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Shri Bajrang Alliance Ltd.

BSE: 526981 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE402H01015
BSE 00:00 | 27 Jan 174.70 -1.15
(-0.65%)
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NSE 05:30 | 01 Jan Shri Bajrang Alliance Ltd
OPEN 186.00
PREVIOUS CLOSE 175.85
VOLUME 3960
52-Week high 285.00
52-Week low 150.00
P/E 139.76
Mkt Cap.(Rs cr) 157
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 186.00
CLOSE 175.85
VOLUME 3960
52-Week high 285.00
52-Week low 150.00
P/E 139.76
Mkt Cap.(Rs cr) 157
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shri Bajrang Alliance Ltd. (SHBAJRANGALL) - Auditors Report

Company auditors report

To the Members of

SHRI BAJRANG ALLIANCE LIMITED

(FORMERLY SHRI BAJRANG ALLOYS LIMITED)

Report on the Audit of the Standalone Indian Accounting Standard(Ind-AS) Financial Statements Opinion

We have audited the accompanying Standalone Financial Statements ofSHRI BAJRANG ALLIANCE LIMITED (formerly Shri Bajrang Alloys Limited) ("theCompany") which comprise the Balance Sheet as at March 31 2022 the Statement ofProfit and Loss (including Other Comprehensive Income) Statement of changes in equity andthe Statement of Cash Flows for the year ended on that date and notes to the StandaloneFinancial Statements including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "Standalone financialstatements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and others the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2022 and its profit total comprehensive income changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India(ICAI) together with the independence requirements thatare relevant to our audit of the Standalone Financial Statements under the provisions ofthe Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon we have determinedthe matters described below to be the key audit matters to be communicated in our report

S.No. Key Audit Matter Auditor's Response
1. The Company has given a Corporate Guarantee to its associate companies amounting to Rs. 137784 lakhs which it quite higher then company's available net worth. The management is of the opinion that it is a corporate guarantee as per the general business practice. We have taken a management representation on the same and shown as contingent liability. The ultimate outcome of the liability towards corporate guarantee is remote but involve risk of liquidly as well.

Information Other than the Financial Statements and Auditor's Reportthereon

The Company's Board of Director is responsible for 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 or auditor's report thereon.

Our opinion on the standalone financial statement does not cover theother information and we do not express any form if assurance conclusion thereon. InConnection with our audit of the standalone financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with standalone financial statements or our knowledge obtainedduring 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 amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Financial Statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in aggregate they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• • Identify and assess the risks of material misstatement ofthe financial statements whether due to fraud or

error design and perform audit procedures responsive to those risksand obtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• • Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.

• • Conclude on the appropriateness of management's use ofthe going concern basis of 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 report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• • Evaluate the overall presentation structure and contentof the financial statements including the disclosures and whether the financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledge user of the standalone financial statementsmay be influenced. We consider quantitative materiality and qualitative factors in (i)planning in the scope of our audit work in evaluating the results of or work; and (ii) toevaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Standalone Financial Statements complywith the mandatory Accounting Standards referred to in section 133 of Companies Act 2013.

e) On the basis of the written representations received from thedirectors as on March 312022 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid 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 matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Financial Statements - Refer Note 36 to the FinancialStatement

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. (a) Whether the management has represented that to the best ofit's knowledge and belief other than as disclosed in the notes to the accounts no fundshave been advanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the company to or in any other person(s) orentity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

For S S S D & CO
Place : Raipur Chartered Accountants
Dated : May 31th 2022 Firm Reg. No. 020203C
UDIN : 22164479AJYOZV9395 Gaurav Ashok Baradia
Partner
Membership No.: 164479

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Para-1 "Report on Other Legal and RegulatoryRequirements" in our Independent Auditors' Report to the members of the Company onthe Standalone Financial Statements for the year ended March 31 2022).Statement onMatters specified in paragraphs 3 & 4 of the Companies (Auditor's Report) Order 2016

i. (a) (A)The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) As explained to us the Company has a regular programme of physicalverification of its Property Plant and Equipment by which Property Plant and Equipmentare verified in a phased manner over a period of one year. In accordance with thisprogramme certain Property Plant and Equipment were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanation given to us and on thebasis of our examination of the records of the company the title deeds of immovableproperties as disclosed in Note 3 on the Property Plant and Equipment to the financialstatements are held in the name of the company. In respect of immovable properties of landthat have been taken on lease and disclosed as Property Plant and Equipment in thefinancial statements the lease agreements are in the name of the Company where theCompany is the lessee in the agreement.

(d) The Company has not revalued any of its Property Plant andEquipment (including right-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The Physical Verification of the inventory has been conductedat reasonable intervals by the management.

The procedures of physical verification of inventory followed by themanagement is reasonable and adequate in relation to the size of the company and thenature of the business. The discrepancies noticed on verification between physicalinventories and book records were not material in relation to the operations of theCompany and the same have been properly dealt with in the books of account.

(b) The Company has been sanctioned working capital limits in excess offive crore rupees in aggregate from banks or financial institutions based on security ofcurrent assets. The quarterly returns or statements filed by the company with such banksor financial institutions are in agreement with the books of account of the Company.

iii. The company has made investments in provided any guarantee orsecurity or granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties during the year inrespect of which

(a) The company has provided loans or provided advances in the natureof loans or stood guarantee or provided security to other entity indicate :

(A) The Company has provided Corporate guarantees amounting to Rs.22757 lakhs to its associates during the financial year and total amount towardsCorporate Guarantees to various Banks as on the Balance Sheet date is Rs.137784 lakhs.

(B) The company has not provided loans or provided advances in thenature of loans or guarantee or provided security to other than subsidiary joint ventureand associates.

(b) In our opinion the Investment adn Corporate guarantee made in afavour of its Associates prima facie not prejudicial to the Company's interest.

(c) The company has not provided any loan and advance in the nature ofloan year and hence reporting on clause 3 (iii) (c) of the Order is not applicable

(d) The company has not provided any loan and advance in the nature ofloan year and hence reporting on clause 3 (iii) (d) of the Order is not applicable.

(e) The company has not provided any loan and advance in the nature ofloan year and hence reporting on clause 3(iii)(e) of the Order is not applicable.

The company has not provided any loan and advance in the nature of loanyear and hence reporting on clause 3(iii)(f) of the Order is not applicable.

iv. In our opinion and according to the information and explanationsgiven to us and the records examined by us in respect loans investments and guaranteesprovisions of the section 185 and 186 of the Companies Act 2013 have been complied with.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted any Deposits or amount which are deemed to bedeposit from the public and hence the directives issued by the Reserve Bank of India andthe provisions of Sections 73 to 76 or any other relevant provisions of the Act and theRules framed there under are not applicable.

vi. We have broadly reviewed the books of account maintained by theCompany pursuant to the Rules made by the Central Government of India for maintenance ofcost records under sub section (1) of section 148 of the Act and are of the opinion thatprima facie the prescribed accounts and records have generally been made and maintained.We have not however made a detailed examination of the records with a view to examinewhether they are accurate and complete.

vii. (a) According to the information and explanations given to us andthe records examined by us the Company is generally regular in depositing undisputedstatutory dues including Goods and Services tax Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and any other statutory dues with the appropriate authorities whereverapplicable and there are no such outstanding dues as at March 31 2022 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanation given to us and therecords examined by us there are no dues of Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise and Value added tax outstanding on account of any dispute.

viii. There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

ix. According to the information and explanations given by themanagement and as per record examined by us we are of the opinion that the Company

(a) Has not defaulted in repayment of loan or borrowings to bank andfinancial institution. Further there is no borrowing from government or debenture holdersduring the year.

(b) has not been declared willful defaulter by any bank or financialinstitution or government or any government authority

(c) Has not taken any term loan during the year and the company .

(d) On an overall examination of the financial statements of theCompany the Company has prima facie not used funds raised on short-term basis during theyear for long-term purposes.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries.

(f) The Company has not raised any loans during the year and hencereporting on clause 3(ix)(f) of the Order is not applicable.

x. (a) The company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year and hencereporting on clause 3(x)(a) of the order not applicable

(b) According to the information and explanation given to us and basedon our examination of the records the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year andhence reporting on clause 3(x)(b) of the order not applicable.

xi. (a) During the course of our examination of the books of accountand records of the Company and according to the information and explanation given to usand representations made by the Management no material fraud by or on the Company hasbeen noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and up to the date ofthis report.

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year (and up to the date of this report) whiledetermining the nature timing and extent of our audit procedures.

xii. In our opinion and according to the information and explanationgiven to us the Company is not a Nidhi Company.

xiii. According to the information and explanation given to us andbased on our examination of the records of the Company transactions with related partiesare in compliance with Section 177 and 188 of the Act where applicable and details ofsuch transactions have been disclosed in the Standalone Financial Statements as requiredby the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

xv. According to the information and explanation given to us and basedon our examination of the records the Company has not entered into non-cash transactionswith the directors or persons connected with him. Hence the provisions of Section 192 ofthe Act are not applicable.

xvi. (a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a) (b) and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. The company is not fall in the criteria missioned in section135(5) hence reporting under clause 3(xx) of the Order is not applicable.

xxi. There is no any qualifications or adverse remarks by therespective auditors in the Companies (Auditor's Report) Order (CARO) reports of thecompanies included in the consolidated financial statements

For S S S D & CO
Place : Raipur Chartered Accountants
Dated : May 31st 2022 Firm Reg. No. 020203C
UDIN : 22164479AJYOZV9395 Gaurav Ashok Baradia
Partner
Membership No.: 164479

ANNEXURE"B" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 2 (f) "Report on Other Legal and RegulatoryRequirements" in our Independent Auditor's Report to the members of the Company onthe standalone Financial Statements for the year ended March 31 2022.

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

We have audited the internal financial controls over financialreporting of SHRI BAJRANG ALLIANCE LIMITED (formerly Shri Bajrang Alloys Limited)("the Company") as of March 31 2022 in conjunction with our audit of thestandalone Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness.

Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone Financial Statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone Financial Statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneFinancial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India"

For S S S D & CO
Chartered Accountants
Place : Raipur Firm Reg. No. 020203C
Dated : May 31st 2022 Gaurav Ashok Baradia
UDIN : 22164479AJYOZV9395 Partner
Membership No.: 164479

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