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Ridhi Synthetics Ltd.

BSE: 504365 Sector: Others
NSE: N.A. ISIN Code: INE07LK01010
BSE 00:00 | 21 Mar Ridhi Synthetics Ltd
NSE 05:30 | 01 Jan Ridhi Synthetics Ltd
OPEN 4.11
PREVIOUS CLOSE 4.11
VOLUME 1
52-Week high 4.11
52-Week low 3.57
P/E 0.63
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.11
CLOSE 4.11
VOLUME 1
52-Week high 4.11
52-Week low 3.57
P/E 0.63
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ridhi Synthetics Ltd. (RIDHISYNTHETICS) - Auditors Report

Company auditors report

To the members of M/S. RIDHI SYNTHETICS LIMITED

Report on the audit of the financial statements Opinion

We have audited the accompanying standalone financial statements of M/S. RIDHISYNTHETICS Limited ("the Company") which comprise the Balance Sheet as at March31 2021 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").

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 Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for opinion

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 independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder 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

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter
1 Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 "Revenue from Contracts with Customers" (new revenue accounting standard)
The application of the new revenue accounting standard 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 recognized over a period. Additionally new revenue accounting standard contains disclosures which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. Refer to Notes to the Standalone Financial Statements
Auditor's Response
Principal Audit Procedures We assessed the Company's process to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows :
Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
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 re-performance and inspection of evidence in respect of operation of these controls.
Tested the relevant information technology systems' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
Selected a sample of continuing and new contracts and performed the following procedures :
- Read analyzed and identified the distinct performance obligations in these contracts. -Compared these performance obligations with that identified and recorded by the Company. -Considered the terms of the contracts to determine the transaction price including any variable consideration to verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration.
-Samples in respect of revenue recorded for time and material contracts were tested using a combination of approved time sheets including customer acceptances subsequent invoicing and historical trend of collections and disputes.
-Sample of revenues disaggregated by type and service offerings was tested with the performance obligations specified in the underlying contracts.
-In respect of samples relating to fixed-price contracts progress towards satisfaction of performance obligation used to compute recorded revenue was verified with actual and estimated efforts from the time recording and budgeting systems. We also tested the access and change management controls relating to these systems.
-Sample of revenues disaggregated by type and service offerings was tested with the performance obligations specified in the underlying contracts.
-Performed analytical procedures for reasonableness of revenues disclosed by type and service offerings.
-We reviewed the collation of information and the logic of the report generated from the budgeting system used to prepare the disclosure relating to the periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.
2 Key Audit Matter
Accuracy of revenues and onerous obligations in respect of fixed-price contracts involves
critical estimates
Estimated effort is a critical estimate to determine revenues and liability for onerous obligations. This estimate has a high inherent uncertainty as it requires consideration of progress of the contract efforts incurred till date and efforts required to complete the remaining contract performance obligations. Refer Notes to the Standalone Financial Statements.
Auditor's Response
Principal Audit Procedures
Our audit approach was a combination of test of internal controls and substantive procedures which included the following :
Evaluated the design of internal controls relating to recording of efforts incurred and estimation of efforts required to complete the performance obligations. Tested the access and application controls pertaining to time recording allocation and budgeting systems which prevents unauthorized changes to recording of efforts incurred. Selected a sample of contracts and through inspection of evidence of performance of these controls tested the operating effectiveness of the internal controls relating to efforts incurred and estimated.
Selected a sample of contracts and performed a retrospective review of efforts incurred with estimated efforts to identify significant variations and verify whether those variations have been considered in estimating the remaining efforts to complete the contract. Reviewed a sample of contracts with unbilled revenues to identify possible delays in achieving milestones which require change in estimated efforts to complete the remaining performance obligations.
Performed analytical procedures and test of details for reasonableness of incurred and estimated efforts.
3. Key Audit Matter
Evaluation of uncertain tax positions
The Company has material uncertain tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. Refer Notes to the Standalone Financial Statements
Auditor's Response
Principal Audit Procedures
Obtained details of completed tax assessments and demands for the year ended March 31 2021 from management. We involved our internal experts to challenge the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes. Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 1
2019 to evaluate whether any change was required to management's position on these uncertainties.
4 Key Audit Matter
Recoverability of Indirect tax receivables
As at March 31 2021 non-current assets in respect of withholding tax and others includes Cenvat recoverable amounting to Rs. 00 cross which are pending adjudication. Refer Note to the Standalone Financial Statements.
Auditor's Response
Principal Audit Procedures
We have involved our internal experts to review the nature of the amounts recoverable the sustainability and the likelihood of recoverability upon final resolution.

Information Other than the Standalone 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 Annexures 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

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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

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

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the 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 risk 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 internalcontrols.

• 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'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone 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 ourauditor's However future events or conditions may cause the Company to cease to continueas a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the 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 governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure 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

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 ofthe Act we give in the Annexure a statement on the matters specified in paragraph 3 and 4of the Order to the extent applicable.

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

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

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The balance sheet the statement of profit and loss (including total comprehensiveincome) and the cash flow statement dealt with by this Report are in agreement with thebooks of account;

(d) In our opinion the aforesaid Standalone Ind ASFinancial Statements comply with theAccounting Standards specified under section 133 of the Act read with relevant rulesissued thereunder.

(e) On the basis of the written representations received from the directors as on 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure A.

(g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 1 1 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has No impact of pending litigations on its financial position in itsStandalone Ind ASFinancial Statementsas referred to in Note no. 20 to the financialstatements.

(ii) . The Company does not have long term contracts including derivative contracts forwhich there were any material foreseeable losses.

For R. K CHAPAWAT & CO.

Chartered Accountants Firm Reg. N0. WI0I708 Sd/-

RAVINDRA CHAPAWAT PARTNER

Membership No.: 037720

UDIN:- 21037720AAAAE04759

DATE: 02/06/2021

Annexure to the Independent Auditors' Report

With reference to the Annexure referred to in paragraph 1 in "Report on OtherLegal and Regulatory Requirements" of the Independent Auditors' Report to the membersof the Company on the financial statements for the year ended 3 1 March 2021 we reportthat:

la) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

lb) As explained to us all the assets have been physically verified by the managementduring the year together with is a regular program of verification which in our opinionis reasonable having regard to the size of the company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

lc) The title deeds of immoveable properties are held in the name of the company.

2. The Company is a service company primarily rendering leas of immovable properties.Accordingly it does not hold any physical inventories.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provision u/s section 185 and 186 of the Companies Act 2013 in respect of loans and investments made and guarantees and securities provided byit.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

7 (a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident fund Income taxWealth tax Goods & value added tax and any other material statutory dues havegenerally been regularly deposited during the year by the Company with the appropriateauthorities. As explained to us the Company did not have any dues on account ofEmployees' State Insurance Custom Duty and Excise duty. According to the information andexplanations given to us no undisputed amounts payable in respect of Provident FundIncome tax Wealth tax Goods & value added tax and other material statutory dueswere in arrears as at 31 March 2021 for a period of more than six months from the datethey became payable. b) According to the information and explanations given to us thereare no dues of Wealth tax Customs duty and Cess which have not been deposited with theappropriate authorities on account of any dispute.

8. The Company does not have funds from any financial institution bank Government ordues to debenture holders.

9. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument) and term loans

10. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

1 l)No Managerial remuneration has been paid or provided.

12) The company is not a Nidhi Company hence this clause is not applicable.

13) Based upon the audit procedures performed and according to the information andexplanations given to us no related transactions were reported.

14) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

15) The company has not entered into any non-cash transactions with directors orpersons connected with him.

16) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For R. K. CHAPAWAT & CO

Chartered Accountants Firm Reg. N0.W101708 Sd/-

RAVINDRA CHAPAWAT PARTNER

Membership No.: 037720 Mumbai

UDIN:- 21037720AAAAE04759

Dated : 02/06/2021

ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 5(ii)(f) of our Report of even date to the Members of M/S.RIDHI SYNTHETICS LIMITED for the year ended 3 1 st March 2021.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") We have audited the internalfinancial controls over financial reporting of M/S. RIDHI SYNTHETICS LIMITED as of 31stMarch 2021 in conjunction with our audit of the Standalone Ind AS financial statements ofthe 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 Reporting(the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. 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 about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of 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.

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

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1)Pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) Provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2021 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 R. K. CHAPAWAT & Company

Chartered Accountants Sd/-

RAVINDRA CHAPAWAT PARTNER

Membership No.: 037720

UDIN:- 21037720AAAAE04759

DATE: 02/06/2021

RIDHI SYNTHETIC LTD.

ANNEXURE TO THE AUDITOR'S REPORT 3 1st MARCH 2021

Referred to the paragraph 3 of our report of even date) i) In respect of fixed assets:-

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) The Management has physically verified fixed assets during the year in accordancewith

program of verification of fixed assets at reasonable intervals. According toinformation and explanation given to us no material discrepancies were noticed onverification.

c) In our opinion and according to information and explanation given to us nosubstantial part of fixed assets has been disposed off by the Company during the year andtherefore it does not effect the going concern assumption.

(ii) In respect of its inventories:

The Company does not have any inventory. Therefore the provisions of clause (ii) ofparagraph 3 of the Order are not applicable to the Company.

(iii) According to the information and explanations given to us the Company has notgranted unsecured loans to Companies covered in the register maintained under section 189of the Act. Hence clause (III) is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 186 of the Companies Act 2013 withrespect to Grant loans and investments. The company has not granted loans during the yearto parties covered under section 185 of the Act.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit. Therefore the provisions of Clause (v) of paragraph3 of the Order are not applicable to the Company.

(vi) According to the information and explanations given to us Central Government hasnot prescribed maintenance of cost records under sub-Section (1) of Section 148 of the Actin respect of activities carried on by the Company. Therefore the provisions of clause(vi) of paragraph 3 of the Order are not applicable to the Company.

(vii) According to the information and explanations given to us and the records of theCompany examined by us:

(a) The Company has generally been regular in depositing with appropriate authoritiesundisputed statutory dues including provident Fund employees' state insurance incometax vat tax service tax goods & service tax custom duty excise duty cess andany other statutory dues as applicable to it. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaidstatutory dues were outstanding as at 31st March 2021 for a period of morethan six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs. Nil as at 31.03.2021 that have notbeen deposited on account of matters pending before appropriate authorities is as under:

Name of the Statue Nature of the Dues Amount in Rs. Period to which the amount relates Forum where dispute is pending
N.A N.A N.A N.A N.A

(viii) According to the information and explanations given by the management theCompany has not taken any borrowings from financial institutions banks Government andnot issued any debenture. Therefore the provisions of clause (viii) of paragraph 3 of theOrder are not applicable to the Company.

(ix) According to the information and explanations given to us the Company has notraised money by way of initial public offer or further public offer (including debtinstruments) and no term loan was raised and therefore the provisions of clause (ix) ofparagraph 3 of the Order are not applicable to the Company.

(x) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and on the basis of information and explanationsgiven by the management no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

(xi) According to the information and explanations given to us during the year nomanagerial remuneration has been paid or provided by the Company Therefore the provisionsof clause (xi) of paragraph 3 of the Order are not applicable to the Company.

(xii) In our opinion the Company is not a nidhi Company. Therefore the provisions ofclause (xii) of paragraph 3 of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to usthe Company's transactions with its related parties are in compliance with section 177 andsection 188 of the Act wherever applicable and the details of related party transactionshave been disclosed in the ind AS financial statements as required by the applicableAccounting Standards.

(xiv) According to the information and explanation given to us during the year theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures. Therefore the provisions of clause (xiv) of paragraph 3 ofthe Order are not applicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him undersection 192 of the Act. Therefore the provisions of clause (xv) of paragraph 3 of theOrder are not applicable to the Company.

(xvi) According to the information and explanation given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Therefore the provisions of Clause (xvi) of paragraph 3 of the Order are not applicableto the Company.

For R. K. CHAPAWAT & Company

Chartered Accountants Sd/-

RAVINDRA CHAPAWAT PARTNER

Membership No.: 037720

UDIN:- 21037720AAAAE04759

DATE: 02/06/2021

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