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Amrutanjan Health Care Ltd.

BSE: 590006 Sector: Health care
NSE: AMRUTANJAN ISIN Code: INE098F01031
BSE 15:31 | 06 Feb 713.25 6.70
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710.05

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NSE 15:29 | 06 Feb 712.65 3.55
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OPEN 710.05
PREVIOUS CLOSE 706.55
VOLUME 453
52-Week high 955.00
52-Week low 685.25
P/E 40.32
Mkt Cap.(Rs cr) 2,083
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 710.05
CLOSE 706.55
VOLUME 453
52-Week high 955.00
52-Week low 685.25
P/E 40.32
Mkt Cap.(Rs cr) 2,083
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amrutanjan Health Care Ltd. (AMRUTANJAN) - Auditors Report

Company auditors report

To the Members of Amrutanjan Health Care Limited

Report on the Audit of the Financial Statements Opinion

We have audited the financial statements ofAmrutanjan Health Care Limited (the"Company") and it's Employee Stock Option Plan (‘ESOP Trust') whichcomprise the balance sheet as at March 31 2022 and the statement of profit and loss(including other comprehensive income) statement of changes in equity and statement ofcash flows for the year then ended and notes to the financial statements including asummary of policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of financial statements and report of theauditor of the ESOP Trust the aforesaid financial statements give the informationrequired by the Companies Act 2013 ("Act") in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company at March 31 2022 and its profit and othercomprehensive loss changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act.

Our responsibilities under those SAs are further described in the Auditors'Responsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions accounting of the Act andthe rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence obtained by us along with the consideration of report of auditor of the ESOPTrust referred to in the ‘Other

Matters' section below is sufficient and appropriate to provide a basis for ouropinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial were addressed in the context of our audit ofthe financial statements as a whole and in forming our opinion thereon and we do notprovide a separate opinion on these matters.

Description of Key Audit Matter

Revenue recognition See note 3(J) and 23 to the financial statements:

The key audit matter How the matter was addressed in our audit
The Company's revenue is derived primarily from sale of goods. The principal products of the Company comprise pain management congestion management beverages and hygiene that are mainly sold through stockists. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
Revenue from sale of goods is recognized on transfer of control of the products to the customer. The Company uses a variety of shipment terms across its operating markets and this has an impact on the timing of revenue recognition. The performance obligations in the contracts may be fulfilled at the time of dispatch delivery or upon formal customer acceptance depending on contract terms. 1. Assessed the appropriateness of the Company's accounting policy for revenue recognition as per relevant accounting standard.
There is a risk that revenue could be recognized at a time which is different from transfer of control especially for sales transactions occurred on and around the reporting period. In view of this and since revenue is a key performance indicator of the Company we have identifiedtiming of the revenue recognition as a key audit matter. 2. Obtained an understanding of the Company's sales process and evaluated design and implementation of key internal controls in relation to the timing of revenue recognition. We also tested the operating effectiveness of such controls for a sample of transactions with special reference to controls over revenue recognized on and around the year end.
3. For a sample of sale transactions selected using statistical sampling performed detailed testing and in particular examined whether these are recognised in the period in which control is transferred. This included examination of the terms and conditions of the customer orders including the shipping terms transporter documents and customer acceptances as applicable.
4. Performed analytical procedures on current year revenue based on trends and where appropriate conducting further enquiries and tests to identify unusual transactions.
5. We also tested sample journal entries for revenue recognised during the year selected based on specified risk-based criteria to identify unusual transactions.

Information Other than the Financial Statements and Auditors' Report Thereon

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the annualreport but does not include the financial statements and our auditor's report thereon.The annual report is expected to be made available to us after the date of this auditors'report.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. When we read the annual report ifwe conclude that there is a material misstatement therein we are required to communicatethe matter to those charged with governance and take necessary actions as required underapplicable laws and regulations.

Management's and Board of Director's/ Board of Trustee's Responsibilities for theFinancial Statements The Company's Management and Board of Directors are responsiblefor the matters stated in section 134(5) of the Act with respect to the preparation ofthese financial statements airs profit/ aff thatgive trueandfairviewofthestateofloss and other comprehensive income changes in equity andcash with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act. The respective Management and Board of Directorsof the Company/Board of Trustees of the ESOP Trust are responsible for maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company/ ESOP Trust and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring accuracy and completeness of the accounting records relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

In preparing the financial

Management and Board of Directors/Board of Trustees are responsible for assessing theability of Company/ ESOP Trust to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors/Board of Trustees either intends to liquidate the Company/ESOPTrust or to cease operations or has no realistic alternative but to do so. The respectiveBoard of Directors/Board of Trustees are also responsible for overseeing the financialreporting process of the Company/ESOP Trust.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditors' 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 financial statements.

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 financialstatements 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 Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Management and Board ofDirectors.

• Conclude on the appropriateness of the Management and Board of Directors use ofthe going concern basis of accounting in preparation of financial statements and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant

Company's ability to continue as a going concern. If the respective we conclude that amaterial uncertainty exists we are required to draw attention in our auditors' report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial statementsof ESOP Trust of the Company to express an opinion on the financialstatements. For theESOP Trust included in these financialstatements which have been audited by the auditorof the ESOP Trust such auditor of the ESOP Trust remain responsible for the directionsupervision and performance of the audits carried out by them. We remain solelyresponsible for our audit opinion. Our responsibilities in this regard are furtherdescribed in the section titled "Other Matter" in this audit report Wecommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findingsincluding any significantdeficiencies 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors' report unless law or regulation precludes public disclosure about the matter orwhen 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.

Other Matter

We did not audit the financial statements of ESOP Trust included in the financialstatements of the Company whose financial statements reflect total assets (beforeaccounting adjustments) of 451.68 lakh as at March 31 2022 total revenue (beforeaccounting adjustments) of 0.94 lakh and total net loss after tax (before accountingadjustments) of 33.05 lakh for the year ended on that date as considered in the financialstatements. Thefinancialstatements of the ESOP Trust have been audited by the auditor ofthe ESOP Trust whose reports have been furnished to us and our opinion in so far as itrelates to the amounts and disclosures included in respect of such ESOP Trust is basedsolely on the report of such auditor of the ESOP Trust.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2020 ("the Order")issued by the Central Government of India in terms of section 143 (11) of the Act we givein the "ANNEXURE A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2. (A) As required by section 143(3) of the Act based on our audit and onconsideration of report of the auditor of the ESOP Trust on separate financialstatementsof such ESOP Trust as noted in "Other Matter" paragraph we report to theextent applicable that: a) We have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. b) In our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books and the reports ofthe auditor of the ESOP Trust. c) The report on the accounts of the ESOP Trust of theCompany have been sent to us and have been properly dealt with by us in preparing thisreport. d) The balance sheet the statement of profit and loss (including othercomprehensive income) the statement of changes in equity and the statement of cash flowsdealt are in agreement with the books of account. e) In our opinion the aforesaidfinancial statements comply with the Ind AS specified under Section 133 of the Act. f) Onthe basis of the written representations received from the directors as on March 31 2022taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2022 from being appointed as a director in terms of section 164(2) of the Act.g) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "ANNEXURE B". (B) With respect to the othermatters to be included in the Auditors' report in accordance with rule 11 of the Companies(Audit and Auditors') Rules 2014 in our opinion and to the best of our information andaccording to the explanation given to us: a) The Company has disclosed the impact ofpending litigations as at March 31 2022 on its financial position in its financial ReferNote 35 to the financial statements. b) The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. c)There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company. d) (i) The management hasrepresented that to the best of its knowledge and belief as disclosed in note 39(i) tothe financial statements no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall: • directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany

("Ultimate Beneficiaries") or

• provide any guarantee security or the like on behalf of the UltimateBeneficiaries.

(ii) The management has represented that to the best of its knowledge and belief asdisclosed in note 39(j) to the financial statements no funds have been received by theCompany from any persons or entities including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall: • directly or indirectly lend or invest in other persons or entitiesidentified 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 UltimateBeneficiaries.

(iii) Based on such audit procedures as considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (d) (i) and (d) (ii) contain any material misstatement.e) The interim dividend declared and paid by the Company during the year is in accordancewith section 123 of the Companies Act 2013.

The final dividend paid by the Company during the year in respect of the same declaredfor the previous year is in accordance with section 123 of the Companies Act 2013 to theextent it applies to payment of dividend. As stated in note 15 to the financialstatements the Board of Directors of the Company have proposed final dividend for theyear which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The dividend declared is in accordance with section 123 of the Act to the extentit applies to declaration of dividend.

(C) With respect to the matter to be included in the Auditors' Report under section197(16) of the Act: In our opinion and according to the information and explanations givento us the remuneration paid by the company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

for B S R & Co. LLP
Chartered Accountants
Firm's Registration Number: 101248W/W-100022
-SD-
K Raghuram
Partner
Membership No: 211171
ICAI UDIN: 22211171AJNKBS9291
Place: Chennai
Date: May 24 2022

ANNEXURE A to the Independent Auditors' Report to the Members of Amrutanjan Health CareLimited for the year ended March 31 2022

(i) (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment.

(B) The Company has maintained proper records limited liability showing fullparticulars of intangible assets.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has formulated a programme ofphysical verification of its property plant and equipment by which all property plantand equipment are verified over a period of three years. In accordance with thisprogramme certain property plant and equipment were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) Based on our examination of sale deed and property tax receipts provided to us thetitle deeds of immovable properties (other than immovable properties where the Company isthe lessee and the leases agreements are duly executed in favour of the lessee) disclosedin the financial statements included under Property Plant and Equipment are held in thename of the Company.

(d) On the basis of our examination of the records of the Company the Company has notmade any revaluation of its Property Plant and Equipment (including right of use assets)or intangible assets or both during the year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no proceedings initiated or arepending against the Company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventory except stock with third party has been physically verified bythe management during the year. In our opinion the frequency of such is reasonable andprocedures and coverage as followed by management were appropriate. For stocks lying withthird parties as at the year end written confirmations have been obtained by themanagement. No discrepancies were noticed on such verification between the physical stocksand the book records that were more than 10% in the aggregate of 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 has not been sanctioned any workingcapital limits inexcessof banks and financialinstitutions on the basis of security ofcurrent assets at any point of time of the year. Accordingly clause 3(ii)(b) of the Orderis not applicable.

(iii) 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 made any investmentsprovided guarantee or security or granted any loans or advances in the nature of loanssecured or unsecured to companies firms partnerships or any other parties during theyear. Accordingly clauses 3(iii)(a) to 3(iii)(f) of the Order are not applicable.

(iv) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the Company has neither made any investments norhas it given loans or provided guarantee or security and therefore the relevant provisionsof sections 185 and 186 of the Companies Act 2013 ("the Act") are notapplicable to the Company. Accordingly clause 3(iv) of the Order is not applicable.

(v) The Company has not accepted any deposits or amounts which are deemed to bedeposits from the public. Accordingly clause 3(v) of the Order is not applicable. (vi) Wehave broadly reviewed the books of account maintained by the Company pursuant to the rulesprescribed by the Central Government for the maintenance of cost records under section 148(1) of the Act in respect of products manufactured and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. However we havenot carried out a detailed examination of the records with a view to determine whetherthese are accurate or complete. (vii) (a) The Company does not have liability in respectof service tax duty of excise sales tax and value added tax during the year sinceeffective July 01 2017 these statutory dues have been subsumed into goods and servicestax (‘GST'). On the basis of our examination of the records of the Company in ouropinion amounts deducted / accrued in the books of account in respect of undisputedstatutory dues including GST provident fund employees state insurance income tax dutyof customs cess and other statutory dues have generally been regularly deposited by theCompany with the appropriate authorities.

On the basis of our examination of the records of the Company no undisputed amountspayable in respect of GST provident fund employees state insurance income tax duty ofcustoms cess and other statutory dues were in arrears as at March 31  2022 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company statutory dues relating to income tax and salestax which have not been deposited on account of any dispute as set out below: (Amount inLakh)

Nature of the Statute Nature of dues Demand amount Amount paid under protest Net amount Financial year to which amount relates Forum which dispute is pending
Income tax Act 1961 Income tax 80.87 16.17 64.69 2016-17 Commissioner of Income Tax
Maharashtra Value Added Tax Act 2002 Sales Tax 41.96 18.98 22.98 2005-06 2013- 14 2014-15 and 2015-16 Deputy Commissioner of State Tax Maharashtra
Madhya Pradesh Value Added Tax 2002 Sales Tax 0.62 0.06 0.56 2012-13 Deputy Commissioner of State Tax Madhya Pradesh
West Bengal Value Added Tax 2003 Sales Tax 3.20 2.86 0.34 2015-16 Senior Joint Commissrioner-Sales Tax West Bengal
Tamil Nadu Value Added Tax Act 2006 Sales Tax 10.86 2.71 8.15 2011-12 Appellate Deputy Commissioner of Commercial taxes Tamil Nadu
The Telangana Value Added Tax Act 2005 Sales Tax 32.81 13.55 19.26 2010-11 and 2011-12 Assistant Deputy Commissioner (CT)- Secunderabad Division
The Telangana Value Added Tax Act 2005 Sales Tax 25.16 16.61 8.55 2012-13 and 2013-14 Telangana Value Added tax Appellate Tribunal Hyderabad

(viii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not surrendered ordisclosed any transactions previously unrecorded as income in the books of account inthe tax assessments under the Income Tax Act 1961 as income during the year.

(ix) (a) On the basis of our examination of the records of the Company the Company didnot have any loans or borrowings from any lender during the year. Accordingly clause3(ix)(a) of the Order is not applicable.

(b) 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 been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) According to the information and explanations given to us by the management theCompany has not obtained any term loans during the year. Accordingly clause 3(ix)(c) ofthe Order is not applicable. (d) According to the information and explanations giventousandonanoverallexaminationofthe by the auditors in Form ADT-4 as prescribed balancesheet of the Company we report that no funds raised on short term basis have been usedfor long term purposes by the Company.

(e) The Company does not hold any investment in any subsidiary associate or jointventure (as defined under the Act) during the year ended March 31  2022.Accordingly clause 3(ix)(e) of the Order is not applicable.

(f) The Company does not hold any investment in any subsidiary associate or jointventure (as defined under the Act) during the year ended March 31  2022.Accordingly clause 3(ix)(f) of the Order is not applicable.

(x) (a) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly clause 3(x)(a) ofthe Order is not applicable.

(b) 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 made any preferentialallotment or private placement of shares fully or partly or optionally convertibledebentures during the year. Accordingly clause 3(x)

(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and records of the Company and according tothe information and explanations given to us no fraud by the Company or on the Companyhas been noticed or reported during the course of our audit.

(b) During the year no report under sub-section (12) of section 143 of the CompaniesAct 2013 has been filed under rule 13 of Companies (Audit and Auditors) Rules 2014 withthe Central Government.

(c) As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

(xii) According to the information and explanations given to us the Company is not anidhi company. Accordingly clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us andon the basis of our examination of records of the Company transactions with the relatedparties are in compliance with Section 188 of the Act where applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards. The provisions of section 177 are not applicable to theCompany.

(xiv) (a) In our opinion the Company has an internal audit system commensurate withthe size and nature of its business.

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

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with any of its directors or persons connected toits directors. Accordingly provisions of section 192 of the Act and clause 3(xv) of theOrder are not applicable.

(xvi) (a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India  Act 1934. Accordingly clause 3(xvi)(a) of the Order is notapplicable.

(b) The Company is not required to be registered under Section 45-IA of the ReserveBank of India  Act 1934. Accordingly clause 3(xvi)(b) of the Order is notapplicable.

(c) The Company is not a Core Investment Company by the (CIC) as defined Reserve Bankof India. Accordingly clause 3(xvi)(c) of the Order is not applicable.

(d) The Company is not part of any group. Accordingly the requirements of clause3(xvi)(d) are not applicable (xvii) The Company has not incurred cash losses in thecurrent and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.Accordingly clause 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realisation of financial assets and paymentof financialliabilities our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that the Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

Also refer to the Other Information paragraph of our main audit report which explainsthat the other information comprising the information included in the annual report isexpected to be made available to us after the date of this auditor's report.

(xx) In our opinion and according to the information and explanations given to usthere is no unspent amount under sub-section (5) of section 135 of the Act pursuant to anyproject. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable. (xxi)According to the information and explanations given to us and based on our examination ofthe records of the Company the Company is not required to prepare consolidated financialstatements as per section 129(3) of Companies Act 2013. Accordingly clause 3(xxi) of theOrder is not applicable.

for B S R & Co. LLP
Chartered Accountants
Firm's Registration Number: 101248W/W-100022
K Raghuram
Partner
Membership No: 211171
ICAI UDIN: 22211171AJNKBS9291
Place: Chennai
Date: May 24 2022

ANNEXURE B to the Independent Auditors' report on the financial statements of

Amrutanjan Health Care Limited for the year ended March 31 2022

Report on the internal financial controls with reference to the aforesaid financialstatements under Clause (i) of subsection 3 of section 143 of the Companies Act 2013

(Referred to in clause (2) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsofAmrutanjan Health Care Limited ("the Company") as of March 31 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at March 31 2022 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct 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 (hereinafter referred to as"the Act").

Auditors' Responsibility

Our responsibility is to express an opinion on the

Company's internal financial controls with reference to financial statements based onour audit. We conducted our audit in accordance with the Guidance Note and the Standardson Auditing prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls with reference to financial statements. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to financial statements were established and maintainedand whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference tofinancialstatements included obtaining an understanding of such internal financialcontrols assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgement including the assessment of therisks 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 toprovide a basis for our audit opinion on the Company's internal financialcontrols withreference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is aprocess designed to reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial controls withreference to financial include those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions dispositions of the assets of the company; (2) provide reasonable assurancethat transactions are recorded as necessary to permit preparation of financial accordancewith generally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorisations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financialcontrols withreference to financialstatements to future periods are subject to the risk that theinternal financialcontrols with reference to financialstatements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

for B S R & Co. LLP
Chartered Accountants
Firm's Registration Number: 101248W/W-100022
K Raghuram
Partner
Membership No: 211171
ICAI UDIN: 22211171AJNKBS9291
Place: Chennai
Date: May 24 2022

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