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Scanpoint Geomatics Ltd.

BSE: 526544 Sector: IT
NSE: N.A. ISIN Code: INE967B01028
BSE 00:00 | 25 Nov 11.81 0.03
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NSE 05:30 | 01 Jan Scanpoint Geomatics Ltd
OPEN 12.30
PREVIOUS CLOSE 11.78
VOLUME 5354
52-Week high 24.00
52-Week low 9.80
P/E 73.81
Mkt Cap.(Rs cr) 82
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.30
CLOSE 11.78
VOLUME 5354
52-Week high 24.00
52-Week low 9.80
P/E 73.81
Mkt Cap.(Rs cr) 82
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Scanpoint Geomatics Ltd. (SCANPOINTGEOMA) - Auditors Report

Company auditors report

TO THE MEMBERS OF SCANPOINT GEOMATICS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of ScanpointGeoma_cs Ltd.("the company") which comprise the Balance Sheet as at March31 2022 and the Statement of Pro t and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Change in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explana_onsgiven 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 Accoun_ng Standards) Rules 2015 asamended("Ind AS") and other accounting principles generally accepted in Indiaof the state of a airs of the Company as at March 31 2022 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Audi_ng specified under Sec_on 143(10) of the Act (SAs). Our responsibili esunder those standards are further described in the Auditor's Responsibility for the Auditof the Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Insfitute 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 madethere under and we have fulfilled our other ethical responsibili es in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

Key Audit Matters

1. Key audit ma_ers are those ma_ers that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These ma_ers 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 ma_ers. We have determined the ma_ers described below to be thekey audit ma_ers to be communicated in our report.

2.
Key Audit Matters How our auditor addressed the key audit matter
1. Recoverability of Loans to Subsidiary Company
The Company has advanced a sum of Rs. 132.27 Lakhs as on March 31 2022. The company had given the advance to its subsidiary during the previous nancial year as well as during the current financial year. We reviewed management's ra_onal and objecive for providing advance to subsidiary. We reviewed management's assessment of recoverability advances to subsidiary and corroborated the same with the financials of subsidiary. We reviewed the Company's internal control system for advancing the money to suppliers and subsidiary and carried out a combina_on of procedures involving enquiry and observa_on and inspec_on of evidence in respect of these loans and advances. Our audit approach consisted tes_ng of design and opera_ng e ecfiveness of internal controls and substanfive tes_ng as follows:
The aggregate of advance as on 31st March 2021 was Rs. 104.96 Lakhs which has increased to Rs. 132.27 Lakhs as on 31st March 2022. Review of complete details of advance given to subsidiary and corrobora_ng the same with of ledger Accounts and con rma_on of subsidiary.
This payment is in nature for technology transfer to Holding Company. When the technology is ready for transfer the said will be asset of Holding Company. Review of onward payment by subsidiary to various par_es and with the suppor_ng documents / Purchase Orders / Invoices etc.
Reviewed the procedures followed by Scanpoint and subsidiary for selecoon of vendors and jus_ ca_on of terms of payments delivery warran_es/Guarantees etc.
Assessed present status of Advance receipt / availability of material/services.
Obtained explana_on from the management and went through the report obtained by the company from external independent expert on fund u_liza_on. Based on our procedures we found management's judgment around the recovery of the Advance to be appropriate. ment's judgment around the recovery of the Advance to be appropriate.

Information other than the Financial Statements and Auditor's Report thereon

? The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's Report Managementdiscussion and Analysis and Report on corporate governance but does not include theconsolidated financial statements standalone financial statements and our auditor'sreport thereon.

? Our opinion on the financial statements does not cover the other information and wedo not express any form of

assurance conclusion thereon.

? In connecvon with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially 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 have nothing to report in thisregard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the ma_ers stated in Section 134(5)of the Companies Act 2013 ("the Act")with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial posi_onfinancial performance including Other Comprehensive Income cash flows and changes inequity of the

Company in accordance with the Ind AS and other accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preven_ng and detec_ng frauds and other irregularioes; selecoon andapplica_on of appropriate accounting policies; making judgments and es_mates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were opera_ng e ecfively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presenta_on of theStandalone financial statements that give a true and fair view and are free from materialmisstatement 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 applicablema_ers 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 alternafive but to do so.

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

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

Our objecives are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment and maintain professional skep_cism 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 detec_ng a material misstatement resulting fromfraud is higher than for one resul_ng from error as fraud may involve collusion forgeryinten_onal omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal financial control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under Sec_on143(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 operating eecfiveness 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 condi_ons 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 a_en_on in our auditor'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 ourauditor's report. However future events or condi_ons may cause the Company to cease tocontinue as a going concern.

? Evaluate the overall presenta_on structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransac ons and events in a manner that achieves fair presentation.

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 standalone financial statements may be in uenced. Weconsider quanfitafive materiality and qualitafive factors in (i) planning the scope of ouraudit work and in evalua_ng the results of our work; and (ii) to evaluate the effect ofany iden_ ed misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other ma_ers theplanned scope and _ming 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 rela_onships and other ma_ers that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the ma_ers communicated with those charged with governance we determine thosema_ers that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit ma_ers. We describe these ma_ers inour auditor's report unless law or regula_on precludes public disclosure about the mafteror when in extremely rare circumstances we determine that a mafter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communica_on.

Report on Other Legal and Regulatory Requirements

1. 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 bylaw have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Pro t and Loss including other comprehensiveincome the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspeci ed under Section 133 of the Act.

e) On the basis of the wri en representa_ons 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 Sec_on 164 (2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the opera_ng e ecfiveness of such controls refer to ourseparate report in "Annexure A". Our report expresses an unmodi ed opinion onthe adequacy and opera_ng e ecfiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other ma_ers to be included in the Auditor's Report inaccordance with

requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explana_onsgiven to us the remunera_on paid/ provided by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other ma_ers 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 explana_ons given tous:

i. The Company has disclosed the impact of pending li_ga_ons on its financialposi_on in its standalone financial statements.

ii. The company did not have any long-term contracts including derivafive contractsfor which

there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferredto the Investor

Educa_on and Protec_on fund by the company.

iv. (a) The Management has represented that to the best of its knowledge andbelief no funds (which are material either individually or in the aggregate) have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other person or enfity includingforeign enfity ("Intermediaries") with the understanding whether recorded inwri ng or otherwise that the Intermediary shall whether directly or indirectly lend orinvest in other persons or en_ es iden_ ed in any manner whatsoever by or on behalf of theCompany ("Ul mate Bene ciaries") or provide any guarantee security or the likeon behalf of the Ul_mate Bene ciaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or enfity including foreign enfity ("FundingPar_es") with the understanding whether recorded in wri ng or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons or en_ esiden_ ed in any manner whatsoever by or on behalf of the Funding Party ("Ul mate Beneciaries") or provide any guarantee security or the like on behalf of the Ul_mateBene ciaries;

( c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our noffice that has caused us to believe thatthe representa_ons under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v. The company has not declared or paid any dividend during the year incontraven_on of the provisions of Sec_on 123 of Companies Act 2013.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Sec_on 143(11) of the Act we give in"Annexure B" a statement on the ma_ers specified in paragraphs 3 and 4 of theOrder.

For Jayamal Thakore & Co.
Chartered Accountants
Firm's Registra_on Number: 104098W
Place: Ahmedabad Anup Kumar Bha_acharjee
th
Date: 24 May 2022 Partner
Membership number: 082184
UDIN : 22082184AMLHMA5438

ANNEXURE“A” TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Repor_ng under Clause (i) ofSub-secron 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ScanpointGeoma_cs Limited("the Company") as of March 31 2022 in conjunc_on with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat 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 Insfitute of Chartered Accountants of India. These responsibili es includethe design implementa_on and maintenance of adequate internal financial controls thatwere operating e ecfively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preven_onand detection of frauds and errors the accuracy and completeness of the accountingrecords and the _mely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Repor_ng(the "Guidance Note")issued by the Insfitute of Chartered Accountants of Indiaand the Standards on Audi_ng prescribed under section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated e ecfively 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 opera_ng eecfiveness. 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 tes_ng and evalua_ng the designand opera_ng e ecfiveness 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 transac ons anddisposi ons of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparation of financial statements in accordancewith generally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authoriza_ons of management and directorsof the company; and (3) provide reasonable assurance regarding preven_on or _melydetection of unauthorized acquisi?on use or disposi on of the company's assets thatcould 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 projec_ons of any evalua_on 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 condi_ons or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

1. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operatinge ecfively as at March 31 2022 based on the InternalControl over financial reporting criteria established by the Company considering theessen_al components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Insfitute of CharteredAccountants of India.

For Jayamal Thakore & Co.
Chartered Accountants
Firm's Registra_on Number: 104098W
Place: Ahmedabad
th
Date: 24 May 2022 Anup Kumar Bha_acharjee
Partner
Membership number: 082184
UDIN: 22082184AMLHMA5438

ANNEXURE“B” TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

To the best of our information and according to the explana_ons provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

1. In respect of the Company's Property Plant and Equipment and Intangible Assets:

(a) (A) The Company has maintained proper records showing full par_culars includingquanfitafive details and situation of Property Plant and Equipment and relevant detailsof right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(b) According to information and explana_on given to us during the year themanagement conducted physical verification of certain fixed assets in accordance with itspolicy of physical verification in a phased manner. In our opinion such frequency isreasonable having regard to the size of the Company and the nature of its fixed assets. Asexplained to us the discrepancies nofficed on physical verification as compared to bookrecords maintained were not material and have been properly dealt with in the books ofaccount.

(c) We are unable to form an opinion on whether the fitle deeds of immovable propertyare held in the name of company since the management has not provided necessarydocumentary evidences in order to certify whether the fitle deeds of immovableproperties are held in the name of the Company.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and tangible assets during the year.

(e) No proceedings have been inivated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transac ons(Prohibi]on) Act 1988 (as amended in 2016) and rules made thereunder.

2. (a) The Company is engaged in business of GIS based sow are development and sales.Accordingly it does not hold any physical inventories. Thus paragraph 3(ii)(a) of theOrder is not applicable to the Company.

(b) As disclosed in note 13 to the standalone financial statements the Company hasbeen sanc_oned working capital limits in excess of Rs Five crores in aggregate from banksduring the year on the basis of security of current assets of the Company. The quarterlyreturns/statements led by the Company with such banks and financial insfitu ons are inagreement with the books of accounts of the Company.

3. (a) The Company has provided loans during the year as under:

Aggregate amount granted/provided during the year Rs. 31.31 Lakhs Balance Outstandingas at the Balance Sheet Date in respect of above cases Rs.132.27 Lakhs.

The Company has not provided any advances in the nature of loans guarantee andsecurity to any other enfity during the year.

(b) In our opinion the investments is made in subsidiary company for which no termsand condi_ons for gran_ng of loans are speci ed. However as per information andexplana_on given by the company the loan granted are prima facie not prejudicial to theCompany's interest.

(c) In respect of loans granted by the Company the loan is solely granted to it'ssubsidiary company which is interest free loan so schedule of repayment of principal hasnot been s_pulated.

(d) In respect of loans granted by the Company the loan is granted to it's subsidiarycompany which is interest free loan and no schedule of repayment has been s_pulated. Inabsence of repayment schedule we could not comment whether the loan is overdue or not.

(e) In respect of loans granted by the Company the loan is granted to it's subsidiarycompany which is interest free loan and no schedule of repayment has been s_pulated.Hence we cannot comment as to whether the loan granted by the company has been renewed orextended or fresh loans has been granted to sefile the overdues of exis_ng loans given tothe same party.

(f) The Company has granted loans or advances in the nature of loans for which no termsand condi_on for repayment has been speci ed. The details of which are as under:

Aggregate amount granted/provided during the year Rs 31.31Lakhs

Balance Outstanding as at the Balance Sheet Date in respect of above case Rs. 132.27Lakhs.

The above loan is granted to it's subsidiary company for which terms or period ofrepayment is not speci ed.

4. In our opinion and according to the information and explana_ons given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of grant of loans making investments and providing guarantees and securi_esas applicable.

5. According to the information and explana_ons given to us the Company has notaccepted any deposit during the year and does not have any unclaimed deposits and hencereporting under clause 3(v) of the Order is not applicable.

6. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activi es carried out bythe Company. Thus reporting under clause 3(vi) of the Order is not applicable to theCompany.

7. According to the information and explana_ons given to us in respect of statutorydue:

(a) According to the information and explana_ons given to us and on the basis of ourexamina_on of the records the Company is generally regular in deposi_ng undisputedstatutory dues including Provident Fund Employee's State Insurance Income tax Goodsand Service Tax Customs Duty cess and other material Statutory Dues applicable to itwith the appropriate authoriZes.

(b) There were no undisputed amounts payable in respect of Provident fund Employees'State Insurance Goods and Service Tax Customs Duty cess and other material statutorydues in arrears applicable under Income tax Act 1961 as at March 31 2022 for a period ofmore than six months from the date they became payable.

(c) According to the records of the Company except Income Tax dues no dues of Servicetax Duty of Customs Excise Duty Value Added tax Goods and Service tax cess which havenot been deposited on account of disputes.

The par_culars of dues of Income Tax outstanding as at March 31 2022 which have notbeen deposited on

account of a dispute are as follows:

8. There were no transac ons rela_ng to previously unrecorded income that have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 (43 of 1961).

9. (a) Based on our audit procedures performed by us and according to the informationand explana_ons given to us the Company has not defaulted in repayment of loans or otherborrowing or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial insfituon or government or

any government authority.

(c) In our opinion and according to the information and explana_ons given to us by themanagement term loans

were applied for the purpose for which the loans were obtained.

(d) According to the information and explana_ons given to us and the proceduresperformed by us and on an overall examina_on of the financial statements of the companywe report that no funds raised on short-term basis have been used for long-term purposesby the company.

(e) On an overall examina_on of the financial statements of the Company the Companyhas not taken any funds from any enfity or person on account of or to meet the obliga_onsof its subsidiaries. The Company does not have any associate company or joint venture.

(f ) In our opinion and according to the information and explana_ons given to us theCompany has not raised loans during the year on the pledge of securi_es held in itssubsidiaries. The Company does not have any associate or joint venture.

10. (a) The Company has raised moneys by way of right issue of Rs.399.35 Lakhs (facevalue of Rs..2 each) during the year.

(b) During the year the Company has not made any preferen_al allotment or privateplacement of shares or conver_ble debentures (fully or partly or op_onally) and hencereporting under clause 3(x)(b) of the Order is not applicable

11. (a) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information and explana_onsgiven to us we have neither come across any instance of material fraud by the Company oron the Company which has been nofficed or reported during the year nor have we beeninformed of any such case by the Management.

(b) According to the information and explana_ons given to us no report undersub-secron (12) of Sec_on 143 of the Companies Act 2013 has been led by the cost auditorsecretarial auditor or by us in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government during the year.

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

12. In our opinion and according to the information and explana_ons given to us theCompany is not a Nidhi company and the Nidhi Rules 2014 are not applicable to it theprovisions of 3(xii) of the Order are not applicable to the Company.

13. In our opinion and according to the information and explana_ons given to us theCompany is in compliance with Sec_on 177 and 188 of the Companies Act 2013 whereapplicable for all transac ons with the related par_es and the details of related partytransac ons have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

14. (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) We have considered the internal audit reports of the company issued fill the dateof audit report for the period under audit.

15. In our opinion and according to the information and explana_ons given to us duringthe year the Company has not entered into non-cash transac ons with its directors orpersons connected with him and hence provisions hence requirement to report on clause3(xv) of the Order is not applicable to the Company

16. (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b)and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Direc_ons 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable.

17. The Company has not incurred cash losses in the current financial year and theimmediately preceding financial year

18. There has been no resigna_on of the statutory auditors of the Company during theyear and accordingly requirement to report on Clause 3(xviii) of the Order is notapplicable to the Company.

19. According to the information and explana_ons given to us and on the basis of thefinancial ra_os (Refer note 37 to the financial statements) ageing and expected dates ofrealiza_on of financial assets and payment of financial liabili_es other informationaccompanying the financial statements our knowledge of the Board of Directors andmanagement plans and based on our examina_on of the evidence suppor_ng the assump_onsnothing has come to our a_en_on which causes us to believe that any material uncertaintyexists as on the date of the audit report that company is not capable of mee_ng itsliabili_es exis_ng at the date of balance sheet as and when they fall due within a periodof one year from the balance sheet date. We however state that this is not an assuranceas to the future viability of the company. We further state that our reporting is based onthe facts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabili_es falling due within a period of one year from the balancesheet date will get discharged by the company as and when they fall due.

20. Since the provisions of Sec on 135 of the Companies Act 2013 with regard tocorporate social responsibility are not applicable to the company hence clause 3(xx) ofthe Order is not applicable.

For Jayamal Thakore & Co.
Chartered Accountants
Firm's Registra_on Number: 104098W
Place: Ahmedabad
th
Date: 24 May 2022 Anup Kumar Bha_acharjee
Partner
Membership number: 082184
UDIN : 22082184AMLHMA5438

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