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Western Ministil Ltd.

BSE: 504998 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE187U01015
BSE 00:00 | 12 Aug Western Ministil Ltd
NSE 05:30 | 01 Jan Western Ministil Ltd
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Western Ministil Ltd. (WESTERNMINISTIL) - Auditors Report

Company auditors report

To the Members of WESTERN MINISTIL LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statementsof Western Ministil Limited ("the Company") which comprise the Balance Sheetas at March 312022 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity the Statement of Cash Flows for the year thenended and notes to the Standalone Financial Statements including a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas ‘‘the standalone financial statements").

Qualified Opinion

In our opinion and to the best of our information and according to theexplanations given to us except for the effects of the matters described in the Basis forQualified Opinion paragraph the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended ("Ind AS") and other accountingprinciples generally accepted in India of the state of affairs of the Company as at March312022 its loss and total comprehensive income the changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion We conducted our audit of the standalone financialstatements in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act (SAs). Our responsibilities under those Standards are further described in the"Auditor's Responsibilities for the Audit of the Standalone FinancialStatements" section of our report. We are independent of the Company in accordancewith the "Code of Ethics" issued by The Institute of Chartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to ouraudit of the standalone financial statements under the provisions of the Act and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone financial statements.

Basis for Qualified Opinion

1. The company has not made provision for interest on short termborrowings since April 12001 till March 312022. As a consequence loss for the year isunderstated by Rs. 11.47 lakhs and accumulated losses under Other Equity and Other CurrentFinancial Liabilities are understated by Rs.240.79 lakhs (understated by Rs. 229.33 lakhsas at March 312021).

2. The management has prepared the financial statement on going concernbasis notwithstanding the fact that the Company is facing financial difficulties andaccumulated losses of the Company as at the Balance Sheet date exceeds its paid-up sharecapital and free reserves indicating uncertainty that casts significant doubt on theCompany's ability to continue as a going concern. As a consequence resultant impact onthe assets liabilities and loss for the year ended March 31 2022 is not ascertainable.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsof the current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole for the year ended March 31 2022 and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report:

Except for the matter described in the Basis for Qualified Opinion orMaterial Uncertainty Related to Going Concern section we have determined that there areno key audit matters to communicate in our report.

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

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Management Discussion and AnalysisCorporate Governance and Shareholder's Information and Business Responsibility Report butdoes not include the standalone financial statements and our auditor's report thereon.

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

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

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

Management?s Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Act with respect to the preparation and presentation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Ind AS specified under Section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board ofDirectors is 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 the management either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company'sfinancial 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 professionaljudgement and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• 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 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 standalone 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 conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 standalone financialstatements.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor?s Report) Order 2020("the Order") issued by the Central Government of India in terms of Section143(11) of the Act we give in the Annexure "A" a statement on the mattersspecified in 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 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 havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity the Statement of CashFlows and notes to the standalone financial statements dealt with by this Report are inagreement with the books of account;

(d) Except for the effects of the matter described in the Basis forQualified Opinion paragraph above in our opinion the aforesaid standalone Ind ASfinancial statements comply with the Ind AS specified under Section 133 of the Act readwith the Companies (Indian Accounting Standards) Rules 2015 as amended;

(e) The matters described in paragraph under the Basis for QualifiedOpinion paragraph above in our opinion may have an adverse effect on the functioning ofthe Company.

(f) On the basis of the written representations received from thedirectors as on March 31 2022 and 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.

(g) With respect to the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B. Our report expresses an unmodified opinion on the adequacyand operating effectiveness of the Company's internal financial controls over financialreporting.

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

i. The Company has no pending litigations on its financial position inits standalone Ind AS financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses as requiredunder the applicable law or accounting standards:

iii. There were no amounts which are required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of itsknowledge

and belief other than as disclosed in the notes to the accounts nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other 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 other than as disclosed in the notes to the accounts no funds have beenreceived 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 (Refer Note 39(j) to the Standalonefinancial statements);

(c) Based on such audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause

(i) and (ii) of Rule 11(e) as provided in (a) and (b) above containany material misstatement.

v. Since the Company has not declared or paid any dividend during theyear the question of commenting on whether dividend declared or paid is in accordancewith Section 123 of the Companies Act 2013 does not arise.

‘Annexure - A? to the Independent Auditor?s Report ofeven date to the members of Western Ministil Limited on the Ind AS Financial Statementsfor the year ended March 31 2022

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the Ind AS Financial Statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

(i) The Company does not hold any Property Plant and Equipment.Accordingly paragraph 3 (i)(a) to (e) of the said Order is not applicable to the Company.

(ii) The Company does not hold any inventory. Accordingly paragraph 3(ii) (a) and (b) of the said Order is not applicable to the Company.

(iii) According to the information and explanation provided by themanagement and the records examined by us during the year the company has not madeinvestments in provided any guarantee or security or granted any loans or advances in thenature of loans secured or unsecured to companies firms limited liability partnershipor any other parties. Hence reporting under clause 3(iii)(a) to (f) of the said Order isnot applicable to the Company.

(iv) Based on information and explanation given to us in respect ofloans investments guarantees and securities the Company has not entered into anytransactions which fall under the purview of Section 185 and 186 of the Companies Act2013.

(v) According to the information and explanation provided by themanagement and the records examined by us company has not accepted deposits / amountsdeemed to be deposits as per the directive issued by Reserve Bank of India and theprovision of the section 73 to 76 or any other relevant provisions of the Companies Act2013 and rule made thereunder. Hence reporting under clause 3(v) of the said Order is notapplicable to the Company.

(vi) The Company has not maintained cost records as prescribed byCentral Government of India under sub-section (1) of Section 148 of the Act and the rulesframed there under. We are informed that operations of the Company have ceased sinceDecember 1995. Accordingly the provisions of clause 3 (vi) of the Order are notapplicable.

(vii) (a) According to the information and explanation provided by themanagement

and the records examined by us in respect of statutory dues includingProvident Fund Employees State Insurance Scheme Income tax Sales tax Wealth TaxService Tax Goods and Service Tax Customs Duty Excise Duty and Cess have generally beendeposited regularly with the appropriate authorities as appearing in the books ofaccounts. Further there are no dues undisputed in respect of Income tax Sales taxWealth Tax Service Tax Goods and Service Tax Customs Duty Excise Duty and Cessoutstanding as at Balance Sheet date for a period of more than six months from the datethey became payable.

(b) According to the information and explanation provided by themanagement and the records examined by us there are no statutory dues referred to insub-clause (a) which have not been deposited as on the Balance Sheet date on account ofany dispute.

(viii) According to the information and explanation provided by themanagement and the records examined by us the Company has not surrendered or disclosedany income during the year in the tax assessments under the Income Tax Act 1961 which isnot recorded in the Books of Accounts. Hence reporting under clause 3(viii) of the saidOrder is not applicable to the Company.

(ix) (a) According to the information and explanation provided by themanagement

and the records examined by us the company has not defaulted inrepayment of loans or other borrowings or in the interest thereon. Hence reporting underclause 3(ix)(a) of the said Order is not applicable to the Company.

(b) According to the information and explanation provided by themanagement and the records examined by us the company has not been declared as willfuldefaulter by any bank or financial institution or other lender during the year.

(c) According to the information and explanation provided by themanagement and the records examined by us the company has not obtained any term loanduring the year. Hence reporting under clause 3(ix)(c) of the said Order is not applicableto the Company.

(d) According to the information and explanation provided by themanagement and the records examined by us the company has not raised any funds for shortterm requirements during the year. Hence reporting under clause 3(ix)

(d) of the said Order is not applicable to the Company.

(e) According to the information and explanation provided by themanagement and the records examined by us the Company does not have any subsidiariesassociates or joint ventures. Hence reporting under clause 3(ix)(e) of the said Orderpertaining to meeting the obligations of the subsidiaries joint ventures and associatecompanies is not applicable to the Company.

(f) According to the information and explanation provided by themanagement and the records examined by us the Company does not have any subsidiariesassociates or joint ventures. Hence reporting under clause 3(ix)(f) of the said Orderpertaining to raising of loans on the pledge of securities held in its subsidiaries jointventures and associate companies is not applicable to the Company.

(x) (a) The Company has not raised any money by way of initial publicoffer or further

public offer (including debt instruments) and term loans during theyear. Accordingly paragraph 3(x)(a) of the said Order is not applicable.

(b) According to the information and explanation provided by themanagement and the records examined by us the company has not made any preferentialallotment or private placements of shares or fully or partly convertible debentures duringthe year. Hence reporting under clause 3(x)(b) of the said Order is not applicable to theCompany

(xi) (a) According to the information and explanation provided by themanagement

and the records examined by us no fraud has been noticed or reportedduring the year on the Company or by the Company. Hence reporting under clause 3(xi)(a) ofthe said Order is not applicable to the Company.

(b) Since no fraud has been noticed or reported during the year on theCompany or by the Company no report under sub-section (12) of Section 143 of theCompanies Act 2013 is required to be filed by the auditors in Form ADT-4 as prescribedunder rule 13 of Companies (Audit and Auditors) Rules 2014 (as amended) with the CentralGovernment. Hence reporting under clause 3(xi)

(b) of the said Order is not applicable to the Company.

(c) According to the information and explanation provided by themanagement and the records examined by us no whistle-blower complaint has been receivedby the company during the year. Hence reporting under clause 3(xi)

(c) of the said Order is not applicable to the Company.

(xii) According to the information and explanation provided by themanagement and the records examined by us the company is not covered under the categoryof Nidhi company. Hence reporting under clause 3(xii)(a) to (c) of the said Order is notapplicable to the Company.

(xiii) According to the information and explanation provided by themanagement and the records examined by us the company has complied with Section 177 and188 of Companies Act 2013 in respect of all transactions with related parties and detailshave been disclosed in the Ind AS Financial Statements as required by the applicableaccounting standards.

(xiv) (a) According to the information and explanation provided by themanagement

and the records examined by us the company does not fall under thepurview of Internal Audit as it does not meet the required criteria as provided in Section138 of the Companies Act 2013. Hence reporting under clause 3(xiv)(a) & (b) of thesaid Order is not applicable to the Company.

(xv) According to the information and explanation provided by themanagement and the records examined by us the company has wherever applicable compliedwith provisions of Section 192 of the Companies Act 2013 in respect of any non-cashtransactions entered with directors or persons connected with him.

(xvi) (a) The company is not required to be registered under Section45-IA of the

Reserve Bank of India Act 1934.

(b) According to the information and explanation provided by themanagement and the records examined by us the Company has not conducted any NonBankingFinancial or Housing Finance activities. Hence reporting under clause 3(xvi)(b) of thesaid Order is not applicable to the Company.

(c) According to the information and explanation provided by themanagement and the records examined by us the Company is not a Core Investment Company(CIC) as defined in the regulations made by the Reserve Bank of India. Hence reportingunder clause 3(xvi)(c) of the said Order is not applicable to the Company.

(d) According to the information and explanation provided by themanagement and the records examined by us the company is not a Core Investment Company(CIC) as defined in the regulations made by the Reserve Bank of India. Hence reportingunder clause 3(xvi)(d) of the said Order for the Group not having any other CIC as a partof the Group is not applicable to the Company.

(xvii) According to the information and explanation provided by themanagement and the records examined by us the company has incurred any cash losses of Rs.13.21 lakhs in the financial year and Rs. 14.07 lakhs in the immediately precedingfinancial year.

(xviii) According to the information and explanation provided by themanagement and the records examined by us there has been no resignation of the statutoryauditors of the company during the year. Hence reporting under clause 3(xviii) of theOrder is not applicable to the Company. The undersigned shall complete their term of fiveyears at the conclusion of the forthcoming Annual General Meeting and do not seekreappointment as per the provisions of section 139(2)(a) of the Companies Act 2013.

(xix) According to the information and explanation provided by themanagement and on the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the Ind AS Financial Statements examined by us we are of the opinion that nomaterial uncertainty exists as on the date of the audit report that company is capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date.

(xx) According to the information and explanation provided by themanagement and the records examined by us the company is not covered under the provisionsof Section 135 of the Companies Act 2013 relating to Corporate Social Responsibility.Hence reporting under clause 3(xx)(a) & (b) of the said Order pertaining to transferof Unspent Amount is not applicable to the Company.

(xxi) Since the Company does not have any Subsidiaries Joint Venturesor Associate Companies it is not required to prepare and present the Consolidated Ind ASFinancial Statements. Hence reporting under clause 3(xxi) of the said Order pertaining toQualifications or adverse remarks by the respective auditors in the Companies (Auditor'sReport) Order (CARO) reports of the companies included in the Consolidated Ind ASFinancial Statements is not applicable to the Company.

Annexure "B " to The Independent Auditor?s Report

(Referred to in Paragraph 2(g) under the heading of "Report onOther Legal and Regulatory Requirements" in the Independent Auditor?s Report ofeven date to the members of Western Ministil Limited on the financial statements for theyear ended March 31 2022)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct").

We have audited the internal financial controls over financialreporting of Western Ministil Limited ("the Company") as of March 312022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

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 ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by ICAI. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 internal financialcontrols system over financial reporting.

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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

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

Opinion

In our opinion 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 over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312022 based on criteriafor internal financial control over financial reporting 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.

For D B Shah & Associates
Chartered Accountants
(Firm?s Registration No. 109530W)
Sd/-
(Dharmen B. Shah)
Proprietor
Place : Mumbai M.No: 036324
Date : May 27 2022 UDIN : 22036324AJTNQZ9390

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