INDEPENDENTAUDITORS REPORT
To the Members of
Deep Polymers Limited
Report on the audit of the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of
Deep Polymers Limited, ("the Company") which comprises the Balance Sheet
as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive
Income), statement of changes in equity and statement of cash flow for the year then
ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred as "the
Standalone Financial Statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Standalone Financial Statements give the
information required by the Companies Act, 2013 ("the Act") in the manner so
required and give a true and fair view in conformity with the accounting principles
generally accepted in India including Indian Accounting Standards("Ind AS")
specified in section 133 of the Companies Act, 2013, of the state of affairs of the
Company as at March 31, 2023, and total comprehensive income (comprising of profit and
other comprehensive income), changes in equity and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained 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 most significance in our audit of the Standalone Financial Statements of
the current period. These matters were addressed in the context of our audit of the
Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Information Other than the Standalone Financial Statements and Auditors Report
Thereon The Companys management and Board of Directors is responsible for the other
information. The other information comprises the information included in the Annual
Report, but does not include the Standalone Financial Statements and our auditors report
thereon.
Our opinion on the Standalone Financial Statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements,
our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the Standalone Financial Statements or
our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Responsibility of Management and those charged with governance for
the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of these Standalone
Financial Statements that give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Standalone Ind AS financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Standalone Financial Statements, management is
responsible for assessing the Companys ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the
companys financial reporting process.
Auditors Responsibility for the Audit of the Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
Standalone Financial Statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Standalone Financial
Statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to Standalone Financial Statements in
place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Financial Statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
- Evaluate the overall presentation, structure and content of the Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial Statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the Standalone
Financial Statements of the current period and are therefore the key audit matters. We
describe these matters in our auditors report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be
communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
- As required by the Companies (Auditors 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 the matters
specified in the paragraph 3 and 4 of the Order, to the extent applicable.
- As required by Section 143 (3) of the Act, based on our audit we report that:
- We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit.
- In our opinion proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;
- The standalone balance sheet, the standalone statement of profit and loss (including
other comprehensive income), the standalone statement of changes in equity and the
standalone cash flow statement dealt with by this Report are in agreement with the books
of account;
- In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting
Standards specified under Section 133 of the Act.
- On the basis of the written representations received from the directors of the Company
as on March 31, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2023 from being appointed as a director in terms of Section
164 (2) of the Act;
- With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B" to this report; and
- With respect to the other matters to be included in the Auditors Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the
best of our information and according to the explanations given to us:
- the Company has disclosed impact of pending litigations which could materially impact
its financial statements of the Standalone Financial Statements;
- the Company did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses;
- there has been no amounts which were required to be transferred, to the Investor
Education and Protection Fund by the Company.
- Management Representation:
- The Management of the Company has represented to us that to the best of its
knowledge and belief, no funds (which are material either individually
or in the aggregate) have been advanced or loaned or invested (either from borrowed funds
or share premium 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
the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
- The management of the Company has represented, that, to the best of its knowledge
and belief no funds (which are material either individually or in the aggregate) have been
received by the company from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
- Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e) Companies (Audit and Auditors)
Rules, 2014 (as amended) and provided in clauses (a) and
(b) above contain any material misstatement.
- The company has not declared or paid any dividend during the year.
- In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act.
For S Mandawat & Co Chartered Accountants FRN :11830W
(Subhash Chandra Mandwat) Partner
M. No. 102780
UDIN: 23102708BGVQOW2167
Place: Ahmedabad Date: 29/05/2023
Annexure A to the Independent Auditors Report
Error! Reference source not found.
The Annexure referred to in our Independent Auditors Report to the members of the
Company on the financial statements for the year ended 31st March 2023, we report that:
- (a) (A) The Company is maintaining proper records showing full particulars, including
quantitative details and situation, of Property, Plant and Equipment, capital
work-in-progress and Investment Properties.
(B) The Company is maintaining proper records showing full particulars of intangible
assets.
- As explained to us, the management in accordance with a phased programme of verification
adopted by the company has physically verified the property, plant & equipment,
capital work-in-progress and investment properties. To the best of our knowledge and
according to the information and explanation given to us, no material discrepancies have
been noticed on such verification or have been reported to us.
- According to information and explanations given by the management, the title deeds of
immovable properties, plant and equipment, Investment Property are held in the name of the
Company.
- The Company has not revalued its Property, Plant and Equipment, Investment Property or
intangible assets during the year. Accordingly, the reporting under Clause 3(i)(d) of the
Order is not applicable to the Company.
- Based on the information and explanations furnished to us, no proceedings have been
initiated on or are pending against the Company for holding benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.
- (a) The physical verification of inventory has been conducted at reasonable intervals by
the Management during the year and, in our opinion, the coverage and procedures of such
verification by Management is appropriate. However, as regards stock of raw materials, the
company is mainly engaged in ship breaking activities and old and used ships are its main
raw materials. Ascertaining actual weight of ship at the time of purchase and thereafter;
is not possible due to its nature and size, loss of weight on account of corrosion and
other factors during the usage of the ship and its voyage for long period of the years.
Inventory of raw materials at the close of the year is ascertained by reducing the weight
of the scrap sold together with the estimated wastage of the material. The discrepancies
noticed on physical verification of inventory as compared to book records were not 10% or
more in aggregate for each class of inventory.
- According to information and explanations given to us and on the basis of records
examined by us, the Company has been sanctioned working capital limits (Overdraft
Facility) in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of
current assets.
According to the information and explanations given to us, the
quarterly returns or statements filed by the Company with such banks in materiality are in
agreement with the unaudited books of account of the company of the respective quarters.
- In respect of above said Investments and loans granted, the terms and conditions of
investment and the grant of all loans and advances in the nature of loans are without any
stipulation of repayment however, prima facie not prejudicial to the companys
interest, based on the information and explanation provided by the management of Company.
- In respect of the loans and advances in the nature of loans to employees, the schedule
of repayment of principal payment has been stipulated.
- According to the information and explanations and based on our audit procedures, in
respect of above loans and advances, there is no overdue amount remains outstanding for
more than 90 days as at year end.
- According to information and explanations given to us, no loan granted by the Company
which has fallen due during the year, has been renewed or extended or fresh loans granted
to settle the overdues of existing loans given to the same parties.
- According to information and explanations given to us, the company has not granted any
loans or advances in the nature of loans, either repayable on demand or without specifying
any terms of period of repayment to companies, firms, limited liability partnership or any
other parties. Accordingly, the reporting under Clause 3(iii)(f) of the Order is not
applicable to the Company.
- In our opinion, and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of the loans and investments made, and guarantees and security provided by
it, as applicable.
- The Company has not accepted any deposits or amounts which are deemed to be deposits
within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there
under to the extent notified.
- Pursuant to the rules made by the Central Government of India, the Company is required
to maintain cost records as specified under Section 148(1) of the Act in respect of its
products. We have broadly reviewed the same and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have not, however, made
a detailed examination of the records with a view to determine whether they are accurate
or complete.
- (a)According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is generally regular in depositing
undisputed statutory dues in respect of provident fund, employees state insurance, income
taxes, goods and services tax, labour welfare fund, duty of customs, cess and other
material statutory dues, as applicable, with the appropriate authorities. There have been
no
undisputed statutory dues outstanding for more than 6 months as at 31st
March, 2023.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of statutory dues referred to in
sub- clause (a) as at March 31, 2023 which have not been deposited on account of any
dispute.
- According to the information and explanations given to us and so far as appears from our
examination of books of account and other records as applicable and produced before us by
the Company, there were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
(43 of 1961) during the year.
- (a) According to the records of the Company examined by us and the information and
explanations given to us, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest to any lender during the year.
- According to the information and explanations given to us and on the basis of our audit
procedures, we report that the Company has not been declared Willful Defaulter by any bank
or financial institution or government or any government authority.
- The company has not raised any new term loan during the year and hence reporting as per
clause 3(ix)(c) of the Order is not applicable to the Company.
- According to the information and explanations given to us, and the procedures performed
by us, and on an overall examination of the financial statements of the Company, we report
that the funds raised on short term basis have not been utilized for long term purposes.
- According to the information and explanations given to us and on an overall examination
of the financial statements of the Company, we report that the company has not raised any
money from any person or entity for the account of or to pay the obligations of its
associates, subsidiaries or joint ventures.
- According to the information and explanations given to us and on an overall examination
of the financial statements of the Company, we report that the company has not raised any
loans during the year by pledging securities held in their subsidiaries, joint ventures or
associate companies.
- (a)In our opinion, and according to the information and explanations given to us, the
Company has not raised any money by way of initial public offer and through debt
instruments by way of further public offer during the year.
(b) The Company has not made any preferential allotment or private
placement of shares or fully or partially or optionally convertible debentures during the
year. Accordingly, the reporting under Clause 3(x)(b) of the Order is not applicable to
the Company.
- (a)During the course of our examination of the books and records of the Company carried
out in accordance with the generally accepted auditing practices in India, and according
to the information and explanations given to us, we have neither come across any instance
of material fraud by the Company or on the Company, noticed or reported during the year,
nor have we been informed of any such case by the Management.
- During the course of our examination of the books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according
to the information and explanations given to us, a report under Section 143(12) of the
Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules,
2014 was not required to be filed with the Central Government. Accordingly, the reporting
under Clause 3(xi)(b) of the Order is not applicable to the Company.
- During the course of our examination of the books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according
to the information and explanations given to us, the Company has not received any
whistle-blower complaints during the year.
- As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to
it, the reporting under Clause 3(xii) of the Order is not applicable to the Company.
- The Company has entered into transactions with related parties in compliance with the
provisions of Sections 177 and 188 of the Act. The details of such related party
transactions have been disclosed in the financial statements as required under Indian
Accounting Standard 24 "Related Party Disclosures" specified under Section 133
of the Act.
- (a) In our opinion and according to the information and explanation given to us, the
company has an internal audit system commensurate with the size and nature of its
business.
(b) We have held discussions with the internal auditors of the company
for the year under audit and considered their opinion in determining the nature, timing
and extent of our audit procedure.
- In our opinion and according to the information and explanations given to us, the
Company has not entered into any non-cash transactions with its directors or persons
connected with him. Accordingly, the reporting on compliance with the provisions of
Section 192 of the Act under Clause 3(xv) of the Order is not applicable to the Company.
- (a)In our opinion, the Company is not required to be registered under Section 45-IA of
the Reserve Bank of India Act, 1934. Accordingly, the reporting under Clause 3(xvi)(a) of
the Order is not applicable to the Company.
- The Company has not conducted non-banking financial / housing finance activities during
the year. Accordingly, the reporting under Clause 3(xvi)(b) of the Order is not applicable
to the Company.
- The Company is not a Core Investment Company (CIC) as defined in the regulations made by
the Reserve Bank of India. Accordingly, the reporting under Clause 3(xvi)(c) of the
Order is not applicable to the Company.
- In our opinion, there is no core investment company within the Group (as defined in the
regulations made by the Reserve Bank of India). Accordingly reporting under clause
3(xvi)(d) of the Order is not applicable to the Company.
- The Company has neither incurred any cash loss in the current financial year nor in the
immediately preceding financial year.
- According to the information and explanations given to us, pursuant to completion of two
terms of five consecutive years of appointment as auditor, there has been change in one of
the joint Statutory Auditors during the Financial Year and we have considered the issues,
objections or
- concerns raised by the outgoing auditors. According to the information and explanations
given to us and on the basis of the financial ratios (also refer Note 3.14 to the
financial statements), ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements,
our knowledge of the Board of Directors and management plans and based on our examination
of the evidence supporting the assumptions, nothing has come to our attention, which
causes us to believe that any material uncertainty exists as on the date of the audit
report that the Company is not capable of meeting its liabilities existing at the date of
balance sheet 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 the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
- The provisions of Corporate Social Responsibility as prescribed under section 135 of the
Companies Act, 2013 does not apply to the company. Accordingly, reporting under clause
3(xx) of the Order is not applicable to the Company.
- The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of
standalone financial statements.
For S Mandawat & Co Chartered Accountants FRN :11830W
(Subhash Chandra Mandwat) Partner
M. No. 102780
UDIN: 23102708BGVQOW2167
Place: Ahmedabad Date: 29/05/2023
Annexure B to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited, the internal financial controls with reference to
financial statements of Deep Polymers Ltd ("the Company") as of March 31, 2023
in conjunction with our audit of the Standalone Financial Statements of the Company for
the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the company are responsible for
establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered Accountants of
India. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to the Companys
policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls with reference to financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance Note") issued by the Institute
of Chartered Accountant of India and the Standards on Auditing as specified under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system with reference to financial
statements and their operating effectiveness. Our audit of internal financial controls
with reference to financial statements included obtaining an understanding of internal
financial controls with reference to financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a
basis for our audit opinion on the internal financial controls system
with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial
statements
A companys internal financial control with reference to financial
statements is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A companys internal
financial control with reference to financial statements includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a material effect
on the financial statements.
Inherent Limitations of Internal Financial Controls with reference
to financial statements
Because of the inherent limitations of internal financial controls
with reference to financial statements, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to financial statements to future periods are subject to the risk
that the internal financial control with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion and according to the best of information and
explanations provided to us, the Company has, in all material respects, an adequate
internal financial controls system with reference to financial statements and such
internal financial controls with reference to financial statements were operating
effectively as at March 31, 2023, based on the internal control over financial reporting,
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
For S Mandawat & Co Chartered Accountants FRN :11830W
(Subhash Chandra Mandwat) Partner
UDIN: 23102708BGVQOW2167
Place: Ahmedabad Date: 29/05/2023