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The Byke Hospitality Ltd.

BSE: 531373 Sector: Services
NSE: BYKE ISIN Code: INE319B01014
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VOLUME 9428
52-Week high 56.90
52-Week low 25.90
P/E
Mkt Cap.(Rs cr) 160
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 39.65
CLOSE 39.45
VOLUME 9428
52-Week high 56.90
52-Week low 25.90
P/E
Mkt Cap.(Rs cr) 160
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

The Byke Hospitality Ltd. (BYKE) - Auditors Report

Company auditors report

TO THE MEMBERS OF THE BYKE HOSPITALITY LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of THE BYKE HOSPITALITY LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2021 and the Statementof Profit and Loss (including Other Comprehensive Income) Statement of Changes in Equityand Statement of Cash Flows for the year then ended on that date and a summary of thesignificant -tion (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 thestate of affairs of the Company as at March 31 2021 its loss and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. 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 fulfilledour 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.

Key Audit Matter

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the finan -cial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters. We have determined the matters described below to be the key audit mat-

1. Estimates Involving in Capitalisation of Capital Expenditure and determiningtheir useful lives

(Refer Note 2" Significant Accounting Policies" Critical AccountingEstimates and Note 3 "Property Plant and Equipment" for details) Company hascapitalized items of Property Plant and Equipment (PPE) mainly related to the machineryinstalled on various leased existing hotels and new hotelsaccounting policies and otherexplanatory informa acquired in the year. Expenditure such as freight cost and acquisitioncost are capitalized. Identification and alloca -tion of the related expenditures involvesjudgement and estimation of future economic benefit.

The useful lives of PPE items are based on management's estimates regarding the periodduring which the asset or its significant components will be used. The estimates are basedon historical experiences market practices and Company's decision on technical evaluationof useful lives of the Machinery.

Capital expenditure and new acquisition is not considered to be an area of significantrisk for our audit but as it requires considerable time and resource to audit due to itsmagnitude it is considered to be a key audit matter.

Principal Audit Procedure

We assessed whether the Company's accounting policy in relation to the capitalisationof expenditures are in sync and in compliance with IND AS and found them to be consistent.

We obtained a listing of capital expenditures and major acquisition during the yearand on a sample basis checked whether the assets were undertaken based on internalpurchase order that had been properly approved by the key person with such authority withno material exceptions noted. We inspected a sample of contracts and underlying invoicesto determine whether the classification between capital and operating expenditure wasappropriate. We noted no material exceptions.

We evaluated whether the useful lives of the component determined and applied by themanagement were in line with historical experience Company's assessment and the marketpractice. We checked whether the depreciation of PPE items was commenced timely bycomparing the date of the reclassification from work in progress to asset in use with thedate of the act of completion of the work. We noted no material exceptions.

Reference to related disclosures

The Company has provided information on the disclosure of the addition deletion of PPEand depreciation for the year on such addition and existing asset in Note 3 of thefinancial statement.

2. Recognition and Measurement of Deferred Tax

The recognition and measurement of deferred tax items requires at the level of the taxentity the complete determination of all differences between the recognition and themeasurement of assets and liabilities in accordance with the respective local taxprovisions and financial reporting in accordance with IND AS as well as the calculation oftax loss carry forwards. This requires the significant calculation on account of carryforwards of losses

Mat Credit entitlement and identification of temporary differences. Furthermore theassessment of the ability to use deferred tax assets is based on the expectations of themanagement regarding the Company's economic development which is influenced by thecurrent market environment Co-venture support and the assessment of future marketdevelopment (Domestic and Overseas) and thus requires the use of judgment.

Deferred Tax disclosed in Note 19 of the Financial Statement of Company for year endedinclude Deferred tax asset created on temporary deductible difference of Rs. 419.15 lacs.In light of this the recognition and measurement of deferred taxes was a key auditmatter.

Principal Audit Procedure

In assessing the recognition and measurement of deferred taxes for the Company amongother procedures we analyzed the underlying processes for the complete capture andmeasurement of deferred taxes and examined the controls implemented to prevent or detectand correct errors.

Current tax laws allow to carry forward unused tax loss for 8 assessment years and fromthe assessment year in which such tax loss was incurred.

During The Year Taxation Laws (Amendment) Ordinance 2019 promulgated by President ofIndia which was published in Gazette of India in September 2019.

The Ordinance has brought significance changes to Corporate Income Tax Rates. TheOrdinance provides an option to domestic Companies to pay Income Tax at lower Rate (22%)instead of Normal Rate 30%.

We have been informed by the Company's Management Company has exercised Option ofLower Tax rate for Financial Year 2019-20 i.e. Assessment Year 2020-21 We have referredInd AS Technical Facilitation Group (ITFG Formed by ICAI) Clarification given in Bulletin23 regarding effect to lower tax rate as per ordinance while determining current tax anddeferred tax asset or liabilities for the purpose of presenting financial statements as onMarch 31 2021.

Para 46 and 47 of Ind AS 12 Income Taxes State as follows:

Current tax liabilities (assets) for the current and prior periods shall be measured atthe amount expected to be paid to (recovered from) the taxation authorities using the taxrates (and tax laws) that have been enacted or substantively enacted by the end of thereporting period.

Deferred tax assets and liabilities shall be measured at the tax rates that areexpected to apply to the period when the asset is realised or the liability is settledbased on tax rates (and tax laws) that have been enacted or substantively enacted by theend of the reporting period.

We examined on a sample basis the identification and quantification of differencesbetween the recognition and measurement of assets and liabilities according to taxregulations and financial reporting pursuant to IND AS. We also reperformed thecalculation of deferred taxes.

Since Company has intended to opt for Lower Tax rate as per Ordinance Company hasgiven effect while determining the current tax and deferred tax asset or liabilities forthe purpose of presenting financial statement for the year ending March 2021. We have alsofocused on adequacy of the Company's disclosures on deferred income tax positions andassumption used.

Our audit procedures did not lead to any reservations regarding the recognition andmeasurement of deferred taxes.

Reference to related disclosures

The Company has provided information on the recognition and measurement of deferredtaxes in the Note 19 of the financial statements.

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 Annualreport for example Management Discussion and Analysis Board's Report including Annexuresto Board's Report Business Responsibility Report Corporate Governance and Shareholder'sInformation but does not include the financial statements and our auditor's reportthereon. The Annual report is expected to be made available to us after the date of thisour auditor's report.

Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

Management's Responsibilities for the 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 financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding 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 design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements the 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 theManagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are 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 ma -terial misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis 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 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 Companies Act 2013 we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness 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 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.

Materiality is the magnitude of the misstatement in the financial statement thatindividually or in aggregate makes it probable that the economic decision of thereasonably knowledgeable user of the financial statement may be influenced. -ity andqualitative factor in (i) planning the scope of our audit work and in evaluating theresult of our work and

(ii) evaluate the effects of any identified misstatement 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 any signif-icant 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 matter communicated with those charge with governance we determine thosematters that were of most significance in audit of financial statement of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor'sreport unless law and regulation precludes public disclosure about the matters or when inextremely rare circumstances we determine that the matters should not be communicated inour report because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. 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 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 the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid financial statements Weconsideredquantitativematerialcomply with the Ind AS specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 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 B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's Internal Financial Controls overthe 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 opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of Section 197 of the Act.

h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous: i. The Company does not have any pending litigations.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund by the Company.

For Borkar & Muzumdar
Chartered Accountants
FRN: 101569W
Place: Mumbai Namit Agrawal
Date: June 25 2021 Partner
Membership No.533747
UDIN: 21533747AAAAAB6531

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of The Byke Hospitality limited)i. In respect of Company's property plant and equipment: a. The Company has maintainedproper records showing full particulars including quantitative details and situation offixed assets.

b. The Company has a program of verification to cover all the item of fixed assets in aphased manner which in our opinion is reasonable having regard to the size of theCompany and nature of its assets. Pursuant to program certain fixed assets werephysically verified by the management during the year. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. In respect of immovable properties of land and building that have been taken onlease and disclosed as fixed assets in the financial agreements are in the name of theCompany.

ii. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

iii. The Company has not granted any loans secured or unsecured to companies firmlimited liability Partnership or other parties covered in the register maintained undersection 189 of the Companies Act 2013 ("the Act")

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of the Section 185 and 186 of the Act in respectto the loans making investment and providing guarantees and securities as applicable.

v. According to the information and explanations given to us the Company has notaccepted any deposit during the year. The Company does not have any unclaimed deposits andtherefore the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 are not applicable.

vi. The maintenance of cost records has not been specified by the Central

Government under section 148(1) of the Companies Act 2013 for the business activitiescarried out by the Company. Thus reporting under clause 3(vi) of the order is notapplicable to the Company.

vii. Statutory dues :

a. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax employees' state insurance value added tax goods and service tax duty ofcustoms service tax cess and other material statutory dues have been regularly depositedduring the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax employees' state insurancevalue added tax duty of customs service tax goods and service tax cess and othermaterial statutory dues were in arrears as at March 31 2021 for a period of more than sixmonths from the date they became payable.

b. According to the information and explanations given to us there are no dues of dutyof customs goods and service tax valued added tax and Income tax which have not beendeposited with the appropriate authorities on account of any dispute

viii. In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of loans or borrowings to a financial institutionsor bank. The Company has not issued any debentures.

ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. In our opinion and according statements the lease to the information andexplanations give to us the Company has paid managerial remuneration in accordance withthe requisite approval mandate by the provision of section 197 read with Schedule V of theAct.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly Clause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with the Section 177 and 188 of the Companies Act 2013 where applicable andthe details of transactions with the related parties have been disclosed in the financialstatements as required by applicable Indian Accounting Standard.

xiv. According the information and explanations given to us and based on 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 and hence reporting under clause 3 (xiv) of the Order is not applicable to theCompany.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause 3(xv) ofthe Order is not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Borkar & Muzumdar
Chartered Accountants
FRN: 101569W
Place: Mumbai Namit Agrawal
Date: June 25 2021 Partner
Membership No.533747
UDIN: 21533747AAAAAB6531

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of The Byke Hospitality Limitedof 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 THE BYKEHOSPITALITY LIMITED ("the Company") as of March 31 2021 in conjunction with ouraudit of the Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors 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 (‘ICAI'). 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") 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 judgment including the assessment of the risks ofmaterial misstatement of the Financial Statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's 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 de -signedto 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 unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

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 unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process de -signedto 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 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

Because of the inherent limitations of internal financial controls over finan -cialreporting 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 -cial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inade -quate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

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 -cial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inade -quate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

For Borkar & Muzumdar
Chartered Accountants
FRN: 101569W
Place: Mumbai Namit Agrawal
Date: June 25 2021 Partner
Membership No.533747
UDIN: 21533747AAAAAB6531

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