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Anand Projects Ltd.

BSE: 501630 Sector: Others
NSE: N.A. ISIN Code: INE134R01013
BSE 00:00 | 03 Mar Anand Projects Ltd
NSE 05:30 | 01 Jan Anand Projects Ltd
OPEN 19.20
PREVIOUS CLOSE 19.20
VOLUME 930
52-Week high 19.20
52-Week low 19.20
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.20
CLOSE 19.20
VOLUME 930
52-Week high 19.20
52-Week low 19.20
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anand Projects Ltd. (ANANDPROJ) - Auditors Report

Company auditors report

To the Members of Anand Projects Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Anand ProjectsLimited ("the Company") which comprise the standalone balance sheet as at March31 2022 and the standalone statement of profit and loss (including other comprehensiveincome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone financial statements including asummary of significant accounting policies and other explanatory information (Collectivelyreferred to as ‘Standalone financial statements').

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs (financial position) of the Companyas at March 31 2022 and its losses (financial performance including other comprehensiveincome) 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) specified under section 143(10) of the Act. Our responsibilities under those SAs arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the standalone financial statements

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report.

Other Information

The Company's management and Board of Directors are responsiblefor the other information. The other information comprises the information included in theCompany's annual report but does not include the standalone financial statements andour auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial 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 standalone financial statements that give a true and fair view of the financialposition financial performance (including other comprehensive income) changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (‘Ind AS')specified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company 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 the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the management andBoard of Directors are responsible for assessing the Company's ability to continue asa going concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless the management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to standalonefinancial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the

Central Government of India in terms of sub-section (11) of section 143of the Act we give in the ‘Annexure A' a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Standalone Balance Sheet the Standalone Statement of Profit and Loss theStandalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act read with Companies(Indian Accounting Standard) Rules 2016 (as amended).

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 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 with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

(g) With respect to the matter to be included in the Auditors'Report under Section 197(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.

(h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us;

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements Refer Note 27 to the standalone financialstatements

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. a. The management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("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 belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("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;

c. Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has causes 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 misstatement.

v. The Company has not declared or paid dividend during the year hencereporting of compliances of section 123 is not applicable.

For R S Dani & Co.
Chartered Accountants
Firm Registration Number :000243C
C. P. Kothari
Partner
Membership No.: 072229
UDIN: 22072229AMKDNN1647
Place: Noida
Date: May 30 2022

Annexure ‘A'

Annexure referred to in paragraph 1 under the heading "Report onother legal and regulatory requirements" of our report of even date To the bestof our information and according to the explanations provided to us by the Company and thebooks of account and records examined by us in the normal course of audit we state that:

(i) In respect of the Company's property plant and equipment and intangibleassets:

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

(B) The Company does not have any intangible assets.

(b) As explained to us all the property plant and equipment have been physicallyverified by the management in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.

(c) According to records of the Company there is no immovable property held by theCompany. Accordingly the provision of clause 3(i)(c) of the order is not applicable tothe Company.

(d) The Company has not revalued any of its Property Plant and Equipment during theyear.

(e) To the best of our knowledge and according to the information and explanationsgiven to us no proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder hence reporting ofclause 3(i)(e) of the Order is not applicable to the Company.

(ii) (a) The Company does not have any inventory and hence reporting under clause3(ii)(a) of the Order is not applicable.

(b) The Company has not been sanctioned working capital limits in excess of 5 crore inaggregate at any points of time during the year from banks or financial institutions onthe basis of security of current assets and hence reporting under clause 3(ii)(b) of theOrder is not applicable.

(iii) The Company has made investments and granted unsecured loans to other entitiesduring the year in respect of which:

(a) The Company has provided loans to entities during the year in respect of which:

a. The company has not granted any loans secured or unsecured to is associate companyhence clause (iii)(a)(A) of the Order is not applicable to the Company.

b. An aggregate amount of loan of 5000000 has been given during the year and146364275 is outstanding (Including Interest) as at the balance sheet date in respectof loans given to parties other than subsidiaries associates and joint ventures.

(b) The Company has not provided any guarantees or securities during the year. Inrespect of loan given during the year of 5000000 to a non-related party the terms andconditions of grant of such loan is not prejudicial to the interest of the Company. Basedon the representation given by the management we are of the opinion that the investmentmade during the year in form of convertible debentures are strategic investments and arenot prejudicial to the Company's interest.

(c) In respect of loans and advances in the nature of loans the arrangement does nothave stipulation of schedule of repayment of principal and payment of interest as all theloans and advances provided by the Company are repayable on demand. Therefore we are notable to make specific comments on the regularity of repayment of principal and payment ofinterest.

(d) In respect of loans and advances in the nature of loan granted by the Company inabsence of specific stipulation of repayment of principal and payment of interest andconsidering the loans and advances are repayable on demand and the Company has notdemanded the loan there is no overdue amount remaining outstanding as at the balancesheet date.

(e) No loans (other than investments in debt securities) and advances granted by theCompany which have fallen due during the year have been renewed or extended or freshloans granted to settle the overdues of existing loans given to the same parties.

(f) The Company has granted loans which are repayable on demand as detailed below:

(Amount in Rs.)
All parties Promoters Related parties
Aggregate amount of loans / advances in nature of loans (including interest)
- Repayable on demand (A) 146364275 - -
- without specifying any terms or period of repayment (B) - - -
Total (A+B) 146364275 - -
Percentage of loans / advances in nature of loans to the total loans 100% - -

(iv) In our opinion and according to the information and explanations given to us theCompany has not advanced loans to directors / to a company in which the director isinterested to which provisions of section 185 of the Act apply and hence not commentedupon. In our opinion and according to the information and explanations given to usprovisions of Section 186 of the Act in respect of loans and advances given investmentsmade and guarantees and securities given have been complied with by the Company to theextent applicable to it.

(v) According to the information and explanations given to us the Company has notaccepted any deposit or amounts which are deemed to be deposits from the public within themeaning of section 73 to 76 of the Act and the rules framed thereunder.

Therefore the provision of clause 3(v) of the Order is not applicable to the Company.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Act for theproducts/services of the Company.

(vii) (a) According to the records of the Company undisputed statutory dues includingGoods and Services Tax Provident Fund Income-Tax Sales-Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and any other statutory dues applicable toit have generally been regularly deposited with appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2022 for aperiod of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us there are no statutorydues referred to in sub-clause (a) which have not been deposited with the appropriateauthorities on account of any dispute except as shown below:

Name of the Act Nature of dues Amount under dispute ( ) Period to which the amount relates Forum where dispute is pending
Income tax Act 1961 Income tax demand 219845960 Assessment Year 2012-13 Commissioner of Income tax (Appeal)
1833822547 Assessment Year 2016-17 Commissioner of Income tax (Appeal)
Commercial Tax Work Contract Tax 1731345 Financial Year 2017-18 Commercial Tax Tribunal Jhansi
59887211 Financial Year 2015-16 Commercial Tax Tribunal Jhansi
Finance Act 1994 Service Tax 9158691 Financial Year 2011-12 CESTAT Allahabad

(viii) There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961).

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the standalone financial statements and according to the information andexplanations given by the management

(a) The Company did not have any loans or borrowings from any lender during the year.Accordingly clause 3(ix)(a) of the Order is not applicable.

(b) The company has not been declared willful defaulter by any bank or financialinstitution or government or any government authority.

(c) The company has not taken any term loan during the year and there is no outstandingterm loan at the beginning of the year hence reporting under 3(ix)(c) of the Order is notapplicable.

(d) No funds have been raised on short-term basis by the Company. Accordingly clause3(ix)(d) of the Order is not applicable.

(e) On an overall examination of the standalone financial statements of the Companythe Company has not taken any funds from any entity or person on account of or to meet theobligations of its associate.

(f) The Company has not raised loans during the year on the pledge of securities heldin its associate. Hence the requirement to report on clause (ix)(f) of the Order is notapplicable to the Company.

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

(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 or fully or partly convertible debentures duringthe year. Accordingly clause 3(x)(b) of the Order is not applicable.

(xi) (a) Based upon the audit procedures performed for the purpose of reporting thetrue and fair view of the standalone financial statements and according to the informationand explanations given by the management we report that no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) As per the records of the Company and information and explanation given to us bythe management the Company has not received any whistle blower complaints during theyear.

(xii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund /society.

Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the standalone financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with section 177 and 188 of Act where applicable and the details have beendisclosed in the notes to the standalone financial statements as required by theapplicable accounting standards.

(xiv) (a) In our opinion and based on our examination the company has an adequateinternal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the standalone financial statements and according to the information andexplanations given by the management the Company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b)and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable.

(xvii) Based on overall examination of the standalone financial statements of theCompany we report that the company has incurred cash losses of 19129510 in the currentfinancial year and no cash loss in the immediately preceding financial year.

(xviii) There is no resignation of the statutory auditor during the year. Hencereporting of clause (xviii) of paragraph 3 of the order is not applicable to the company.

(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thestandalone financial statements and our knowledge of the Board of Directors and Managementplans and based on our examination of other evidences supporting the assumptions nothinghas come to our attention which causes us to believe that any material uncertaintyexists as on the date of the audit report indicating that Company is not capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date. We however state that this isnot an assurance as to the future viability of the Company. We further state that ourreporting is based on the facts up to the date of the audit report and we neither give anyguarantee nor any assurance that all liabilities falling due within a period of one yearfrom the balance sheet date will get discharged by the Company as and when they fall due.

(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 Companies Act 2013pursuant to any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are notapplicable.

For R S Dani & Co.
Chartered Accountants
Firm Registration number: 000243C
C. P. Kothari
Partner
Membership No.: 072229
UDIN: 22072229AMKDNN1647
Place: Noida
Date: May 30 2022

Annexure ‘B'

Annexure to the independent auditor's report of even date on thestandalone financial statements of Anand Projects Limited

Report on the Internal Financial Controls with reference to theaforesaid financial statements under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013

Opinion

We have audited the internal financial controls with reference tostandalone financial statements of Anand Projects Limited ("the Company") as ofMarch 31 2022 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls were operating effectively as at March 31 2022 based on theinternal financial controls with reference to standalone financial statements 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 (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors areresponsible for establishing and maintaining internal financial controls based on theinternal financial controls with reference to standalone financial statements criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 internalfinancial controls with reference to standalone financial statements based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls with reference to standalone 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 standalone financial statements were established andmaintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to standalone financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone financial statements included obtaining an understanding ofsuch internal financial controls assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgementincluding the assessment of the risks of material misstatement of the standalone financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls with reference to standalone financial statements.

Meaning of Internal Financial controls with Reference to StandaloneFinancial Statements

A company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal financial controls with reference to standalone financial statementsinclude those policies and procedures that (1) pertain to the maintenance of records thatin reasonable detail accurately and fairly reflect the transactions and dispositions ofthe assets of the company; (2) provide reasonable assurance that transactions are recordedas necessary to permit preparation of standalone financial statements in accordance withgenerally 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 standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference toStandalone Financial Statements

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

For RS Dani &Co.
Chartered Accountants
Firm registration number:000243C
C.P. Kothari
Partner
Membership No.: 072229
UDIN: 22072229AMKDNN1647
Place: Noida
Date: May 30 2022

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