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White Organic Agro Ltd.

BSE: 513713 Sector: Others
NSE: N.A. ISIN Code: INE146C01019
BSE 00:00 | 25 Nov 13.68 0.04
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NSE 05:30 | 01 Jan White Organic Agro Ltd
OPEN 13.89
PREVIOUS CLOSE 13.64
VOLUME 49596
52-Week high 20.73
52-Week low 9.78
P/E 4.44
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.89
CLOSE 13.64
VOLUME 49596
52-Week high 20.73
52-Week low 9.78
P/E 4.44
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

White Organic Agro Ltd. (WHITEORGANIC) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

WHITE ORGANIC AGRO LIMITED

Report on the Audit of Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of White Organic Agro Ltd(Formerly known as WHITE DIAMOND INDUSTRIES LIMITED) ("the Company")which comprise the Balance Sheet as at 31 March 2022 and the Statement of Profit andLoss (including other comprehensive income) Statement of Changes in Equity and Statementof Cash Flows for the year then ended and Notes to the Financial Statements including aSummary of Significant Accounting Policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial Statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the State of Affairs of the Companyas at March 31 2022 and Profit Total Comprehensive Income Changes in Equity and itsCash Flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

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

We have determined the matters described below to be the key audit matters to becommunicated in our report. Aspects Determined as Key Audit Matters

11. Sale of Subsidiary:

During the year the Company has sold the substantial holding of its Equity Shares i.e.55.10% in subsidiary "White Organic Retail Limited" to Suumaya Retail Limitedvide Share Purchase Agreement dated May 21 2021 duly executed post which an open offerwas made by the acquirer in terms of relevant provisions of SEBI SAST Regulations 2011.

The said shares now stand transferred to Suumaya Retail Limited by virtue of the saidShare Purchase Agreement and in compliance of SAST regulations SEBI (ICDR) Regulationsand other applicable provisions for a consideration of Rs 18.90 Crores and correspondingprofit on sale of shares amounting to Rs. 4.53 Crores is shown under the head Other Incomein the Statement of Profit and Loss.

Auditor's Response:

• Obtained an understanding and assessed the effectiveness of process followed bythe management for recording the sale of subsidiary.

• Evaluated appropriateness of the accounting treatment followed by the managementconsidering the accounting principles.

• Examined whether the Shares have been transferred to and are in the name of theacquiring company.

• Examined whether the sale consideration received is same as agreed between theparties and is as per the Sale Purchase Agreement duly executed between the parties.

• Evaluated the compliance made by the company with respective regulatoryauthorities with respect to sale of subsidiary.

• Tested the appropriateness of the disclosure in the financial statements inaccordance with the applicable financial reporting framework.

Other Information

The Company's management and Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditor's reportthereon. Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

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

Responsibilities of Management and those charged with governance for the Ind ASfinancial statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income changes in equityand cash flows of the Company in accordance with accounting principles generally acceptedin India including Indian Accounting Standards (Ind AS) prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of 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 Ind ASfinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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

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

Auditors' Responsibility for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the Ind AS 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

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

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in "Annexure 1" a statement onthe matters specified in paragraphs 3 & 4 of the Order to the extent applicable.

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

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

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

c) The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the Cash Flow Statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Financial Statements comply with the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with relevant rulesissued thereunder.

e) On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls we give ourseparate Report in "Annexure 2".

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

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been delay in transferring unpaid dividends amounting to Rs. 45669/- toInvestor Education and Protection Fund by the company which fall due for transfer in FY2002-03 but has not been transferred till 31st March 2022. The management ofthe Company was changed during FY 2010-11 and new management is in the process oftransferring the unpaid dividend to Investor Education & Protection Fund.

a. The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin 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 knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

c. Based on such audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

iv. The company has not declared or paid any dividend during the year.

FOR GUPTA RAJ & CO.
CHARTERED ACCOUNTANTS
FIRM NO. 001687N
PLACE: MUMBAI CA NIKUL JALAN
DATED: 30-05-2022 (PARTNER)
UDIN: 22112353ALIEWD2914 MEMBERSHIP NO. 112353

Annexure 1 to the Independent Auditors' Report

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

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that:

(i) In respect of its Property Plant and Equipment:

(a) (A) The company has maintained proper records showing full particulars includingquantitative details and situation of the Property Plant and Equipment.

(B) The company has no intangible assets during the year. Thus the requirement onreporting under Para 3(i)(a)(B) is not applicable to the Company.

(b) The Property Plant and Equipment are physically verified by the managementaccording to a phased program designed to cover all the items over a period which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. Pursuant to the program a portion of the fixed assets have been physicallyverified by the management during the year and no material discrepancies were noticed onsuch physical verification. However no written report is available.

(c) According to the information and explanations received by us none of the immovableproperties as on the reporting date are held as Property Plant and Equipment. Thereforethe requirement on reporting under Para 3(i)(c) is not applicable to the Company.

(d) The company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets during the year. Thus the requirement on reporting underPara 3(i)(d) is not applicable to the Company.

(e) As informed by the management no proceedings have been initiated or are pendingagainst the company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii)(a) The inventory has been physically verified by management at the year end. Inour opinion frequency of verification is reasonable. As informed no materialdiscrepancies were noticed on physical verification carried out during the year.

(b) The Company has not been sanctioned working capital limits in excess of Rs 5 crorein aggregate at any points of time during the year from banks or financial institutionson the basis of security of current assets and hence reporting under Para 3(ii)(b) of theOrder is not applicable.

(iii)(a) As per the information and explanation given to us the Company has providedloans to subsidiary and entities other than subsidiaries joint ventures and associates.However the company has not provided any advances in nature of loans or stood guaranteeor provided security to any entity other than subsidiaries joint ventures and associates.Further the company has not provided any loans or provided any advances in nature ofloans or stood guarantee or provided security to subsidiaries joint ventures andassociates.

The aggregate amount during the year and balance outstanding at the balance sheet datewith respect to such loans provided to subsidiaries and entities other than subsidiariesare as mentioned below:

Particulars Amount (Rs in Lakhs)
(A) The aggregate amount of loan provided during the year
To Subsidiary* 6.39
The balance outstanding at the balance sheet date with respect to such loans
To Subsidiary Nil
(B) The aggregate amount of loan provided during the year
To Others 4570.90
The balance outstanding at the balance sheet date with respect to such loans 2179.30
To Others

*During the year the company has sold its Subsidiary and at the end of the year therewas no balance outstanding in respect of loans provided to the subsidiary company.

(b) According to the information and explanation given to us and the records producedto us the terms and conditions of the grant of such loans provided are prima facie notprejudicial to the interest of the company. Further the company has not

(c) According to the information and explanation given to us and the records producedto us the schedule of repayment of principal and payment of interest has not beenstipulated however the repayment interest are regular as per the mutual agreement betweenthe parties.

(d) According to the information and explanation given to us and the records producedto us there are no amounts of loan granted to such party covered in the registermaintained under section 189 of the act which are overdue for more than ninety days.

(e) According to the information and explanation given to us and the records producedto us no loans or advances in the nature of loan are granted by the Company which hasfallen due during the year has been renewed or extended or fresh loans granted to settlethe overdues of existing loans to the same parties.

(f) According to the information and explanation given to us and the records producedto us during the year company has granted loans and advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment.

Particulars Amount (Rs in Lakhs) % of Total Loan
The aggregate amount of loan provided during the year 3215.90 70.26
The balance outstanding at the balance sheet date with respect to such loans 1063.90 30.98

(iv) As per the information and explanation given to us in respect of loansinvestments guarantees and securities the Company has complied with the provisions ofSection 185 and 186 of the Act.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of Sections 73to 76 of the Act and the rules framed there under. Therefore the provisions of clause (v)of paragraph 3 of the Order are not applicable to the Company.

(vi) As per the information and explanations given to us in respect of the class ofindustry in which the Company falls the maintenance of cost records has not beenprescribed by the Central Government under sub-section (1) of section 148 of the CompaniesAct 2013. Therefore the provisions of clause (vi) of paragraph 3 of the Order are notapplicable to the Company.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us undisputed statutorydues including Goods and Service tax Provident Fund Employees' State InsuranceIncome-tax Sales Tax Service Tax duty of Custom duty of Excise Value Added Tax cessand other material statutory dues applicable to the Company have been regularly depositedby it with the appropriate authorities in all cases during the year.

There were no undisputed amounts payable in respect of Goods and Service tax ProvidentFund Employees' State Insurance Income-tax Sales Tax Service Tax duty of Custom dutyof Excise Value Added Tax cess and other material statutory dues in arrears as at March31 2022 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us Details of statutorydues referred to in sub-clause (a) above which have not been deposited as on March 312022 on account of disputes are given below:

Name of Statute Nature of Dues Amount (in Rs) Period F.Y.
TDS Payable Income Tax 116257/- 2019-20

(viii) During the course of our examination of the books and records of the Company andaccording to the information and explanation given to us there were no transactionsrelating to previously unrecorded income that were surrendered or disclosed as incomeduring the year in the tax assessments under the Income Tax Act 1961 (43 of 1961) duringthe year.

(ix) (a) The Company had taken loan from an entity and has repaid the entire loanduring the year itself. Since there is no default in repayment to any lender thus therequirement of reporting under clause 3(ix)(c) is not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared wilfuldefaulter by any bank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanations given to us by themanagement the Company has not taken any term loan during the year and there are nounutilized term loans at the beginning of the year and hence reporting under clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company no fundsraised on short-term basis are utilized for long term purposes by the Company.

(e) We report that the Company has neither taken any funds from any entity or personduring the year nor it had any unutilized funds as at the beginning of the year of thefunds raised through issue of shares or borrowings in the previous year and hencereporting under clause 3 (ix)(e) of the Order is not applicable.

(f) The Company does not has any Subsidiary Joint Venture or Associate Company andhence reporting under clause 3(ix)(f) of the Order is not applicable.

(x)(a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instrument) or term loans hence reporting under clause (x)(a)of the order is not applicable to Company.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(x)(b) of the Order is not applicable.

(xi) (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such instance by themanagement. No form u/s 143 (12) of the Companies Act has been filed with the CentralGovernment and no whistle blower complaints has been received by the company.

(b) According to the information and explanations given to us no report undersub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 asprescribed under Rule 13 of the Companies (Audit and Auditors) Rules with the CentralGovernment.

(c) As informed by the management no whistle blower complaints has been received by theCompany during the year.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause (xii) of paragraph 3 of the Order are not applicable to the Company.

(xiii) As per the information and explanation given to us all transactions enteredinto by the Company with the related parties are in compliance with Sections 177 and 188of Act where applicable and the details have been disclosed in the Financial Statementsas required by the applicable accounting standards.

(xiv) (a) Based on information and explanations provided to us and as per our auditprocedures in our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the Company issued till the evendate for the period under Audit.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with him and hence provisions ofsection 192 of the Companies Act 2013 are not applicable to the Company.

(xvi) (a) As per the information and explanation given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Hence the provisions of (xvi) of the Order is not applicable to the Company.

(b) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable.

(d) According to the information and explanations provided to us the Group (as per theprovisions of the Core Investment Companies (Reserve Bank) Directions 2016) has no CIC aspart of the Group accordingly the clause 3(xvi)(d) of the order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year and theimmediately preceding financial year.

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

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit 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.

(xx) Since the Company doesn't satisfy any of the criteria prescribed under Section135(1) of the Companies Act 2013 during the immediately preceding financial year thusthere was no requirement for the Company to spend any amount on CSR activities during theyear ended March 31 2022. Accordingly the requirement to report on clause 3(xx)(a) and(b) of the Order is not applicable to the Company.

(xxi) During the year the Company had sold the substantial holding of its Equity Sharesin its subsidiary "White Organic Retail Limited" to Suumaya Retail Limited. Thusthe company has no Subsidiary and accordingly reporting under clause 3(xxi) of the Orderis not applicable to the company.

FOR GUPTA RAJ & CO.
CHARTERED ACCOUNTANTS
FIRM NO. 001687N
PLACE: MUMBAI CA NIKUL JALAN
DATED: 30-05-2022 (PARTNER)
UDIN: 22112353ALIEWD2914 MEMBERSHIP NO. 112353

Annexure 2 to the Independent Auditors' Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

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

We have audited the internal financial controls over financial reporting of WHITEORGANIC AGRO LTD ("the Company") as of 31st March 2022 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 Financial Reporting

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

Opinion

In our opinion 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 31st March 2022based on 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 ICAI. Ouropinion is not modified in respect of this matter.

FOR GUPTA RAJ & CO.
CHARTERED ACCOUNTANTS
FIRM NO. 001687N
Sd/-
PLACE: MUMBAI CA NIKUL JALAN
DATED: 30-05-2022 (PARTNER)
UDIN: 22112353ALIEWD2914 MEMBERSHIP NO. 112353

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