You are here » Home » Companies » Company Overview » Shri Keshav Cements & Infra Ltd

Shri Keshav Cements & Infra Ltd.

BSE: 530977 Sector: Industrials
NSE: N.A. ISIN Code: INE260E01014
BSE 10:35 | 04 Oct 120.55 4.25
(3.65%)
OPEN

122.00

HIGH

122.00

LOW

115.85

NSE 05:30 | 01 Jan Shri Keshav Cements & Infra Ltd
OPEN 122.00
PREVIOUS CLOSE 116.30
VOLUME 2814
52-Week high 157.00
52-Week low 45.00
P/E 4.58
Mkt Cap.(Rs cr) 145
Buy Price 115.80
Buy Qty 100.00
Sell Price 119.55
Sell Qty 35.00
OPEN 122.00
CLOSE 116.30
VOLUME 2814
52-Week high 157.00
52-Week low 45.00
P/E 4.58
Mkt Cap.(Rs cr) 145
Buy Price 115.80
Buy Qty 100.00
Sell Price 119.55
Sell Qty 35.00

Shri Keshav Cements & Infra Ltd. (SHRIKESHAV) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHRI KESHAV CEMENTS & INFRA LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of SHRI KESHAV CEMENTS &INFRA LIMITED ("the Company") which comprise the Balance Sheet as at March 312022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in

India of the state of affairs of the Company as at March 31 2022 the Profitincluding total other comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

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 Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Emphasis of Matters

1. Based on the information provided and records produced before us The Company hasmade an advance payment of GST amounting to Rs. 641.52 Lakhs in the financial year2020-2021 based on a search conducted by GST Intelligence at company premises. The GSTliability was pertaining to financial year 2018-19 and 2019-20. Since the management isconfident of completing the proceeding without any GST liability therefore this advancepayment is disclosed under Other Current Assets -GST and other statutory dues receivable(net of payable). However as at the reporting date the investigation by DGGI is notcomplete.

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

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the

Management Discussion and Analysis Board's Report including Annexures to Board'sReport and Shareholder's Information but does not include the financial statements andour 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 during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section

134(5) of the Act with respect to the preparation of these financial statements thatgive a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind-AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. ? Obtain an understanding ofinternal financial controls relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the operating effectiveness 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 financial statements or if such disclosures are inadequate to modify our opinion.Refer to paragraph "material uncertainty related to going concern" above inrespect to our reporting in respect to going concern appropriateness. Our conclusions arebased on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the 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

1. As required by Section 143(3) of the Act based on our audit we report that: a. Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c. The Balance Sheet the Statement of Profitand Loss including Other

Comprehensive Income Statement of Changes in Equity and the Statement of Cash Flowdealt with by this Report are in agreement with the relevant books of account. d. In ouropinion the aforesaid financial statements comply with the Ind AS specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e. On the basisof the written representations received from the directors as on March 31 2022 taken onrecord by the Board of Directors none of the directors is disqualified as on March 312022 from being appointed as a director in terms of Section 164 (2) of the Act. f. Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls refer to our separate Report in"Annexure A". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the

Company's internal financial controls over financial reporting. g. With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended: In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act. In our opinion and according to the information and explanations given tous the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid todirectors are in excess of the limit laid down under Section 197 of the Act. However asrepresented by the management the same would be ratified in the ensuing Annual GeneralMeeting which is as per Section 197 of the Companies Act2013. The Ministry of CorporateAffairs has not prescribed other details under Section 197(16) of the Act which arerequired to be commented upon by us. h. With respect to the other matters to be includedin the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its financial statements as at 31 March 2022 onits financial position in its financial statements. ii. The Company did not have any longterm contracts including derivative contracts for which there were any materialforeseeable losses. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. iv. Themanagement has represented that to the best of its knowledge and belief no funds havebeen advanced or loaned or invested (either from borrowed funds or share premium or anyother sources or kind of funds) by the Company to or in any other persons or entitiesincluding foreign entities ("Intermediaries") with the understanding whetherrecorded 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.

v. 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 in anymanner 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

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) and (v) contain any material mis-statement.

vi. There is no dividend declared or paid during the year by the Company.

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

4 of the Order.

For Singhi & Co.
Chartered Accountants
(Firm's Registration No. 302049E)
Sd/-
CA. Vijay Jain
Partner
(Membership No.077508)
UDIN: 22077508AMMRAX5192
Bengaluru May 13 2022

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 to the Members of Shri Keshav Cements & InfraLimited of even date)

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

We have audited the internal financial controls over financial reporting of SHRI

KESHAV CEMENTS & INFRA LIMITED ("the Company") as of March 31 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over

Financial Reporting (the "Guidance Note") issued by the Institute ofChartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 judgement 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 internal financial controls system overfinancial reporting of the Company.

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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Singhi & Co.
Chartered Accountants
(Firm's Registration No. 302049E)
Sd/-
CA. Vijay Jain
Partner
(Membership No.077508)
UDIN: 22077508AMMRAX5192
Bengaluru May 13 2022

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Shri Keshav Cements & Infra

Limited of even date)

i) a) In respect of the Company's property plant and equipment:

A. The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment; B. The Company ismaintaining proper records showing full particulars of intangible assets; b) According tothe information and explanations given to us and on the basis of our examination of therecords of the Company the Company has a regular programme of physical verification ofits Property plant and equipment by which all Property plant and equipment are verifiedin a phased manner over a period of three years. In accordance with this programmecertain Property plant and equipment were verified during the year. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties (otherthan immovable properties where the Company is the lessee and the lease agreements areduly executed in favour of the lessee) disclosed in the standalone financial statementsare held in the name of the Company.

d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not revalued its Propertyplant and equipment (including Right-of-use assets) or Intangible assets or both duringthe year.

e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no proceedings initiated or pendingagainst the Company for holding any benami property under the Prohibition of BenamiProperty Transactions Act 1988 and rules made thereunder.

ii) a) Physical The inventory has been physically verified by the management during theyear. In our opinion the frequency of such verification is reasonable and procedures andcoverage as followed by management were appropriate. No discrepancies were noticed onverification between the physical stocks and the book records that were 10% or more in theaggregate for each class of inventory.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has been sanctioned working capitallimits in excess of five crore rupees in aggregate from banks on the basis of securityof current assets. In our opinion the quarterly returns or statements filed by theCompany with such banks are in agreement with the books of account of the Company.

iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any investmentsprovided guarantee or security or granted any advances in the nature of loans secured orunsecured to companies firms limited liability partnerships or any other parties duringthe year. The Company has not granted any loans secured or unsecured to firms limitedliability partnerships or any other parties during the year.

A. Based on the audit procedures carried on by us and as per the information andexplanations given to us the Company has not granted any loans or advances and guaranteesor security to subsidiaries joint ventures and associates during the year. Accordinglyclause 3(iii)(a)(A) of the Order is not applicable.

B. Based on the audit procedures carried on by us and as per the information andexplanations given to us the Company has not granted any loans or advances and guaranteesor security to parties other than subsidiaries joint ventures and associates during theyear. Accordingly clause 3(iii)(a)(B) of the Order is not applicable. a) According to theinformation and explanations given to us and based on the audit procedures conducted byus we are of the opinion that no investments is made no guarantees is provided or nosecurity is given during the year. Hence clause 3(iii)(b) of the Order is not applicable

b) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not granted loans hence the repayment ofprincipal and payment of interest is not applicable to the company. Accordingly clause3(iii)(c) of the Order is not applicable.

c) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not granted loans hence the overdue amountfor more than ninety days in respect of loans given is not applicable to the Company.Accordingly clause 3(iii)(d) of the Order is not applicable.

d) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not granted loans hence the loan givenfalling due during the year which has been renewed or extended or fresh loans given tosettle the overdues of existing loans given to the same party is not applicable to theCompany. Accordingly clause 3(iii)(e) of the Order is not applicable.

e) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not given any loans either repayable on demandwithout specifying any terms or period of repayment. Accordingly clause 3(iii)(f) of theOrder is not applicable. f) According to the information and explanations given to us andon the basis of our examination of the records of the Company the Company has not givenany loans either repayable on demand or without specifying the terms or period ofrepayment.

iv) In our opinion and according to the information and explanations given to us thecompany does not have any loans investments guarantees and security as specified inSection 185 and 186 of the Companies Act 2013; Accordingly clause 3(iv) of the Order isnot applicable.

v) In our opinion and according to the information and explanations given to us thecompany has not accepted deposits other than those in the normal course of business hencethe provision of the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder not applicable to the company; Accordingly clause 3(v) of the Order is notapplicable.

vi) We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 (as amended) prescribed by the CentralGovernment under Section 148 (1) of the Companies Act 2013 and are of the opinion thatprima facie the prescribed accounts and cost records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete; vii) a) The Company does not have liability inrespect of Sales tax Service tax Duty of excise and Value added tax during the yeareffective 1 July 2017 these statutory dues has been subsumed into GST. According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company amounts deducted/ accrued in the books of account in respect ofundisputed statutory dues including Goods and Services Tax (‘GST') Provident fundEmployees' State Insurance Income-tax Duty of Customs Cess and other material statutorydues have generally been regularly deposited with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof GST Provident fund

Employees' State Insurance Income-tax Duty of Customs Cess and other materialstatutory dues were in arrears as at 31 March 2022 for a period of more than six monthsfrom the date they became payable.

b) According to the information and explanations given to us there are no dues of GSTProvident fund Employees' State Insurance Income-tax Sales tax Service tax Duty ofCustoms Value added tax Cess or other statutory dues which have not been deposited bythe Company on account of any dispute.

viii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income-tax Act 1961 as income during the year. ix) a) According tothe information and explanations given to us and on the basis of our examination of therecords of the Company the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender from whom the loan isborrowed during the year.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

c) According to the information and explanations given to us by the management themoney raised by way of the term loans were applied for the purpose for which those areraised.

d) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that the funds raised onshort-term basis by the Company has not been used for long term basis and vice versa.

e) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that the Company has nottaken any funds from any entity or person on account of or to meet the obligations of itssubsidiaries as defined under the Companies Act 2013.Accordingly clause 3(ix)(e) of theOrder is not applicable.

f) According to the information and explanations given to us and procedures performedby us we report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries as defined under the Companies Act 2013. Accordinglyclause3(ix)(f) of the Order is not applicable.

x) a) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). Accordingly clause 3(x)(a) of the Order is notapplicable.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(x)(b) of the Order is not applicable. xi) a) In ouropinion and according to information and explanation given to us there are no fraud bythe Company or any fraud on the Company has been noticed or reported during the year.

b) In our opinion and according to information and explanation given to us no reportunder 143(12) of the Act in form ADT-4 as prescribed under Rule 13 of the Companies(Audit and Auditors) Rules 2014 has been filed with the Central Government. c) In ouropinion and according to information and explanation given to us there are no whistleblower complaints received during the year.

xii) According to the information and explanation given by the management to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

xiii) In our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with Sections 177 and 188 of CompaniesAct 2013 where applicable and the details have been disclosed in the financialstatements as required by the accounting standards.

xiv) a) Based on information and explanations provided to us and our audit proceduresin our opinion the Company has an internal audit system commensurate with the size andnature of its business.

b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

xv) In In our opinion and according to the information and explanations given to usthe Company has not entered into any non-cash transactions with its directors or personsconnected to its directors and hence provisions of Section 192 of the Companies Act 2013are not applicable to the Company. xvi) a) The Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934.Accordingly clause 3(xvi)(a)of the Order is not applicable.

b) The company has not conducted any Non-Banking Financial or Housing Financeactivities. Hence a Certificate of Registration (CoR) is not required as per Reserve Bankof India Act 1934. Accordingly clause 3(xvi)(b) of the Order is not applicable.

c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable.

d) According to the information and explanations provided to us during the course ofaudit the Group does not have any CIC. Accordingly the requirements of clause 3(xvi)(d)are not applicable.

xvii) The Company has not incurred cash losses during the current and previousfinancial year

xviii) There has been no resignation of the statutory auditors during the year.Accordingly clause3(xviii) of the Order is not applicable.

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

xx) As the company has been incurring losses in the previous years Section 135 of theCompanies Act 2013 would not be applicable. Accordingly clause 3(xx) of the Order is notapplicable.

xxi) In our opinion and according to the information available to us the company doesnot have subsidiaries. Hence there is no consolidation applicable to the Company hencethis clause is not applicable.

For Singhi & Co.
Chartered Accountants
(Firm's Registration No. 302049E)
Sd/-
CA. Vijay Jain
Partner
(Membership No.077508)
UDIN: 22077508AMMRAX5192
Bengaluru May 13 2022

.