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Permanent Magnets Ltd.

BSE: 504132 Sector: Engineering
NSE: PERMAGNET ISIN Code: INE418E01018
BSE 00:00 | 02 Dec 683.95 -2.30
(-0.34%)
OPEN

699.80

HIGH

699.80

LOW

680.00

NSE 05:30 | 01 Jan Permanent Magnets Ltd
OPEN 699.80
PREVIOUS CLOSE 686.25
VOLUME 2240
52-Week high 771.00
52-Week low 260.00
P/E 27.35
Mkt Cap.(Rs cr) 588
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 699.80
CLOSE 686.25
VOLUME 2240
52-Week high 771.00
52-Week low 260.00
P/E 27.35
Mkt Cap.(Rs cr) 588
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Permanent Magnets Ltd. (PERMAGNET) - Auditors Report

Company auditors report

TO THE MEMBERS OF PERMANENT MAGNETS LIMITED

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying standalone Ind AS financial statements of PERMANENTMAGNETS LIMITED

("the Company") which comprise the balance sheet as at March 31 2022 thestatement of profit and loss including Other Comprehensive Income the Cash FlowStatement and the Statement of changes in equity for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India including the Ind AS of the financial position of the Company as at March 312022 and its profit (financial performance including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements for the financial year endedMarch 31 2022. These matters were addressed in the context of our audit of the Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. There are no significant key audit matters observedby us except the matters reported in the notes to accounts.

EMPHASIS OF MATTERS

We draw attention to the following matters in the Notes to the Financial Statements:

a. We draw attention to Note no. 3 of notes to accounts which states that HonorableBombay High Court has given interim stay order against the winding up order passed againstthe Company dated 15/04/2015.

Honorable High Court of Bombay had passed winding up order dated 15/04/2015 for Windingup of the company on petition filed by M/s. Savino Del Bene Freight Forwarders (I) Pvt.Ltd. and court had issued direction for appointment of official liquidator in winding uporder.

On the appeal against this order made by the company before Honorable Bombay HighCourt Honorable Bombay High Court has given interim stay order against the winding uporder passed (against the Company) dated 15/04/2015. Company has deposited Rs. 1905179/-Lakhs with interest as per direction of honorable Bombay High Court. Matter is pendingbefore Bombay High Court and next hearing in this matter shall come up as per listing ofthe court.

The financial statements of the company have been prepared on Going Concern Basis onreasons mentioned in the note no. 3 of notes of accounts.

b. We draw attention to Note no. 4 of notes to accounts of the financial statementregarding non receipts of confirmation in respect of balances due under Trade receivablesand Trade payables Loans and advances receivable though company has issued letters to theTrade receivables and Trade Payables to that effect adjustments if any required uponsuch confirmation is not ascertainable.

Our opinion is not modified in respect of these matters.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the other information. The otherinformation comprises information included in the Annual Report but does not include thefinancial statements and our auditor's report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

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

RESPONSIBILITY OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONEFINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards specified in the Companies (Indian Accounting Standards) Rules 2015(as amended) under section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding 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 standalone financial statements that give a true andfair view and are free from material misstatement 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 standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone 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 financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143 (11) of the Act applicable fromApril 01 2021 we give in "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

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

c. The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312022 none of the directors are disqualified as on March 31 2022 from being appointed asa director in terms of section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's 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 the impact of pending litigations as at March 31 2022 onits financial position in its standalone financial statements - Refer Note No. 2 of Notesto Accounts to the standalone financial statements.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Ramanand & Associates
Chartered Accountants
ICAI Firm Reg. No. 117776W
Place: Thane Sd/-
Date: May 30 2022 CA Karan Verma
Partner
M. No. 161335
UDIN: 22161335AJXTZD2223

Annexure "A" to the Independent Auditor's Report

[Referred to in Para 12(f) 'Report on Other Legal and Regulatory Requirements' in ourIndependent Auditor's Report of even date to the members of Permanent Magnets Limited onthe Ind AS financial statement 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 PERMANENTMAGNETS LIMITED (The Company") as of March 31 2022 in conjunction with our auditof the standalone Ind AS financial statements of the Company for the year ended on thatdate.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over financial reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over financial reporting(the "Guidance Note") and the Standards on Auditing issued by the ICAI anddeemed 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 Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirement and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of the internal controls based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone Financial Statements whether due tofraud or error.

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

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (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 LIMITATION OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitation of Internal financial controls over financialreporting including the possibility of collision 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 controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedure may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal controls overfinancial reporting were effective as at March 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialscomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by " the Institute of Chartered Accountantsof India".

For Ramanand & Associates
Chartered Accountants
ICAI Firm Reg. No. 117776W
Place: Thane Sd/-
Date: May 30 2022 CA Karan Verma
Partner
M. No. 161335
UDIN: 22161335AJXTZD2223

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report to the Members of Permanent Magnets Limited of even date)

To the best of our information and according to the explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

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

(a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment and relevant detailsof right-of-use assets.

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

(b) The Company has a regular program of physical verification of its fixed assets andright-of-use assets so to cover all the assets once every two years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the program certain Property Plant and Equipment were due for verificationduring the year and were physically verified by the Management during the year. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.

(c) Based on the examination of the registered sale deed / transfer deed / conveyancedeed provided to us we report that Company did not have any immovable property except 15%share of Borivali (Mumbai) property sold to Builder. In respect of immovable and movableproperties that have been taken on lease and disclosed in the financial statements asright-of-use asset as at the balance sheet date the lease agreements are duly executed infavour of the Company.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending againsttheCompany as at March 312022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The inventories were physically verified "except goods in transit"during the year by the Management at reasonable intervals. For goods in transitsubsequent evidence of delivery has been verified. In our opinion and according to theinformation and explanations given to us the coverage and procedure of such verificationby the Management is appropriate having regard to the size of the Company and the natureof its operations. No material discrepancies were noticed on such physical verification.

(b) As disclosed in note 18 to the financial statements the Company has beensanctioned working capital limits in excess of Rs. five crores in aggregate from banksduring the year on the basis of security of current assets of the Company. Based on therecords examined by us in the normal course of audit of the financial statements thequarterly returns/statements filed by the Company with such banks are in agreement withthe books of account of the Company to the extent as shown in annexure A.

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not provided any guarantee orsecurity or granted any loans or advances in the nature of loans secured or unsecured tocompanies firms limited liability partnership or any other parties during the year. TheCompany has not made any investments in firms limited liability partnership or any otherparties. Accordingly clause 3(iii)(a) to clause 3(iii)(f) of the Order are not applicableto the Company.

iv. In our opinion and according to the information and explanations provided to usthe Company has not granted any loans or provided any guarantees or security to theparties covered under Section 185 of the Companies Act 2013. The Company has compliedwith the provisions of Section 186 of the Act in respect of investments made or loans orguarantee or security provided to the parties covered under Section 186 of the Act.

v. The Company has not accepted any deposit or amounts which are deemed to bedeposits.Hence reporting under clause 3(v) of the Order is not applicable.

vi. According to the information and explanations given to us the maintenance of costrecords has not been specified by the Central Government under sub-section (1) of section148 of the Companies Act 2013 for the business activities carried out by the Company.Hence reporting under clause (vi) of the Order is not applicable to the Company.

vii. In respect of statutory dues:

(a) In our opinion and according to the information and explanations given to us andbased on audit procedures performed by us the Company has generally been regular indepositing undisputed statutory dues including Goods and Services tax Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax duty of Custom duty ofExcise Value Added Tax Cess and other material statutory dues applicable to it with theappropriate authorities.

According to the information and explanations given to us and based on audit proceduresperformed by us there were no undisputed amounts payable in respect of Goods and Servicetax Provident Fund Employees' State Insurance Income Tax Sales Tax Service Taxdutyof Custom duty of Excise Value Added Tax Cess and other material statutory dues inarrears as at March 312022 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us and based on auditprocedures performed by us details of statutory dues referred to in sub-clause (a) abovewhich have not been deposited as on March 312022 on account of disputes are given below:

Nature of the statute Nature of dues Forum where the dispute is pending Period to which the amount relates Amount (Rs. in Lakhs)
Central Excise Act 1944 Excise Duty CESTAT - Mumbai FY 2003-04 63.18

viii. There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income during the year in the tax assessments under theIncomeTax Act 1961 (43 of 1961).

ix. (a) In our opinion the Company has not defaulted in the repayment of loans orother borrowings or in the payment of interest thereon to any lender during the yearexcept as mentioned below.

Bank Nature Amount (Rs. in Lakhs) Due on Paid on
ICICI Interest on Central excise Loan 175.85* Between October 2002 to November 2017 Not yet paid

*it is simple interest @12% provided by the company till the last repayment of the loan

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

(c) The Company has not taken any term loan during the year and there are no unutilisedterm loans at the beginning of the year and hence reporting under clause (ix)(c) of theOrder is not applicable.

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

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries associates or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries joint ventures or associate companies. Hence the requirement toreport on clause 3(ix)(f) of the Order is not applicable to the Company.

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

(b) The Company has not made any preferential allotment or private placement ofshares/fully or partially or optionally convertible debentures during the year under auditand hence the requirement to report on clause 3(x)(b) of the Order is not applicable tothe Company.

xi. (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under subsection (12) of section 143 of theCompanies Act has been filed inForm ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government during the year and upto the dateof this report.

(c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year and up to the date of this report.

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

xiii. In our opinion the Company is in compliance with Section Ml and 188 ofthe Companies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit reportfor the period under audit have been considered by us.

xv. According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into any non-cash transactionswith its directors or persons connected with its directors and hence provisions of section192 of the Companies Act 2013 are not applicable to the Company.

xvi. (a) & (b) In our opinion the Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a) and (b) of the Order is not applicable.

(c) & (d) The Company is not a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India. Accordingly clause 3(xvi) of the Order isnot applicable.

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

xviii. There has been no resignation of the statutory auditors of the Company duringthe year.

xix. On the basis of the financial ratios ageing and expected dates of realization 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.

xx. (a) In respect of other than ongoing projects there are no unspent amounts thatare required to be transferred to a fund specified in Schedule VII of the Companies Act(the Act) in compliance with second proviso to sub section 5 of section 135 of the Act.This matter has been disclosed in note 18 to the notes to accounts of financialstatements.

(b) There are no unspent amounts in respect of ongoing projects that are required tobe transferred to a special account in compliance of provision of sub section (6) ofsection 135 of Companies Act. This matter has been disclosed in note 18 to the notes toaccounts of financial statements.

For Ramanand & Associates
Chartered Accountants
ICAI Firm Reg. No. 11lll6W
Place: Thane Sd/-
Date: May 30 2022 CA Karan Verma
Partner
M. No. 161335
UDIN: 22161335AJXTZD2223

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