><p >To the Members of M/s. Trade -Wings Limited Report on theStandalone
Financial Statements</p>
<p >Opinion</b></p>
<p >We have au dited accompanying standalone financialstatements of Trade
Wings Limited (</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">the Company</font><font
SIZE="2">"</font><font FACE="Arial" SIZE="2">) which comprise ofthe balance sheet
as at March 31 2021 the statement of Profit and Loss (Including other comprehensive
income) statement of changes in equity and statement of cash flows for the year then
ended and notes to the financial statements including a summary' of significant
accounting policies and other explanatory information.</p>
<p >In our opinion and to the best of our information andaccording to the
explanations given to us the aforesaid standalone financial statements give the
information required by The Companies Act 2013 (</font><font SIZE="2">"</font><font
FACE="Arial" SIZE="2">The Act</font><font SIZE="2">"</font><font FACE="Arial"
SIZE="2">)in the manner so required and give a true and fair view in conformity with the
Indian accounting standards prescribed under section 133 of the Act. read with the
Companies (Indian Accounting Standards) Rules 2015 as amended (</font><font SIZE="2">"</font><font
FACE="Arial" SIZE="2">ind as</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">)
and other accounting principles generally accepted in India of the state of affairs of
the Company as at March 31 2021 Loss and total comprehensive income changes inequity
and its cash flow's for the year ended on that date.</p>
<b>
<p >Basis for Opinion</b></p>
<p >We conducted our audit of the standalone financialstatements in
accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act 2013. Our responsibilities under those Standards are further describedin
the Auditor</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issuedby
the Institute of Chartered Accountants of India together with the independentrequirement
that are relevant to our audit of the standalone financial statements under theprovisions
of the Act and the rules made there under and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s Code of Ethics. Webelieve that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on standalone
financial statements.</p>
<b>
<p >Key Audit Matters</b></p>
<p >Key audit matters are those matters that in ourprofessional judgment
were of most significance in our audit of the standalone financial statements of the
current period. These matters were addressed in the context of our audit of thefinancial
statements as a whole and in forming our opinion thereon and we do not provide a
separate opinion on these matters. <b>Description of Key AuditMatter</b></font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%"cellpadding="2">
<tr>
<td ><font FACE="Arial" SIZE="2"><b>TheKey Audit
Matter</b></font></td>
<td ><font FACE="Arial" SIZE="2"><b><p
ALIGN="RIGHT">Howthe matter was addressed in our Audit</b></font></td>
</tr>
<tr>
<td ><font FACE="Arial" SIZE="2">ReferNote 17
-Impact of COVID-19 pandemic on Business operation</font></td>
<td ><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">Our
Audit procedures includes the following</font></td>
</tr>
<tr>
<td ROWSPAN="2" ><font FACE="Arial" SIZE="2">On
11th March 2020 the World Health Organisationdeclared the Novel Coronavirus (COVID-19)
outbreak to be a pandemic. The Indian Government has imposed lock - downs across the
country extended upto 30<sup>rh </sup>June 2020These lockdownsand restrictions due to
COVID -19 pandemic have posed significant challenges to the business of the company.This
required the company to assess impact of COVID 19 on its operations. The Company has
assessed the Impact of COVID -19 on the future cash flow projections. The Company hasalso
prepared a range of scenarious to estimate financing requirements.</font></td>
<td ><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">Assessed
impact of Government</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
announcement to lift the lockdown restriction and Company</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s plan to re-startbusiness operations in a phased manner.</font></td>
</tr>
<tr>
<td ><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">Assessed
disclosures made in the standalone financial statements with regard to the above.</font></td>
</tr>
<tr>
<td ><font FACE="Arial" SIZE="2">Inview of the above
we indentified impact of COVID -19 on going concern as a key audit matter.</font></td>
<td ></td>
</tr>
</table>
<p><font FACE="Arial" SIZE="2"><b></p>
<p >Information other than standalone financial statementsand Auditors
report thereon</b></p>
<p >The company</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sBoard of Directors are responsible for the preparation of the other
information. The other information comprises of the information included in themanagement
discussion and analysis Boards report including Annexure to Boards Report Corporate
Governance and Shareholders information but does not include the standalone financial
statements and our auditor</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
report thereon.</p>
<p >Our opinion on standalone financial statements does notcover the other
information and we do not express any form of assurance or conclusion thereon.</p>
<p >In connection with our audit of the standalone financialstatement our
responsibility is to read the other information and in doing so consider whether the
other information is materially inconsistent with the standalone financial statement or
other information obtained during the course of our audit or otherwise appear to be
materially misstated.</p>
<p >If based on the work we have performed we conclude thatthere is a
material misstatement of this other information; we are required to report that fact.We
have nothing to report in this regard.</p>
<b>
<p >Responsibilities of Management and those charged withgovernance for
the Standalone Financial Statements</b></p>
<p >The Company</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sBoard of Directors is responsible for the matters stated in section 134(5) of
the Companies Act 2013 (</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">the
Act</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">) with respect to the
preparation of these standalone financial statements that give a true and fair view ofthe
financial position financial performance total comprehensive income changes inequity
and cash flows of the Company in accordance with the accounting principles generally
accepted in India including the accounting Standards specified under section 133 ofthe
Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities;</p>
<p >selection and application of appropriate implementationand maintenance
of accounting policies; making judgments and estimates that are reasonable and prudent;
and design implementation and maintenance of adequate internal financial controlsthat
were operating effectively for ensuring the accuracy and completeness of the accounting
records relevant to the preparation and presentation of the financial statement thatgive
a true and fair view and are free from material misstatement whether due to fraud or
error. ¦</p>
<p >In preparing the standalone financial statementsmanagement is
responsible for assessing the Company</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sability to continue as a going concern disclosing as applicable matters
related to going concern and using the going concern basis of accounting unlessmanagement
either intends to liquidate the Company or to cease operations or has no realistic
alternative but to do so. The Board of Directors are responsible for overseeing the
Company</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s financial
reporting process.</p>
<b>
<p >Auditor</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
Responsibilities for the Audit of the standalone Financial Statements</b></p>
<p >Our objectives are to obtain reasonable assurance aboutwhether the
standalone financial statements as a whole are free from material misstatement whether
due to fraud or error and to issue an auditor</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s report that includesour opinion. Reasonable assurance is a high
Level of assurance but is not a guarantee that an audit conducted in accordance withSAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if individually or in the aggregate they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these standalone financial statements. .</p>
<p >As part of an audit in accordance with SAs we exerciseprofessional
judgment and maintain professional skepticism throughout the audit. We also:</p>
<p >• Identify and assess the risks of materialmisstatement of the
standalone financial statements whether due to fraud or error design and performaudit
procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error as fraud
may involve collusion forgery' intentional omissions misrepresentations dr the
override of internal control.</p>
<p >• Obtain an understanding of internal controlrelevant to the
audit in order to design audit procedures that are appropriate in the circumstances.Under
section 143(3)(i) of the Companies Act 2013 we are also responsible for expressingour
opinion on whether the company has adequate internal financial controls system in place
and the operating effectiveness of such controls.</p>
<p >• Evaluate the appropriateness of accountingpolicies used and the
reasonableness of accounting estimates and related disclosures made by management.</p>
<p >• Conclude on the appropriateness ofmanagement</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2">s use of the goingconcern basis of
accounting and based on the audit evidence obtained whether a material uncertainty
exists related to events or conditions that may cast significant doubt on theCompany</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2">s ability to continueas a going
concern. If we conclude that a material uncertainty' exists we are required to draw
attention in our auditor</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
report to the related disclosures in the standalone financial statements or if such
disclosures are inadequate to modify our opinion. Our conclusions are based on theaudit
evidence obtained up to the date of our auditor</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s report. Howeverfuture events or conditions may cause the Company
to cease to continue as a going concern.</p>
<p><i></p>
<p >*</i> Evaluate the overallpresentation structure and content of the
standalone financial statements including the disclosures and whether the standalone
financial statements represent the underlying transactions and events in a. manner that
achieves fair presentation.</p>
<p >We communicate with those charged with governanceregarding among
other matters the planned scope and timing of the audit and significant auditfindings
including any significant deficiencies in internal control that we identify during our
audit.</p>
<p >We also provide those charged with governance with astatement -that we
have complied with relevant ethical requirements regarding independence and to
communicate with them all relationships and other matters that may reasonably bethought
to bear on our independence and where applicable related safeguards.</p>
<p >From the matters communicated with those charged withgovernance we
determine those matters that were of most significance in the audit of the standalone
financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sreport unless law or regulation precludes public disclosure about the matter or
when in extremely rare circumstances we determine that a matter should not be
communicated in our report because the adverse consequences of doing so wouldreasonably
be expected to outweigh the public interest benefits of such communication.</p>
<b>
<p >Emphasis of matter</b></p>
<p >The balances for Sundry Debtors and Sundry creditors as on31st March</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2"> 2021 are subject toconfirmation. The
figures reported in the financial statement are as per the ledger account.</p>
<p >We draw attention to Note 34 to the financial statementswhich states
that no provision for diminution in the value of the investments in the wholly owned
subsidiary- Trade Wings Hotels Limited has not been recognized in the financial
statements for the reasons stated in the note</p>
<p >Our opinion is not qualified in respect of thatmatter.</p>
<p >We draw your attention to Note 17 which describes theuncertainties
relating to the CQVID-19 pandemic outbreak and management</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s evaluation of theimpact on the financial statements of the FFMC
Division as at the Balance Sheet date. The Impact of these uncertainties on the FFMC
Division</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s Operation is
significantly dependent on future developments.</p>
<p >Our opinion is not qualified in respect of that matter</p>
<b>
<p >Other Matter</b></p>
<p >We have not audited the financial statements Cargodivisions included
in the financial statements of the Company whose financial statements reflect total
Assets of Rs.52.20 lakhs and total revenues of Rs.919.36 lakhs for the year ended onthat
date as considered in the financial statements. The financial statements of Cargo
division have been audited by other auditor.</p>
<b>
<p >Report on Other Legal and Regulatory Requirements</b></p>
<p >As required by the Companies (Auditor</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s Report} Order 2016(</font><font SIZE="2">"</font><font
FACE="Arial" SIZE="2">the Order</font><font SIZE="2">"</font><font FACE="Arial"
SIZE="2">)issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act 2013 we give in the Annexure A a statement on the
matters specified in paragraphs 3 and 4 of the Order to the extent applicable.</p>
<p >As required by Section 143(3) of the Act we reportthat:</p>
<p >a) We have sought and obtained all the information andexplanations
which to the best of our knowledge and belief were necessary for the purposes of our
audit.</p>
<p >b) In. our opinion proper books of account as required bylaw have
been kept by the Company so far as it appears from our examination of those books.</p>
<p >c) The Balance Sheet the Statement of Profit and Lossincluding other
comprehensive income the statement of change in equity and the Cash Flow Statementdealt
with by this Report are in agreement with the books of account.</p>
<p >d) In our opinion the aforesaid standalone financialstatements comply
with the Ind AS specified under Section 133 of the Act.</p>
<p >e) On the basis of the written representations receivedfrom the
directors as on March 31 2021 taken on record by the Board of Directors none of the
directors is disqualified as on March 31 2021 from being appointed as a director interms
of Section 164 (2) of the Act.</p>
<p >f) With respect to the adequacy of the internal financialcontrols over
financial reporting of the Company and the operating effectiveness of such controlsrefer
to our separate Report in </font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">Annexure
B</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2"></p>
<p >g) With respect to the other matters to be included in theAuditor</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2">s Report in accordancewith Rule 11 of
the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our
information and according to the explanations given to us:</p>
<p >i. The Company does not have any pending litigations whichwould impact
its financial position.</p>
<p >ii. The Company did not have any long-term contractsincluding
derivative contracts for which there were any material foreseeable losses.</p>
<p >iii. There were no amounts required to be transferred tothe Investor
Education and Protection Fund by the Company.</p>
<p >For and on behalf of</p>
<p >Aalok Mehta & Co.</p>
<p >Chartered Accountants</p>
<p >Firm</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
registration number: 126756W</font><b><font SIZE="2"></p>
<p >"</font><font FACE="Arial" SIZE="2">Annexure A</font><font
SIZE="2">"</font><font FACE="Arial" SIZE="2"> to the IndependentAuditors</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2"> Report</b></p>
<p >Referred to in paragraph 1 under the heading </font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">Report on Other Legal& Regulatory Requirement</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2"> of our report ofevendate to the
standalone Ind AS financial statements of the Company for the year ended March 31 st
2021:</p>
<b>
<p >Sr. No. Particulars</b></p>
<p >In Respect of its Fixed Assets:</p>
<p >(i) (a) The company is maintaining proper records showingfull
particulars including quantitative detailsand situation of fixed assets;</p>
<p >(b) These fixed assets have been physically verified bythe management
at reasonable intervals In accordance with regular programme of verification. Accordingto
the information and explanationgiven to us no material discrepancies were noticed onsuch
verification.</p>
<p >(c) The title deeds of immovable properties (which areincluded under
the Note l-</font><font SIZE="2">‘</font><font FACE="Arial" SIZE="2"> Property plant
and equipment</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">) are held in
the name of the Company except for land and building having carrying value of Rs.11.30
lakhs as at March 312021.</p>
<p >(d) Fixed Assetsincludes Rs.53.62/- related to purchase ofvehicle for
which</p>
<p ><u>documentation andregistration procedures are pending.</u> i</p>
<p >(ii) In Respect of its inventory:</p>
<p >According to the information and explanations given to usPhysical
verification of inventory has beenconducted at reasonable intervals by the managementand
no material discrepancies were noticed onphysieal verification during the year.</p>
<p >(iii) According to information and explanations given tous the
company has granted unsecured</p>
<p >loans to companies covered in the register maintainedunder section 189
of the Companies Act 2013and with respect to the same: the Company has taken Interest
bearing unsecured loans and advance from one Director covered in register maintainedu/s
189 of Companies Act 2013 ~ '</p>
<p >(a) In our opinion the terms and conditions of grant ofsuch loans are
not prima facie prejudicial to the company</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">sinterest."</p>
<p >(b) The schedule of repayment of principal and payment ofinterest has
been stipulated and the repayment/receipts of the principal amount and the interest are
regular</p>
<p >(c) There is no overdue amount in respect of loans grantedto such
companies.</p>
<p >(iv) According to information and explanations given tous the Company
has complied with the provisionsof section 185 and 186 of the Companies Act 2013 in
respect of loans investments guarantees andsecurity.</p>
<p >(v) According to information and explanations given to usthe company
has not accepted any depositswithin the meaning of Sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly theprovisions
of clause 3(v) of the order is not applicable.</p>
<p >(vi) According to the information and explanations givento us the
Central Government has not prescribedmaintenance of cost records under sub-section (1)of
section 148 of the Companies Act</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">2013.</p>
<p >(vii) According to the information and explanations givento us in
respect of statutory dues:</p>
<p >(a) The company is generally regular in depositingundisputed statutory
dues including providentfund employees</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2"> state insuranceincome-tax sales-tax wealth tax GST duty of
customs duty ofexcise value added tax cess and any other statutory dues with the
appropriate authorities.</p>
<p >(b) There were no undisputed amounts payable in respect ofprovident
fund employees</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2"> state
insurance income-tax sales-tax wealth tax service tax duty of customs duty of
excise valueadded tax cess and any other statutory dues in arrears as at March312021
for period of more thansix months from the date they became payable except for</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%"cellpadding="2">
<tr>
<td ><font FACE="Arial" SIZE="2">ESIC</font></td>
<td ><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">Rs.
33827/-</font></td>
<td ></td>
</tr>
<tr>
<td ><font FACE="Arial" SIZE="2">ProfessionTax</font></td>
<td ><font FACE="Arial" SIZE="2"><p ALIGN="RIGHT">Rs.
15626/-</font></td>
<td ></td>
</tr>
</table>
<p><font FACE="Arial" SIZE="2"></p>
<p >(viii) The company has not defaulted in repayment of loansor borrowing
to a financial institution bankGovernment or dues to debenture holders.</p>
<p >(ix) The Company has not raised moneys by way of initialpublic offer
or further public offer (including debtinstruments) and term loans during the year</p>
<p >(x) According to the information and explanations given tous we have
not noticed or reported any fraudby the company or any fraud on the Company by its
officers or employees during the year</p>
<p >(xi) According to the information and explanations givento us and
based on our examination of the records of the company the company has not paid/provided
for managerial remuneration. Accordingly paragraph 3(xi) of the order is notapplicable.</p>
<p >(xii) This clause of the Caro 2016 is not applicable tothe Company as
the company is not a</p>
<p >Nidhi Company. -</p>
<p >(xiii) According to the information and explanations givento us all
transactions with the related parties arein compliance with sections 177 and 188 of
Companies Act 2013 where applicable and the details havebeen disclosed in theFinancial
Statements etc. as required by the applicable accounting standards</p>
<p >(xiv) According to the information and explanations givento us the
company has not made any preferentialallotment or private placement of shares or fullyor
partly convertible debentures during the year underreview.</p>
<p >(xv) According to the information and explanations givento us the
company has not entered into any non-cashtransactions with directors or personsconnected
with him and the provisions of section 192 ofCompanies Act 2013 have been compliedwith;</p>
<p >(xvi) This clause of the Caro 2016 is not applicable tothe Company as
the company is not required to beregistered under section 45-IA of the Reserve Bank of
India Act 1934.</p>
<p >For and on behalf of Aalok Mehta & Co.</p>
<p >Chartered Accountants</p>
<p >Finm</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">s
registration number: 126756W</font><b><font SIZE="2"></p>
<p >"</font><font FACE="Arial" SIZE="2">ANNEXURE B</font><font
SIZE="2">"</font><font FACE="Arial" SIZE="2"> TO THE INDEPENDENTAUDITOR</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2">S REPORT OF EVEN DATEON THE STANDALONE
IND AS FINANCIAL STATEMENTS OF TRADE WINGS LIMITED</b></p>
<p >Report on the Internal Financial Controls under Clause (i)of
Sub-section 3 of Section 143 of the Companies Act 2013(</font><font SIZE="2">"</font><font
FACE="Arial" SIZE="2">the Act</font><font SIZE="2">"</font><font FACE="Arial"
SIZE="2">)</p>
<p >We have audited the internal financial controls overfinancial
reporting of TRADE-WINGS LIMITED (</font><font SIZE="2">"</font><font FACE="Arial"
SIZE="2">theCompany</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">) as of
March 31 2021 in conjunction with our audit of the standalone Ind AS financialstatements
of theCompany for the year ended on that date.</p>
<b>
<p >Management</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sResponsibility for Internal Financial Controls</b></p>
<p >The Company</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">smanagement is responsible for establishing and maintaining internal financial
controls based on theinternal control over financial reporting criteria established bythe
Company considering the essential components ofintenal control stated in the GuidanceNote
on Audit of Internal Financial Controls over Financial Reporting issuedby the Instituteof
Chartered Accountants of India. These responsibilities include the designimplementation
andmaintenance of adequate internal financial controls that were operating effectivelyfor
ensuring the orderly andefficient conduct of its business including adherence tocompany</font><font
SIZE="2">'</font><font FACE="Arial" SIZE="2">s policies thesafeguarding of its
assets theprevention and detection of frauds and errors the accuracy and completenessof
the accounting records and the timelypreparation of reliable financial information as
required under the Companies Act 2013.</p>
<b>
<p >Auditors</font><font SIZE="2">'</font><font FACE="Arial" SIZE="2">
Responsibility</b></p>
<p >Our responsibility is to express an opinion on theCompany's internal
financial controls over financial reporting basedon our audit. We conducted our auditin
accordance with the Guidance Note on Audit of Internal Financial ControlsOver Financial
Reporting (the </font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">Guidance
Note</font><font SIZE="2">"</font><font FACE="Arial" SIZE="2">) and the Standards on
Auditing issued by ICA1 and deemed to beprescribed under section 143(10) of theCompanies
Act 2013 to the extent applicable to an audit of internal financial controls both
applicable to an audit of Internal Financial Controls and both issued by theInstitute-of
CharteredAccountants of India. Those Standards and the Guidance Note require that we
comply with ethical requirements andplan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls overfinancial reportingwas
established and maintained and if such controls operated effectively in all material
respects.</p>
<p >Our audit involves performing procedures to obtain auditevidence about
the adequacy of the internal financial controlssystem over financial reporting andtheir
operating effectiveness. Our audit of internal financial controls over financialreporting
included obtaining an understanding of internal financial controls over financial
reporting*. assessing the riskthat a material weakness exists and testing andevaluating
the design and operating effectiveness of internal controlbased on the assessed risk.The
procedures selected depend on the auditor</font><font SIZE="2">'</font><font
FACE="Arial" SIZE="2">s judgments includingthe assessment ofthe risks of material
misstatement of the financial statements whether due to fraud or error. We believethat
the auditevidence We have obtained is sufficient and appropriate to provide a basis formy
/our audit opinion on the Company</font><font SIZE="2">'</font><font FACE="Arial"
SIZE="2">sintemalfinancial controls system over financial reporting.</p>
<b>
<p >Meaning of Internal Financial Controls over FinancialReporting</b></p>
<p >A company's internal financial control over financialreporting is a
process designed to provide reasonable assuranceregarding the reliability of financial
reporting and the preparation of financial statements for external purposesinaccordance
with generally accepted accounting principles. A company's internal financial controlover
financial reporting includes those policies and procedures that</p>
<p >(1) pertain to the maintenance of records that inreasonable
detailaccurately and fairly reflect the transactions and dispositions of the assets of
the company;</p>
<p >(2) provide reasonableassurance that transactions arerecorded as
necessary to permit preparation of financial statements in accordance withgenerally
accepted accounting principles and that receipts and expenditures of the company are
being made only inaccordance with authorizations of management and directors of the
company; and</p>
<p >(3) Provide reasonable assuranceregarding prevention ortimely
detection of unauthorized acquisition use or disposition of the company's assets
thatcould have a material effect on the financial statements.</p>
<b>
<p >Inherent Limitations of Internal Financial Controls overFinancial
Reporting</b></p>
<p >Because of the inherent limitations of internal financialcontrols over
financial reporting including the possibility ofcollusion or improper managementoverride
of controls material misstatements due to error or fraud may occur andnot be detected.
Also projections of any evaluation of the internal financial controls over financial
reporting to futureperiods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions orthat
the degree of compliance with the policies or procedures may deteriorate.</p>
<b>
<p >Opinion</b></p>
<p >In our opinion the Company has in all material respectsan adequate
internal financial controls system over financialreporting and such internal financial
controls over financial reporting were operating effectively as at March 312021basedon
the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over FinancialReporting issued by the Institute of
Chartered Accountants of India. ..</p>
<p >For and on behalf of Aalok Mehta & Co.</p>
<p >Chartered Accountants</p>
<p >Firm's registration number: 126756W</p>
<p >Aalok Mehta Proprietor</p>
<p >Membership number: 114930</p>
<p >MumbaiMarch7 2022 </p>
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