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Weizmann Ltd.

BSE: 523011 Sector: Industrials
NSE: WEIZMANIND ISIN Code: INE080A01014
BSE 00:00 | 12 Aug 69.20 2.15
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NSE 00:00 | 12 Aug 69.65 2.25
(3.34%)
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66.40

HIGH

74.05

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OPEN 67.05
PREVIOUS CLOSE 67.05
VOLUME 25672
52-Week high 94.10
52-Week low 42.30
P/E 60.17
Mkt Cap.(Rs cr) 110
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 67.05
CLOSE 67.05
VOLUME 25672
52-Week high 94.10
52-Week low 42.30
P/E 60.17
Mkt Cap.(Rs cr) 110
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Weizmann Ltd. (WEIZMANIND) - Auditors Report

Company auditors report

To the Members of WEIZMANN LIMITED

Report on the Audit of the standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofWEIZMANN LIMITED (“the Company”) which comprise the Balance Sheet as at March31 2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as the “financial statements”).

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (“the Act”) in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended (“Ind AS”) and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Financial Statements'section 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 theindependence requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the financial statements.

Key Audit Matter

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report. i. Valuation of unquoted long terminvestments held at fair value

Description of Key Audit Matter:

The valuation of the Company's unquoted long term investments held atfair value was a key area of audit focus due to the significance of the amount andcomplexity involved in the valuation process. The management makes significant judgementsbecause of the complexity of the techniques and assumptions used in valuing some of thelevel 3 investment securities given the limited external evidence and unobservable marketdata available to support the Company's valuations. The valuation of the level 3investment securities are dependent on market conditions and key assumptions made. Thedetermination of these assumptions is complex and requires the exercise of managementjudgements. See Note 1.4 M Note 3 and Note 41 to the financial statements.

Our response:

We assessed the design and operating effectiveness of the Company's keycontrols supporting the identification measurement and oversight of valuation risk offinancial assets.

For valuations which involved significant management judgements weevaluated the assumptions methodologies and models used by the Company.

We also assess the appropriateness of the methodologies used and foundthat these are reasonable in the context of the relevant investments.

We examined the calculation of the inputs used for substantive andarithmetical accuracy by performing re calculations wherever required.

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 Business Responsibility Report Corporate Governance andShareholder's Information but does not include the financial statements and ourauditor's report thereon.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

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.

Management's Responsibility for the standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the standaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

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

Obtain an understanding of internal 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 cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify 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 thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions 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 of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we 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 financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016 (“the Order”) issued by the Central Government in terms of Section 143(11)of the Act we give in “Annexure A” a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our auditwe report that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far 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 our opinion the aforesaid financial statements comply with theInd AS 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 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.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in “Annexure B”. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.

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/ provided by the Company to its directorsduring the year 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 according tothe explanations given to us: i. The Company does not have any pending litigations thatwill impact its financial position in its financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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 have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other persons or entities including foreign entities(“Intermediaries”) with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany (“Ultimate Beneficiaries”) or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries:

b) The management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any persons or entitiesincluding foreign entities (“Funding Parties”) with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on audit procedures performed nothing has come to ourattention that causes us to believe that the representations under sub-clause (i) and (ii)of Rule 11(e) as provided in (a) and (b) above contain any material misstatement.

v. 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. The Board of Directors of the Company have proposed final dividend for theyear which is subject to the approval of the members at the ensuing Annual GeneralMeeting The amount of dividend proposed is on accordance with section 123 of the Act asapplicable.

For BATLIBOI & PUROHIT Chartered Accountants ICAI Firm Reg.No.101048W

Kaushal Mehta Place : Mumbai
Partner Date : 27 May 2022
Membership No.111749 ICAI UDIN : 22111749AJSXOH2708

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to themembers of the Company on the financial statements for the year ended March 31 2022 wereport that:

(i) (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) The Company has a regular programme of physical verification of itsProperty Plant and Equipment by which all items of Property Plant and Equipment areverified once in every two years. In our opinion the periodicity of physical verificationis reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the said programme certain items of Property Plant and Equipment werephysically verified during the year and no material discrepancies were observed on suchverification.

(c) With respect to immovable properties (other than properties wherethe Company is the lessee and the lease agreements are duly executed in favour of theCompany) disclosed in the financial statements included in property plant and equipmentcapital work-in progress according to the information and explanations given to us andbased on the examination of the registered sale deed / title deed provided to us wereport that the title deeds of such immovable properties are held in the name of theCompany as at the balance sheet date.

(d) The Company has not revalued any of its Property Plant andEquipment (including Right of Use assets) or intangible assets during the year.Accordingly paragraph 3(i)(d) of the Order is not applicable.

(e) According to the information and explanations given to us noproceedings have been initiated during the year or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made thereunder.

(ii) (a) The management has conducted physical verification ofinventory during the year. In our opinion with regards to the nature and size of itsinventories the coverage and procedure of such physical verification carried out duringthe year were appropriate. Discrepancies noted during such physical verification were lessthan 10% of respective inventory classes. All discrepancies noted during the year wereproperly dealt with in the books of account.

(b) During the year the Company did not have any sanctioned workingcapital limits in excess of five crore rupees in aggregate from any banks on the basisof security of its current assets. Accordingly clause 3(ii)(b) of the Order is notapplicable.

(iii) During the year the Company has not made any investments inprovided any guarantee or security or granted any advances in the nature of loans securedor unsecured to companies firms Limited Liability Partnerships or any other parties.Based on the information and explanation given to us in respect of loans granted by theCompany during the year and in the earlier year the details are given below:

Loans (in lakhs)
Aggregate amount granted during the year other parties 250.00
Balance outstanding (including 101.54
Interest) as at Balance sheet date in respect of Other parties

(b) In respect of loans outstanding during the year in our opinionterms and conditions of the loan granted are prima facie not prejudicial to theCompany's interest.

(c ) In respect of loans outstanding during the year the schedule ofrepayment of principal and payment of interest has not been stipulated hence we areunable to comment on the regularity of the payments.

(d) We are unable to comment on the overdue amounts in respect ofloans since terms of principal repayment and interest payment have not been stipulated.

(e) In our opinion and on the basis of information and explanationsgiven to us no loans have fallen due during the year. Hence reporting under clause 3(iii) (e) is not applicable.

(f) The Company had granted loans of Rs 250.00 lakhs during the year toone party which was repayable on demand and without specifying any terms or period ofrepayment however the loan has been fully repaid during the year.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

(v) According to information and explanations given to us the Companyhas not accepted any deposits from the public in accordance with the provisions of section73 to 76 or any relevant provisions of the Act and rules framed thereunder. Accordinglyparagraph 3(v) of the Order is not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act related to the manufacture of textiles and are of the opinion that prima facie the specified accounts and records have been made and maintained. We have not however made a detailed examination of the same.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Goods and Service Tax provident fund employees' state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.
(b) According to the information and explanations given to us no undisputed statutory dues referred above were in arrears as at March 31 2022 for a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us by the Company and on the basis of our examination of the books of account and the record there are no dues of Sales Tax Service Tax Goods and service tax Income tax Duty of Customs Duty of Excise and Value added tax outstanding on account of any dispute.
(viii) According to the information and explanations given to us no transactions have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961 (43 of 1961) which was not recorded in the books of account. Accordingly paragraph 3(viii) of the Order is not applicable.
(ix) (a) According to the information and explanations given to us and on the basis of our audit procedures the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us and on the basis of our audit procedures the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(c) According to the information and explanations given to us term loans were applied for the purpose for which the loans were obtained.
(d) In our opinion and according to the information and explanations given to us and based on the audit procedures performed by us no funds raised on short term basis have been used for long term purposes by the Company.
(e) On an overall examination of the financial statements of the Company the Company has not taken any funds from any entity or person on account of or to meet the obligations of its Associate.
(f) The Company has not raised any funds during the year on the pledge of securities held in the associate Company and hence reporting on clause 3 (ix)(f)

of the Order is not applicable.

(x) (a) According to the information and explanations given to us andbased on the audit procedures performed by us the Company did not raise any money by wayof initial public offer or further public offer (including debt instruments) during theyear. Accordingly paragraph 3(ix)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartly or optionally) during the year.

(xi) (a) According to the information and explanations given to us nofraud by the company or any fraud on the company has been noticed or reported during theyear.

(b) According to the information and explanations given to us and basedon the audit procedures performed by us no report under sub-section (12) of section 143of the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 was filed with the Central Government during the year or upto thedate of the Report.

(c) As represented to us by the management no whistle blowercomplaints were received by the Company during the year.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a ‘nidhi' company and it has not accepted anydeposits. Accordingly paragraph 3(xii)(a) paragraph 3(xii)(b) and paragraph 3(xii)(c) ofthe Order is not applicable.

(xiii) According to the information and explanations given to us andbased on the audit procedures performed by us transactions with the related partiesduring the year were in compliance with sections 188 of the Act where applicable anddetails of such transactions have been disclosed in the Ind AS financial statements asrequired by the applicable accounting standards. Provisions of Section 177 of the Act arenot applicable to the Company.

(xiv) (a) In our opinion and based on our examination the company hasan internal audit system however it needs to strengthened to be commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the company issuedtill date for the period under audit.

(xv) According to the information and explanations given to us andbased on the audit procedures performed by us the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly provisions ofsection 192 of the Act and paragraph 3(xv) of the Order are not applicable.

(xvi) (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi)(a) of the Orderis not applicable.

(b) According to the information and explanations given to us and basedon audit procedures performed by us the Company has not conducted any Non-BankingFinancial or Housing Finance activities during the year. Accordingly paragraph 3(xvi)(b)of the Order is not applicable.

(c) In our opinion and according to the information and explanationsgiven to us the company is not a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India. Accordingly paragraph 3(xvi)(c) of theOrder is not applicable.

(d) According to the information and explanations given to us theGroup (as defined the Core Investment Companies (Reserve Bank) Direction 2016) does nothave any Core Investment Company (‘CIC') as part of the Group. Accordinglyparagraph 3(xvi)(d) of the Order is not applicable. (xvii) According to the informationand explanations given to us the Company has not incurred cash losses in the currentfinancial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year. Accordingly paragraph 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that company is not capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date.

We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(xx) (a) According to the information and explanations given to us andbased on audit procedures performed by us the Company was not required to spent anyamount in terms of Section 135 of the Act during the year. Accordingly second proviso tosub-section (5) of section 135 of the said Act and paragraph 3(xx)(a) of the Order is notapplicable.

(b) According to the information and explanations given to us and basedon audit procedures performed by us the Company did not have any ongoing project in termsof Section 135 of the Act during the year. Accordingly provision of subsection (6) ofsection 135 of the said Act and paragraph 3(xx)(b) of the Order is not applicable.

(xxi) This Report is issued on the standalone financial statements ofthe Company. Accordingly paragraph 3(xxi) of the Order is not applicable.

For BATLIBOI & PUROHIT

Chartered Accountants ICAI Firm Reg. No.101048W

Kaushal Mehta

Partner

Membership No. 111749

Place: Mumbai Date: May 27 2022

ICAI UDIN: 22111749AJSXOH2708

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph (g) under ‘Report on Other Legal andRegulatory Requirement's section of our report to the members of WEIZMANN LIMITED ofeven date)

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

Opinion

We have audited the Internal Financial Controls over financialreporting of WEIZMANN LIMITED (“the Company”) as of March 31 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India (‘ICAI').

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining 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 ICAI. 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 InternalFinancial Controls over Financial Reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by theICAI 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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate Internal Financial Controls overFinancial Reporting was established and maintained and if such controls operatedeffectively 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 of the Company.

Meaning of Internal Financial Controls over Financial Reporting

A company's Internal Financial Control over Financial Reporting 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 overFinancial Reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(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 timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

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.

For BATLIBOI & PUROHIT

Chartered Accountants ICAI Firm Reg. No.101048W

Kaushal Mehta

Partner

Membership No. 111749 Place : Mumbai Date : May 27 2022 ICAI UDIN:22111749AJSXOH2708

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