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Riddhi Corporate Services Ltd.

BSE: 540590 Sector: Others
NSE: N.A. ISIN Code: INE325X01015
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NSE 05:30 | 01 Jan Riddhi Corporate Services Ltd
OPEN 464.80
PREVIOUS CLOSE 455.00
VOLUME 116
52-Week high 587.00
52-Week low 124.10
P/E 71.32
Mkt Cap.(Rs cr) 518
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 464.80
CLOSE 455.00
VOLUME 116
52-Week high 587.00
52-Week low 124.10
P/E 71.32
Mkt Cap.(Rs cr) 518
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Riddhi Corporate Services Ltd. (RIDDHICORPORATE) - Auditors Report

Company auditors report

TO THE MEMBERS OF RIDDHI CORPORATE SERVICES LIMITED Report on the Audit of theStandalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of Riddhi CorporateServices Limited("the Company") which comprise the Balance Sheet as at March31 2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards prescribed under section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS")of the state of affairs (financial position) of the Company as at March 31 2022 and itsprofit (financial performance including other comprehensive income) its cash flows andthe changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements for the year ended March 31 2022.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

5. We have determined the matters described below to be the key audit matters to becommunicated in our report:

Sr. No. Key Audit Matter How our audit addressed the key audit matter
1 Fair Valuation of Investments
The Company's investments (other than investment in Associates) are measured at fair value at each reporting date and these fair value measurements significantly impact the Company's results. Within the Company's investment portfolio the valuation of certain assets such as unquoted equity and bonds requires significant judgment as a result of quoted prices being unavailable and limited liquidity in these markets. We have assessed the Company's process to compute the fair value of various investments. For quoted instruments we have independently obtained market quotations and recalculated the fair valuations. For the unquoted instruments we have obtained an understanding of the various valuation methods used by management and analyzed the reasonableness of the principal assumptions made for estimating the fair values and various other data used while arriving at the fair value measurement.
2 Revenue Recognition
Accuracy of recognition measurement presentation and disclosures of revenues and other related balances based on Contracts with Customers. We assessed the Company's process to identify the impact of Contracts with Customers. Our audit approach consisted of studying the internal system and IT platform used regarding the implementation and also testing of the design and operating effectiveness of the internal controls and substantive testing. We evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
The revenue recognition involves certain key judgments relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue recognised over a period and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. We selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation. Samples in respect of recording and recognition of revenue were tested by checking the invoices and performance. Conclusion Our procedures did not identify any material exceptions.
3 Inter corporate deposit to Subsidiary
During the year the Company has granted loan to its subsidiaries. We consider granting loan to Subsidiaries as a key audit matter as it constitutes significant percentage of loan given. We have verified the relevant records and found the interest charges are in accordance with company policy. Based on the above procedure and in our opinion the management's determination is considered to be reasonable.
The rate of interest charged is at par with rate charged for outsiders.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

6. 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 Annexure to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course 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 Responsibility for the Standalone Financial Statements

7. 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 standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and 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 standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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

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

10. 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 Standards on Auditing will always detect a material misstatement when it exits.Misstatement can arise from fraud or error and are considered material if individually orin the aggregate they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these standalone financial statements.

11. 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 standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risks of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimate 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 audit's report to the related disclosures in thestandalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ouraudit's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosers and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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

13. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

14. From the matters communicated with those charge with governance we determine thosematter that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or 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

15. As required by the Companies (Auditor's Report) Order 2020 (the 'Order') issued bythe Central Government of India in terms of Section 143(11) of the Act we give in theAnnexure B a statement on the matters specified in paragraph 3 and 4 of the Order.

16. 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 & Loss including Other comprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with Ind ASspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014;

e) As per the management representation we report

• No funds have been advanced or loaned or invested by the Company to or in anyother person(s) or entities including foreign entities ("Intermediaries") withthe understanding that the intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner by or on behalf of theCompany (Ultimate Beneficiaries) or provide any guarantee security or the like on behalfof ultimate beneficiaries.

• No funds have been received by the Company from any person(s) or entitiesincluding foreign entities ("Funding Parties") with the understanding that suchcompany shall whether directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the funding party (ultimatebeneficiaries) or provide guarantee security or the like on behalf of the Ultimatebeneficiaries.

• Based on the audit procedures performed we report that nothing has come to ournotice that has caused us to believe that the representations given under subclause (i)and (ii) by the management contain any material mis-statement.

f) In our opinion as the Company has not declared/paid any dividend during the yearreporting for the compliance with Section 123 of the Companies Act 2013 is inapplicable.

g) On the basis of the written representation received from the directors as on March31 2022 taken on record by the Board of Directors none of directors is disqualified ason March 31 2022 from being appointed as a director in terms of Section 164(2) of Act.

h) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the opening effectiveness of such controls refer to ourseparate report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

i) With respect to other matters to be included in the Auditor's Report in accordancewith the requirements of section 197(16) of the Act as amended the Company has neitherpaid nor provided for any remuneration to its directors during the year.

j) With respect to the other matter 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;

1. The company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

2. The Company did not have any Long Term Contracts including derivative contracts forwhich there were any material foreseeable losses.

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

Place : Ahmedabad For M. B. Gabhawala& Co.
Date : 30/05/2022 Chartered Accountants
Firm Reg. No.:001183C
Aparajita V. Shah
Partner
M. No. 411005
UDIN:22411005AJXTXM9707

Annexure A to Independent Auditors' Report

Referred to in paragraph 16(f) of the Independent Auditors' Report of even date to themembers of RIDDHI CORPORATE SERVICES LIMITED on the Standalone Ind AS financial statementsfor the year ended March 31 2022

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

1. We have audited the internal financial controls over financial reporting of RIDDHICORPORATE SERVICES LIMITED ("the Company") as of March 31 2022 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 Act.

Auditor's Responsibility

3. 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 ICAI and deemedto be prescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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 systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

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

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

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 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.

Annexure B to Independent Auditors* Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to themembers of RIDDHI CORPORATE SERVICES LIMITED on the standalone Ind AS financial statementsfor the year ended March 31 2022

i. In respect of its Property Plant and Equipment:

a. The Company is maintaining proper records showing full particulars includingquantitative details and situation of its Property Plant and Equipment.

b. The Company is maintaining proper records showing full particulars of intangibleassets.

c. Property Plant and Equipment have been physically verified by the management atreasonable intervalsin accordance with regular programme of verification. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

d. According to the information and explanation given by the management the titledeeds of immovable properties (other than properties where the Company is the lessee andthe lease agreements are duly executed in favour of the lessee) are held in the name ofthe company.

e. The Company has not revalued any of its Property Plant and Equipment or intangibleassets or both during the year.

f. No proceedings have been initiated or are pending against the Company for holdingany benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) andrules made thereunder.

ii. In respect of its Inventory:

a. According to the information and explanations given to us the company is servicecompany accordingly does not hold any inventories. Thus paragraph 3(ii)(a) of the order isnot applicable.

b. During the year the Company has been sanctioned working capital limits of more thanfive crore rupees from private bank on the basis of security of fixed asset of directorand the current assets of the Company. The quarterly statements filed by the Company withsuch bank are in agreement with the books of account of the Company.

iii. In respect of Investments Loans Advances and Guarantees given:

According to the information and explanations given to us the company has providedloans or provided advances in the nature of loans to parties as below:

Parties Loans Advances in nature of loans
Aggregate amount granted/provided during the year 383.13 4.58
-Subsidiaries 0 0
-Joint Ventures 0 0
-Associates 383.13 0
-Others 0 4.58
Balance outstanding as at balance sheet date in respect of above cases
-Subsidiaries 0 0
-Joint Ventures 0 0
-Associates 140.29 1.00
-Others 0 0

a. According to the information and explanations given to us and based on the auditprocedures performed by us we are of the opinion that the loans and advances in nature ofloans given and the terms and conditions of grant of all loans and advances in the natureof loans are not prejudicial to the company's interest.

b. According to the information and explanations given to us and based on the auditprocedures performed by us there is no stipulation of schedule of repayment of principaland payment of interest on loans granted by the Company as they are payable on demand. Weare therefore unable to make specific comment on the regularity of repayment ofprincipal and payment of interest.

c. According to the information and explanations given to us and based on the auditprocedures performed by us there is no amount overdue of loans and advances in the natureof loans granted by the Company as they are payable on demand.

d. According to the information and explanations given to us and based on the auditprocedures performed by us no loans or advances in the nature of loans granted which hasfallen due during the year have been renewed or extended or fresh loans granted to settlethe overdues of existing loans given to the same parties as they are repayable on demand.

e. In our opinion and according to the information and explanations given to us andbased on the audit procedures conducted by us the company has granted following loans andadvances in the nature of loans either repayable on demand or without specifying or periodof repayment:

Parties Promoters Related Parties
Aggregate amount of loans / advances in nature of loans 0 383.13
-Repayable on demand (A) 0 383.13
-Agreement does not specify any terms or period of repayment (B) 0 0
Total (A+B) 0 383.13
Percentage of loans/ advances in nature of loans to the total loans 0 53.92%

iv. In our opinion and according to the information and explanations given to us andbased on the audit procedures conducted by us the Company has complied with theprovisions of Section 185 and 186 of the Act with respect to loans and advances grantedguarantees and securities provided and investments made by the Company during the year.

v. The Company has not accepted any deposits or amounts which are deemed to bedeposited from the public within the meaning of the directives issued by the Reserve Bankof India provisions of Sections 73 to 76 of the Act any other relevant provisions of theAct and the relevant rules framed thereunder.

vi. As per information & explanation given to us the Central Govt. has notprescribed maintenance of cost records under sub-section (1) of Sec.148 of the CompaniesAct 2013 for any of the products of the Company.

vii. According to the information and explanations given to us in respect of statutorydues:

a. 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 have been regularly deposited by the Company with theappropriate authorities during the year.

b. There are no undisputed amounts payable in respect of Goods and Services taxprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues in arrears asat March 31 2022.

viii. According to the information and explanations given by the management and basedon the procedures carried out during the course of our audit we have not come across anytransactions not recorded in the books of account which have been surrendered or disclosedas income during the year in the tax assessments under the Income-tax Act 1961.

ix. According to the information and explanations given to us in respect of loans andborrowings:

a. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or other borrowings or in the paymentof interest thereon to any lender.

b. According to the information and explanations given to us and on the basis of ouraudit procedures we report that the company has not been declared willful defaulter byany bank or financial institution or government or any government authority.

c. The Company has not availed any term loan facility during the year ended March 312022.Thus paragraph 3(ix)(c) of the order is not applicable.

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 no funds raised on short-term basis have been used for longterm purposes bythe Company.

e. The Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures during the yearended March 31 2022.Thus paragraph 3(ix)(e) of the order is not applicable.

f. The Company has not raised any loans on the pledge of securities held in itssubsidiaries joint ventures or associate companies during the year ended March 312022.Thus paragraph 3(ix)(f) of the order is not applicable.

x. According to the information and explanations given to us in respect of capitalraising:

a. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. Accordingly the provisions of Clause3(x)(a) of the Order are not applicable to the Company.

b. The Company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year.Accordingly the provisions of Clause 3(x)(b) of the Order are not applicable to theCompany.

xi. According to the information and explanations given to us in respect of fraud:

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 material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

b. No report as envisaged pursuant to provisions of Sec.143(12) in Form ADT-4 has beenfiled by the statutory auditor.

c. As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

xii. This clause of the CARO 2020 is not applicable to the Company as the company isnot a Nidhi Company.

xiii. According to the information and explanations given to usall transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

xiv. According to the information and explanations given to us in respect of internalaudit:

a. The Company does have an internal audit system commensurate with the size and natureof its business.

b. Reports of the Internal Auditors for the period under audit were considered by thestatutory auditor.

xv. According to the information and explanations given to usthe Company has notentered into any non-cash transactions with directors or persons connected with him andthe provisions of section 192 of the Companies Act 2013 have been complied with;

xvi. This clause of the CARO 2020 is not applicable to the Company as the company isnot required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

xvii. The Company has not incurred any cash loss during the financial year ended onthat date and the immediately preceding financial year.

xviii. There has been resignation of the statutory auditors during the year and noissues objections or concerns raised by the outgoing auditors.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatcompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the Company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by thecompany as and when they fall due.

xx. This clause of the CARO 2020 is not applicable to the Company as the company isnot required to spend fund as prescribed under the provisions of Sec.135 of the CompaniesAct 2013.

This clause of the CARO 2020 is not applicable to the Company as the company is notrequired to prepare consolidated financial statements.

Place : Ahmedabad For M. B. Gabhawala& Co.
Date : 30/05/2022 Chartered Accountants
Firm Reg. No.:001183C
Aparajita V. Shah
Partner
M. No. 411005
UDIN:22411005AJXTXM9707

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