You are here » Home » Companies » Company Overview » SAB Events & Governance Now Media Ltd

SAB Events & Governance Now Media Ltd.

BSE: 540081 Sector: Media
NSE: SABEVENTS ISIN Code: INE860T01019
BSE 00:00 | 25 Nov 5.29 0
(0.00%)
OPEN

5.29

HIGH

5.29

LOW

5.29

NSE 00:00 | 25 Nov 5.00 -0.10
(-1.96%)
OPEN

5.00

HIGH

5.00

LOW

5.00

OPEN 5.29
PREVIOUS CLOSE 5.29
VOLUME 2
52-Week high 18.00
52-Week low 4.75
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.29
CLOSE 5.29
VOLUME 2
52-Week high 18.00
52-Week low 4.75
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SAB Events & Governance Now Media Ltd. (SABEVENTS) - Auditors Report

Company auditors report

To

The Members

SAB Events & Governance Now Media Limited

Report on the Audit of the Standalone Financial Statements

Qualified Opinion

We have audited the accompanying standalone financial statements of SAB Events andGovernance Now Media Limited (“the Company”) which comprise the Balance Sheetas at March 31 2022 the Statement of Profit and Loss statement of changes in Equity andthe Statement of Cash Flows for the year ended on that date and notes to the financialstatements including a summary of the significant accounting policies and otherexplanatory 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 except for the effects of the matter described in Basis for Qualified Opinionsection of our report the aforesaid standalone financial statements give the informationrequired by the Companies Act 2013 (“the Act”) in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2022 the loss changes in equity and its cash flows for the year ended onthat date.

Basis for Qualified Opinion

1. The Company had acquired its publication and MICE business in Financial Year 2015-16as per the scheme of arrangement and during such acquisition the company has recognisedgoodwill amounting to Rs.788.69 Lakhs as Goodwill on demerger. The carrying value ofGoodwill as on 31st March 2022 is Rs.299.07 Lakhs. However the Company has not been ableto generate sufficient income from its publication and MICE business since last five yearsand has incurred losses of Rs.112.75 Lakhs during the year ended on 31st March 2022 andduring the preceding financial year of Rs.151.99 Lakhs. Also considering the furtherimpact on the business of the company due to COVID 19 restrictions imposed by theGovernment for Ground event and discontinuance of publication of its magazine 'GovernanceNow' in our view this facts indicates that there is impairment in the value of Goodwill.However the Company has not carried out impairment testing on goodwill and insteadamortising the Goodwill over a period of 10 years which is not in consonance with the IndAS 36 Impairment of Assets. In the absence of working for impairment we are unable toquantify the amount of impairment provision required and its possible effects on thefinancial statements.

2. The Company has not accounted the lease transactions as per requirements of Ind AS116 Leases. Had the said standard been followed the liabilities would have been higher byRs.56.92 Lakhs and assets would have been higher by Rs.55.84 Lakhs and loss would havebeen higher by Rs.1.08 Lakhs.

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 Auditof the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (ICAI) together with the ethical requirements that are relevant toour audit of the financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our qualified opinion on thefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment 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 the matters described below to be the key audit matters to be communicatedin our report.

Except for the matter described in the Basis for Qualified Opinion paragraph we havedetermined that there are no other key audit matters to communicate in our report.

Material Uncertainty related to Going Concern

We draw attention to Note 30 & 32 to financial results due to the outbreak of theCOVID-19 pandemic the ground events business operations of the company have come to haltand the company doesn't foresee ground events picking up in the near future and the factthat company's current liabilities are 2.52 times of current assets and exceeds byRs.207.06 Lakhs these indicates material uncertainty with respect to company's ability tocontinue as going concern in the event company's plan of remodelling the event verticalinto webinars and growing the digital portal does not achieve the desired cash flows andprofitability. Our opinion is not modified in respect of this matter.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Director's report but does notinclude the financial 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 in theaudit or otherwise appears to be materially misstated.

The Director's Report is not made available to us at the date of this auditor's report.Hence we have nothing to report in this regard.

Responsibilities of Management 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 financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of TheAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring 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 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.

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

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

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

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

? Identify and assess the risks of material misstatement of the standalone 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 reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 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 standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2020 issued by the CentralGovernment of India in terms of sub section (11) of the section 143 of the Companies Act2013 we give in the Annexure A a statement on the matters specified in paragraphs 3 and4 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 the Statement of CashFlow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 except as described in the Basis for Qualified Opinion paragraph.

e) On the basis of the written representations received from the directors as on March31 2022 taken on 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”.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. According to the information and explanation given to us the Company does not haveany pending litigations at the year end.

ii. According to the information given to us the company has not entered into anylong-term contracts including derivative contracts.

iii. According to the information and explanation given to us the Company is notrequired to transfer any amount to Investor Education and Protection Fund.

iv. (a) The management has represented that to the best of its knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities (“Intermediaries”) with theunderstanding whether recorded in writing or otherwise that the Intermediary shall:

? directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

? provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries

(b) The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any persons or entities including foreignentities (“Funding Parties”) with the understanding whether recorded inwriting or otherwise that the Company shall:

? directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the FundingParty or

? provide any guarantee security or the like from or on behalf of the UltimateBeneficiaries; and

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

v. According to information and explanation given to us the Company has not declaredany dividend in terms of provision of section 123 of Companies Act 2013.

vi. With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) of the Act whichare required to be commented upon by us.

ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

1. a) (A) According to information and explanations given to us by the management andrecords furnished before us the Company has generally maintained proper records showingfull particulars including quantitative details and situation of Property Plant &Equipment.

(B) The Company is maintaining proper records showing full particulars of IntangibleAssets.

b) The Property Plant and Equipment of the Company have been physically verified bythe Management at reasonable intervals. In our opinion the frequency of verification isreasonable with regard to the size of the company and nature of assets. According toinformation and explanations given to us by the management no material discrepancy wasnoticed on such verification.

c) According to the information and explanation given to us and on the basis of recordsfurnished before us the company does not own any immovable property. Therefore reportingunder clause 3(i)(c) of Companies (Auditor's) Report Order 2020 is not applicable to theCompany.

d) According to the information and explanation given to us and on the basis of recordsfurnished before us the company has not revalued property plant & equipment orintangible assets. Therefore reporting under clause 3(i)(d) of Companies (Auditor's)Report Order 2020 is not applicable.

e) According to the information and explanation given to us and on the basis of recordsfurnished before us no proceedings have been initiated or are pending against the companyfor holding any benami property under the Benami Transactions (Prohibition) Act 1988 andrules made thereof. Therefore reporting under clause 3(i)(e) Companies (Auditor's) ReportOrder 2020 is not applicable.

2. a) The Company is in the business of rendering services and consequently does nothold any inventory. Therefore reporting under clause 3(ii)(a) of the Companies(Auditor's) Report Order 2020 are not applicable to the Company

b) According to information and explanation given to us by the management and on thebasis of records furnished before us the Company has not been sanctioned working capitallimits in excess of five crore rupees from any banks or financial institutions on thebasis of security of current assets. Accordingly reporting under clause 3(ii)(b) is notapplicable.

3. According to the information and explanation given to us and on the basis of recordsfurnished before us the company has not made investments or provided any guarantees orsecurity or granted any loans secured or unsecured to companies firms LimitedLiability partnerships or any other parties. Accordingly reporting under clause 3(iii) ofCompanies (Auditor's) Report Order 2020 is not applicable.

4. According to the information and explanation given to us and on the basis of recordsfurnished before us the company has not given any loan or made any investment or givenany guarantee or security during the year for which compliance under section 185 and 186is required. Accordingly Clause 3(iv) of Companies (Auditor's Report) Order 2020 is notapplicable.

5. The company has not accepted deposits form the public within the meaning of sections73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder. Accordingly Clause 3(v) of Companies (Auditor's Report) Order 2020 is notapplicable.

6. According to the information and explanation given to us the Company is not requiredto maintain cost records as specified under section 148 sub-section (1) of the CompaniesAct 2013. Therefore clause 3(vi) of Companies (Auditor's Report) Order 2020 is notapplicable to the Company.

7. a. The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance. However the Company is generallyregular in payment of Income Tax Goods and Service Tax and Cess. No undisputed statutorydues as stated above is outstanding as at 31st March 2022 for more than six months fromthe date they become payable.

b. According to information and explanation given to us there are no disputedstatutory dues including Sales Tax Service Tax Custom Duty Duty of Excise Value addedTax Cess and any other statutory dues which have not been deposited on account ofdispute.

8. According to the information and explanation given to us and the records furnishedbefore us the Company does not have any outstanding dues to be repaid to any bankfinancial institution or government. Accordingly Clause 3(viii) of Companies (Auditor'sReport) Order is not applicable.

9. (a) According to the information and explanation given to us and records examined byus the Company has not defaulted in repayment of dues to any lender as at the BalanceSheet date.

(b) According to the information and explanations given to us and the records of theCompany the Company has not been declared a wilful defaulter by any bank or financialinstitution or government or government authority

(c) According to the information and explanations given to us and the records of theCompany the company has utilized the money obtained by way of term loans during the yearfor the purposes for which they were obtained.

(d) According to the information and explanations given to us and the records of theCompany no funds raised on short term basis have been utilized for long-term purposes bythe company.

(e) According to the information and explanations given to us and the records of theCompany the Company does not have any subsidiaries or associates or joint ventures.Accordingly reporting under clause 3(ix)(e) of Companies (Auditor's) Report Order 2020is not applicable.

(f) According to the information and explanations given to us and the records of theCompany the Company does not have any subsidiaries or associates or joint ventures.Accordingly reporting under clause 3(ix)(f) of Companies (Auditor's) Report Order 2020is not applicable.

10. (a) According to information and explanation given to us by the management andrecords furnished before us the company has not raised money by way of initial publicoffer or further public offer. Accordingly reporting under Clause 3(ix)(a) of Companies(Auditor's Report) Order 2020 is not applicable to the Company.

(b) According to information and explanation given to us by the management and recordsfurnished before us the Company has not made preferential allotment or private placementof shares or convertible debentures during the year. Accordingly reporting under Clause3(ix)(b) of Companies (Auditor's Report) Order 2020 is not applicable to the Company.

11. (a) According to the information and explanations given to us and based on theexamination of books and records of the Company no fraud by the company or on the companyhas been noticed or reported during the course of the audit.

(b) According to information and explanation given to us by the management and recordsfurnished before us no report under section 143(12) of Companies Act 2013 has been filedby the auditors in form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors)Rules 2014 with central government.

(c) According to information and explanation given to us by the management and recordsfurnished before us the Company has not received any whistle blower complaints during theyear.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

Accordingly clause 3(xii) of Companies (Auditor's Report) Order 2020 is not applicable.

13. According to the information and explanation provided to us and based on ourexamination of the records of the Company the transactions with the related parties arein compliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in financial statements as required bythe applicable accounting standards.

14. (a) In our opinion the company has an internal audit system commensurate with itssize and nature of its business.

(b) We have considered during the course of our audit the reports of the InternalAuditor(s) for the period under audit in accordance with the guidance provided in SA 610“Using the work of Internal Auditors”.

15. According to the information and explanation given to us the company has notentered into any non-cash transaction with directors or persons connected with them.Therefore reporting under clause 3(xv) of the Companies (Auditor's Report) Order 2020 isnot applicable.

16. According to the books of accounts and records of the company examined by us inour opinion the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

17. The Company has incurred cash losses of Rs. 0.31 crores in the current yearfinancial year.

18. There has been no resignation of the statutory auditors during the year.Accordingly clause 3(xviii) of the order is not applicable.

19. According to the information and explanation given to us and on the basis offinancial 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 audit report that theCompany 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.

20. The Company does not fall under the ambit of Section 135 of Companies Act 2013 andhence reporting under clause 3(xx)(a) and (b) of Companies (Auditor's) Report Order 2020is not applicable.

21. The reporting under clause 3(xxi) of the Order is not applicable in respect ofaudit of Standalone Financial Statements.

Accordingly no comment in respect of the said clause has been included in this report.

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of SAB Eventsand Governance Now Media Limited (“the Company”) as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of 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 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 ICAI.

For A. R. SODHA & Co.
Chartered Accountant
FRN 110324W
A.R.Sodha
Partner
M. No 31878
Place: Mumbai
Date: May 21 2022
UDIN: 22031878AJJDWF6085

.