INDEPENDENT AUDITORS’ REPORT

To
The Members of
##NAME OF COMPANY##

Opinion
We have audited the accompanying financial statements of ##NAME OF COMPANY## (CIN:
__________________________________) (“the Company”), which comprise the balance sheet as
at March 31, 2022, the Statement of Profit and Loss and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (‘Act’) in
the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2022, its profit
and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under section 143
(10) of the Companies Act, 2013. 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 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 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 financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable to the Company
as it is an unlisted company.

Information other than the financial statements and auditors’ report thereon
The Company’s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board’s Report including Annexure to
Board’s Report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the 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 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.

Management’s responsibility for the financial statements

The Company’s board of directors are responsible for the matters stated in section 134 (5) of the
Act with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance 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 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 financial statement that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s
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 is also responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due 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 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We are also:

 Identify and assess the risks of material misstatement of the 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 control relevant to the audit in order to design 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 whether the
 company has adequate internal financial controls system 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 management’s 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 Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the 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 auditor’s 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 financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, 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.

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 the matters specified in the paragraph 3 and 4 of the order
to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the best of
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 the
Company so far as appears from our examination of those books

c) the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt
with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March 2022,
taken on record by the Board of Directors, none of the directors is disqualified as on 31
March, 2022, from being appointed as a director in terms of Section 164(2) of the Act.

f) Since the Company’s turnover as per last audited financial statements is less than Rs.50
 Crores and its borrowings from banks and financial institutions at any time during the
year is less than Rs. 25 Crores, the Company is exempted from getting an audit opinion
with respect to the adequacy of the internal financial controls over financial reporting of
the company and the operating effectiveness of such controls vide notification dated
June 13, 2017; and

g) With respect to the other matters to be included in the Auditor’s 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;

i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements – Refer Note _____ of Additional Regulatory and
other Disclosure to the financial statements.

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

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

iv. (a) The management has represented that, to the best of its knowledge and
belief, no funds 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, whether, 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;

(b) The management has represented that, to the best of its knowledge and
belief, no funds have been received by the Company from any person or
entity, 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; and

(c) Based on such audit procedures that were 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 (a) and (b)
contain any material misstatement.

v. No dividend has been declared or paid during the year by the Company.

In terms of our attached report of even date

For _________________________
CHARTERED ACCOUNTANTS
FRN: __________________
Place: CA ______________________
Date: (PARTNER)
UDIN: M. NO. _____________________
 Annexure “A” to the Independent Auditor’s Report*

(Referred to in paragraph 1 under ‘Report on other legal and regulatory requirements’ section of our
report to the members of ##NAME OF COMPANY## of even date)

On the basis of the information and explanation given to us during the course of our audit,
we report that:

i. (a) (A) The company has maintained proper records showing full particulars including
quantitative details and situation of its property, plant and equipment.
(B) The Company has not capitalized any intangible assets in the books of the
Company and accordingly, the requirement to report on Clause 3(i)(a)(B) of the
Order is not applicable to the Company.
(b) The property, plant and equipment have been physically verified by the management
during the year and no material discrepancies were identified on such verification.
(c) According to the information and explanations given by the management, the
company does not hold any such immovable property (other than properties where
the Company is the lessee and the lease agreements are duly executed in favour of
the lessee) whose title deeds are not held in the name of the company
(d) The company has not revalued its Property, Plant and Equipment during the year.
Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not
applicable to the company.
(e) There are no proceedings initiated or are pending against the Company for holding
any benami property under the Prohibition of Benami Property Transactions Act,
1988 and rules made thereunder.
ii. (a) In our opinion and according to the information and explanation given to us the
nature of the company’s business/activities during the year have been such that
clause (ii)(a) of paragraph 3 of the order in respect of inventory, is not applicable to
the company.

(b) During any point of time of the year, the company has not been sanctioned any
working capital limits, from banks or financial institutions on the basis of security of
current assets.
iii. During the year the Company has not made any investment, provided loans, advances in
the nature of loans, stood guarantee or provided security to companies, firms, Limited
Liability Partnerships or any other parties. Accordingly, the requirement to report on clause
3(iii)(a) to (e) of the Order is not applicable to the Company.

iv. The provision of section 185 of the Act are not applicable to the company. According to
information and explanation given to us, the company has not given any loan or guarantee
or made any investment pr provided any security covered under section 186 of the act.

v. The Company has neither accepted any deposits from public nor accepted any amounts
which are deemed to be deposits within the meaning of Sections 73 to 76 of the Act and
the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the
 requirement to report on clause 3(v) of the Order is not applicable to the Company.

vi. Maintenance of cost records has not been specified for the business in which company is
engaged by the Central Government under sub-section (1) of section 148 of the
Companies Act, 2013.
vii. (a) According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees’ state insurance, income-tax, duty of
custom, goods and service tax, cess and other material statutory dues were
outstanding, at the year end, for a period of more than six months from the date they
became payable.
(b) Dues of income tax or sales tax or service tax or duty of customs or duty of excise or
value added tax have been deposited on time there is no dispute is pending on the
part of company.

viii. The Company has not surrendered or disclosed any transaction, previously unrecorded in
the books of accounts, in the tax assessments under the Income Tax Act, 1961 as income
during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not
applicable to the Company.
ix. (a) The Company has not defaulted in repayment of loans or other borrowings or in the
payment of interest thereon to any lender.
(b) The Company has not been declared wilful defaulter 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, the
loans were applied for the purpose for which the loans were obtained.
(d) On an overall examination of the financial statements of the Company, no funds
raised on short-term basis have been used for long-term purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures.
(f) The Company has not raised loans during the year on the pledge of securities held
in its subsidiaries, joint ventures or associate companies. Hence, the requirement to
report on clause (ix)(f) of the Order is not applicable to the Company.
x. (a) The company has not raised moneys by way of initial public offer or further public
offer including debt instruments. Term loans obtained has been utilized for the
purpose for which same has been obtained.
(b) The Company has not made any preferential allotment or private placement of
shares / fully or partially or optionally convertible debentures during the year under
audit and hence, the requirement to report on clause 3(x)(b) of the Order is not
applicable to the Company.
xi. (a) No fraud by the Company or no fraud on the Company has been noticed or reported
during the year.
(b) During the year no report under sub-section (12) of section 143 of the Companies
Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of
 Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.
xii. The Company is not a Nidhi company. Therefore, the provisions of clause 3(xii) of the
Order are not applicable to the Company and hence not commented upon.

xiii. Transactions with the related parties are in compliance with Sections 177 and 188 of
Companies Act, 2013 where applicable and the details have been disclosed in the notes to
the financial statements, as required by the applicable accounting standards.
xiv. The company is not covered by section 138 of the Companies Act, 2013, related to
appointment of internal auditor of the company. Therefore, the company is not required to
appoint any internal auditor.
xv. According to the information and explanations given by the management and audit
procedures performed by us, the Company has not entered into any non-cash transactions
with directors or persons connected with him as referred to in Section 192 of Companies
Act, 2013.
xvi. (a) The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities without obtaining a valid Certificate of Registration (CoR) from the Reserve
Bank of India as per the Reserve Bank of India Act, 1934.
(c) The Company is not a Core Investment Company as defined in the regulations made
by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of
the Order is not applicable to the Company.
(d) As per the information and explanations received, the group does not have any CIC
as part of the group.
xvii. The company has not incurred cash losses in current financial year and in the immediately
preceding financial year respectively.
xviii. There has been no resignation of the statutory auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.
xix. On the basis of the financial ratios disclosed in Note _____ 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 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.
xx. There is not liability of the company under the provisions of section 135 of the Companies
Act, relating to Corporate Social Responsibility. Therefore, the provisions of Clause (xx) of
paragraph 3 of the order are not applicable to the Company.
xxi. The company has not made investments in subsidiary company. Therefore, the company
does not require to prepare consolidated financial statement. Therefore, the provisions of
Clause (xxi) of paragraph 3 of the order are not applicable to the Company.

In terms of our attached report of even date

For _________________________
CHARTERED ACCOUNTANTS
FRN: __________________

Place: CA ______________________
Date: (PARTNER)
UDIN: M. NO. _____________________