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Welspun Specialty Solutions Ltd.

BSE: 500365 Sector: Metals & Mining
NSE: REMIMETAL ISIN Code: INE731F01037
BSE 00:00 | 17 Aug 16.75 0.15
(0.90%)
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16.50

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17.00

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NSE 05:30 | 01 Jan Welspun Specialty Solutions Ltd
OPEN 16.50
PREVIOUS CLOSE 16.60
VOLUME 134093
52-Week high 25.15
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 888
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.50
CLOSE 16.60
VOLUME 134093
52-Week high 25.15
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 888
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Welspun Specialty Solutions Ltd. (REMIMETAL) - Auditors Report

Company auditors report

To the Members of Welspun Specialty Solutions Limited Opinion

We have audited the accompanying financial statements of WelspunSpecialty Solutions Limited ("the Company") which comprise the Balance Sheet asat March 31 2022 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and a summary of 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 financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022; and its loss and totalcomprehensive 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) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe financial 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 Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current year.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 the matters described below to be the key audit mattersto be communicated in our report.

Key Audit Matter How our audit addressed the key audit matter
Appropriateness Revenue Recognition We performed the following procedures:
(Refer Note 1II(r) and 23 to financial statement) • Understanding testing and evaluating the design and the operating effectiveness of controls relating to revenue recognition under Ind AS 115;
The Company recognises revenue in accordance with Ind AS 115 "Revenue from Contracts with Customers". • Tested the reconciliation of the amounts as per the sales register to the general ledger.
Revenue from the sale of goods is recognized at a point in time when the control has been transferred which generally coincides with terms as agreed with the customers. • Reading of contracts to identify significant terms of the contracts;
The above was considered to be a key audit matter since revenue is significant to the standalone financial statements and is required to be recognised in accordance with the terms of the customer contracts which involve management judgements as described above. • Evaluating the contract terms to assess the timing of transfer of control to the customer and to determine whether revenue is recognised appropriately;
• Testing whether the revenue recognition (including procedures related to cut off) is in line with the terms of customer contracts the transfer of control;
• Testing of journal entries for revenue transactions; and
• Evaluating adequacy of the presentation and disclosures.
Based on the above stated procedures no significant exceptions were noted by us in revenue recognition including those relating to presentation and disclosures as required by applicable accounting standard.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the"Director's Report" including Annexures to Director's Report but doesnot include the financial statements and our auditor'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 connectionwith our audit of the financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information; we are requiredto report that fact. We have nothing to report in this regard.

Management Responsibility for the financial statements

The Company's Management and Board of Directors are responsiblefor the matters stated in Section 134(5) of the Act with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance change in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act read with the Companies (IndianAccounting standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of the appropriate accounting policies; makingjudgements 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 and Board ofDirectors are responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless management either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities for the audit of the financialstatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these 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 thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control 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 with reference to financialstatements in place and the operating 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company 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.

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 auditors' 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) Order 2016("the Order") issued by the Central

Government of India in terms of sub-section (11) of section 143 of theAct we give in "Annexure

A" a statement on the matters specified in paragraphs 3 and 4 ofthe 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 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 appears from our examination of those books.

c) The balance sheet the statement of profit and loss (including othercomprehensive income) the statement of cash flow and the statement of change in equitydealt with by this report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards specified under section 133 of the Act read with theCompanies (Indian Accounting standards) Rules 2015 as amended.

e) On the basis of the written representations received from thedirectors as on March 312022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312022 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 withreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rules 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements in note 37 to the financial statements;

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

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company for the year ended March 312022.

iv. (a) Management has represented to us that to the best of it'sknowledge and belief other than as disclosed in the notes to the accounts no funds havebeen advanced or loaned or invested (either from borrowed funds or share premium or anyother sources or kind of funds) by the Company to or in any other persons or entitiesincluding foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) Management has represented to us that to the best of it'sknowledge and belief other than as disclosed in the notes to the accounts no funds havebeen received by the company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries

(c) Based on our audit procedure conducted that are consideredreasonable and appropriate in the circumstances nothing has come to our attention thatcause us to believe that the representation given by the management under paragraph (2)(h) (iv)

(a) & (b) contain any material misstatement.

v. The Company has not declared or paid any dividend during the year.

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No. 107783W/W100593

Jigar T. Shah

Partner

Membership No. 161851

UDIN: 22161851AKCHIY9716

Place: Mumbai

Date: May 23 2022

Annexure ‘A' to the Independent Auditors' Report of evendated on the financial statements of Welspun Specialty Solutions Limited

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section of our Report of even date)

i) (a) (A) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of its property plant andequipment on the basis of available information except for in some assets where Companyis in the process of tagging the assets.

(B) The Company has maintained proper records showing full particularsof intangible assets on the basis of available information.

(b) The Company has a regular programme of physical verification of itsproperty plant and equipment by which all property plant and equipment are verified ina phased manner over a period of time. In our opinion the periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program a portion of the property plant and equipment has beenphysically verified by the Management during the year and no material discrepanciesbetween the book records and the physical assets were noticed on such verification.

(c) As per the information and explanations given to us and recordsexamined by us the title deeds of immovable properties are in the name of the Company.

(d) According to information and explanations given to us and books ofaccounts and records examined by us Company has not revalued its Property Plant andEquipment (including Right of Use assets) or intangible assets or both during the year.

(e) According to information explanations and represented given to usby the management no proceedings have been initiated or are pending against the Companyfor holding any benami property under the Benami Transactions (Prohibition) Act 1988 andrules made thereunder.

ii) (a) In our opinion and as per the information and explanation givento us the inventories have been physically verified during the year by the Management atreasonable intervals and the discrepancies between physical stocks and the book stocksnoticed on physical verification were not material.

(b) Based on the records examined by us and information and explanationgiven to us the Company has been sanctioned working capital limits from banks on thebasis of security of current assets and the quarterly returns or statements filed by theCompany with such banks are in agreement with the books of account of the Company.

iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured any investments or provided anyguarantees or given security and has not granted any advances in the nature of loansduring the year to companies firms limited liability partnerships or other parties coverin the register maintained under Section 189 of the Act. Hence Clauses (iii) (a) toClauses (iii) (f) of Paragraph 3 of the Order are not applicable.

iv) As per the information and explanation given to us the Companyduring the year has not granted any loan made investment and provided guarantees andsecurities to the parties covered under section 185 and section 186 of the Act.Accordingly clause 3(iv) of the Order is not applicable.

v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits within the meaning of provisions ofSections 73 to 76 or any other relevant provisions of the Act and the Companies(Acceptance of Deposits) Rules 2014 as amended with regard to the deposits accepted.According to the information and explanations given to us no order has been passed by theCompany Law Board or the National Company Law Tribunal or the Reserve Bank of India or anyCourt or any other Tribunal.

vi) On the basis of records produced to us we are of the opinion thatprima facie the cost records prescribed by the Central Government of India under section148(1) of the Act have been maintained. However we are not required to and have notcarried out any detailed examination of such accounts and records.

vii) a) According to the books and records as produced and examined byus in accordance with

the generally accepted auditing practices in India the undisputedstatutory dues in respect of Provident Fund Employee State Insurance dues Custom DutyGoods and Service Tax Cess and other material statutory dues have generally beenregularly deposited by the Company during the year with the appropriate authorities inIndia. There are no undisputed amounts payable in respect of the aforesaid dues as atMarch 31 2022 for a period of more than six months from the date they became payable.

b) Details of statutory dues referred to in clause vii (a) above whichhave not been deposited as on March 312022 on account of disputes are given below:

Name of Statute Nature of the dues Period to which amount relates Forum where dispute is pending Amount Rs. in Lac)
Finance Act 1994 Service Tax 2005-06 to 2007- 08 Customs Excise & Service Tax Appellate Tribunal 1

viii) According to information explanation and representation given tous by the management there were no transactions related to previously unrecorded incomethat were surrendered or disclosed as income during the year in the tax assessments underthe Income Tax Act 1961.

viii)(a) Based on the examination of records and information andexplanation given to us the Company has not defaulted in repayment of its loans orpayment of interest to any lender.

(b) According to the information and explanations given to us and onthe basis of the audit procedures we report that the Company has not been declared aswillful defaulter by any banks financial institution or government or any governmentauthority.

(c) In our opinion and information and explanation given to us andbased on the examination of records of the Company the term loans taken by the Companyhave been applied for the purpose for which they were raised.

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the financial statements ofthe Company we report that no funds raised on short term basis have been used forlong-term purposes.

(e) According to the information and explanations given to us and on anoverall examination of the financial statements of the Company the Company does not haveany subsidiaries associates or joint ventures hence clause 3(ix) (e) and (f) of theOrder is not applicable.

ix) (a) In our opinion and according to the information andexplanations given to us the Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) and hence reporting under clause x(a)of paragraph 3 of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanationgiven to us the Company during the year has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures and hence reportingunder clause x(b) of paragraph 3 of the Order is not applicable to the Company.

x) (a) Based on the audit procedures performed by us and according tothe information and explanations given to us no material fraud by the Company or on theCompany has been noticed or reported during the year.

(b) According to the information and explanations given to us noreport under sub-section (12) of section 143 of the Act has been filed by the auditors inform ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors) Rules 2014with the Central Government.

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year while determining the nature timing and extent ofaudit procedures

xi) In our opinion company is not a Nidhi Company. Therefore theprovisions of clause (xii) of paragraph 3 of the Order are not applicable to the Company.

xii) In our opinion and according to the information and explanationsgiven to us the Company's transactions with its related party are in compliance withSections 177 and 188 of the Act wherever applicable and details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiii) (a) In our opinion and based on our examination the Company hasan internal audit system commensurate with the size and nature of its business.

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

xiv) According to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its directors ordirectors of its holding subsidiary or associate company or persons connected with themand hence provisions of Section 192 of the Act are not applicable.

xv) (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934.

(b) On the basis of examination of records and according to theinformation and explanation given to us by the Company the Company has not conducted anyNon-Banking Financial or Housing Finance activities hence the reporting requirements underclause xvi(b) of paragraph 3 of the Order is not applicable.

(c) In our opinion and according to the information and explanationgiven to us the Company is not a Core Investment Company as defined in the regulationsmade by the Reserve Bank of India.

(d) As represented by the management the Group has 3 Core InvestmentCompany (including CIC's exempt from registration / unregistered CIC) as part of theGroup as per the definition of Group contained in the Core Investment Companies (ReserveBank) Directions 2016.

xvi) Based on the examination of records the Company has incurred cashlosses in the financial year and in the immediately preceding financial year.

xvii) There has been no resignation of the statutory auditors duringthe year.

xviii) 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 future viability ofthe Company. We further state that our reporting is based on the facts up to the date ofthe audit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

xix) According to the information and explanations given to us and onan overall examination of the financial statements of the Company provision of section135 of the Act is not applicable to the Company. Accordingly the requirements ofparagraph 3 (xx) (a) & (b) of the Order is not applicable to the Company.

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No. 107783W/W100593

Jigar T. Shah

Partner

Membership No. 161851

UDIN: 22161851AKCHIY9716

Place: Mumbai

Date: May 23 2022

Annexure ‘B' to the Independent Auditors' Report of evendate on the financial statements of Welspun Specialty Solutions Limited

(Referred to in paragraph 2 (f) under ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

Report on the Internal Financial Controls with reference to financialstatements under Clause

(i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the Internal Financial Control with reference tofinancial statements of Welspun Specialty Solutions Limited ("the Company") asof March 31 2022 in conjunction with our audit of the financial statements of the Companyfor the year ended on that date.

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls with reference to financial statements (the "Guidance Note") issued bythe Institute of Chartered Accountants of India ("ICAI"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note and the Standards on Auditing prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both issued by ICAI. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements 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 with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

A Company's internal financial control with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures 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 timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements

Because of the inherent limitations of internal financial controls withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2022 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.

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No. 107783W/W100593

Jigar T. Shah

Partner

Membership No. 161851

UDIN: 22161851AKCHIY9716

Place: Mumbai

Date: May 23 2022

.