You are here » Home » Companies » Company Overview » Prag Bosimi Synthetics Ltd

Prag Bosimi Synthetics Ltd.

BSE: 500192 Sector: Industrials
NSE: PRAGBOSIMI ISIN Code: INE962B01011
BSE 00:00 | 01 Dec 2.35 -0.03
(-1.26%)
OPEN

2.46

HIGH

2.46

LOW

2.35

NSE 05:30 | 01 Jan Prag Bosimi Synthetics Ltd
OPEN 2.46
PREVIOUS CLOSE 2.38
VOLUME 5617
52-Week high 6.80
52-Week low 2.01
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.46
CLOSE 2.38
VOLUME 5617
52-Week high 6.80
52-Week low 2.01
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prag Bosimi Synthetics Ltd. (PRAGBOSIMI) - Auditors Report

Company auditors report

To the Members of PRAG BOSIMI SYNTHETICS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

OPINION

We have audited the accompanying Standalone Ind AS Financial Statementsof PRAG BOSIMI SYNTHETICS LIMITED

("the Company") which comprise the Balance Sheet as at March31 2022 the Statement of Profit and Loss (including the Statement of Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the Standalone Ind AS Financial Statements including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the Standalone Ind AS Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS 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 Indian Accounting Standardsprescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022its loss including other comprehensive income its Cash Flows and the Changes in Equityfor the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the Standalone Ind AS Financial Statements inaccordance with the Standards on Auditing

(SAs) specified under section 143 (10) of the Act. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theaudit of the Standalone Ind AS Financial Statements' section of our report. We areindependent of the Company in accordance with the ‘Code of Ethics' issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the Standalone Ind

AS Financial Statements under the provisions of the Act and the rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Standalone Ind AS Financial

Statements.

KEY AUDIT MATTERS

Key Audit matters are those matters that in our professional judgmentwere of most significance in our Audit of the Standalone Ind AS Financial Statements forthe financial year ended March 31 2022. These matters were addressed in the context ofour Audit of the Standalone Ind AS Financial Statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. We havedetermined the matter described below to be the key audit matters to be communicated inour report.

Key Audit Matters (KAMs) How the KAMs were addressed in our Audit
Revenue Recognition
We have identified this as an area of importanceOur Audit Procedures include the following:
because the company's revenue is a material item in view of adoption of Ind AS 115 "Revenue from Contracts with Customers". The application revenue standard involves certain key judgements relating to identification of Evaluation of the company's accounting principles in relation to implementation of the new revenue accounting standard;
Created an understanding of the company's routines and internal controls associated with revenue recognition;
distinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue. Examination of a selection of transactions to ensure that they have been reported correctly according to agreements and in the correct periods;
Derecognition of Property Plant & Equipment (PPE)
During the Year ended March 31 2022 the company has dispose / derecognized the item of property plant and Equipment (PPE). Further company has not disclosed the item of PPE as Assets held for sale as per Ind AS 105 in previous year financial statements. Our audit procedures include and not limited to the following:
Evaluating the design and tested the operating effectiveness of controls in respect of Disposal of Property plant & Equipment.
Examination of Gain / loss arising on derecognition of an item of PPE determined as the difference between net disposal Proceeds and the carrying amount of the item.
Evaluating the Management decision on not to shown as disposal of item of Non-Current Assets held for sale as per IND AS 105 in previous year's financial statement.
Considering the disclosures provided by the company in Note 26 to the financial statements.
Employee Benefits
The Company has offered a Voluntary scheme is to voluntarily retire the employees from services before the retirement date. Our audit procedures include the following:
Detailed study of Approved voluntary retirement Scheme were carried out along with Internal Control associated with Employees Benefits;
Post-Retirement benefits are measured as per the approved scheme.
Further Company has also decided to settle old outstanding dues of the employee's along with Golden handshake scheme compensation. Examination of a selection of transactions to ensure that they have been reported correctly according to agreements and in the correct periods;
Considering the disclosures provided by the company in Note 25 to the financial statements.

EMPHASIS OF MATTER

We draw your attention to Note 28 to the Financial Statement whichdescribes the effect of transfer of Balance of Profession Tax Payable to Salary Payable bythe Management. The impact in the Subsequent period is dependent on either Payment ofLiability or Writing off the Liability by the Management. Our Opinion is not modified inrespect of the above matter.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'SREPORTTHEREON

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report includingAnnexures to Board's Report Corporate Governance and Shareholder's informationbut does not include the Standalone Ind AS

Financial Statements and our Auditor's Report thereon. Our opinionon the Standalone Ind AS 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 Ind AS Financial Statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the Standalone Ind AS Financial Statements or our knowledge obtainedduring the course of our 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 thisregard.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIALSTATEMENTS

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 StandaloneInd AS Financial Statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the Standalone Ind AS FinancialStatements management is responsible for assessing the Company's ability to continueas a going concern disclosing as applicable matters related to going concern and usingthe going concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. The Board ofDirectors are also responsible for overseeing the

Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND ASFINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted 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 Standalone Ind AS FinancialStatements.

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 theStandalone Ind AS Financial Statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness 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 theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of theFinancial Statements including the disclosures and whether the Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalone Ind ASFinancial Statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the Standalone Ind

AS Financial Statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the Standalone Ind AS Financial Statements.

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 our audit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards. From the matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the standalone

Ind AS Financial Statements of the current period and are therefore thekey audit matters. We describe these matters in our Auditors' Report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's report) Order 2016("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 A" a statement on thematters specified 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 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 have beenkept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of

Cash Flows and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014;

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 controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting;

g) With respect to the other matters to be included in theAuditor's Report in accordance with requirement of section 197(16) of the Act asamended:

In our opinion and to the best of our information and according to theexplanations given to us the managerial remuneration paid/provided by the Company to itsdirectors during the year is in accordance with the provisions of section 197 of the Actread with Schedule V to the Act. h) With respect to the other matters to be included inthe Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 as amended in our opinionand to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impactits financial position.

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

iii) There has not been an occasion in case of the Company during theyear ended March 31 2022 to transfer any sums to the Investor Education and ProtectionFund. Hence the question of delay in transferring such sums does not arise; and

iv) a. The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or Provideany guarantee security or the like on behalf of the ultimate beneficiaries.

b. The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the FundingParty ("Ultimate Beneficiaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries;

c. Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement. v) Rule 11(f) of the Companies(Audit and Auditors) Rules 2014 is not applicable as the Company has not declared norpaid any dividend during the year. Accordingly provisions of Section 123 of CompaniesAct 2013 are also not applicable.

For M. H Dalal & Associates For AMD & Associates
Chartered Accountants Chartered Accountants
Firm Registration No.: 112449W Firm Registration No.: 318191E
Devang M. Dalal Debashish Bardoloi
Partner Partner
Membership No.: 109049 Membership No.: 068018
UDIN : 22109049AJCZPT7215 UDIN : 22068018AJDIKJ3638
Place: Mumbai Place: Mumbai
Date: May 17 2022 Date: May 17 2022

ANNEXURE – A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATETO THE MEMBERS OF PRAG BOSIMI SYNTHETICS LIMITED

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

(b) The assets have been physically verified by the management inaccordance with the phased programmed of verification adopted by the Company. In ouropinion the frequency of the verification is reasonable having regard to the size of theCompany and nature of Plant Property and Equipment. No material discrepancies have beennoticed in respect of the assets physically verified during the year.

(c) Title Deeds of immovable properties are held in the name of thecompany.

(d) The Company has not revalued any of its Property Plant andEquipment (including right of use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any Benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder. ii.(a) The Physical Verification of inventory have been conducted by the management atreasonable intervals and no material discrepancies have been noticed.

(b) The Company has not been sanctioned working capital limits inexcess of Rs 5 Crore in aggregate at any points of time during the year from banks orfinancial institutions on the basis of security of current assets and hence reportingunder clause 3(ii)(b) of the Order is not applicable. iii. The Company has not madeInvestments in provided any guarantee or security or granted any loans or advances innature of loans secured or unsecured to companies firms limited liability partnershipsor other parties and hence reporting under clause 3(iii) of the Order is not applicable.iv. The Company has complied with the provisions of Sections 185 and 186 of the CompaniesAct 2013 in respect of loans granted investments made and guarantees and securitiesprovided as applicable. v. The Company has not accepted any deposits from the publicwithin the meaning of Sections 73 74 75 and 76 of the Companies Act 2013 and the Rulesframed there under to the extent notified. Hence reporting under clause

3(v) of the Order is not applicable. vi. The maintenance of costrecords has not been specified by the Central Government under subsection (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. (a) According to the information and explanations given to us andon the basis of examination of the records of the Company the Company is regular indepositing undisputed statutory dues including income-tax goods and services tax cessand any other statutory dues to the appropriate authorities.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Employees'

State Insurance Income Tax Sales Tax Service Tax duty of Customduty of Excise Value Added Tax Cess and other material statutory dues in arrears as atMarch 31 2022 for a period of more than six months from the date they became payableother than below:

The Act Applicable Type of Tax Amount
The Income Tax Act 1961 Income Tax(Assessment Year 2004 2005) Rs 3097280/-
The Assam Professions Trade Callings and Employments Taxation Act 1947 Profession Tax(Also Refer Emphasis of Matter of Audit Report and Note 28 to Financial Statements) Rs 2101432/-

(b) According to the information and explanations given to us and onthe basis of examination of the records of the Company there are no dues of income tax orgoods and services tax which have not been deposited on account of any dispute.

viii. There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

ix. (a) The Company has not taken any loans or other borrowings fromany lender. Hence reporting under clause 3(ix)(a) of the Order is not applicable.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and thereare no outstanding term loans at the beginning of the year and hence reporting underclause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany funds raised on short term basis have prima facie not been used during the yearfor long-term purposes by the Company.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its associate company.

(f) The Company has not raised any loans during the year and hencereporting on clause 3(ix)(f) of the Order is not applicable.

x. (a) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) during the year and hence reportingunder clause 3(x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) and hence reporting under clause 3(x)(b) of the Order is not applicable

xi. (a) No fraud by the Company and no material fraud on the Companyhas been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and up to the date ofthis report.

(c) No whistle blower complaints were received by the Company duringthe year and up to the date of this report.

xii. The Company is not a Nidhi Company and hence reporting underclause 3(xii) of the Order is not applicable. xiii. In our opinion the Company is incompliance with Section 177 and 188 of the Companies Act 2013 with respect to applicabletransactions with the related parties and the details of related party transactions havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

xiv. (a) In the Opinion the Company has an adequate audit systemcommensurate with its size and business activities.

(b) We have considered the Internal Audit Report for the year underaudit issued by the internal auditor during the year till date in determining thenature timing and extent of audit procedures. xv. According to the information andexplanations given to us in our opinion during the year the Company has not entered intoany non-cash transactions with its Directors or persons connected with its directors andhence provisions of section 192 of the Companies Act 2013 are not applicable to theCompany.

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

(b) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year. xviii. There hasbeen no resignation of the statutory auditors of the Company during the year andaccordingly this clause is not applicable.

xix. According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements and our knowledge of the Board of Directors and Management plans and based onour examination of the evidence supporting the assumptions nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof 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. The Provisions of Section 135 of Companies Act 2013 and ScheduleVII is not applicable to the company. Hence reporting under clause 3(xx)(a) and (b) ofthe Order are not Applicable.

For M. H Dalal & Associates For AMD & Associates
Chartered Accountants Chartered Accountants
Firm Registration No.: 112449W Firm Registration No.: 318191E
Devang M. Dalal Debashish Bardoloi
Partner Partner
Membership No.: 109049 Membership No.: 068018
UDIN : 22109049AJCZPT7215 UDIN : 22068018AJDIKJ3638
Place: Mumbai Place: Mumbai
Date: May 17 2022 Date: May 17 2022

ANNEXURE – B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATETO THE MEMBERS OF PRAG BOSIMI SYNTHETICS LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB -SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the Internal Financial Controls with reference to IndAS Financial Statements of Prag Bosimi Synthetics

Limited ("the Company") as of March 31 2022 in conjunctionwith our audit of the Ind AS Financial Statements of the

Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

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 issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

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

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

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Ind AS Financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internalfinancial control over financial reporting includes those policies and procedures 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 Ind AS 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 materialeffect on the Ind AS Financial Statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected.

Also projections of any evaluation of the internal financial controlsover financial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

OPINION

In our opinion to the best of our information and according to theexplanations given to us 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 March 31 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 Institute of CharteredAccountants of India.

For M. H Dalal & Associates For AMD & Associates
Chartered Accountants Chartered Accountants
Firm Registration No.: 112449W Firm Registration No.: 318191E
Devang M. Dalal Debashish Bardoloi
Partner Partner
Membership No.: 109049 Membership No.: 068018
UDIN : 22109049AJCZPT7215 UDIN : 22068018AJDIKJ3638
Place: Mumbai Place: Mumbai
Date: May 17 2022 Date: May 17 2022

.