You are here » Home » Companies ยป Company Overview » VIP Clothing Ltd

VIP Clothing Ltd.

BSE: 532613 Sector: Industrials
NSE: VIPCLOTHNG ISIN Code: INE450G01024
BSE 00:00 | 09 Feb 43.15 0
(0.00%)
OPEN

43.00

HIGH

44.10

LOW

42.75

NSE 00:00 | 09 Feb 43.15 -0.10
(-0.23%)
OPEN

43.50

HIGH

44.15

LOW

42.45

OPEN 43.00
PREVIOUS CLOSE 43.15
VOLUME 27346
52-Week high 57.75
52-Week low 20.70
P/E
Mkt Cap.(Rs cr) 356
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.00
CLOSE 43.15
VOLUME 27346
52-Week high 57.75
52-Week low 20.70
P/E
Mkt Cap.(Rs cr) 356
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

VIP Clothing Ltd. (VIPCLOTHNG) - Auditors Report

Company auditors report

To the Members of VIP Clothing Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of VIP Clothing Limited ("theCompany") which comprise the Balance Sheet as at March 31 2022 and the Statementof Profit and Loss Statement of Changes in Equity and Statement of Cash Flows for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

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 Companies (Indian Accounting Standards) Rules 2015 as amended andother accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 and loss changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements for the year ended March 31 2022.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management report Chairman'sstatement Director's report etc but does not include the financial statements and ourauditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

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 material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 these financial statements.

We give in "Annexure A" a detailed description of Auditor'sresponsibilities for Audit of the Financial Statements.

Other Matter

The Ind AS financial statements of the Company for the year ended March 31 2021 wereaudited by predecessor auditor whose report dated June 30 2021 expressed an unmodifiedopinion on those statements.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

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

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

(c) The Balance sheet the Statement of profit and loss the Statement of changes inequity and the Statement of cash flow dealt with by this Report are in agreement with thebooks of account.

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

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors are disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure C".

(g) 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 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements Refer Note 48 to the financial statements;

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 amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. (1) The Management has represented that to the best of it's knowledge and beliefno funds 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 personsor entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries.

(2) The Management has represented that to the best of it's knowledge and belief nofunds have been received by the Company from any persons or entities including foreignentities (Funding Parties) with the understanding whether recorded in writing orotherwise as on the date of this audit report that the Company shall directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries.

(3) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances and according to the information and explanationsprovided to us by the Management in this regard nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)as provided under (1) and (2) above contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

3. As required by the Companies (Amendment) Act 2017 in our opinion according toinformation explanations given to us the remuneration paid by the Company to itsdirectors is within the limits laid prescribed under Section 197 of the Act and the rulesthereunder.

For M S K A & Associates
Chartered Accountants
ICAI Firm Registration No. 105047W
Amrish Vaidya
Partner
Place: Mumbai Membership No. 101739
Date: May 30 2022 UDIN: 22101739AJWLHI7777

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT ON EVEN DATE ON THE FINANCIAL STATEMENTSOF VIP CLOTHING LIMITED

Auditor's Responsibilities for the Audit of the 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasinternal financial controls with reference to financial statements in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant 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 matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements for theyear ended March 31 2022 and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

For M S K A & Associates
Chartered Accountants
ICAI Firm Registration No. 105047W
Amrish Vaidya
Partner
Place: Mumbai Membership No. 101739
Date: May 30 2022 UDIN: 22101739AJWLHI7777

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF

VIP CLOTHING LIMITED FOR THE YEAR ENDED MARCH 31 2022

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report] i. (a) A. The Company has maintainedproper records showing full particulars including quantitative details and situation ofProperty Plant and Equipment.

B. The Company has maintained proper records showing full particulars of intangibleassets.

(b) All the Property Plant and Equipment have not been physically verified by themanagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties (otherthan properties where the company is the lessee and the lease agreements are duly executedin favour of the lessee) as disclosed in the financial statements are held in the name ofthe Company.

(d) According to the information and explanations given to us the Company has notrevalued its property plant and Equipment (including Right of Use assets) and itsintangible assets. Accordingly the requirements under paragraph 3(i)(d) of the Order arenot applicable to the Company.

(e) According to the information and explanations given to us no proceeding has beeninitiated or pending against the Company for holding benami property under the BenamiTransactions (Prohibition) Act 1988 and rules made thereunder. Accordingly theprovisions stated in paragraph 3(i) (e) of the Order are not applicable to the Company.

ii. (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of verification coverage & procedure of suchverification is reasonable and appropriate. The discrepancies noticed on physicalverification of inventory as compared to book records were not 10% or more in aggregatefor each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of Rs. 5 crores inaggregate from Banks on the basis of security of current assets. Quarterly statementsfiled with such Banks are in agreement with the books of account.

iii. According to the information explanation provided to us the Company has not madeany investments in provided any guarantee or security or granted any loans or advances inthe nature of loans secured or unsecured to companies firms Limited LiabilityPartnerships or any other parties. Hence the requirements under paragraph 3(iii) of theOrder are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has not either directly or indirectly granted any loan to any of its directors orto any other person in whom the director is interested in accordance with the provisionsof section 185 of the Act and the Company has not made investments through more than twolayers of investment companies in accordance with the provisions of section 186 of theAct. Accordingly provisions stated in paragraph 3(iv) of the Order are not applicable tothe Company.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and the rules framed there under.

vi. The provisions of sub-section (1) of section 148 of the Act are not applicable tothe Company as the Central Government of India has not specified the maintenance of costrecords for any of the products of the Company. Accordingly the provisions stated inparagraph 3 (vi) of the Order are not applicable to the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion undisputed statutory dues including goods andservices tax provident fund employees' state insurance income-tax cess have generallybeen regularly deposited with the appropriate authorities though there has been a slightdelay in a few cases.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax goods andservice tax cess and other statutory dues were outstanding at the year end for a periodof more than six months from the date they became payable.

(b) According to the information and explanation given to us and examination of recordsof the Company the outstanding dues of income-tax goods and service tax customs dutycess and any other statutory dues on account of any dispute are as follows:

Name of the statute Nature of dues Amount (in Rs. Lakhs) Period to which the amount relates Forum where dispute is pending
TNVAT Act 2006 Value Added Tax 195.46 2001-02 High Court of Chennai
TNVAT Act 2006 Value Added Tax 5.43 2001-02 Deputy Commercial Tax Office - Tamil Nadu
TNVAT Act 2006 Value Added Tax & Central Sales Tax 802.77 2002-03 Deputy Commercial Tax Office - Tamil Nadu
Central Sales Tax Act 1956 Central Sales Tax 7.28 2005-06 Deputy Commercial Tax Office Delhi
Income Tax Act 1961 Income Tax 31.51 2011-12 Asst Commissioner of Income Tax Kalyan
Goods and Service Tax Act 2017 Goods and Service Tax 76.86 2017-18 Deputy Commissioners of Goods and Service Tax
Goods and Service Tax Act 2017 Goods and Service Tax 23.35 2018-19 Deputy Commissioners of State Tax

viii. According to the information and explanations given to us there are notransactions which are not accounted in the books of account which have been surrenderedor disclosed as income during the year in Tax Assessment of the Company. Also there areno previously unrecorded income which has been now recorded in the books of account.Hence the provision stated in paragraph 3(viii) of the Order is not applicable to theCompany.

ix. (a) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings or in payment ofinterest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of ouraudit procedures we report that the Company has not been declared wilful defaulter by anybank or financial institution or government or any government authority.

(c) In our opinion and according to the information explanation provided to us moneyraised by way of term loans during the year have been applied for the purpose for whichthey were raised.

(d) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the financial statements of the Companywe report that no funds raised on short-term basis have been used for long-term purposesby the Company.

(e) The Company does not have any subsidiary associate or joint venture hencereporting under the clause (ix)(e) of the order is not applicable to the Company.

(f) The Company does not have any subsidiary associate or joint venture hencereporting under the clause (ix)(f) of the order is not applicable to the Company.

x. (a) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly the provisionsstated in paragraph 3 (x)(a) of the Order are not applicable to the Company.

(b) According to 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 partly or optionally convertibledebentures during the year. Accordingly the provisions stated in paragraph 3 (x)(b) ofthe Order are not applicable to the Company.

xi. (a) During the course of our audit examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company nor on the Company.

(b) We have not come across of any instance of material fraud by the Company or on theCompany during the course of audit of the financial statement for the year ended March 312022 accordingly the provisions stated in paragraph (xi)(b) of the Order is notapplicable to the Company.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year while determining the nature timing and extent of auditprocedures.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions stated in paragraph 3(xii) (a)to (c) of the Order are not applicable to the Company.

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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

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

(b) We have considered internal audit reports issued by internal auditors during ouraudit.

xv. According to the information and explanations given to us in our opinion duringthe year the Company has not entered into non-cash transactions with directors or personsconnected with its directors and hence provisions of section 192 of the Act are notapplicable to company. Accordingly the provisions stated in paragraph 3(xv) of the Orderare not applicable to the Company.

xvi. (a) In our opinion the Company is not required to be registered under section 45IA of the Reserve Bank of India Act 1934 and accordingly the provisions stated inparagraph clause 3 (xvi)(a) of the Order are not applicable to the Company.

(b) In our opinion the Company has not conducted any Non-Banking Financial or HousingFinance activities without any valid Certificate of Registration from Reserve Bank ofIndia. Hence the reporting under paragraph clause 3 (xvi)(b) of the Order are notapplicable to the Company

(c) The Company is not a Core investment Company (CIC) as defined in the regulationsmade by Reserve Bank of India. Hence the reporting under paragraph clause 3 (xvi) (c) ofthe Order are not applicable to the Company.

(d) The Company does not have more than one CIC as a part of its group. Hence theprovisions stated in paragraph clause 3 (xvi)(d) of the Order are not applicable to theCompany.

xvii. Based on the overall review of financial statements Company has incurred cashlosses amounting to Rs. 402.36 lakhs during the immediately preceding financial year buthas not incurred any cash losses during the current financial year.

xviii.There has been no resignation of the statutory auditors during the year. Hencethe provisions stated in paragraph clause 3 (xviii) of the Order are not applicable to theCompany.

xix. According to the information and explanations given to us and based on ourexamination of financial ratios ageing and expected date of realisation of financialassets and payment of liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans we are of theopinion that no material uncertainty exists as on the date of audit report and the Companyis capable of meeting its liabilities existing at the date of balance sheet as and whenthey fall due within a period of one year from the balance sheet date.

xx. According to the information and explanations given to us the provisions ofsection 135 of the Act are not applicable to the Company.

Hence the provisions of paragraph (xx)(a) to (b) of the Order are not applicable tothe Company.

xxi. According to the information and explanations given to us the Company does nothave any Subsidiary Associate or Joint Venture.

Accordingly reporting under clause 3(xxi) of the Order is not applicable.

For M S K A & Associates
Chartered Accountants
ICAI Firm Registration No. 105047W
Amrish Vaidya
Partner
Place: Mumbai Membership No. 101739
Date: May 30 2022 UDIN: 22101739AJWLHI7777

ANNEXURE C TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE

FINANCIAL STATEMENTS OF VIP CLOTHING LIMITED

[Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report of even date to the Members of VIPClothing Limited on the Financial Statements for the year ended March 31 2022]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

Opinion

We have audited the internal financial controls with reference to financial statementsof VIP Clothing Limited ("the Company") as of March 31 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial controls with reference to financial statements and such internal financialcontrols with reference to financial statements were operating effectively as at March 312022 based on the internal control with reference to financial statements criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI) (the "GuidanceNote").

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of internal financial controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to financial statements.

Meaning of Internal Financial Controls With reference to Financial Statements

A Company's internal financial control with reference to financial statements is aprocess 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 control withreference to financial statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With reference to financialstatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

For M S K A & Associates
Chartered Accountants
ICAI Firm Registration No. 105047W
Amrish Vaidya
Partner
Place: Mumbai Membership No. 101739
Date: May 30 2022 UDIN: 22101739AJWLHI7777

.