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The Anup Engineering Ltd.

BSE: 542460 Sector: Engineering
NSE: ANUP ISIN Code: INE294Z01018
BSE 14:26 | 11 Aug 802.95 -11.15
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OPEN 818.00
PREVIOUS CLOSE 814.10
VOLUME 834
52-Week high 1236.45
52-Week low 615.65
P/E 13.15
Mkt Cap.(Rs cr) 793
Buy Price 810.90
Buy Qty 2.00
Sell Price 818.90
Sell Qty 4.00
OPEN 818.00
CLOSE 814.10
VOLUME 834
52-Week high 1236.45
52-Week low 615.65
P/E 13.15
Mkt Cap.(Rs cr) 793
Buy Price 810.90
Buy Qty 2.00
Sell Price 818.90
Sell Qty 4.00

The Anup Engineering Ltd. (ANUP) - Auditors Report

Company auditors report

TO THE MEMBERS OF THE ANUP ENGINEERING LIMITED Report on the Audit of the StandaloneFinancial Statements Opinion

We have audited the accompanying standalone financial statements of The AnupEngineering Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flows for the year ended onthat date and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI’s Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor’s Response
1 Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS"Revenue from Contracts with Customers" Principal Audit Procedures
The application of the revenue accounting standard involves certain key judgements relating to identification of distinct p e r f o r m a n c e o b l i g a t i o n s determination of transaction p r i c e o f t h e i d e n t i f i e d performance obligations the appropriateness of the basis used to measure re venue recognised over a period e s t i m a t e o f v a r i a b l e consideration reduction of revenue on the basis of consideration payable to customers recognition of contract assets and refund liability. Additionally new revenue accounting standard contains disclosures which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
Refer Note 17 to the Financial Statements • Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
• Selected as ample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiryandob servation reperformance and inspection of evidenceinrespectofoperationofthesecontrols.
• Selected a sample of continuing and new contracts and performed the following procedures:
• Re a d a n a l y s e d a n d identified the distinct p e r f o r m a n c e obligations in these contracts.
• C o m p a r e d t h e s e p e r f o r m a n c e obligations with that identified and recorded by the Company.
• Considered the terms of t h e c o n t r a c t s t o d e t e r m i n e t h e t r a n s a c t i o n p r i c e including any variable consideration to verify the transaction price u s e d t o c o m p u t e revenue and to test the basis of estimation of t h e v a r i a b l e consideration.
• Considered the terms of c o n t r a c t s f o r d e t e r m i n a t i o n o f Principal versus agent c o n s i d e r a t i o n recognition of contract a s s e t s a n d r e f u n d l i a b i l i t y i n c l u d i n g h i s t o r i c a l t r e n d o f returns.
• Sample of revenues disaggregated by type and service offerings was tested with the p e r f o r m a n c e obligations specified in t h e u n d e r l y i n g contracts.
• Performed analytical p r o c e d u r e s f o r r e a s o n a b l e n e s s o f revenues disclosed by t y p e a n d s e r v i c e offerings.
• W e r e v i e w e d t h e collation of information t o p r e p a r e t h e disclosure relating to the periods over which t h e r e m a i n i n g p e r f o r m a n c e o b l i g a t i o n s w i l l b e satisfied subsequent to the balance sheet date.

Information Other than the Standalone Financial Statements and Auditor’s ReportThereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the standalone financial statements and our auditor’s reportthereon. Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the standalone financial statements our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 areresponsible for overseeing the Company’s financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs 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 standalone financial statements. As part of an auditin accordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the 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 chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence and where applicable related safeguards. From thematters communicated with those charged with governance we determine those matters thatwere of most significance in the audit of the standalone 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 thematter or 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

1. As required by Section 143(3) of the Act based on our audit we report that

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct. f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. h) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 as amended in our opinion and to the best of our informationand according to the explanations given to us:.

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements; ii. The Company did not have anylong-term contract including derivative contracts for which there were any materialforeseeable losses; iii. There have been no amounts required to be transferred to theInvestor Education and Protection Fund by the Company; iv.

1. The management has represented that to the best of its knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(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;

2. The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing or otherwise that the Company shall 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 or thelike on behalf of the Ultimate Beneficiaries; and

3. Based on the audit procedures conducted by us nothing has come to our notice thathas caused us to believe that the representations under sub-clause (i) and (ii) containany material misstatements. v. The dividend declared or paid during the year by the

Company is in compliance with Section 123 of the Act.

2. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government in terms of Section

143(11) of the Act we give in "Annexure B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

For Sorab S. Engineer & Co.
Chartered Accountants
Firm’s Registration No. 110417W
CA. Chokshi Shreyas B.
Place : Ahmedabad Partner
Date : 17th May 2022 Membership No.100892
UDIN: 22100892AMBBGB9389

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 The Anup Engineering Limited ofeven 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 THE ANUPENGINEERING LIMITED ("the Company") as of March 31 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 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 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 Sorab S. Engineer & Co.
Chartered Accountants
Firm’s Registration No. 110417W
CA. Chokshi Shreyas B.
Place : Ahmedabad Partner
Date : 17th May 2022 Membership No.100892

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 The Anup Engineering Limited ofeven date) i. In respect of the Company’s fixed assets:

(a) (1) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

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

b) The Company has a program of verification to cover all the items of Property Plantand Equipment in a phased manner which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to the program certainProperty Plant and Equipment were physically verified by the management during the year.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

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 favor of the lessee) disclosed in the standalone financial statements areheld in the name of the Company.

d) According to the information and explanations given to us the Company has notrevalued its Property Plant and Equipment or intangible assets or both during the year.

e) According to the information and explanation given to us the Company has noproceedings pending for holding any benami property under the Benami Transactions(Prohibition) Act 1988 and rules made thereunder. ii. In respect of Company’sInventories: a. As explained to us physical verification of inventory has been conductedat reasonable intervals by the management and in our opinion the coverage and procedure ofsuch verification is appropriate and no material discrepancies were noticed onverification between the physical stocks and the book records which were 10% or more inthe aggregate for each class of inventory and the same have been properly dealt with inthe books of account. b. According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has beensanctioned working capital limits in excess of five crore rupees in aggregate from bankson the basis of security of current assets. In our opinion the quarterly returns orstatements filed by the Company with such banks are generally in agreement with the booksof account of the Company and no material discrepancy has been noticed.

iii. According the information and explanations given to us the Company has notgranted secured / unsecured loans to Companies firms Limited Liability Partnerships orother parties covered in the register maintained under Section 189 of the Act.Consequently requirements of clause (iii) of paragraph 3 of the order are not applicable.

iv. According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not advanced any loan or given any guaranteeor provided any security or made any investment covered under section 185 of the Act.However the Company has made investments covered under section 186 of the Act. We are ofthe opinion that provisions of section 186 of the Act have been complied with

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 73 to76 or any other relevant provisions of the Act and rules framed thereunder. No order hasbeen passed by the Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any Court or any other Tribunal. vi. The maintenance of cost records has beenspecified by the Central

Government under section 148 (1) of the Act. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rule 2014as amended prescribed by the Central Government under section 148 (1) of the Act and weare of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

vii. According to the information and explanations given to us in respect of statutorydues:

(a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Wealth Tax Custom Duty Goods and Service Tax Cess and other materialstatutory dues applicable to it. According to the information and explanations given tous no undisputed amounts payable in respect of outstanding statutory dues were in arrearsas at March 31 2022 for a period of more than six months from the date they becamepayable.

(b) Details of Income Tax Excise Duty Custom Duty Service Tax Sales Tax and ValueAdded Tax dues which have not been deposited as on March 31 2022 on account of disputesare given below:

Name of the statute Nature of dues Amount involved and unpaid (` in Lakhs) Period to which the amount relates Forum where the dispute is pending
The Income tax Act 1961 Income tax 0.07 53.83 2016-17 2017-18 Commi- ssioner of Income tax (Appeals)

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. In our opinion and according to the information and explanations givens to us inrespect of Company’s Borrowings:

a) The Company has not defaulted in repayment of loans or other borrowings or in thepayment of interest thereon to any lender.

b) The Company is not a declared willful defaulter by any bank or financial institutionor other lender.

c) The Company has not obtained any term loans during the year.

d) The funds raised on short term basis have not been utilized for long term purposes.

e) The Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiary.

f) The Company has not raised loans during the year on the pledge of securities held inits subsidiary.

x. In our opinion and according to the information and explanations given to us theCompany has not raised funds by way of initial public offer or further public offer(including debt instruments) or preferential allotment or private placement of shares orconvertible debentures (fully partially or optionally convertible) during the year.Consequently the requirements of clause (x) of paragraph 3 of the order are notapplicable.

xi. In respect of fraud by the Company or on the Company:

a) Based on examination of the books and records of the Company and according to theinformation and explanations given to us considering the principles of materialityoutlined in Standards on Auditing we report that no fraud by the Company or on theCompany has been noticed or reported during the course of the audit.

b) According to the information and explanations given to us no report undersub-section (12) of Section 143 of the Companies Act 2013 has been filed by the auditorsin Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government.

c) There have been no whistle-blower complaints received during the year by thecompany.

xii. According to the information and explanations given to us the

Company is not a Nidhi Company. Accordingly clause 3(xii) of the Order is notapplicable. xiii. In our opinion and according to the information and explanations givento us all transactions with the related parties are in compliance with sections 177 and188 of the Act where applicable and the details have been disclosed as required by theapplicable Indian Accounting Standard (Ind AS)-24 Related Party Disclosures.

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

xv. In our opinion and according to the information and explanations given to us theCompany 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 registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause 3(xvi)(a) and (b) of the Order are notapplicable.

b) 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) and (d) of the Order arenot applicable. xvii. According to the information and explanations given to us the

Company has not incurred cash losses in current and immediate preceding financial year.xviii. According to the information and explanations given to us there has been noresignation of the statutory auditors during the year. xix. According to the informationand explanations given to us and on the basis of the financial ratios ageing and expecteddates of realisation of financial assets and payment of financial liabilities otherinformation accompanying the financial statements our knowledge of the Board of Directorsand management plans and based on our examination of the evidence supporting theassumptions nothing has come to our attention which causes us to believe that anymaterial uncertainty exists as on the date of the audit report that the 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. In respect of the Company’s Corporate Social Responsibility(CSR): there isno unspent amount under sub-section (5) of Section 135 of the Companies Act 2013 pursuantto any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are notapplicable.

For Sorab S. Engineer & Co.
Chartered Accountants
Firm’s Registration No. 110417W
CA. Chokshi Shreyas B.
Place : Ahmedabad Partner
Date : 17th May 2022 Membership No.100892

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