- - - - -- - - -- - - - - - - - - - - - - - - - - - - - ,

SWARM HR SERVICES PRIVATE LIMITED

R/O-H.NO-B-1 GROUND FLOOR.SHOP NO-2, GALI NO-rn.RAZA H.NO-B-1
c. ... vUND FLOOR.SHOP NO-2, GALI NO-18,RAZA CHOWK ZAKik NAGAR,OKHLA
CIN NO-U74999DL2019PTC350952

NOTICE
st
Notice is hereby given that the 4 Annual General Meeting of the company will be held on 30TH
September, 2023 at 11.30 A.M. at the registered office of the company at Plot H.NO-8-1
GROUND FLOOR, SHOP NO-2, GALI NO-I 8, RAZA CHOWK ZAKIR NAGAR, OKHLA
DELHI 110025 India to transact the following business:

ORDINARY BUSINESS

I. '· ro receive consider and adopt the Audited Balance Sheet as at 31 st Ma rch 2023 and the
Statement of Profit & Loss of the company for the year ended on that date and the Reports
of the Directors and Auditors thereon.

2. To consider and pass the resolution for ratification of appointment of Ml A K P K V &

ASSOCIATES Chartered Accountants as Statutory Auditor of the company for the year
2023- 2024 and subject to reappointment and hold office until the conclusion of AGM to be
held in calendar year 2023.

By Order of the Board

For SWARAM HR SERVICES PRIVATE LIMITED

Place :New Delhi Mr.ZUBAIR AHMED Mr. TAUSIF REY AZ

Date: OJND SEP. 2023 Director Director
DIN: 08642988 DIN: 08472314

Notes:

I. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend
and vote instead of himself. Such proxy need not be a member of the co1·,·p, :11y.

2. The instrument(s) appointing proxy, duly completed, shall be deposited at the company's
registered office not less than forty eight hours before the time for holding the meeting.

3. Members are requested to notify immediately any changes in their address to the compan y's
registered office.

I
I
 ~SERVICES PRIVATE LIMITED
~ fN-0-B-GF
l SHOP-2, GALI N0-18 RAZA CHOWLK ZAKIR NAGAR O -
:,z;o: · ' , KHLA
,JJ£LHl-1I0025
CIN- U74999DL2019PTC350952

DIRECTOR'S REPORT
To,

The Members,

Your Directors have pleasure in presenting their Annual Report on the business and
operations of the Company and the accounts for the Financial Year ended March 31, 2023.

1. Financial summary or highlights/Performance of the Company (Standalone)

The B·.... . , d's Report shall be prepared based on the stand alone financial statements of the
company.

~ - - -- - - - - - - - - -- - - - - - - - - r - - -- - - - ~ - - - - - -- - -
Particulars
st
31 March, 2023 31 st March, 2022

Net Sales /Income from Business Operations -

Other Income
Total Income
128 75
Total Expenses
• ,I
Profit/Loss before exceptional items, extra ordinary item -12875
and tax
Exceptional items
Profit before extra ordinary item and tax
Tax expense:
Current Tax
Deferred Tax
Profit for the year (0.17)
Earning per share (Basic) (0.1 7)
Earning per share ( Diluted)

2. Brief description of the Company's working during the year/State of Comp~ny's affair

The Company has sales turnover of Rs. nil during the year ended on March 31, 2023

3. Change in the nature of business, if any

There is no Change in nature of Business of the Company.

4. Details in respect of frauds reported by auditors under section 143(12)

Du ring the year under review, there were no frauds reported by the cH.: d1tors to the
Board under section 143(12) of the Companies Act, 2013 .
 \
I
independent directors
The requirement of appointment of independent directors under section 149 (4) th
Companies Act, 2013 is not applicable on Private Company. of e

6. Nomination and Remuneration Committee under section 178

The requirement of section 178 of the Companies Act, 2013 is not applicable on Private
Company.

7. Particulars of loans, guarantees or investments

The Company has give loans, guarantees and investments covered under the provisions
of section 186 read with section 185 of the Companies Act, 2013 which is exempt for the
private company under notification dated 05 june 2015 during the period under review.

8. Extract of Annual Return:

As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an extract of annual return
in MGT 9 as a part of this Annual Report as Annexure I.

9. Related party transaction

The Company has entered into related party transaction for financial year ending on
31.03.2022. The particul ars of every contract or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section 18tJ of the
Companies Act, 2013 including arm's length transactions und er third proviso
th ereto are disclosed in Form No. AOC-2 as Annexure II.

10. Presentation of financial statements

The financial statements of the Company for the year ended 31 ST March, 2023 have
been disclosed as per Schedule Ill to the Companies Act, 2013.

li. Consolidated financial statements

The Company has not any subsidiary/holding/associates Company so there is no

requirement of consolidated financial statement for the Company.

12. Significant and material orders passed by the regulators or courts

I
I
'
During the year under review, there were no significant and material orders passed by
the regulators or courts or tribunals, which may impact the going concern status of the
Company and its operations in future.
 Details of internal financial controls with reference to the financial state
lj:._ me~

The Company has document its internal financial controls considering th

. . e essential I
components of various critical processes, physical and operational, which includes i \
design, implementation and maintenance along with periodical internal review :~
operational effectiveness and sustenance. This ensures orderly and efficient conduct of \
its business, including adherence to Company's policies, safeguarding of its assets I

prevention of errors, accuracy and completeness of the accounting records and th~
timely preparation of reliable financial information. The internal financial controls with
reference to the financial statements were adequate and operating effectively.

14. Secretarial Standards

Pursuant to the approval given by the Central Government to the Secretari al Standards
specified by the Institute of Company Secretaries of India, the Secretarial Standards on
Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect
from 1st October 2017. The Company is in compliance with the same.

15. Secretarial Auditor

The provisions of section 204 of the Companies Act, 2013 are not applicable on the
Company during the year under review.

16. Corporate Social Responsibility

The provision in respect to Corporate Social Responsibility under section 135 of

Companies Act, 2013 is not applicable on the Company during the period under review.

17. Dividend
The Company has no declared any type of dividend declared during the year.

18. Reserves
The Board of Directors of the Company has transferred current year profit to the
Reserves and Surplus.

19. Change of Name

No Changes in the name of the Company.

20. Share Capital

Th_e Company Authorized Share Capital was Rs. 1, 00,000 (Rupees One Lakh Only) and
paid up Share Capital was Rs. 1,00,000 (Rupees One Lakh Only) as on 31 51 March, 2023.

Issue of Shares with Differential Rights

The Compan y has not iss ued any shares with Differential rights durin g th e period.
 ~ue of sweat Equity Shares

The Company has not issued any Sweat Equity shares during the period.

21. Directors and Key Managerial Personnel

Mr. ZUBAIR AHMED and TAUSIF REYAZ are the Directors of_the com pJ11y with effect
from Appointment of Key Managerial Personnel as per provision of Sec~ion 203 of
Companies Act read along with Rule 8 and Rule BA of Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 is not applicable on Company:

22. Particulars of Employees

Details of the employees of the company get remuneration as prescribed under the
provisions of Companies Act, 2013 read with Rules 5(2) and 5(3} of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.

23. Number of Board Meetings

'~- t

During the year 6(Six) Board Meetings were held. The intervening gap between the
Meetings was within the period prescribed under the Companies Act, 2013 . The
intervening gap between any two meetings was within the period prescribed by the
Act.

24. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 the Board has carried out an
evaluation of its own performance and Directors individually.

25. Details of Subsidiary/Joint Ventures/Associate Companies

The Company is not having any Subsidiary/Joint Venture/associates Company. So no
details required to be given as per Section 129 of Companies Act 2013 read with rule 8
of Companies {Accounts) Rules 2014.

26. Auditors
M/s A.K.P.K.V & Associates, Chartered Accountants (Firm Registration No.
021543N), was appointed as Statutory Auditors for a period of 5 years in the Annual
General Meeting

27. Auditor's Report

The Auditor's Report does not contain any qualification . Notes to Account s and

I Auditors remarks in their report are self-explanatory and do not call for any furt her
comments .

I
I
 -----
28. internal Audit & Controls

The Company has an optimum internal control system commen

surate With h .
scale and complexity of its operations which ensure control over its va t e st ze,
. . . . . rtO lJS functio .
its business operations. The effectiveness of the internal control system h ns •n
reviewed by the internal audits of all operational departments and all maJ·or c as been
orporate
functions under the directions of the Internal Audit department.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems,
accounting procedures and policies at all locations of the Company. The process owners
undertake corrective action in accordance of the guidance and suggestions of the senior
designated officials, in their respective areas and thereby strengthen the controls.

29. Issue of Employee Stock Options

The Company has not provided any Stock Option Scheme to the employees.

30. Vigil Mechanism:

The provisions of section 177(9) & (10) of the Companies Act, 2013, in relation of
Vigil Mechanism for Directors and employees to report their genuine concerns is not
applicable on Company.

31. Ri sk Management Policy

The Board does not have any Risk management policy but overlook and monitor the risk
associated with the Company on case to case basis.

32. Material changes and commitments, if any, affecting the financial position of the
company which have occurred between the end of the financial year of the company
to which the financial statements relate and the date of the report

No Material changes occurred subsequent to the close of the financial yea r of the
Company to which the balance sheet relates and the date of the report like settlement
of tax liabilities, operation of patent rights, institution of cases by or against the
' .
company, sale or purchase of capital assets or destruction of any assets etc.

33. Deposits

The Company has neither accepted nor renewed any deposits during the year under
review.

34. Conservation of Energy, Technology, Absorption and Foreign Exchange Ea rnings and
Outgo

(A) Conservation of energy

 i. The Steps taken or impact on conservation of energy: Nil

ii.
The steps taken by the company for utilizing alternate source of en .
ergy: Nil
iii. The capital investment on energy conservation equipments: Nil

(B) Technology absorption

i. The efforts made towards technology absorption: Nil

ii. The benefits derived like product improvement, cost reduction, product
development or import substitution: Nil

iii. In case of imported technology: Nil

iv. The expenditure incurred on Research and Development: Nil

34. Foreign Exchange Earnings and Outgo

Nil

35. Human Resources

The Company treats its "human resources" as one of its most important assets. The
Company continuously invests in attraction, retention and development of talent on an
ongoing basis . A number of programs that provide focused peop le c1ttention are
currently underway. The Company thrust is on the promotion of talen t internally
through job rotation and job enlargement.

36. Director's Responsibility Statement

The Director pursuant to Director's Responsibility Statement referred to in clause (c) of

sub-section (3) of Section 134 of the Companies Act, 2013, shall that

a) In the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures .

b) The directors had selectec' such accounting policies and applied them consi stently and
made judgments and estimates that were reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company at the end of financial year and o:'
the profit & loss of the Company for the year under review.

c) The directors had taken proper & sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities.

d) The directors had prepared the annual accounts on a going concern ba <:i c;

e) The directors had devised proper system to ensure compliance with the prov is ion s of all
applicable laws and that such system were adequate and operating effectively.
37. rransfer of Amounts to Investor Education and Protection Fund \

The Provision of Section 125(2) of the Companies Act, 2013 do not apply a~ t;..,.
, .,,ere was no
\
dividend declared and paid during the last financial year and any preceding·financial year.

38. Acknowledgements \
An acknowledgement to all with whose help, cooperation and hard work the Company
is able to achieve the results.
By Order of the Board
For SW ARAM HR SERVICES PRJV ATE
LIMITED

Place :New Delhi Mr.ZUBAIR AHMED Mr. TAUSIF REY AZ

Date: 03 5 SEP. 2023 Director Director
DIN: 08642988 DIN: 08472314
, AK PK V & ASSOCIATES
Chartered Accountants
7

INDEPENDENT AUDITORS' REPORT

TO,

THE MEMBERS OF SW ARM HR SERVlCES PRIVATE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SW ARM HR SERVICES PRIVATE

LIMITED, which comprise the Balance Sheet as at 31/03/2023, the Statement of Profit and Loss,
for the year then ended, and a summary of the significant accounting policies and other explanatory
information.

Auditor's Opinion
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 Act in the manner so required and
give a tru_e and fair view in conformity with the accounting principles generally accepted in India, of
the state of affairs of the Company as at 31/03/2023, and its Profit 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 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 Companies Act, 2013 and the Rules there under,
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.

Information Other than the Standalone Financial Statements and Auditor's 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 Management Discussion and Analysis,
Board 's Report including Annexures to Board' s Repo1t, Business Responsibility Report, Corporate
Governance and Shareholder' s Information, but does not include the standalone financial statements
and our auditor's 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.

Jn connection with our audit of the standalonefin~nc . ents, our responsibility is to read the
o ther information and, in doing so, consider whe r information is materially inconsistent
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 with the standalone finan cial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated .

When we read such other in formation as and when made available to us and if we conclude that there
is a material misstatement therein, we are required to communicate the matter to those charged with
governance

Responsibility of Management and Those Charged with Governance (TCWG)

The Company' s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (''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, read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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 statements 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 are also responsible for overseeing the Company' s financial reporting process.

Auditor's Responsibility

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 judgement and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, des ign and perform audlt procedures responsive to those ri sks, and obtain aud it

J
 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 thatwe 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 financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's 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

This report doesn't include a statement on the matters specified in paragraph 3 and 4 ot' the
Companies (Auditor's Report) Order, 2020, issued by the Central Government of India, in
terms of sub section 11 of section 143 o~ ompanies Act, 2013 since in Our opinion nnd
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according to the information and explanation given to us, the said order is not applicable to the
company.

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 it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss. and 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 the written representations received from the directors as on 31/03/2023 taken
on record by the Board of Directors, none of the directors is disqualified as 31/03/2023 from
being appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 A".

(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:

1. The Company has disclosed the impact of pending litigations on its financial position in
its financial statements.
11. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection fund by the Company.

1v. (a) The management has represented that, to the best of it' s knowledge and belief, other
than as disclosed in the notes to the accounts, 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 _ th~ mderstanding, whether recorded in writing or
otherwise, that the Intermedi~[:Y' · ~iii}~ ~ ether, directly or indirectly lend or invest in
other persons or entities icle1~tj-fi ~ %?Ja0>~ n anner whatsoever by or on behalf of the
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 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 it's knowledge and belief, other
than as disclosed in the notes to the accounts, no funds 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; and

(c) Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.

v. The company has not declared or paid any dividend during the year in contravention of
the provisions of section 123 of the Companies Act, 2013.

FOR AKPKV & ASSOCIATES

(Chartered Accountants)
Reg No. :0021543N

VISHWAMBHAR PRASAD
Date : 03/09/2023
Partner
Place : DELHI
M.No. : 528973
"Annexure A" to the Independent Auditor's Report of even date on the Standalone Financial
Statements of SWARM HR SERVICES PRIVATE LIMITED.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013.

We have audited the internal financial controls over financial reporting of SWARM HR SERVICES
PRIVATE LIMITED 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.

Management's Responsibility for Internal Financial Controls

The Company's management is 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 company's 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 Companies
Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial
reporting 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") and the Standards on
Auditing, issued by ICAI and deemed to be prescribed 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 and, both issued by the Institute of Chartered Accountants of India. 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 amout the adequacy of the internal
financial control system over financial reporting and their operating effectiveness. Our audit of
internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and operating effectiveness of internal control based on the assessed risk. The procedures selected
depend upon on the auditor's 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 Company's internal financial controls system over financial reporting.

Meaning oflnternal Financial Controls ver Financial Reporting

If
I{ ·
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A company's internal financial control over financial reporting 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
company's internal financial control over financial reporting 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 company's assets that could have a material effect on the financial
statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future periods are subject to the risk that the internal
financial control over financial reporting 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, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31, 2023, 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 issues by the
Institute of Chartered Accountants of India.

FOR AKPKV & ASSOCIATES

(Chartered Accountants)
Reg No. :0021543N

Date : 03/09/2023 VISHWAMBHAR PRASAD

Place: DELHI Partner
M.No. : 528973