The Members of
Report on the Financial Statements
1. We have audited the accompanying financial statements of Suraj Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2022 the Statement ofProfit and Loss(including the statement of other Comprehensive Income) the Cash FlowStatement and the statement of changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information (here in after referredto as "the financial statements").
2. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Companies Act2013 ("the Act") in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including IndianAccounting Standards ("Ind AS") specified under section 133 of the Act of thestate of affairs of the Company as at March 31 2022 its profits (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ('ICAI') together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the rules there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the financial statements.
Key Audit Matters
4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole andinforming our opinion thereon and we do not provide a separate opinion on these matters.
5. We have determined the matters described below to be the key audit matters to becommunicated in our report.
|Key Audit Matter ||Auditor's Response |
|Revenue from Operations ||Our audit procedures included the following: |
|The Company's revenue is primarily derived from the sale of stainless steel products. The Company recognises revenue when the control is transferred to the customer in accordance with Ind AS 115 "Revenue from contracts with customers". ||- Evaluated the design implementation and operating effectiveness of internal controls over the existence accuracy and timing of revenue recognition; |
|The terms set out in the Company's sales contracts are varied. Accordingly the timing of the transfer of control of the goods will be different for each sales contract depending upon the terms and conditions and when its performance obligations are met. We identified the recognition of revenue as a key audit matter because revenue is one of the key performance indicators of the Company and is therefore subject to an inherent risk of misstatement and because errors in the recognition of revenue could have a material impact on the Company's financial statements. Refer note 18 to the financial statements. ||- Performed substantive test of details over revenue recognised during the period by selecting a sample of transactions to ensure that the samples selected meet the revenue recognition criteria and are appropriately recorded; |
| ||- Tested sample transactions around the period end to ensure they were recorded in the correct accounting period; |
| ||- Tested journal entries posted to revenue accounts focusing on unusual or irregular items if any. |
Information other than the financial statements and Auditor's Report thereon
6. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexure to Board's Report Corporate Governance Report but doesnot include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theauditor 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.
Responsibilities of Management and Those Charged with Governance for the FinancialStatements
7. The company's board of directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statement that give atrue and fair of the financial position financial performance including othercomprehensive Income cash flows and changes in equity of the company in accordance withaccounting principles generally accepted in India including Indian Accounting Standards(Ind AS) specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and the design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to presentationof the financial statements that give true and fair view and are free from materialmisstatement whether due to fraud or error.
8. 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 realistic alternative but to do so.
9. The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
10. 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 withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.
11. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for explaining our opinion on whether the Companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
12. 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.
13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.
15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
16. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best our knowledge and beliefwere necessary for the purpose of our audit; b. In our opinion proper books of accounts asrequired by law have been kept by the Company so far as it appears from the examination ofthose books;
c. The balance sheet the statement of profit and loss including the statement of otherComprehensive Income cash flow statement and statement of changes in Equity dealt withthis Reports are in agreement with the books of accounts; d. In our opinion the aforesaidfinancial statements comply with accounting Standards specified under section 133 of theAct. e. On the basis of written representations received from the directors as on 31stMarch 2022 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a directors in terms ofsections 164(2)of the act; f. With respect to the adequacy of the internal financialcontrols over Financial reporting of the Company and operating effectiveness of suchcontrols refer to our separate Report in the "Annexure 1" to this report; g. Inour opinion the managerial remuneration for the year ended 31st March 2022 has beenpaid/provided by the Company to its directors in accordance with the provisions of section197 read with Schedule V to the Act; 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 in our opinion and to the best of our Information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigations(Refer Note No.: 27) on its financial position in its financial statements: ii. TheCompany did not have any material foreseeable losses in long term contract includingderivative contracts during the year ended 31st March 2022 iii. There has been no delayin transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company iv.
(a) 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 advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;
(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 entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and
(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations 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 paiddividend during the year covered by our audit.
17. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the central government of India in terms of sub-section (11) of section 143 ofthe Act & on the basis of such checks of books & records of the company as weconsider appropriate and according to the information and explanation given to us we givein the "Annexure 2" a statement on the matters specified in paragraphs 3 and 4of the order to the extent applicable.
"Annexure 1" to Independent Auditor's Report
Referred to in paragraph 16(f) of the Independent Auditor's Report of even date to themembers of Suraj Limited on the financial statements for the year ended 31st March 2022.
Report on the Internal Financial Controls under Clause (I) of Sub-section3 of Section143 of the Companies Act 2013 ("the Act")
1. We have audited the internal financial controls over financial reporting of SurajLimited ("the Company") as of 31st March 2022 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under theAct 2013.
3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial Reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards On Auditing deemed to be prescribedunder section 143(10) of the Act 2013 to the extent applicable to the audit of internalfinancial controls and both issued by the ICAI. Those Standards and the Guidance noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
5. 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 with reference to theseFinancial Statements
6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and Directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting withreference to these Financial Statements
7. 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.
8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
"ANNEXURE 2" TO INDEPENDENT AUDITOR'S REPORT
Annexure 2 referred to in Paragraph 17 of Report on Other Legal and RegulatoryRequirements of our report of even date for the year ended 31st March 2022
In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that
1. (a) (A) The company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment;
(B) The company has maintained proper records showing full particulars of intangibleassets;
(b) The Property Plant and Equipment were physically verified during the year by theManagement which in our opinion provides for physical verification at reasonableintervals. No material discrepancies were noticed on such verification;
(c) Based on our examination of the registered sale deed / transfer deed / conveyancedeed provided to us we report that the title deeds of Immovable properties included inproperty plant and equipment are held in the name of the Company.
(d) The Company has not revalued its Property Plant and Equipment or intangible assetsor both during the year.
(e) No such proceedings have been initiated during the year or are pending against thecompany as at 31st March 2022 for holding any Benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and Rules made there under
2. (a) The inventories were physically verified during the year by the Management atreasonable intervals.
In our opinion and according to the information and explanations given to us thecoverage and procedure of such verification by the Management is appropriate having regardto the size of the Company and the nature of its operations. No discrepancies of 10% ormore in the aggregate for each class of inventories were noticed on such physicalverification of inventories when compared with books of account.
(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs. 5 crores in aggregate at points oftime during the year from banks or financial institutions on the basis of security ofcurrent assets. In our opinion and according to the information and explanations given tous the quarterly returns or statements comprising (stock statements book debtstatements credit monitoring arrangement reports statements on ageing analysis of thedebtors/other receivables and other stipulated financial information) filed by theCompany with such banks or financial institutions are in agreement with the unauditedbooks of account of the Company of the respective quarters.
3. The Company has not made any investments in provided any guarantee or security andgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms Limited Liability Partnerships or any other parties during the year and hencereporting under clause (iii) of the Order is not applicable.
4. The Company has not granted any loans made investments or provided guarantees orsecurities and hence reporting under clause (iv) of the Order is not applicable.
5. The Company has not accepted any deposit or amounts which are deemed to be deposits.Hence reporting under clause (v) of the Order is not applicable
6. The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013 related to the manufacture of steel tubes andpipes. We have broadly reviewed the books of account maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment for maintenance of cost records under Section 148(1) of the Companies Act2013 and are of the opinion that prima facie the prescribed cost records have been madeand maintained by the Company. We have however not made a detailed examination of thecost records with a view to determine whether they are accurate or complete..
7. (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employee's state insurance income tax sales tax goods and service taxservice tax duty of custom duty of excise value added tax cess and other statutorydues applicable to it with the appropriate authorities.
(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax service taxsales-tax duty of custom duty of excises value added tax cess and other statutory dueswere outstanding at the year end for a period of more than six months from date theybecame payable.
(c) According to the records of the company dues outstanding of income tax valueadded tax sales tax excise duty and duty of custom on account of any dispute are asfollows:
(Rs In Lakhs)
|Name of Statue ||Nature of the Dues ||Forum before which the dispute is pending ||Period to which it relates ||Disputed Amount |
|Central Excise Act1944 ||Excise Duty ||DGCEI Mumbai (Ineligible Cenvat Credit) ||OCT-2010 TO NOV-13 ||1197.41 |
| || ||Central Excise Department- Ahmedabad-III ||FEB-2014 To NOV-2014 ||397.36 |
|Custom Tariff Act ||Customs Duty ||To be filed before CESTAT Mumbai ||F.Y.-2012-13 ||86.20 |
| || ||Disputed Excise & Customs demand || ||1680.97 |
|Sales Tax Act ||Sales Tax ||Sales Tax Appellate Commissioner Ahmedabad ||F.Y.2003-04 ||2.24 |
|Sales Tax Act ||Sales Tax ||Jt. Commissioner of Commercial Taxes Ahmedabad ||F.Y.2004-05 ||1.41 |
|Gujarat Value Added Tax Act2003 ||VAT ||Gujarat Value Added Tax Tribunal ||F.Y.2008-09 ||102.99 |
|Central Sales Tax Act1965 ||Central Sales Tax ||Gujarat Value Added Tax Tribunal ||F.Y.2008-09 ||2.15 |
|Gujarat Value Added Tax Act2003 ||VAT ||Gujarat Value Added Tax Tribunal ||F.Y.2009-10 ||160.09 |
|Central Sales Tax Act1965 ||Central Sales Tax ||Gujarat Value Added Tax Tribunal ||F.Y.2009-10 ||19.27 |
|Gujarat Value Added Tax Act2003 ||VAT ||Gujarat Value Added Tax Tribunal ||F.Y 2010-11 ||186.81 |
|Central Sales Tax Act1965 ||Central Sales Tax ||Gujarat Value Added Tax Tribunal ||F.Y.2010-11 ||8.96 |
| || ||Disputed Sales Tax demand || ||483.92 |
|Income Tax Act1961 ||Under Section 250 ||Before ITAT ||A.Y.2012-13 ||110.40 |
|Income Tax Act1961 ||Under Section 250 ||Before ITAT ||A.Y.2013-14 ||58.50 |
|Income Tax Act1961 ||Under Section 250 ||Before ITAT ||A.Y.2014-15 ||15.33 |
|Income Tax Act1961 ||Under Section 143(3) ||Before CIT(A) ||A.Y. 2018-19 - ||4.95 |
|Income Tax Act1961 ||Under Section 271 (1) (C) ||Before CIT(A) ||A.Y. 2012-13 - ||110.40 |
|Income Tax Act1961 ||Under Section 271 (1) (C) ||Before CIT(A) ||A.Y. 2013-14 - ||58.50 |
|Income Tax Act1961 ||Under Section 271 AAB (1) ||Before CIT(A) ||A.Y. 2014-15 - ||27.07 |
| || ||Disputed Income Tax Demand || ||385.15 |
8. There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961during the year.
9. (a) In our opinion the Company has not defaulted in the repayment of loans or otherborrowings or in the payment of interest thereon to any lender during the year.
(b) The company is not declared as wilful defaulter by any bank or financialinstitution or government or any government authority.
(c) To the best of our knowledge and belief in our opinion there are no term loansavailed by the Company hence this clause is not applicable.
(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.
(e) The Company did not have any subsidiary or associate or joint venture during theyear and hence reporting under clause (ix) (e) of the Order is not applicable.
(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries joint ventures or associate companies.
10. (a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x)(a) of the Order is not applicable.
(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.
11. (a) To the best of our knowledge no fraud by the Company and no fraud on theCompany has been noticed or reported during the year.
(b) To the best of our knowledge no report under sub-section (12) of section 143 ofthe Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors)Rules 2014 with the Central Government during the year and up to thedate of this report.
(c) As represented to us by the Management there were no whistle blower complaintsreceived by the company during the year and up to the date of this report
12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable
13. In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable INDAS.
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 issued to the Company during theyear and covering the period up to March 31 2022.
15. In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.
16. (a) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and (c) of the Orderis not applicable.
17. The Company has not incurred any cash losses in the Financial Year and in theimmediately preceding financial year.
18. There been no resignation of the statutory auditors of the Company during the year.
19. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of the balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities 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. The Company was not having net worth of rupees five hundred crore or more orturnover of rupees one thousand crore or more or a net profit of rupees five crore or moreduring the immediately preceding financial year and hence provisions of Section 135 ofthe Act are not applicable to the Company during the year. Accordingly reporting underclause 3(xx) of the Order is not applicable for the year.
21. The framework of the consolidated financial statements is not applicable to thecompany.
Accordingly Reporting under clause 21 of the order is not applicable to the company.
| ||For RINKESH SHAH & Co. |
| ||Chartered Accountants |
| ||ICAI FRN: 129690W |
| ||CA RINKESH SHAH |
| ||PARTNER |
|Place: Ahmedabad ||M. No.: 131783 |
|Date: 03/05/2022 ||UDIN: 22131783AIHYCE7912 |