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Alps Industries Ltd.

BSE: 530715 Sector: Industrials
NSE: ALPSINDUS ISIN Code: INE093B01015
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VOLUME 15433
52-Week high 5.80
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OPEN 2.00
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VOLUME 15433
52-Week high 5.80
52-Week low 1.95
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alps Industries Ltd. (ALPSINDUS) - Auditors Report

Company auditors report

Report on the Standalone Financial Statements

Qualified Opinion

We have audited the accompanying standalone financial statements of ALPS INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Cash Flow Statement for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion section of our report the aforesaid financial statements give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31st 2022 and loss total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

Refer to note no. 38 to the notes on accounts the Company has not provided for itsliability towards interest & part of principal loan waived earlier and impact ofretained earnings in terms of draft rehabilitation scheme and now revoked by its consentedlenders amounting to Rs. 167553.94 lakh accordingly the loss for the year and loanliability would have been increased and shareholder's fund would have been reduced to thatextent.

Emphasis of Matters

We draw attention to Note No. 13 to the financial statements which indicate that theCompany net worth is in negative. Further we draw attention to note no 38 related topreparation of financial statement on going concern basis on the expectation of thecompany to get the necessary resolution for restructuring /settlement of debts and to meetits financial obligation and continuation of giving effect to earlier consented schemethough nowrevoked. Furthermore we draw attention to Note no.40 and Note no. 45 related tosale of all operative fixed assets and inventory by its lenders underthe provision ofSARFAESI Act and service of notice for one month notice period tomost of its employees asper the term of the employment. This indicates significant doubts on the ability of thecompany to continue as a going concern. However in view of the decision of management andthe resolution passed by the board in its meeting held on dated 13th May'2022 to continuebusiness activities through trading or otherwise and maintain the status of company asgoing concern our opinion is not modified in this regard.

Key Audit Matters

Key audit matters are those matters thatin our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Inaddition to the matter described in the Basis for Qualified Opinion section we havedetermined that there are no key audit matters to be communicated in our report.

Information Other than the Financial Statement and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexure to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalonefinancial statement and our auditor's report thereon.

Our opinion on the financial statement does not cover the other information and we donot express and form of assurance conclusion thereon.

In connection with our audit of financial statement our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistence with the financial statement or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information; we are requiredto report that fact. We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the Financial Position Financial Performanceincluding Other Comprehensive Income Cash flows and the Statement of Change in Equity ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under Section 133of the Actread with Companies (Accounting Standards) Rule 2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Companyandfor preventing and detecting frauds and other irregularities; selection and applicationof appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the purpose of preparation of theStandalone Ind AS financial statement by the Directors of the Company as aforesaid.

In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as agoing concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. That Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected toinfluence the economic decisions of userstaken on the basis of these Standalone Ind AS financial statements.

A further description ofthe auditor's responsibilities for the audit of the StandaloneInd AS financial statement is included in Annexure A. This description forms part of ourauditor's report.

Our Opinion on the Standalone Ind AS financial statement and our report on Other Legaland Regulatory Requirement below is not modified in respect of the above matters withrespect to our reliance on the work done and the reports of the others auditors and thefinancial statement / financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143 (11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

As required by Section 143(3) of the Act based on our audit 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. In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with theIndianAccounting Standards prescribed under section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31stMarch2022 and taken on record by the Board of Directorsnone of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms ofSection 164 (2) of the Act;

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 C". 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 section197 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 litigations on its financialposition in its financial statements-Refer Note No. 36 & 37 to the financialstatements;

II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

III. There is no amount which was required to be transferred to the Investor Educationand Protection Fund by the Company.

IV. (a) The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to accounts no funds have been advanced or loaned orinvested (either from borrowed funds or share premium or any other sources or kind offunds) by the company to or in any other person(s) or entity(ies) including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accountsno funds have been received by thecompany from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the funding party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and(ii) of Rule 11(e) as provided under (a) and(b) above contain any material mis-statement.

V. No dividend have been declared or paid during the year by the company.

For R. K. Govil & Co. Chartered
Accountants (Firm Reg. No. : 000748C)
(Dipender Gupta)
Partner
Membership No: 538077
Place: Ghaziabad
Date: May 30 2022
UDIN:22538077AJXMTR4062

Annexure ‘A' to Auditors Report

Responsibilities for Audit of 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 Standalone Ind ASfinancial statements whether due to fraudor error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

??Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls with reference to Financial Statement inplace and the operating effectiveness of such controls.

??Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures madeby management.

??Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in theStandalone Ind AS financial statements 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 Companyto cease tocontinue as a going concern.

??Evaluate the overall presentation structure and content of the Standalone Ind ASfinancial statements including the disclosures and whether the Standalone Ind AS financialstatements represent theunderlying transactions and events in a manner that achieves fairpresentation.

??Obtain sufficient appropriate audit evidence regarding the financial information ofthe entity or business activities to express an opinion on the Standalone Ind AS financialstatement. We are responsible for the direction supervision and performance of the auditof the financial statement of such entries included in the financial statement of which weare the independent auditors. For the other entity included inthe Standalone Ind ASfinancial Statement.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually 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 in 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 Standalone Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh thepublic interest benefits of suchcommunication.

For R. K. Govil & Co. Chartered
Accountants (Firm Reg. No. : 000748C)
(Dipender Gupta)
Partner
Membership No: 538077
Place: Ghaziabad
Date: May 30 2022
UDIN:22538077AJXMTR4062

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2022 we report that:

1) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its Property Plant and equipment.

b. As explained to us the management has physically verified all the Property Plantand equipment during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company. We have been informed that nomaterial discrepancies were noticed on such physical verification during the year.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

d. According to the information and explanations given to usand on the basis of ourexamination of the records of the company the company has not revalued its Propertyplant and equipment (including Right-of-use assets) or intangible assets or both duringthe year. e. According to the information and explanations given to us and on the basis ofour examination of the records of the company there are no proceedings initiated orpending against the company for holding any benami property under the Prohibition ofBenami Property Transaction Act 1988 and rules made there under.

2) a. The inventory has been physically verified during the year by the management inphased manner. In our opinion and according to the information and explanations given tous the procedure of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the Company and the nature of itsbusiness. No discrepancies were noticed on verification between the physical stocks andthe book records that were 10% or more in the aggregate for each class of inventory.

b. According to the information and explanations given to us and on the basis of ourexamination of the records of the company The company's sanctioned secured workingcapital limits from Financial Institutions have already been recalled and became overdueNo such quarterly returns or statements filed by the company with such banks or financialinstitutions during the year

3) According to the information and explanation given to us the company has not madeany investment provided guarantee or security or granted any loans or advances in thenature of loans secured or unsecured to companies firms or other parties. Accordinglyparagraph 3 (iii) of the order is not applicable.

4) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

5) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits or amounts which are deemed to be deposits from thepublic. Accordingly clause 3(v) of the order is not applicable.

6) We were informed that company has maintained cost records pursuant to Companies(Cost Records and Audit) Rules 2014 as amended and prescribed by the Central Governmentunder section 148(1) of the Companies Act 2013 and we areof the opinion that prima faciethe prescribed cost records have been maintained. We have however not made a detailedexamination of the records with a view to determine whether they are accurate andcomplete.

7) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales tax Service Tax Duty ofCustom Duty of Excise Value Added Tax Cess and any other statutory dues applicable toit with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable inrespect of Income-tax Service Tax Sales-tax Duty of Custom Duty of ExciseCess Goods and Service Tax and other aforesaid statutory dues were outstanding as at 31stMarch 2022 for a period of more than six months from the date they became payable.

8) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income-Tax Act 1961 as income during the year.

9)a) The Company has defaulted in repayment of entire loans and the payment of interestthereon to its lenders the period and the amount of default is reported as below:

Nature of borrowing including debt securities Name of Lender Amount not paid on due date ( as outstanding in Books as on 31.3.22) Rs. in Lakh Whether principal or interest No. of days delay or unpaid
Term Loans and Working Edelweiss Assets 54199 Principal & Interest Both Refer below Remarks
Capital Loans Reconstruction company Limited (EARC) HDFC Bank 798 Principal & Refer below
Interest Both Remarks

Remarks:

-The entire debt of the company including interest thereon has become overdue.

-EARC has recalled theloan vide its letter dated on 11.12.2017. The above balancetowards EARC is after accounting for by the company the waivers and concessions whichwere in principal approved by EARC to restructure the debts of the company under SICAwhich could not be implemented due to repeal of SICA. The said in principal approval stoodwithdrawn thereafter however the company is in discussion with them to restructure itsdebts and pending finalization maintain the status of debts as per in principal approval.In the event of failure of restructuring discussion the liability of company willincrease on account of principal by about Rs. 25513 lakh and on account of interest by Rs.124082 lakh.

-The entire debt towards HDFC has become overdue since 2018.

b) No Term loan short term loan or any other fund has been taken by the company duringthe year.

10) A. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.Accordinglyparagraph3(x)(a) of the Order is not applicable.

B. According to the information and explanations given to us and on the basis ofourexamination of the records the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.Accordingly clause 3(x)(b) of the order is not applicable.

11) A. Based on examination of the books and records of the company and according tothe information and explanations given to us considering the principles of materialityoutlined in Standards on Auditing we report that no fraud by the company or on thecompany has been noticed or reported during the course of the audit.

B. No report under sub section (12) of section 143 of the companies act 2013 has beenfiledby the auditors in Form ADT-4 as prescribed under Rule 13 of companies (AuditandAuditors) Rules 2014 with the Central Government.

C. Based on examination of the books and records of the company and according to theinformation and explanations given to us no whistle blower complaint has been received bythe company during the yearwhile determining the nature timing and extent of our auditprocedures.

12) According to the information and explanations given tous the companyis not aNidhiCompany.Accordingly clause 3(xii) of the order is not applicable

13) In our opinion and according to the information and explanations given to us thetransactions with related parties are in compliance with section 177 and 188 of companiesAct 2013 where applicable and the details of the related party transactions have beendisclosed in the standalone financial statements as required by the applicable IndianAccounting Standards.

14) a. Based on information and explanations provided to us and our audit proceduresin our opinion the company has an internal audit system commensurate with the size andnature of its business.

b. We have considered the internal audit reports of the company issued till date forthe period under audit.

15) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read withSchedule V to the Companies Act 2013.

16) In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with its directors or personsconnected to its directors and hence provisions of section 192 of the companies Act 2013are not applicable to the company.

17) A. In our opinion and based on our examination The company is not required to beregistered under section 45-IA of the ReserveBank of India Act 1934. Accordingly clauseof the order is not applicable.

B. In our opinion and based on our examination The company has not conducted anyNon-Banking Financial or Housing Finance activities without a valid Certificate ofRegistration (CoR) from the Reserve Bank of India as per the Reserve Bank of India 1934.

C. In our opinion and based on our examination The company is not a core investmentcompany (CIC) as defined in the regulations made by the Reserve Bank of India.Accordingly clause of the order is not applicable.

D. According to the information and explanations provided to us by the managementduringthe course of audit the group does not have any CIC of the Group. Accordingly therequirements of clause are not applicable.

18) The company has incurred cash losses of Rs. 1735.22 Lakhs in the current financialyear and no cash losses were there in the immediately preceding financial year.

19) There has been no resignation of the statutory auditors during the year.Accordingly clause3(xviii) of the order is not applicable.

20) We are not able to comment whether company is capable of meeting its liabilitiesor not as and when they fall due within a period ofone year from the balance sheet date inview of ongoing talks of company with its lenders with regards to settlement of duesrefer to note no. 38.

21) In our opinion and according to the information and explanations given to us thereis no unspent amount under sub-section (5) of section 135 of the companies Act 2013pursuant to any project.

Accordingly clauses 3(xx)(a) and 3(xx)(b) of the order are not applicable.

For R. K. Govil & Co. Chartered
Accountants (Firm Reg. No. : 000748C)
(Dipender Gupta)
Partner
Membership No: 538077
Place: Ghaziabad
Date: May 30 2022
UDIN:22538077AJXMTR4062

ANNEXURE "C" TO INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ALPSINDUSTRIES LIMITED (the Company) as of 31 March 2022 in conjunction with our audit ofthe 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 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly andefficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

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 ethical requirementsand planand perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness existsand testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over financial reporting.

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 proceduresthat

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 thecompany; 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.

Opinion

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 31 March 2022based 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.

ForR. K. Govil & Co. Chartered
Accountants (Firm Reg. No. : 000748C)
(Dipender Gupta)
Partner
Membership No: 538077
Place: Ghaziabad
Date: May 30 2022
UDIN:22538077AJXMTR4062

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