To the Members of AANCHAL ISPAT LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statement of AANCHAL ISPATLIMITED ("the Company") which comprises the Balance Sheet as at March 31 2021and the Statement of Profit and Loss and the statement of cash flows for the year ended onthat date and a summary of significant accounting policies and other explanatoryinformation.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Company Act2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of the ofthe state of affairs of the Company as at March 31 2021; and of the loss its cash flowsfor the year ended on that date;
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Act (SAs). Our responsibilities under those Standards are furtherdescribed in the auditor's responsibilities for the audit of the Standalone financialstatement section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the Standalone financial statementunder the provisions of the Act and the rules made thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI's codeof ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion on the standalone financial statementsexcept below:
Note No 6 and 10 to the Financial Statements where in management has consideredoutstanding trade receivables and advance to suppliers of Rs 733773064/- and Rs56522583/- as good and fully recoverable as at the balance sheet date. Out of them Rs520445652/- and Rs. 18547662/- respectively for period more than one year. Due toconfirmations being not available and pending reconciliation adjustments we are unable tocomment on their recoverability of these receivable advance and its consequential effecton these financial statements.
Key audit matters
Key audit matters are those matters that in our professional judgment were of mostsignificance 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 financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matter described below to be thekey audit matter to be communicated in our report.
See note 1.(V) note 19 to the standalone financial statements
|The key audit matter ||How the matter was addressed in our audit |
|We identified revenue recognition as a key audit matter because the Company and its external stakeholders focus on revenue as a key performance indicator. ||Our audit procedures in this area included the following : 1. We assessed the appropriateness of the revenue recognition accounting policies by comparing with applicable accounting standards. |
| ||2. We evaluated the design of key controls and operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions. |
| ||3. We performed substantive testing by selecting samples of revenue transactions |
| ||4. We carried out analytical procedures on revenue recognised during the year to identify unusual variances. |
| ||5. We tested on a sample basis specific revenue transactions recorded before and after the financial year end date to determine whether the revenue had been recognised in the appropriate financial period. |
Related party transactions
See note 27 to the standalone financial statements
|The key audit matter ||How the matter was addressed in our audit |
|We identified the accuracy and completeness of disclosure of related party transactions as set out in respective notes to the standalone Ind AS financial statements as a key audit matter due to: The significance of transactions with related parties during the year ended March31 2021. ||Our procedures in relation to the disclosure of related party transactions included: |
|Related party transactions are subject to the compliance requirement under the Companies Act 2013 and SEBI (LODR) 2015. ||1. Obtaining an understanding of the Company's policies and procedures in respect of the capturing of related party transactions and how management ensures all transactions and balances with related parties have been disclosed in the standalone Ind AS financial statements. |
| ||2. Obtaining an understanding of the Company's policies and procedures in respect of evaluating arms-length pricing and approval process by the audit committee and the board of directors. |
| ||3. Agreeing the amounts disclosed to underlying documentation and reading relevant agreements evaluation of arms-length on a sample basis as part of our evaluation of the disclosure. |
| ||4. Assessing management evaluation of compliance with the provisions of Section 177 and Section 188 of the companies Act 2013 and SEBI (LODR) 2015. |
Tax litigations - provisions and contingencies
See note 28 to the standalone financial statements
|The key audit matter ||How the matter was addressed in our audit |
|The Company is involved in several ongoing direct and indirect tax litigations ||We have applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence: |
|A disclosure for contingent liabilities Is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources. When there is a possible or a present obligation where the likelihood of outflow of resources is remote no provision or disclosure is made. ||1. We tested the effectiveness of key controls around the recording and assessment of tax provisions and contingent liabilities. |
|We have identified tax litigations provisions and contingencies as a key audit matter because it requires the management to make judgments and estimates in relation to the exposure arising out of litigations. The key judgment lies in the estimation of provisions where they may differ from the future obligations. The Company operates under several tax laws and some of these have a significant impact on the financial statements of the Company. ||2. We assessed the value of the provisions and contingent liabilities in light of the nature of the exposures applicable regulations and related correspondences with the authorities. |
| ||3. We assessed the relevant historical and recent judgments passed by the court authorities. |
| ||4. Obtained Management's assessment of the open cases and compared to assess the reasonableness of the provision or contingency. |
| ||5. Considered the adequacy of the Company's disclosures made in relation to taxation related provisions and contingencies in the financial statements. |
Information other than the financial statements and auditors' report thereon
The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the IND AS financial statements and our auditor's report thereon.
Our opinion on the IND AS financial statement does not cover the other information andwe do not express any form of assurance conclusion thereon.
In connection with our audit of the IND AS financial statement our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring 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 materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Management's Responsibility for the Financial Statement
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the IND AS financial statement management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The board of directors are also responsible for overseeing the Company's financialreporting process. Auditor's Responsibility for the Financial Statements
Our objectives are to obtain reasonable assurance about whether the IND AS financialstatement as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these IND AS financial statement.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the IND AS financialstatement whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign 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 whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe IND AS financial statement or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.
Evaluate the overall presentation structure and content of the IND AS financialstatement including the disclosures and whether the IND AS financial statementrepresents the underlying transactions and events in a manner that achieves fairpresentation.
Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and evaluating the results of our work and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the IND AS financial statement ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on the other Legal and regulatory Requirements
1) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 We give in the Annexure A on the matters specified in paragraph 3& 4 of the order.
2) As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
b) Except for the possible effects of the matters described in basis of opinion sectionabove In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss and the cash flow statementdealt with by this Report are in agreement with the books of account.
d) Except for the possible effects of the matters described in basis of opinion sectionabove In our opinion the aforesaid standalone financial statements comply with theAccounting Standards. Specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors as on 31 March2021 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2021 from being appointed as a director in terms of Section 164(2) of theAct.
f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.
g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.
h) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our Information and according to the explanations given to us:
i. The company has disclosed the impact of pending litigation on its financial positionin its standalone financial statement.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There are no amount required to be transferred to the Investor Education andProtection Fund by the Company
The Annexure A referred to in paragraph 1 of the Our Report of even date to the membersof M/s AANCHALISPAT LIMITED on the accounts of the company for the year ended 31st March2021.
On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:
1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of information available.
(b) As explained to us fixed assets have been physically verified by the managementreasonable intervals; no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us nosubstantial part of fixed asset has been disposed off during the year and therefore doesnot affect the going concern assumption.
2) (a) As explained to us the stock is regularly verified by the management atreasonable intervals.
(b) In our opinion and according to the information and explanations given to us theprocedure for verification of stock followed by the management is reasonable and adequatein relation to the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its stocks. No discrepancies have been noticed onverification of stocks statement as compared to book records
3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.
4) According to the information and explanations given to us the company has notadvanced any loans to any of its directors or to any other person in whom the director isinterested or given any guarantee or provided any security in connection with any loantaken by him or such other person. The company has not made any investments during theyear. Therefore provisions of Clause 3(iv) of the Companies (Auditor's Report) Order 2016are not applicable. The company has not granted any loans or provided any guarantees orsecurity to the parties covered under section 185 of Companies Act 2013.
5) The Company has taken advances from customers which were outstanding for more thanone year amounting to Rs.1483403/- in terms of section 73 of the companies Act 2013read together with companies(Acceptance of Deposits) Rules 2014(Rule 2(1)(Xii)(a)) suchadvances are liable to be treated as deposits and hence the company is in violation of thesame. Except for compliance with the aforesaid amount the company has not accepted anydeposits from the public and hence the directives issued by the Reserve Bank of India andthe provisions of Sections 73 to 76 or any other relevant provisions of the Act and theCompanies (Acceptance of Deposit) Rules 2015 with regard to the deposits accepted fromthe public are not applicable.
6) We have broadly reviewed the cost records maintained by the Company relating to itsproducts pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed by theCentral Government under Section 148(1) of the Act and are of the opinion that primafacie the prescribed Cost Records have been made and maintained. We have however notmade a detailed examination of the cost record with a view to determine whether they areaccurate or complete.
7) a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance sales tax income tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and other statutory dues as applicablewith the appropriate authorities except as below:
|Nature of payment ||Amount ||Month of Payment ||Due date ||Remarks |
|PF ||131612.00 ||January 2021 ||15/02/2021 ||Pending |
|PF ||123518.00 ||February 2021 ||15/03/2021 ||Pending |
|TCS ||9481.00 ||December 2020 ||07/01/2021 ||Paid on 09/08/2021 |
|TDS ||42028.21 ||March 2017 ||07/04/2018 ||Pending |
|TDS ||32000.00 ||November 2018 ||07/12/2018 ||Pending |
|TDS ||32000.00 ||December 2018 ||07/01/2019 ||Pending |
|TDS ||99000.00 ||March 2019 ||07/04/2020 ||Pending |
|TDS ||126000.00 ||March 2018 ||07/04/2018 ||Pending |
|TDS ||8486.50 ||August 2018 ||07/09/2018 ||Pending |
|TDS ||12200.00 ||September 2018 ||07/10/2018 ||Pending |
|TDS ||20768.00 ||October 2018 ||07/11/2018 ||Pending |
|TDS ||5468.00 ||November 2018 ||07/12/2018 ||Pending |
|TDS ||10000.00 ||December 2018 ||07/01/2019 ||Pending |
|TDS ||25000.00 ||October 2018 ||07/11/2018 ||Pending |
|TDS ||25000.00 ||November 2018 ||07/12/2018 ||Pending |
|TDS ||50000.00 ||December 2018 ||07/01/2019 ||Pending |
|TDS ||52000.00 ||January 2019 ||07/02/2019 ||Pending |
|TDS ||2000.00 ||February 2019 ||07/03/2019 ||Pending |
|TDS ||45230.00 ||March 2019 ||07/04/2019 ||Pending |
b) The particulars of dues of sales tax income tax wealth tax service tax duty ofcustoms duty of excise value added tax and cess as applicable as at 31st March 2021which have not been deposited on account of a dispute are as follows -
|Name of the Statute ||Nature of Dues ||Amount Involved ||Period to which the amount relates ||Forum where Dispute is Pending |
|The Central Excise Act 1944 ||Excise Duty ||Rs. 7986754/- ||FY 2007 - 08 ||Customs & Central Excise Service Tax Tribunal |
|Income Tax Act 1961 ||Income Tax ||Rs. 4383430/- ||FY 2014 - 15 ||CIT (A)- 1 Kolkata |
|Income Tax Act 1961 ||Income Tax ||Rs.17342030/- ||FY 2011 - 12 ||CIT (A)- 1 Kolkata |
|Income Tax Act 1961 ||Income Tax ||Rs. 7486180/- ||FY 2012 - 13 ||CIT(A)-1 Kolkata |
|Income Tax Act 1961 ||Income Tax ||Rs.7283550/- ||FY 2017 - 18 ||CIT(A)-1 Kolkata |
|West Bengal Value Added Tax Act 2003 ||VAT ||Rs.25257225/- (Transfer to SOD) ||FY 2012 - 13 ||Sr Joint Commissioner Howrah Circle |
8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks & financial institutions.The Company has not taken any loan either from the government and has not issued anydebentures.
9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer during the year under review. The company had utilized the moneyraised by way of term loan during the year for the purpose for which they were raised.
10) Based upon the audit procedures performed and the information and explanationsgiven to us no fraud by the Company and no material fraud on the company by its officersor employees has been noticed or reported during the year nor have we been informed ofany such case by the management.
11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;
12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion and according to the information and explanation given to us alltransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 and the details have been disclosed in the Financial Statements asrequired by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.
16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.
"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of M/s AANCHAL ISPAT LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AANCHALISPAT LIMITED ("the Company") as of March 31 2021 in conjunction with our auditof the Ind AS 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting except note given in Audit Report in opinion paragraph for Sundrydebtors and advance.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
Basis for Opinion
According to information and explanations given to us and based on our audit thefollowing material weakness have been identified in the effectiveness of the company'sInternal Financial controls over financial reporting as at March 31 2021:
a) Refer to note 6 and 10 of the financial statements in respect of long outstandingoverdue trade receivables and advance whereby evidences of control over monitoring/assessing recoverability of such over dues including assessment of provision for doubtfultrade receivables and advances where not operation effectively. This could potentiallyresult in the company not recognizing a provision for doubtful/ old overdue tradereceivables.
b) The company's internal control over updating the customers/vendors master data withpresent address wire not operating effectively.
c) The Company's internal financial control over timely recording of journal entrieswere not operating effectively. We have observed delays in recording of the entries whichpotentially results in delay in preparation of financial statements.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India"
| ||For Rajesh Jalan & Associates |
| ||Chartered Accountants |
| ||sd/- |
| ||(Rajesh Jalan) |
| ||Partner |
|Place: Kolkata ||(Firm Registration No. : 326370E) |
|Date: 14/08/2021 ||(UDIN-19065792AAAABU2837) |