You are here » Home » Companies » Company Overview » Walchandnagar Industries Ltd

Walchandnagar Industries Ltd.

BSE: 507410 Sector: Engineering
NSE: WALCHANNAG ISIN Code: INE711A01022
BSE 00:00 | 24 Sep 57.20 -1.50
(-2.56%)
OPEN

58.95

HIGH

59.25

LOW

56.75

NSE 00:00 | 24 Sep 57.05 -1.60
(-2.73%)
OPEN

58.95

HIGH

59.20

LOW

56.80

OPEN 58.95
PREVIOUS CLOSE 58.70
VOLUME 68376
52-Week high 92.00
52-Week low 43.75
P/E
Mkt Cap.(Rs cr) 218
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 58.95
CLOSE 58.70
VOLUME 68376
52-Week high 92.00
52-Week low 43.75
P/E
Mkt Cap.(Rs cr) 218
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Walchandnagar Industries Ltd. (WALCHANNAG) - Auditors Report

Company auditors report

To the Members of

WALCHANDNAGAR INDUSTRIES LIMITED Report on the Audit of the Financial StatementsOpinion

We have audited the accompanying financial statements of WALCHANDNAGAR INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at March312021 the Statement of Profit and loss statement of changes in equity and statement ofcash flows for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information in which areincluded the Returns for the year ended on that date audited by the independent auditor ofthe Company's division located in Ethiopia.

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 the Actin the manner so required and give a true and fair view in conformity with accountingprinciples generally accepted in India of the state of affairs of the Company as at March312021 and loss changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment whereof mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

a. Expected credit loss on trade receivables is measured through loss allowance. Thecompany has used a practical expedient by computing the expected credit loss allowance fortrade receivables based on provision matrix. This area required significant attentionsince there was a significant amount of management estimates.

We had detailed discussion with respective business heads about the method ofestimates. We verified details of Liquidated Damages charged by clients and total salesfor the period from 1st April 2016 to 31st March 2021 which wereused by the management in their analyses of historical credit loss experience. We alsoverified the contract documents correspondences with client pertaining to projects wherespecific loss provisioning was made. Management estimate is based on such forwardinformation and historical data to derive division-wise provisioning values.

b. Calculation for percentage completion for revenue for projects operating over timeunder IND AS 115. This area has significant quantum of estimates in calculating Cost toComplete. This area required significant attention since there was a significant amount ofestimates.

Management has prepared profitability statements for all the projects which areoperating over time as per IND AS 115. We verified total contract values from SignedContract with customers total revenue billed with invoices submitted to clients. Thecompany has adopted Input Method for arriving at percentage of completion method. Weverified total Cost incurred for each project as per books of accounts total Cost toComplete each project from Budget as reviewed by projects heads on every reporting date.It was verified that the cost for completing balance work is reviewed and revised wherevernecessary based on current scenario and future expectations.

c. IND AS 115 requires variable consideration in form of Liquidated Damages to berecognized either by expected value or most likely value. The Company has adopted expectedvalue by deferring revenue against liquidated damages of all the projects for whichcontractual delivery date have expired but contractual obligation not met. This area ofcalculation of deferred revenue due to implication of liquidated damages for the projectsrequired significant auditor attention since there was a significant amount of estimation.

We had detailed discussion with respective business heads about the method of estimatesof expected Liquidated Damages. List of projects for which contractual due date hasexpired and committed extent of work is not completed were reviewed. We verified detailsof Liquidated Damages charged by clients and total sales for the period from 1stApril 2016 to 31st March 2021 which were used by the management in theiranalyses of historical experience. We also verified the contract documentscorrespondence if any with client pertaining to projects. Based on such estimation andpast experience expected Liquidated Damages were arrived at and adjusted from Revenue.

d. Balance confirmation of Trade receivables could not be received. Further managementhas informed us to avoid call for balance confirmation in case of certain tradereceivables due to the fact that they operate in sensitive areas such as nuclear defenseaerospace and missiles wherein the customers follow confidentiality norms from nationalinterest point of view.

We undertook alternative procedures to verify balances of certain trade receivables onsample basis. We examined correspondences after reporting date certain sales transactionsdocumentation near to year end and subsequent receipts from such party.

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

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the financial statements and our auditor'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 during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act. This responsibility also includes the 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The 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.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal controls.

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

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

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 of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Emphasis of Matter

We draw attention to the following matters in Notes to Financial Statements:

a. Refer Note 54 which mentions about valuation of work- in-progress inventory ofcancelled / put on hold orders amounting to Rs.2194.21 Lakhs on account of orders whichhave been cancelled/put on hold by various clients. The Company contends that this stockwill either be liquidated or diverted to other projects without any loss arising therefrom.

Our report is not modified in respect of this matter.

Other Matter

We did not audit the financial statements / information of Ethiopia division includedin the financial statements of the Company whose financial statements / financialinformation reflect total assets of Rs.1286.19 lakhs and total liabilities of Rs.1265.96lakhs as at March 31 2021 and the total revenue of ' NIL and total expenses of Rs.9.32Lakhs for the year ended on that date. The financial statements / information of thisdivision have been audited by the independent auditor whose report has been furnished tous and our opinion in so far as it relates to the amounts and disclosures included inrespect of such division is based solely on the report of such auditor.

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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 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 and proper returnsadequate for the purpose of our audit have been received from overseas division notvisited by us.

c. The reports on the accounts of the overseas Ethiopia division of the Company auditedby independent auditor have been sent to us and have been properly dealt with by us inpreparing this report.

d. The Balance Sheet the Statement of Profit and loss changes in equity and the CashFlow Statement dealt with by this Report are in agreement with the books of account andwith the returns received from the division not visited by us.

e. 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.

f. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct.

g. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 50 to the financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

For Jayesh Sanghrajka & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 104184W/W100075
Ashish Sheth
Place: Mumbai Designated Partner Membership Number: 107162
Date: June 29 2021 UDIN: 21107162AAAABF7083

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report to the Members of WALCHANDNAGAR INDUSTRIES LIMITED of even date)

i. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

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

(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds provided to us we report thatthe title deeds comprising all the immovable properties of land and buildings which arefreehold are held in the name of the Company as at the balance sheet date except inrespect of land Survey Nos. 317/1B 303 A/2 and 337 whose records are not available.

ii. The Management has conducted physical verification of inventory at reasonableintervals during year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification. Since our attendance was notpossible due to lockdown restrictions we have relied upon management representation ofphysical verification of inventory.

iii. The Company has not granted any secured or unsecured loans to companies firms orother parties covered in the Register maintained under section 189 of the Companies Act2013. Therefore clause 3 (iii) of the said Order is not applicable.

iv. In our opinion and according to the information and explanations given to us thecompany doesn't have any loans investments guarantee or security to which the provisionsof section 185 and 186 of the Companies Act 2013 apply.

v. The Company has not accepted any deposits during the year to which the provisions ofsection 73 to 76 of the Companies Act 2013 and Companies (Acceptance of deposits) Rules2014 apply. According to the information and explanation given to us no order has beenreceived from Company Law Board National Company Law Tribunal or Reserve Bank of India orany court or tribunal by the Company.

vi. We have broadly reviewed the cost records maintained by the Company specified bythe Central Government under section 148(1) of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

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

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCustoms Duty and other material statutory dues applicable to it with the appropriateauthorities

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Goods and Service Tax Customs Duty and other materialstatutory dues in arrears as at March 312021 for a period of more than six months fromthe date they became payable.

(c) Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 312021 on account of dispute are givenbelow:

Sr. No Name of Statute Nature of Dues Amount (Rs.in Lakhs) Period to which amount relates Forum where the dispute is pending
1 Maharashtra Land Revenue Code NA Tax 16.18 1982 to 2003 Tahsildar Indapur
NA Tax 58.58 1994 to 2003
2 Pune Municipal Corporation Municipal Taxes 99.02 2008-09 to 2012-13 Court of Small Causes Pune
3 Central Sales Tax1956 Central Sales Tax 159.83 2005-06 Sales Tax (Appellate Tribunal) Mumbai
4 Central Sales Tax1956 Central Sales Tax 92.92 2011-12 Joint Commissioner of Sales Tax (Appeals) Pune
5 Central Sales Tax1956 Central Sales Tax 367.14 2013-14 Joint Commissioner of Sales Tax (Appeals) Pune
6 Central Sales Tax1956 Central Sales Tax 224.93 2014-15 Joint Commissioner of Sales Tax (Appeals) Pune.
7 Central Sales Tax1956 Central Sales Tax 80.81 2015-16 Joint Commissioner of Sales Tax (Appeals) Pune.
8 Central Sales Tax1956 Central Sales Tax 104.86 FY 2016-17 Deputy Commissioner of Sales Tax Pune.
9 Central Sales Tax1956 Central Sales Tax 279.53 FY 2017-18 Deputy Commissioner of Sales Tax Pune.
10 Customs Act1962 Customs Duty 64.50 July2008 Hon'ble High Court Madras
11 Service Tax Service Tax 362.65 2006 to 2010 CESTAT Kolkata
12 Service Tax Service Tax & Penalty 1334.66 March 2013 to December 2015 CESTAT Mumbai
13 Andhra Pradesh General Sales Tax Act 1957 Value Added Tax 100.2 June 2014 to March 2016 Additional Commissioner (Appeal) Vijayawada
14 APGST Act SGST and CGST 348.17 July 2017 to June 2018 Additional Commissioner (Appeal) Vijayawada
15 Andhra Pradesh General Sales Tax Act 1957 Value Added Tax 313.66 2011 Hon'ble High Court Hyderabad
16 The Employees Provident Funds and Miscellaneous Provisions Act 1952 Employee Provident Fund 50.68 2006-07 Hon'ble High Court Mumbai

viii. To the best of our knowledge and according to the information and explanationsgiven to us the Company has defaulted in repayment of loans from financial institutionsand dues from debenture holders. Details of defaults are as follows:

Name of Lender Nature of Borrowing Amount of default (including Interest) Period of default (in days)
KKR India Financial Services Pvt Ltd Corporate Loan 191457331 1
KKR India Debt Opportunity Fund II Non Convertible Debenture 68401018 1

ix. The company has not raised money by way of Initial Public Offer or further publicoffer (including debt instruments) during the year. In respect of term loans taken by theCompany in our opinion and according to the information and explanations given to us thesame have been applied for the purposes for which they were raised.

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

xi. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

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

For Jayesh Sanghrajka & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 104184W/W100075
Ashish Sheth
Place: Mumbai Designated Partner Membership Number: 107162
Date: June 29 2021 UDIN: 21107162AAAABF7083

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of WALCHANDNAGAR INDUSTRIES LIMITED ofeven date) Report on the Internal Financial Controls Over Financial Reporting under Clause(i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting ofWALCHANDNAGAR INDUSTRIES LIMITED ("the Company") as of March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note requires that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Jayesh Sanghrajka & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 104184W/W100075
Ashish Sheth
Place: Mumbai Designated Partner Membership Number: 107162
Date: June 29 2021 UDIN: 21107162AAAABF7083

.