You are here » Home » Companies ยป Company Overview » Prakash Pipes Ltd

Prakash Pipes Ltd.

BSE: 542684 Sector: Industrials
NSE: PPL ISIN Code: INE050001010
BSE 00:00 | 07 Feb 160.15 -2.25
(-1.39%)
OPEN

160.50

HIGH

164.10

LOW

158.80

NSE 00:00 | 07 Feb 161.35 -1.25
(-0.77%)
OPEN

162.85

HIGH

163.90

LOW

158.50

OPEN 160.50
PREVIOUS CLOSE 162.40
VOLUME 1631
52-Week high 209.25
52-Week low 134.00
P/E 6.19
Mkt Cap.(Rs cr) 383
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 160.50
CLOSE 162.40
VOLUME 1631
52-Week high 209.25
52-Week low 134.00
P/E 6.19
Mkt Cap.(Rs cr) 383
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prakash Pipes Ltd. (PPL) - Auditors Report

Company auditors report

To

THE MEMBERS OF PRAKASH PIPES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Prakash Pipes Limited ("theCompany") which comprise the Balance Sheet as at March 31 2022 the Statement ofProfit and Loss (including Other Comprehensive Income) the Statement of Changes in Equityand the Statement of Cash Flows for the year on that date and a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 the profit and total other comprehensive income changes inequity and its cash flows for the year ended on that date.

Basis of Opinion

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

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined there are no key audit matter 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 preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including its Annexures Business ResponsibilityReport Corporate Governance and Shareholder's Information but does not include thefinancial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears 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.

Management's Responsibilities for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of 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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 scepticism 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 financial controls 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 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's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in(i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the 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 the governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when 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

As required by the Companies (Auditor's Report) Order 2020 ("the Order").Issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on thematters specified in paragraph 3 and 4 of the order to the extent applicable.

As required by Section 143(3) of the Act based on our audit 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 theCompany so far as it appears from our examination of those books.

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

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312022 taken on the record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of section 164(2) of theAct.

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". Our report expresses modified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid during the current year by the company to directors isin accordance with the provisions of section 197 of the Act.

h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The company does not have pending litigation hence there is no impact on itsfinancial position in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on longterm contracts includingderivative contracts.

iii. There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund by the Company during the year.

iv (a). The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accounts no funds have been advanced orloaned 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(s) or entity(ies) includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall whether directly or indirectly lendor invest in other persons or entities identified in any manner whatsoever by or on behalfof the Company ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries.

iv (b). The management has represented that to the best of its knowledge and beliefno funds have been received by the Company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and

iv (c). Based on such audit procedures that we considered reasonable and appropriate inthe circumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (a) and (b) contain any material misstatement.

v. The Company has Recommended of Rs.1.20 per share of Rs. 10.00 each during the yearin compliance with Section 123 of the Act.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place of Signature: Dubai Partner
9th May 2022 Membership No. 091239
UDIN: 22091239AIPWUT1550

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on other Legal and Regulatory Requirement'section of our report to

the Members of PRAKASH PIPES LIMITED of even date)

i. (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment;

(B) The Company is maintaining proper records showing full particulars of intangibleassets;

(b) The Property Plant and Equipment have been physically verified during the year bythe management in accordance with a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company and the title deeds of immovable properties thetitle deeds of immovable properties are held in the name of the Company. In respect ofimmovable properties been taken on lease the lease agreements are in the name of theCompany.

(d) According to the information and explanations given to us the Company has notrevalued its Property Plant and Equipment (including Right of Use assets) or intangibleassets or both during the year. Accordingly the reporting under Clause 3(i)(d) of theOrder is not applicable to the Company.

(e) According to the information and explanations given to us no proceedings have beeninitiated or are pending against the company for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder.Accordingly the reporting under Clause 3(i)(d) of the Order is not applicable to theCompany.

ii. (a) According to the information and explanations given to us the management hasconducted physical verification of inventory at reasonable intervals during the year. Thediscrepancies noticed on verification between physical inventory and book records were notmaterial and have been properly dealt with in the book of account.

(b) According to the information and explanations given to us the Company has not beensanctioned working capital limits in excess of five crore rupees during any point of timeof the year from the bank or financial institution on the basis of security of currentassets. Accordingly the reporting under Clause 3(ii)(b) of the Order is not applicable tothe Company.

iii. According to the information and explanations given to us the Company has notmade investments in provided any guarantee or security or granted any loans or advancesin the nature of loans secured or unsecured to companies firms Limited LiabilityPartnerships or any other party covered in the register maintained under section 189 ofthe Act during the year. Accordingly the reporting under Clause 3(iii) of the Order isnot applicable to the Company.

iv. According to the information and explanations given to us the Company has notgranted any loans made investment in provided any guarantee or security therefore thequestion of compliances in respect of provisions of section 185 and 186 of the CompaniesAct does not arise. Accordingly the reporting under Clause 3(iv) of the Order is notapplicable to the Company.

v. According to the information and explanations given to us the Company has notaccepted any deposit or amounts which are deemed to be deposit within the meaning of theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules made thereunder during the year. Accordingly the reporting under Clause 3(v) ofthe Order is not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to theRules made by the Central Government under sub-section (1) of Section 148 of the Act andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained. We have however not made a detailed examination of these records with aview to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe company examined by us the Company is generally regular in depositing undisputedstatutory dues in respect of provident fund employees' state insurance income tax goodsand services tax duty of customs cess and any other material statutory dues applicableto it with the appropriate authorities. However advance income tax of H 542 lakhs ispending to be deposited since more than six months.

(b) According to the information and explanations given to us and the records of thecompany examined by us there were no outstanding dues in respect of provident fundemployees' state insurance income tax goods and services tax duty of customs cess andany other material statutory dues which as at March 31 2022 have not been deposited onaccount of any dispute.

viii. According to the information and explanations given to us there are notransaction in the books of accounts that has been surrendered or disclosed as incomeduring the year in the tax assessments under the Income Tax Act 1961 (43 of 1961).

ix. (a) According to the information and explanations given to us there is no loan orborrowing taken from Government and has not been issued debentures during the year. TheCompany has not defaulted in repayment of loans or borrowing to a financial institutionbank.

(b) According to the information and explanations given to us the Company has not beendeclared wilful defaulter by any bank or financial institution or government or otherlender

(c) According to the information and explanations given to us the Company has appliedthe term loans on an overall basis for the purpose for which the loans were obtained

(d) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the financial statements of the Companywe report that funds raised on short term basis have not been utilised for long termpurposes.

(e) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the financial statements of the Companywe report that the Company has not taken any fund from any entity or person on account ofor to meet the obligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the financial statements of the Companywe report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies.

x. (a) According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer (including debtinstruments) during the year. Accordingly the reporting under Clause 3(x)(a) of the Orderis not applicable to the Company.

(b) According to the information and explanations given to us the Company has neithermade any preferential allotment nor private placement of shares or convertible debentures(fully partially or optionally convertible) during the year therefore the question ofcompliances in respect of the requirements of section 42 and section 62 of the CompaniesAct 2013 and utilization of such fund for the purposes for which the funds were raiseddoes not arise. Accordingly the reporting under Clause 3(x)(b) of the Order is notapplicable to the Company.

xi. (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or on the Company noticed or reported during the yearnor have we been informed of any such case by the Management.

(b) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us a report under Section 143(12)of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 was not required to be filed with the Central Government. Accordingly thereporting under Clause 3(xi)(b) of the Order is not applicable to the Company.

(c) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us the Company has not receivedwhistle-blower complaints during the year. Accordingly the reporting under Clause3(xi)(c) of the Order is not applicable to the Company.

xii. According to the information and explanations given to us the Company is not aNidhi Company. Accordingly the provision of Para 3 (xii) of the Order is not applicableto the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and the details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

xiv. (a) In our opinion and according to the information and explanation given to usthe Company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) The reports of the Internal Auditor for the period under audit have been consideredby us.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly the provision ofsection 192 of the Companies Act 2013 is not applicable to the Company.

xvi. (a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934.

Accordingly the reporting under Clause 3(xvi)(a) of the Order is not applicable to theCompany.

(b) The Company has not conducted non-banking financial / housing finance activitiesduring the year. Accordingly the reporting under Clause 3(xvi)(b) of the Order is notapplicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly the reporting under Clause 3(xvi)(c) ofthe Order is not applicable to the Company.

(d) Based on the information and explanations provided by the management of theCompany the Company does not have any CIC within the Group. Accordingly the reportingunder Clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii. The Company has not incurred any cash losses in the financial year or in theimmediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year andaccordingly the reporting under Clause 3(xviii) of the Order is not applicable to theCompany.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios (also refer Note 44 to the financial statements) ageing and expecteddates of realisation of financial assets and payment of financial liabilities otherinformation accompanying the financial statements our knowledge of the Board of Directorsand management plans and based on our examination of the evidence supporting theassumptions nothing has come to our attention which causes us to believe that anymaterial uncertainty exists as on the date of the audit report that the Company is notcapable of meeting its liabilities existing at the date of the balance sheet as and whenthey fall due within a period of one year from the balance sheet date.

xx. The Company has during the year spent the amount of Corporate Social Responsibilityas required under sub section (5) of Section 135 of the Act. Accordingly reporting underclause 3(xx) of the Order is not applicable to the Company.

xxi. The reporting under Clause 3(xxi) of the Order is not applicable in respect ofaudit of financial statements. Accordingly no comment in respect of the said clause hasbeen included in this report.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place of Signature: Dubai Partner
9th May 2022 Membership No. 091239
UDIN: 22091239AIPWUT1550

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in 'Report on other Legal and Regulatory Requirement' section of ourreport to the Members of

PRAKASH PIPES LIMITED of even date)

Report on the Internal Financial Controls over Financial reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PrakashPipes Limited ("the Company") as of March 31 2022 in conjunction with our auditof the 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment 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 qualified audit opinion on the Company's internal financialcontrols system over financial reporting.

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 authorization 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 of

controls 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively

as at March 31 2022 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.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place of Signature: Dubai Partner
9th May 2022 Membership No. 091239
UDIN: 22091239AIPWUT1550

.