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Vidhi Specialty Food Ingredients Ltd.

BSE: 531717 Sector: Industrials
NSE: VIDHIING ISIN Code: INE632C01026
BSE 00:00 | 30 Nov 370.55 -0.15
(-0.04%)
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371.05

HIGH

375.00

LOW

368.00

NSE 00:00 | 30 Nov 369.90 -0.15
(-0.04%)
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371.95

HIGH

375.00

LOW

366.35

OPEN 371.05
PREVIOUS CLOSE 370.70
VOLUME 1280
52-Week high 513.60
52-Week low 309.80
P/E 35.46
Mkt Cap.(Rs cr) 1,849
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 371.05
CLOSE 370.70
VOLUME 1280
52-Week high 513.60
52-Week low 309.80
P/E 35.46
Mkt Cap.(Rs cr) 1,849
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vidhi Specialty Food Ingredients Ltd. (VIDHIING) - Auditors Report

Company auditors report

To the Members of Vidhi Specialty Food Ingredients Limited Report onthe Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofVidhi Specialty Food Ingredients Limited ("the Company") which comprisesof the Balance Sheet as at March 31 2022 the Statement of Profi t and Loss (includingOther Comprehensive Income) the Statement of Changes in Equity and the Statement of CashFlows for the year ended on that date and a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "thestandalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements gives a true andfair view in conformity with the aforesaid Ind AS and other accounting principlesgenerally accepted in India prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 and its profit total comprehensive income changes in equityand its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing ("SA"s) specified under section143(10) of theAct. Our responsibilities under those Standards are further described in theAuditor?s Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI?s Code of Ethics. We believe that the audit evidence obtained by us issufficient and standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. Key Audit Matter Auditor?s Response
1 Inventory Existence: We attended inventory counts at factory which we selected based on financial significance and
The Company recognized inventory of `7266.38 Lakhs as at 31 March 2022. We performed the following procedures at each site:
Within each location inventory is stored in packet drums at factory and third party locations. Selected a sample of inventory items and compared the quantities we counted;
This is a key audit matter because of the statement of financial position and Observed a sample of managements inventory count procedures to assess compliance with Company Policy and
Complexity involved in determining inventory quantities on hand due to the number conversion from Ltr. to Kgs. location and diversity of inventory storage locations inventories lying with third parties etc. Made enquiries regarding obsolete inventory items and inspected the condition of items counted.
We have also evaluated a selection of controls over inventory existence across the Company. Also obtained confirmation for inventories held with third parties.
2 Trade Receivables:
Trade receivables comprise significantportion of the current assets of the Company and serve as security for a majority of the Company short-term debt. As indicated in Note 4.2 to the financial statements. The receivables provision has made based on Expected Credit Loss method. Accordingly the estimation of the allowance for and istrade receivables is a significant therefore considered a key audit matter. We assessed the validity of material long outstanding receivables by obtaining third-party confirmations of amounts receivable. We also considered payments received subsequent to year-end insurance held for overseas trade receivables past payment history and unusual patterns to identify potentially impaired balances.
The assessment of the appropriateness of the allowance for trade receivables comprised a variety of audit procedures across the Company including:
? Assessing the appropriateness and reasonableness of the assumptions applied in the managements? assessment of the receivables allowance;
? Consideration of the creditworthiness of significant trade receivables over 90 days;
? Consideration and concurrence of the agreed payment terms;
? Verification of receipts from trade receivables subsequent to year-end;
? Inspection of credit insurance policies; and
? Considered the completeness and accuracy of the disclosures. To address the risk of management bias we evaluated the results of audit procedures on other key balances to assess whether or not there was an indication of bias. We were satisfied that the Company?s trade receivables are fairly valued and adequately provided. We further considered whether the provisions were misstated and concluded that they were appropriate in all material respects and disclosures related to trade receivable in the financial statements are appropriate.

Information Other than the Standalone Financial Statements andAuditor?s Report Thereon

The Company?s Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board?s Report includingAnnexures to Board?s Report Corporate Governance and Shareholder?s Informationbut does not include the standalone financial statements and our report thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company?s Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act2013 ("the Act") with respect tothe preparation and presentation of these standalone Ind AS financial statements that givea true and fair view of the financial position cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with relevant rules issued thereunder. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; 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 standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company?s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany?s financial reporting process of the Company.

Auditor?s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial are free from material misstatement whether due to fraud or errorand to issue an auditor?s report that includes our opinion. Reasonable assurance is ahigh 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 arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of the standalone financial statements. As part of an audit in accordance with SAswe exercise professional judgment and maintain professional skepticism throughout theaudit. We also:

Identify and assess the risks of material misstatement of thestandalone financial to fraud or error design and perform audit procedures responsive tothose 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 financial controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act 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 thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management?s use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may on the Company?s abilityto continue as a going concern. If we conclude that a material castsignificant uncertaintyexists we are required to draw attention in our auditor?s report to the relateddisclosures in the standalone financial statements or if such disclosures are inadequateto modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor?s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thestandalone financial statements 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 standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the significantaudit findingsincluding any significant deficiencies in internal control that we and identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor?s report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that: a. We have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit. b. Inour opinion proper books of account as required by law have been kept by the Company sofar as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss (including OtherComprehensive Income) Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account. d. In ouropinion the aforesaid standalone financial statements comply with the Ind AS specifiedunder 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 thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act. controls over financial reporting of the Company

f. With respect to the adequacy of the internal financialandtheoperatingeffectiveness of such controls refer to our separate Report in"Annexure A". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company?s internal financial controls over financialreporting.

g. With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) 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 orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether 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 orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. As stated in Note 9 to the standalone financial statements:

(a) The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

(b) The interim dividend declared and paid by the Company during theyear and until the date of this report is in compliance with Section 123 of the Act.

(c) The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with section 123 of the Act asapplicable.

2. 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 of the Companies Act 2013 we give in the "Annexure B" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

<td >Partner
For JMR & Associates LLP
Chartered Accountants
Firm Registration No. 106912W / W100300
CA. Nikesh Jain
Membership No. 114003
Place: Mumbai
UDIN: 22114003AIVVUR2252
Date: 12 May 2022

ANNEXURE "A" TO THE INDEPENDENT AUDITORS? REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements? section of our report to the Members of Vidhi Specialty FoodIngredients Limited of even date)

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

We have audited the internal financial controls over financialreporting of Vidhi Specialty Food Ingredients Limited ("the Company") asof March 31 2022 in conjunction with our audit of the standalone Ind AS fi nancialstatements of the Company for the year ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI?). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany?s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors? Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over fi nancial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financialcontrols 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company?s internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company?s internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately transactions and anddispositions of the assets of the company;fairly reflectthe

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company?s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the Company have in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reportingeffectivelyas were at March 31 2022 based on the operatinginternal control over financial reporting criteria established by the respective companiesconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For JMR & Associates LLP
Chartered Accountants
Firm Registration No. 106912W / W100300
CA. Nikesh Jain
Partner
Membership No. 114003
Place: Mumbai
UDIN: 22114003AIVVUR2252
Date: 12 May 2022

ANNEXURE "B" TO THE INDEPENDENT AUDITORS? REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements? section of our report to the Members of Vidhi SpecialtyFood Ingredients Limited of even date.) i. In respect of property plant and equipmentand intangible assets: a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant and equipmentand relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particularsof intangible assets. b) As informed to us the property plant and equipment?s havebeen physically verified by the management during the period according to a phasedprogram. In our opinion such program is reasonable having regard to the size of theCompany and the nature of its assets. As informed no material discrepancies were noticedon such verification by the management. c) According to the information and explanationsgiven to us the records examined by us and based on the examination of the conveyancedeeds / registered sale deed provided to us we report that the title deeds comprisingall the immovable properties of land and buildings which are freehold are held in thename of the Company as at the balance sheet date. In respect of immovable properties ofland and building that have been taken on lease and disclosed as property plant andequipment in the standalone financial statements the lease agreements are in the name ofthe Company d) The Company has not revalued any of its Property Plant and Equipment(including right-of-use assets) and intangible assets during the year. e) No proceedingshave been initiated during the year or are pending against the Company as at March 312022 for holding any benami property under the Benami Transactions (Prohibition) Act 1988(as amended in 2016) and rules made thereunder ii. In respect of its inventories:

(a) As informed to us the physical verification of the inventories wasdone by the management at reasonable intervals at the end of each month and for theyear-end. We have received confirmation with respect to inventories lying with thirdparties. In our opinion the frequency of verification is reasonable. Further on thebasis of our examination of the records the Company is generally maintaining properrecords of its inventories. No material discrepancy was noticed on physical verificationof stocks by the management as compared to book records.

(b) The Company has been sanctioned working capital limits in excess offive crore rupees in aggregate from banks on the basis of security of current assets.The quarterly Information statements filed by the company with financial institutions orbanks are in agreement with the books of account of the Company except details pertainingto creditor which is not matching with the books of accounts as mentioned in note 36.

iii. a) During the year the Company has not provided loans or providedadvances in the nature of loans or provided security to any other entity however providedloan to its wholly own subsidiary.

b) In our opinion the Company has not made investments made in theshares of listed companies and not provided guarantee accordingly this clause is notapplicable to the Company.

c) The Company has not provided loans or provided advance in nature ofloans and therefore reporting under clause 3(iii)(c) to 3(iii)(f) of the Order is notapplicable to the Company.

iv. The Company has not granted any loan under section 185 of the Act.The Company has complied with the provisions of section 186 of the Act with respect tothe investment and guarantees. The Company has neither given any security nor given anyloans during the year.

v. According to the information and explanations given to us theCompany has not accepted any deposits from the public as per the provisions of section 73to 76 of the Act and rules framed thereunder and accordingly the provisions of Clause(v) of Para 3 of the Order are not applicable to the Company.

vi. According to the information and explanation given to us centralGovernment has not prescribed the maintenance of cost records under section (1) of section148 of the act for any of the services rendered by the company. vii. In respect ofstatutory dues:

a) According to the information and explanations given to us andaccording to the records of the Company examined by us in our opinion the Company isgenerally regular in depositing with the appropriate authorities undisputed statutory duesincluding provident fund Employees? State Insurance Income-tax Goods and Servicetax cess or/and any other material statutory dues wherever applicable.

b) According to the information and explanations given to us therewere no outstanding statutory dues as on 31 March 2022 for a period of more than sixmonths from the date they became payable.

c) According to the information and explanation given to us there areno dues outstanding in respect of Income-tax VAT Excise duty Service tax Custom dutyGoods and Service tax Cess or/and any other material statutory dues wherever applicablewhich have not been deposited on account of any dispute except the following;

Name of the Statute Nature of the Dues Amount Period to which the amount relates Forum where dispute is pending
Central Sales Tax Act 1956 Central Sales Tax 868350 2005-06 Central Sales Tax Appellate Authority
Value Added Tax Act 2002 Value Added Tax 288377 2012-13 Value Added Tax Appellate Authority
Value Added Tax Act 2002 Value Added Tax 36839 2013-14 Value Added Tax Appellate Authority
Central Sales Tax Act 1956 Central Sales Tax 358975 2013-14 Central Sales Tax Appellate Authority

viii. In our opinion there were no transactions relating to previouslyunrecorded income that have been surrendered or disclosed as income during the year in thetax assessments under the Income Tax Act 1961. ix. a) In our opinion and according to theinformation and explanations given to us the Company has not defaulted in the repaymentof dues to banks. The Company do not have any borrowings from financial institutionsgovernment or dues to debenture holders. b) Based on our audit procedures and on the basisof information and explanations given to us the Company has not been declared wilfuldefaulter by any bank or financial institution or government or any government authority.c) Based on our audit procedures and on the basis of information and explanations given tous term loans raised by the Company during the year and outstanding term loans at thebeginning of the year have been applied by the Company during the year for the purposesfor which they were raised. d) on an overall examination of the financial statements ofthe Company funds raised on short-term basis have prima facie not been used during theyear for long-term purposes by the Company.

e) On an overall examination of the financialstatements of the Companythe Company has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries.

f) based on our audit procedures and on the basis of information andexplanations given to us the company has not raised loans during the year on the pledgeof securities held in its subsidiary.

x. The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) during the year and hence reportingunder clause 3(x)(a) of the Order is not applicable.

xi. (a) Based upon the audit procedures performed and the informationand explanations given by the management no fraud by the Company and no fraud on theCompany by its officers or employees has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) According to the information and explanations given to us theCompany has not received any whistle blower complaints during the year (and upto the dateof this report) while determining the nature timing and extent of our audit procedures.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company. Accordingly the provisions of Clause(xii) of Para 3 of the Order are not applicable to the Company.

xiii. In our opinion the Company is in compliance with Section 177 and188 of the Companies Act 2013 with respect to applicable transactions with the relatedparties and the details of related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with the directors requiringcompliance with Section 192 of the Companies Act.

xvi. (a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a) (b) and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements Board of Directors and Management plans and based onour examination of the evidence supporting the assumptions nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx. (a) There are no unspent amounts towards Corporate SocialResponsibility (CSR) on other than ongoing projects requiring a transfer to a Fundspecified in Schedule VII to the Companies Act in compliance with second proviso tosub-section (5) of Section 135 of the said Act. Accordingly reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) There are no unspent amounts towards Corporate SocialResponsibility (CSR) on ongoing projects requiring a transfer to a Fund specified inSchedule VII to the Companies Act in compliance with second proviso to sub-section (5) ofSection 135 of the said Act. Accordingly reporting under clause 3(xx)(b) of the Order isnot applicable for the year.

For JMR & Associates LLP
Chartered Accountants
Firm Registration No. 106912W / W100300
CA. Nikesh Jain
Partner
Membership No. 114003
Place: Mumbai
UDIN: 22114003AIVVUR2252
Date: 12 May 2022

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