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Wim Plast Ltd.

BSE: 526586 Sector: Industrials
NSE: WIMPLAST ISIN Code: INE015B01018
BSE 00:00 | 01 Dec 508.65 -0.60
(-0.12%)
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518.00

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518.00

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507.15

NSE 05:30 | 01 Jan Wim Plast Ltd
OPEN 518.00
PREVIOUS CLOSE 509.25
VOLUME 1736
52-Week high 573.00
52-Week low 335.00
P/E 14.96
Mkt Cap.(Rs cr) 610
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 518.00
CLOSE 509.25
VOLUME 1736
52-Week high 573.00
52-Week low 335.00
P/E 14.96
Mkt Cap.(Rs cr) 610
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wim Plast Ltd. (WIMPLAST) - Auditors Report

Company auditors report

To The Members of Wim Plast Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of WIMPLAST LIMITED ("the Company") which comprise of Balance Sheet as at March 312022 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Statement of Changes in Equity and the Statement of Cash Flow Statement forthe year then ended and notes to the Standalone Financial Statements including a summaryof significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312022its profits including other comprehensive income changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Financial Statements'section of our report. We are independent of the Company in accordance with the ‘Codeof Ethics' issued by the Institute of Chartered Accountants of India (ICAI) togetherwith the ethical requirements that are relevant to our audit of the Standalone FinancialStatements under the provisions of the Act and the Rules thereunder and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Financial Statements for the yearended March 31 2022. These matters were addressed in the context of our audit of theStandalone Financial Statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

There are no key audit matters identified in our audit.

Information Other than the Standalone Financial Statements andAuditor's report thereon

The Company's Management and Board of Directors are responsiblefor the other information. The other information comprises the information included in theCompany's Annual Report but does not include the Standalone Financial Statements andour 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 in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard. Responsibilities of Management for the Standalone 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 Standalone 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 the accounting principles generallyaccepted in India including the Indian accounting Standards ("Ind AS")specified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Financial Statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements the Management andBoard of Directors are responsible for assessing the Company's ability to continue asa going concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless Board of Directors either intends to liquidatethe Company or to cease operations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

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

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional 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 andBoard of Directors.

• Conclude on the appropriateness of Management and Board ofDirectors' use of the going concern basis of accounting and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the StandaloneFinancial Statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the StandaloneFinancial Statements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the Standalone Financial Statements may beinfluenced. We consider quantitative materiality and qualitative factors in

(i) Planning the scope of our audit work and in evaluating the resultsof our work and

(ii) To evaluate the effect of an identified misstatement in theStandalone Financial Statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements for the financial year ended March 312022 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

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 sub-section(11) of Section 143 of the Act we give in the Annexure "A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

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 it appears from our examination of those book;

c) The Balance sheet the Statement of Profit & Loss including theStatement of Other Comprehensive Income the Statement of Changes in Equity and the CashFlow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Standalone Financial Statements complywith the Ind As specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

e) On the basis of the written representation received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a Director in termsof Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company with reference to these Standalone Financial Statementsand the operating effectiveness of such controls refer to our separate Report in Annexure"B" to this report;

g) In our opinion the managerial remuneration for the year ended March312022 has been paid/provided by the Company to its directors in accordance with theprovisions of section 197 read with Schedule V to the Act;

h) With respect to the matters to be included in the Auditor'sreport in accordance with the Rule 11 of the Companies (Audit and Auditors) Rules 2014as amended 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 Standalone Financial Statements. [Refer note no 37 to StandaloneFinancial Statements]

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

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

(iv) (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) 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 orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) 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 person or entityincluding foreign entity ("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;

(c) Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused them tobelieve that the representations under subclause (iv)(a) and (iv) (b) contain any materialmis-statement.

(v) a) The final dividend paid by the company during the year inrespect of the previous year is in accordance with section

123 of the Act to the extent it applies to payment of dividend. b) Asstated in the note 35 to the standalone financial statements the Board of Directors ofthe Company has proposed final dividend for the year which is subject to the approval ofthe members at the ensuing annual general meeting. The dividend declared is in accordancewith section 123 of the Act to the extent it applies to the declaration of dividend.

For Jeswani & Rathore

Chartered Accountants

(FRN: 104202W)

Khubilal G Rathore

(Partner)

M.No: 012807

UDIN: 22012807AJPQQR9629

Place: Mumbai

Date: May 25 2022

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

Annexure "A" to the Independent Auditor's Report of evendate on the Standalone Financial Statements of Wim Plast Limited

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

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

Plant and Equipment and relevant details of right-of-use assets.

(b) According to the information and explanations given to us theCompany has a phased program for physical verification of the PPE for all locations. Inour opinion the frequency of verification is reasonable considering the size of thecompany and nature of its PPE. Physical verification of the assets has been carried outduring the year pursuant to the program in that respect. According to the information andexplanations given to us and on the basis of our examination of the records no materialdiscrepancies were noticed during such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties disclosed in the financial statements are held in the name of the Company.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not revaluedits Property Plant and Equipment or intangible assets or both during the year.

(e) According to information and explanations given to us and on thebasis of our examination of the records of the Company there are no proceedings initiatedor pending against the Company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 and rules made thereunder.

(ii) (a) The inventory except goods-in-transit and stocks lying withthird parties has been physically verified by the management during the year. For stockslying with third parties at the year-end written confirmations have been obtained and forgoods- in-transit subsequent evidence of receipts has been linked with inventory records.In our opinion the frequency of such verification is reasonable and procedures andcoverage as followed by management were appropriate. No discrepancies were noticed onverification between the physical stocks and the book records that were more than 10% inthe aggregate of each class of inventory.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has beensanctioned working capital limits in excess of five crore rupees in aggregate from bankson the basis of security of current assets and movable Property Plant and Equipment. Inour opinion the quarterly returns or statements filed by the Company with such banks arein agreement with the books of account of the Company.

(iii) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company the Company has notprovided any guarantee or security or granted any loans or advances in the nature ofloans secured or unsecured to companies firms limited liability partnership or anyother parties during the year. The Company has made investments in Companies in respectof which the requisite information is given in notes 40 to the financial statement. TheCompany has not made any investments in firms limited liability partnership or any otherparties.

(b) According to the information and explanations given to us and basedon the audit procedures conducted by us we are of the opinion that the investments madeare prima facie not prejudicial to the interest of the company.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not given anyloan or advance in the nature of loan to any party during the year. Accordingly clause3(iii) (c) to (f) of the Order is not applicable.

(iv) According to the information and explanations given to us and onthe basis of our examination of the records the Company has not given any loans orprovided any guarantee or security as specified under section 185 and 186 of the CompaniesAct 2013. In respect of the investments made by the Company the provisions of section186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanation given to us nodeposits or amounts which are deemed to be deposits with the meaning of section 73 to 76or any other relevant provisions of the Act and the Companies (Acceptance of deposits)Rules 2014 have been accepted by the company and hence reporting under clause 3(v) of theorder is not applicable to the company.

(vi) We have broadly reviewed the books of accounts maintained by theCompany pursuant to the rules made by the Central Government for the maintenance of costrecords under Section 148(1) of the Act related to the manufacturing activities and areof the opinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the Same.

(vii) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted / accruedin the books of account in respect of undisputed statutory dues including Goods andServices Tax (‘GST') Provident fund Employees' State InsuranceIncome-Tax Duty of Customs Cess and other statutory dues have been regularly depositedby the company with the appropriate authorities. As explained to us the Company did nothave any dues on account of Sales Tax Duty of Excise and Value Added Tax.

According to the information and explanations given to us noundisputed amounts payable in respect of Goods and Services Tax (‘GST')Provident fund Employees' State Insurance Income-Tax Duty of Customs Cess andother statutory dues were in arrears as at 31 March 2022 for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us thereare no dues relating to Goods and Service Tax Provident Fund Employees State InsuranceIncome-Tax Duty of Customs or Cess or other statutory dues which have not been depositedwith the appropriate authorities on account of any dispute. According to the informationand explanations given to us statutory dues relating to Sales Tax and Value Added Taxhave not been deposited on account of any dispute are as follows:

Name of the Statute Name of the dispute Amount (In ' Period to which the amount relates Forum where the dispute is pending
Central Sales Tax Act1956 Central Sales Tax 14810656/- 2012-13 Joint Commissioner (Appeals) Excise and Taxation Department

(viii) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has notsurrendered or disclosed any transactions previously unrecorded as income in the books ofaccount in the tax assessments under the Income Tax Act 1961 as income during the year.

(ix) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company the Company has notdefaulted in repayment of loans and borrowing or in the payment of interest thereon to anyto banks or related parties during the year. Further the Company did not have anyoutstanding loans or borrowings from any other lender during the year.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not beendeclared a wilful defaulter by any bank or financial institution or government orgovernment authority.

(c) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records the Company has not takenany term loan during the year and hence reporting under clause 3(ix)(c) of the Order isnot applicable to the Company

(d) According to the information and explanations given to us and on anoverall examination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term purposes by the Company.

(e) Based on our audit procedures and on the basis of information andexplanations given to us the Company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries hence reporting under clause3(ix) (e) of the Order is not applicable to the Company

(f) Based on our audit procedures and on the basis of information andexplanations given to us during the year the Company has not raised any funds on thepledge of securities held in its subsidiaries hence reporting under clause 3(ix)(f) of theOrder is not applicable to the Company.

(x) (a) The Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments) Accordingly clause 3(x)(a) ofthe Order is not applicable.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly clause 3(x)(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and records of the Companyand according to the information and explanations given to us no fraud by the Company oron the Company has been noticed or reported during the course of the audit.

(b) According to the information and explanations given to us noreport under sub-section (12) of Section 143 of the Companies Act 2013 has been filed bythe auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) Based on our audit procedure performed and According to theinformation and explanations given to us no whistleblower complaints were received by thecompany during the year and hence reporting under clause 3(ix)(c) of the order is notapplicable to the company.

(xii) According to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the transactions with related parties are in compliance with Section 177 and188 of the Companies Act 2013 where applicable and the details of the related partytransactions have been disclosed in the Note 46 to financial statements as required by theapplicable accounting standards.

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(xiv) (a) Based on information and explanations provided to us and ouraudit procedures in our opinion the Company has an internal audit system commensuratewith 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.

(xv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with its directorsor persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) (b) and (c)of the Order is not applicable.

(b) In our opinion there is no core investment company within the"Companies in the Group" as defined in the core Investment Companies (ReserveBank) Directions 2016 and hence reporting under clause 3(xxi)(d) of the order is notapplicable to the company.

(xvii) The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

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

(xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the Standalonefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report the Company is not capable of meeting its liabilities existing atthe date of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(xx) According to the information and explanations given to us and onthe basis of our examination of the records there are no amounts unspent in respect ofcorporate social responsibility towards ongoing or other than ongoing projects and hencereporting under clause 3(xx) (a) and (b) of the Order is not applicable to the Company.

For Jeswani & Rathore

Chartered Accountants

(FRN: 104202W)

Khubilal G Rathore

(Partner)

M.No: 012807

UDIN: 22012807AJPQQR9629

Place: Mumbai

Date: May 25 2022

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

Annexure B to the Independent Auditor's Report of even date on theStandalone Financial Statements of Wim Plast 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 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 Wim Plast Limited ("the Company") as of March 31 2022 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 (the "Guidance Note") issued by the Institute of CharteredAccountants of India. 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 offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting with reference to these StandaloneFinancial Statements based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to these Standalone Financial Statementswas established 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 over financial reporting with reference tothese Standalone Financial Statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these StandaloneFinancial Statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the Standalone FinancialStatements 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 internal financial controlsover financial reporting with reference to these Standalone Financial Statements.

COVID-19 pandemic has resulted in a different and unique workingenvironment which required performance of audit procedures remotely.

Meaning of Internal Financial Controls Over Financial Reporting withreference to these Standalone Financial Statements

A company's internal financial control over financial reportingwith reference to these Standalone Financial Statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financialreporting with reference to these Standalone Financial Statements includes those policiesand procedures that:

1. Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

2. Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorization of management and directors of theCompany and;

3. Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assetsthat could have a material effect on the financial statements.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

Inherent Limitations of Internal Financial Controls Over FinancialReporting with reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these Standalone Financial Statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these StandaloneFinancial Statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these StandaloneFinancial Statements and such internal financial controls over financial reporting withreference to these Standalone Financial Statements were operating effectively as at March31 2022 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For Jeswani & Rathore

Chartered Accountants

(FRN: 104202W)

Khubilal G Rathore

(Partner)

MNo: 012807

UDIN: 22012807AJPQQR9629

Place: Mumbai

Date: May 25 2022

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