Date 06/09/2022

M/s PAMS & Associates,

Chartered Accountants
45/55, CR Park
New Delhi-110019

MANAGEMENT REPRESENTATION LETTER

Dear Sir,

Re: Audit of accounts for the year ended 31st March, 2022

This representation letter is provided in connection with your audit of the financial
statements of MattsenKumar Services Private Limited as at 31st March, 2022 and for the
year then ended for the purpose of expressing an opinion as to whether the financial
statements give a true and fair view, under the historical cost convention on the accrual
basis of accounting, of the state of affairs of MattsenKumar Services Private Limited as at
31st March, 2022 and of its profit for the year ended on that date, in accordance with the
accounting principles generally accepted in India.

We have fulfilled our responsibilities, as set out in the terms of the audit engagement for the
preparation of the financial statements in accordance with Financial Reporting Standards;
in particular the financial statements are fairly presented (or give a true and fair view) in
accordance with the applicable AS in India. Significant assumptions used by us in making
accounting estimates, including those measured at fair value, are reasonable. Related party
relationships and transactions have been appropriately accounted for and disclosed in
accordance with the requirements of applicable AS in India. All events subsequent to the
date of the financial statements and for which applicable accounting standards in India
require adjustment or disclosure have been adjusted or disclosed.

We have provided you with access to all information of which we are aware that is relevant
to the preparation of the financial statements such as records, documentations and other
matters, additional information that you have requested from us for the purpose of the
audit and Unrestricted access to persons within the entity from whom you determined it
necessary to obtain audit evidence. All transactions have been recorded in the accounting
records and are reflected in the financial statements. We have disclosed to you the results
of our assessment of the risk that the financial statements may be materially misstated as a
result of fraud. We have disclosed to you all information in relation to fraud or suspected
fraud that we are aware of and that affects the entity and involve Management, Employees
who have significant roles in internal control or others where the fraud could have a

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material effect on the financial statements. We have disclosed to you all information in
relation to allegations of fraud, or suspected fraud, affecting the entity’s financial
statements communicated by employees, former employees, analysts, regulators or others.
We have disclosed to you all know instances of non-compliance or suspected non-
compliance with laws and regulations whose effects should be considered when preparing
financial statements. We have disclosed to you the identity of the entity’s related parties
and all the related party relationships and transactions of which we are aware.

We acknowledge our responsibility for the matters stated in Section 134(5) of the
Companies Act, 2013 (‘the Act’) with respect to 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.

We acknowledge our responsibility for the implementation and operations of accounting

and internal control systems that are designed to prevent and detect fraud and error. We
confirm that no frauds or suspected frauds have been noticed or reported during the year
on or against the company.

We confirm that the financial statements have been prepared duly considering the
requirements of the Schedule III of the Companies Act, 2013. We confirm that a detailed
assessment of the reporting requirements under the Schedule III and appropriate
disclosures/presentation, as required under Schedule have been made in the financial
statements. The previous year's figures have been regrouped/reclassified wherever
necessary to correspond with the current year's classification/disclosure.

Due consideration has been given to the requirements of the Accounting Standards and the
requirements of the statutory provisions in case of conflict with the Schedule III.

Effects of all known actual or possible non-compliance with laws and regulations have been
considered while preparing financial statements. There is no such non-compliance of laws
and regulations except as disclosed in these statements.

There is no unadjusted audit differences identified during the current audit and pertaining
to the latest period presented.

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1.0 ACCOUNTING POLICIES:

a. The accounting policies are in accordance with the generally accepted

accounting standards and the accounts were drawn up in accordance with
the Companies Act, 2013 (the Act).

b. The accounting policies and practices which are material or critical in

determining the results of operations for the year or financial position are
disclosed in the financial statements and are consistent with those adopted in
the financial statements for the previous year.

c. There is no change in any accounting policy during the year in comparison to

accounting policy adopted in the preceding financial year

2.00 INTERNAL CONTROL STRUCTURE:

2.01 No fraud on or by the Company has been noticed or reported during the year.

2.02 There are no material transactions that have not been properly recorded in
the accounting records underlying the financial statements.

2.03 Generally, quotations are called from different parties before issuing any
order except in certain cases, where items are of special nature and suitable
alternative sources are not readily available for obtaining comparable
quotations. In such cases, the procurement is approved by the competent
authority.

3.0 REGISTERS, MINUTES AND CONTRACTS:

3.01 The Minutes of the meetings of the Shareholders and Directors and the
Registers required to be maintained under the Companies Act are complete
and authentic.

3.02 All matters required to be recorded in the registers and minute books of the
Company have been, and are, recorded correctly.

3.03 We have complied with all aspects of contractual agreements that would have
a material effect on the financial statements in the event of non-compliance.

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 3.04 The transactions that need to be entered into a register maintained under
Section 189 of the Companies Act, 2013 are duly entered.

3.05 The remuneration to the directors has been paid in accordance with the limits
as prescribed in Section–II of schedule XIII read with section 197 of the
Companies Act, 2013.

4.0 OWNERSHIP AND PLEDGING OF ASSETS:

4.01 The Company has satisfactory title to all assets appearing in the balance
sheet.

4.02 No security agreements have been executed and there are no liens or
encumbrances on assets nor has any asset been pledged, mortgaged or
hypothecated except as disclosed in the financial statements.

5.00 RELATED PARTY TRANSACTIONS:

5.01 Accounting Standard AS-18 Related Party Disclosure is applicable to the

Company and has been duly complied with.

5.02 The Company has following companies, firms or other parties covered in the
Section 189 of the Companies Act, 2013:-
Related parties where control exists:
MattsenKumar LLC., USA, the holding Company.
Companies under common control/significant
5.03 We influence: confirm the
Aark Outsourcing Services LLP completeness of
the MattsenKumar Cyber services Pvt Ltd information
Key management personnel: provided to you
Michael Jon Mattsen, Director regarding the
Aarati Kumar, Director identification of
related parties
and regarding transactions with such parties that are material to the financial
statement. We also confirm that apart from the related parties mentioned in
notes to the financial statements, there are no other related parties.

5.04 The transactions with related parties have been entered at an arm’s length
and same are duly disclosed in the financial statements.

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 5.05 No amount has been written back/written off during the year in respect to
due to/due from related parties.

5.06 The amount due from related parties are good and hence no provision for
doubtful debts in respect of dues from such related parties is required.

6.00 CONFLICTS OF INTERESTS:

6.01 There are no instances where any officer or employee of the Company has an
interest in a company with which the Company does business that would be a
“conflict of interest.”

7.00 FIXED ASSETS:

7.01 The additions during the year are stated at cost and include all capital
expenditure to fixed assets, but do not include expenditure properly
chargeable to revenue. No material amounts representing additions or
improvements of a capital nature were charged to expense accounts. Cost
includes all incidental expenditure and is net of Modvat / cenvat.

7.02 The fixed assets do not include cost and accumulated depreciation relating to
items sold, scrapped, demolished or destroyed except otherwise stated.

7.03 The net book value is arrived at after making above adjustments and providing
depreciation for the year in accordance with the rates as disclosed in the
Accounting Policies of the Company.

7.04 The net book value represents all the fixed assets owned by the Company
wherever situated.

7.05 There were no outstanding commitments for capital expenditure.

7.06 The fixed assets have not been revalued during the year.

7.07 The Company has a system to maintain records showing full particulars,
including quantitative details and situation of fixed assets.

7.08 The fixed assets have been physically verified by the management during the
year. No material discrepancies were noticed on such verification.

7.09 The Company had no other intangibles assets as at March 31, 2022 other than
those disclosed in the financial statements.

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 7.10 Whatever additions made during the year in fixed assets have been installed in
the office of the company and have been put to use for business of the
company before 31.03.22 as per certificate separately issued in this regard.

8.00 OTHER CURRENT ASSETS, LOANS AND ADVANCES:

8.01 Sundry Debtors/Receivables represent valid claims.

8.02 Debtors, Loans & advances are subject to confirmation from the respective
parties. The Company is of the opinion that differences arising, if any, on
confirmation/account reconciliation will not be material.

8.03 There are no doubtful loans and advances, except as disclosed in the financial
statements and against which the necessary provisions have been considered
in the books during the year. Further in case of non-confirmation/non
reconciliation of certain loans and advances, the overall impact could not be
determined. However, we confirm that the Current Assets, loans and
advances, deposits etc. have a value on realization in the ordinary course of
business at least equal to the amounts at which they are stated in the Balance
Sheet.

8.04 The company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.

8.05 The cash in hand was physically verified by the management at the year end
and was duly tallied with the books of account.

8.06 All bank accounts are duly reconciled and accounted for in the books.

8.07 The loans/advances given during the ordinary course of the business by the
company are not prejudicial to the interest of the company.

8.08 The company has entered into transactions with related parties, which are
not prejudicial to the interest of the company.

8.09 The company has not any unsecured loans from directors/promoters/related
parties.

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10.00 INVESTMENTS:

9.01 There is an Investment of Rs. 9,80,000/- shown in the Financials of

MattsenKumar Services Private Limited.

11.00 SHARE CAPITAL:

11.01 The Company has not made preferential allotment of shares to parties and
companies covered in the Register maintained under Section 189 of the
Companies Act, 2013 during the year.

12.00 SECURED & UNSECURED LOANS:

12.0 All the borrowings have been duly approved by the Board at its meetings and are
within the total borrowing limits under the provisions of section 180 of the
Companies Act, 2013.

12.01 All the term loans are applied for the purpose for which the loans were obtained.

12.02 The terms and conditions of the various loans accepted by the company are not
prejudicial to the interest of the company and its members.

12.03 The Company has not issued any debentures during the year.

12.04 The Company has not committed delay in repayment of term loans and its
interest.

12.05 The Company has not accepted any deposits from the public within the meaning
of section 73 and any other provisions of the Companies Act, 2013.

12.06 Amount repayable in less than one year or over one year or over 2 years have
been classified as per loan documents and classification is in accordance with the
provisions of Schedule III of Companies Act, 2013

12.07 The outstanding amount of secured and unsecured loan is confirmed by the
providers of loan and the balance as at March 31, 2022 of secured loan amounts
to Rs. 1,07,91,066.26/-.

13.0 CURRENT LIABILITIES:

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 13.0 All known liabilities have been put through the books of account and all disputed
and un-provided liabilities have been disclosed as contingent liabilities.

13.01 As required, Employees’ Security Deposits and provident fund deductions have
been deposited within 15 days with prescribed authorities. The other statutory
deductions from salaries have also been deposited with the specified authorities

14.0 PROVISIONS:

14.0 The Company has made provisions for Income tax considering the income tax
provisions.

14.01 The company has made all other provisions as may be required for true and fair
presentation of the accounts.

14.02 The deferred tax asset/liability has been recognized in the book of Company in
accordance with the provisions of Accounting Standard 22 on Accounting for
Taxes on Income.

15.0 CONTINGENT LIABILITY:

15.0 All contingent liabilities have been appropriately disclosed in the accounts and
we are not aware of any other liabilities.

16.0 PROFIT & LOSS ACCOUNT

16.0 All materials transactions have been adequately disclosed and full provision has
been made in the financial statements for all claims and losses of material
amount, which have resulted or may be expected to result from events which
occurred or from commitments which were entered into on or before the date of
balance sheet.

16.01 No personal expenses have been charged to revenue accounts.

16.02 Except as disclosed in the financial statements, the results for the year were not
materially affected by:
a. transactions of a nature not usually undertaken by the Company;
b. circumstances of an exceptional or non-recurring nature;
c. charges or credits relating to prior years.
d. changes in accounting policies.

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 16.03 The Company has not dealt with any business/items, which are not covered by
the object clause of the Memorandum of Association.

16.04 The appointment and re-appointment of Directors and/or whole time Directors
and the remuneration paid to them is within the limits specified under section
197 of the Act and other relevant provisions of the Act.

16.05 The Company has not given any donations exceeding the limits specified in
section 181 of the Act and has not given any donations to a Political Party or to
any person for a political purpose in contravention of section 182 of the Act.

17.0 GENERAL:

17.01 The Company has not appointed without the approval of the shareholders by a
special resolution and the sanction of the Central Government wherever
necessary, any director, partner or relative of such director, a firm in which
such director or relative is a Partner, a private Company of which such a
director is a director or a member to any office or place of profit.

17.02 The Company is not a chit fund or a nidhi/mutual benefit fund/society.

17.03 The Company is not dealing in or trading in shares, securities, debentures and
other investments and whatever shares acquired by the company are non-
current investments.

17.04 The Company has not given any guarantee for loans taken by others or by the
promoters from bank or financial institutions.

17.05 The Company has complied with all aspects of contractual agreements that
could have a material effect on the financial statements in the event of non-
compliance. There has been no non-compliance with requirements of
regulatory authorities that could have a material effect on the financial
statements in the event of non-compliance.

17.06 All dues of MSME sector have been appropriately disclosed in the financial
statements and payment to MSME units have been made within the prescribed
time except as disclosed in the financial statements.

17.07 AS –17-regarding Segment reporting is applicable to the Company and the

required disclosure, if any, is given in the financial statements.

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17.08 None of the directors is disqualified as on the date of the issuance of audit
report were disqualified from being appointed as a director under section
164 (2) of the companies Act, 2013.

17.09 All the transactions of the company are duly supported with all necessary
evidences and are not prejudicial to the interest of the company.

17.010 The financial statements are free of material misstatements, including

omissions. We are aware of the errors including non-disclosures identified by
you during the course of your audit and we confirm that appropriate
adjustments have been made in respect of these items.

17.011 In preparing the financial statements in conformity with the accounting

principles generally accepted in India, the Management uses estimates. All
estimates have been disclosed to you for which known information available
prior to the issuance of the financial statements indicates that both of the
following criteria are met:

a) It is at least reasonably possible that the estimate of the effect on the financial
statements of a condition, situation, or set of circumstances that existed at the
date of the financial statements may change in the near term due to one or
more future confirming events.

b) The effect of the change would not be material to the financial statements.

17.16 There have been no communications from regulatory agencies concerning non-
compliance with or deficiencies in financial reporting practices.

17.17 We have disclosed to you all changes/deficiencies in the design or operation of

internal control over financial reporting identified as part of our assessment,
including separately disclosing to you all such deficiencies that we believe to be
significant deficiencies or material weaknesses in internal control over
financial reporting.

17.18 We acknowledge our responsibilities for the implementation and operation of

accounting and internal control systems that are designed to prevent and
detect fraud and error. We have disclosed to you the results of our assessment
of the risk that the financial statements may be materially misstated as a result
of fraud.

17.19 We are not aware of any frauds or suspected frauds known that may have
involved (i) Management; (ii) Employees who have significant roles in
accounting and internal control; or (iii) Others.

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 17.20 To the best of our knowledge and belief, the Company has not made any
improper payments or payments which are illegal or against public policy.

17.21 The Company has complied with all aspects of contractual agreements which
could have a material effect on the financial statements in the event of non-
compliance. There has been no non-compliance with requirements of
regulatory authorities that could have a material effect on the financial
statements in the event of non-compliance.

17.22 We have no plans or intimations which may materially affect the carrying value
or classification of assets and liabilities reflected in the financial statements.

17.23 There are no formal or informal compensating balances or other arrangements

involving restrictions on any of our cash and investment accounts.

17.24 All the applicable disclosure requirements which emanate from statutes other
than the Companies Act, 2013, have been duly considered/dealt with in
addition to the disclosure requirements stipulated under the Accounting
Standards and Schedule III.

17.25 The Board, duly taking into account all the relevant disclosures made, has
approved these financial statements in its meeting held.

17.26 We understand that your examination included such tests of the accounting
records and such other auditing procedures as you considered necessary in the
circumstances for the purposes of expressing an opinion on the state of affairs
and result of the year and that the testing and sampling procedures followed in
such an examination would not necessarily disclose shortage or irregularities if
they should exist.

17.27 The provisions of section 135 are applicable to company and a liability of the
company on Corporate Social Responsibility (CSR) works out at Rs 8.06 Lacs
for current financial year.

18.0 SUBSEQUENT EVENTS:

18.01 No events or transactions have occurred since the date of Balance Sheet or are
pending that would have a material effect on the financial statements at that
date or for the period then ended, other than those reflected or fully disclosed
in the books of account.

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18.02 No events have occurred that are of such significance in relation to the
Company’s affairs to require mention in a note to the financial statements in
order to make them not misleading regarding the financial position, results of
operations, or cash flows of the Company.

For MATTSENKUMAR SERVICES PRIVATE LIMITED

Authorised Signatory

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