen deposited on account of any dispute except as under:

(Rs in lakhs)

Name of Statute Nature of Dues Forum where Dispute is pending Amount Demanded Amount paid Period to Which amount relates
Central Sales Tax Act1956 Central Sales Tax Interest & Penalty Dy. Commissioner of Commercial Tax (Appeals) 4.38 0.46 2016-17
Income Tax Act1961 Income Tax Commissioner of Income Tax (Appeals) 6.48 - 2017-18

8. According to the information and explanations given to us the Company did not haveany transactions relating to previously unrecorded income that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961).

9. (a) Based on our audit procedures and as per the information and explanations givento us the company has not defaulted in repayment of dues to banks or any lenders. TheCompany has not taken any loan or borrowings from financial institution and Government andhas not issued any debentures during the year.

(b) According to the information and explanations given to us and on the basis of ouraudit procedure the Company is not declared willful defaulter by any bank or financialinstitution or other lender.

(c) According to the information and explanations given to us and on the basis of booksof accounts examined by us the term loans taken during the year have been applied for thepurpose for which the loans were obtained.

(d) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company funds raised on short- term basishave prima facie not been utilized for long-term purposes.

(e) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that during the year theCompany has not taken any funds from an entity or person on account of or to meet theobligations of its subsidiary.

(f) According to the information and explanations given to us and procedures performedby us the company has not raised any loans during the year on the pledge of securitiesheld in its subsidiary.

10. (a) According to the information and explanations given to us and on the basis ofthe books and records examined by us the company has not raised money by way of initialpublic offer or further public offer (including debt instruments) during the year andhence reporting under clause 3(x)(a) of the Order is not applicable.

(b) Based upon the audit procedures performed and information and explanations given bythe management the company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the period under review.Accordingly the provisions of clause 3(x)(b) of the Order is not applicable to thecompany.

11. (a) On the basis of the books and records examined by us and according to theinformation and explanations given to us we report that no fraud by the company and nofraud on the company has been noticed or reported during the year under review.

(b) According to the information and explanations given to us no report undersub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment during the year and up to the date of this report.

(c) As represented to us by the management the company has not received any whistleblower complaints during the year and up to date of this report.

12. The company is not a Nidhi Company Therefore the provisions of clause 3(xii) ofthe Order is not applicable to the company.

13. According to the information and explanations given to us and on the basis ofrecords of the Company examined by us transactions with related parties are in compliancewith Sections 177 and 188 of Act and the details of such transactions have been disclosedin the standalone financial statements as required by the applicable accounting standards.

14. (a) According to the information and explanations given to us in our opinion theCompany has an adequate internal audit system commensurate with the size and the nature ofits business.

(b) We have considered the internal audit report for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected to its directors. Accordingly the provisions of clause3(xv) of the Order are not applicable to the company.

16. According to the information and explanations given to us and in our opinion theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934. Hence reporting under clause 3(xvi)(a) (b) (c) and (d) of the Order are notapplicable.

17. The Company has not incurred cash losses during the financial year covered by ouraudit and in the immediately preceding financial year.

18. There has been no resignation of the statutory auditors of the company during theyear. Accordingly clause 3(xviii) of the Order is not applicable.

19. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

20. There are no unspent amounts towards Corporate Social Responsibility (CSR) on otherthan ongoing projects requiring a transfer to a fund specified in Schedule VII to theCompanies Act2013 in compliance with second proviso to sub-section (5) of Section 135 ofthe said Act. According to the information and explanation given to us there is noongoing project with respect to Corporate Social Responsibility (CSR).Accordinglyreporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year.

21. The reporting under Clause 3(xxi) of the Order is not applicable in respect ofaudit of standalone financial statements. Accordingly no comment in respect of the saidclause has been included in this report.

For SHAH & SHAH ASSOCIATES
Chartered Accountants
Firm Registration. No. 113742W
VASANT C.TANNA
PARTNER
Place: Ahmedabad. Membership Number: 100422
Date : 28th May2022 UDIN: 22100422AJUUJV3522

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