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Anant Raj Ltd.

BSE: 515055 Sector: Infrastructure
NSE: ANANTRAJ ISIN Code: INE242C01024
BSE 00:00 | 01 Dec 102.90 1.50
(1.48%)
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101.45

NSE 00:00 | 01 Dec 102.95 1.50
(1.48%)
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102.00

HIGH

104.95

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OPEN 102.55
PREVIOUS CLOSE 101.40
VOLUME 60191
52-Week high 120.10
52-Week low 42.65
P/E 40.20
Mkt Cap.(Rs cr) 3,335
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 102.55
CLOSE 101.40
VOLUME 60191
52-Week high 120.10
52-Week low 42.65
P/E 40.20
Mkt Cap.(Rs cr) 3,335
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anant Raj Ltd. (ANANTRAJ) - Auditors Report

Company auditors report

To the Members of Anant Raj Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofAnant Raj Limited ("the Company") which comprises the Balance Sheet as at March31 2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"the 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 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (Ind AS) and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022and its profit other comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143 (10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Standalone FinancialStatements' section of our report. We are independent of the Company in accordancewith the ‘Code of Ethics ‘(CoE) issued by the Institute of Chartered Accountantsof India (ICAI) together with the ethical requirements that are relevant to our audit ofthe standalone financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's CoE. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone financial statements.

Emphasis of matter

We draw attention to Note 47 to the standalone financial statements forthe financial year ended March 31 2022 with regard to management's evaluation ofuncertainty due to outbreak of Covid-19 and its impact on future operations of theCompany. Our opinion is not modified in respect this matter.

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 for the financial year ended March 31 2022. Thesematters were addressed in the context of our audit of the standalone financial statementsas a whole and in forming our opinion thereon and we do not provide a separate opinionon these matters.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholders' Information(Annual Report) but does not include the standalone financial statements and ourauditor'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 whethersuch other information is materially inconsistent with the standalone financial statementsor our knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

Based on the work we have performed if we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in India includingthe Indian Accounting Standards (Ind AS) specified under section 133 of the Act read withthe Companies (Indian Accounting Standards) rules 2015 as amended. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities selection and application of appropriate accountingpolicies making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Company's Board of Directors are responsible for overseeingthe Company's financial reporting process.

Auditor's Responsibility 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 financial controls 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 operative 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.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

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 for the financial year ended March 31 2022 and is therefore the keyaudit matters. We describe this matter in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 143 of the Act we give in the Annexure-‘A' a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act based on our audit report wereport that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Standalone Balance Sheet the Standalone Statement of Profitand Loss including Other Comprehensive Income the Standalone Statement of Changes inEquity and the Standalone Statement of Cash Flows dealt with by this Report are inagreement with the books of account;

(d) In our opinion the aforesaid standalone financial statementscomply with the Ind AS specified under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.

(g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the managerial remuneration for the year ended March 31 2022has been paid/provided by the Company to its directors in accordance with the provisionsof section 197 read with Schedule V of the Act.

(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 as amended in our opinion and to the best of our information and accordingto the explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements-Refer Note No. 28 and 37 to thestandalone financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. a) The Management has represented that to the best of itsknowledge and belief 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 person or entity including foreign entities (Intermediaries) with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any person or entityincluding foreign entity (Funding Parties) with the understanding whether recorded inwriting or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party (Ultimate Beneficiaries) or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) contain any material misstatement.

v. a) The dividend proposed in the previous year declared and paid bythe Company during the year is in accordance with Section 123 of the Act as applicable.

b) The Board of Directors of the Company have proposed dividend for theyear which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with section 123 of the Act asapplicable.

for Vinod Kumar Bindal & Co.
Chartered Accountants
Firm Registration No. 003820N
Arvind Mittal
Partner
Dated: May 14 2022 Membership No.509357
Place: New Delhi. UDIN: 22509357AJOIVR9796

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Anant Raj Limited ofeven date)

i. In respect of the Company's Property Plant and Equipment:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

The Company does not have any intangible assets.

(b) The Company has a program of verification to cover all the items ofproperty plant and equipment in a phased manner which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogram property plant and equipment were physically verified by the management duringthe year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and asper the records examined by us we report that the title deeds comprising all theimmovable properties are held in the name of the Company.

In respect of immovable properties that have been taken on lease thelease agreements are in the name of the Company except one lease agreement which is notregistered in the name of the Company.

(d) The Company has not revalued any of its property plant andequipment (including Right of Use assets) during the year ended March 31 2022.

(e) According to the information and explanations given to us thereare no proceedings initiated during the year or pending against the Company as at March31 2022 for holding any benami property under the Prohibition of Benami PropertyTransactions Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The inventory includes land buildings construction work inprogress construction and development material development rights spares which werephysically verified by the management at reasonable intervals during the year. Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material and have been properly dealt with in the books of account.

(b) The Company has been sanctioned working capital limits in excess ofRs 5 crores in aggregate from Banks during the year on the basis of security of currentassets of the Company. The quarterly returns/statements filed by the Company with suchbanks are in agreement with the books of account of the Company.

iii. The Company has granted loans made investments providedguarantee(s) or security(ies) to companies firms limited liability partnerships andgranted unsecured loans to its subsidiaries and associates covered in the registermaintained under section 189 of the Act in respect of which:

(a) During the year the Company has provided loans to and madeinvestments in companies firms limited liability partnerships or any other partiesduring the year in respect of which:

ALIGN=RIGHT>13482.43 lakhs
Particulars Loans (`) Investments (`)
Aggregate amount granted/ provided/ invested during the year 2045.78 lakhs
Amount outstanding as at the year end
- Subsidiaries 33627.60 lakhs 5605.17 lakhs
- Associates 2815.48 lakhs 18414.69 lakhs
- LLPs (Associates) 17051.21 lakhs 2038.27 lakhs

The Company has not provided any guarantee or security to companiesfirms limited liability partnerships or other parties during the year.

(b) In our opinion the terms and conditions of the grant of such loansto companies firms limited liability partnerships or other parties provided during theyear are prima facie not prejudicial to the Company's interest.

(c) The schedule of repayment of principal and payment of interest hasbeen stipulated and repayment or receipts of principal amounts and interest have beenregular as per stipulations.

(d) There are no overdue amounts of loans and advances in the nature ofloans granted which are overdue for more than 90 days.

(e) There were no loans which was fallen due during the year that havebeen renewed or extended or fresh loans granted to settle the overdues of existing loansgiven to the same parties.

(f) The Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentduring the year.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of sections 185 and 186 of theAct in respect of loans granted investments made and guarantees and securities providedas applicable.

v. According to the information and explanations given to us theCompany has neither accepted any deposits from the public nor any amounts which are deemedto be deposits within the meaning of Section 73 to 76 of the Act and the rules madethereunder to the extent applicable. Accordingly the requirement to report on clause3(v) of the Order is not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Companypursuant to the Rules made by the Central Government for the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act in respect of activities carried on by theCompany and are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. However we have not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

vii. According to the information and explanations given to us inrespect of statutory dues:

(a) The Company has generally been regular in depositing the undisputedstatutory dues including goods and service tax provident fund employees' stateinsurance income tax duty of customs duty of excise cess and other statutory duesapplicable to it with the appropriate authorities except for a few instances of delay indeposits.

According to the information and explanations given no undisputedamounts payable in respect of above statutory dues were outstanding as at March 31 2022for a period of more than six months from the date they become payable.

(b) The dues in respect of service tax value added tax income tax andexcise duty which have not been deposited as at March 31 2022 on account of dispute aregiven below:

Name of the Statute Nature of dues Amount (`) Period to which the amount relates Forum where dispute is pending Present status as on the date of this Report
Haryana General Sales tax Act 1973 Sales tax 85.51 lakhs * FY 2002-03 Hon'ble High Court of Punjab & Haryana Chandigarh Writ petition filed by the Company is pending before the Hon'ble High Court of Punjab & Haryana Chandigarh
Haryana Value Added tax Act 2003 Value added tax 131.65 lakhs* FY 2003-04 Hon'ble High Court of Punjab & Haryana Chandigarh Writ petition filed by the Company is pending before the Hon'ble High Court of Punjab & Haryana Chandigarh
Income tax Act 1961 Income tax 279.12 lakhs# AY 1997-98 1998-99 1999-2000 Hon'ble High Court of Delhi Delhi Appeal filed by the Company is pending before Hon'ble High Court of Delhi New Delhi
Income tax Act 1961 Income tax 37.48 lakhs A.Y. 2017-18 The CIT Mumbai Appeal filed by the Company is pending before CIT (Appeals)-54 Mumbai.
Income tax Act 1961 Income tax 93.84 lakhs A.Y. 2018-19 The CIT New Delhi Appeal filed by the Company is pending before CIT (Appeals)-NFAC New Delhi.
Income tax Act 1961 Income tax 290.65 lakhs A.Y. 2018-19 The CIT Mumbai Appeal filed by the Company is pending before CIT (Appeals)-54 Mumbai

* Amounts are net of payments made and without considering interest forthe overdue period if any as may be levied if demand as raised is upheld. # Excludinginterest and additional tax viii. According to the information and explanations given tous the Company has not surrendered or disclosed any transactions previously unrecordedin the books of account in the tax assessments under the Income tax Act 1961 as incomeduring the year.

ix. a. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to any lender during the year.

b. The Company has not been declared as a willful defaulter by any bankor financial institution or government or any government authority.

c. According to the records of the Company examined by us and as perthe information and explanations given to us the term loans were applied for the purposefor which the loans were obtained.

d. On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company.

e. On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures during the year.

f. According to the information and explanations given to us andprocedures performed by us we report that the Company has raised loans during the year onthe pledge of securities held in the subsidiaries as per detail below.

Nature of loan taken Name of lender Amount of loan (`) Relation Detail of security pledged
Non convertible debentures Alternative Investment Fund -Touchstone Trust Scheme 47500 lakhs Subsidiaries Pledged 100% equity shares of 7 (seven) subsidiaries and 95% equity shares of 1 (one) subsidiary

Further the Company has not defaulted in repayment of such loansraised.

x. a. The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Hence therequirement to report on clause 3 (x) (a) of the Order is not applicable to the Company.

b. The Company has issued and allotted fully convertible warrants onpreferential basis to ‘Promoter and Promoter Group' and ‘Non-Promoter'in accordance with provisions the Act read with relevant rules made thereunder and theguidelines rules and regulations of the Securities and Exchanges Board of India asamended including SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

The Company has not made any preferential allotment or privateplacement of fully or partially or optionally convertible debentures during the year underaudit.

xi. a. To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company or any fraud on the Company has beennoticed or reported during the year.

b. According to the information and explanations given to us no reportunder section 143(12) of the Act has been filed by secretarial auditor or by us in FormADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with theCentral Government.

c. According to the information and explanations given to us there areno whistle blower complaints received by the Company during the year.

xii. The Company is not a nidhi company as per the provisions of theAct. Therefore the requirement to report on clauses 3(xii) (a) (b) and (c) of the Orderis not applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the Ind AS financial statements asrequired by the applicable accounting standards.

xiv. a. In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

b. We have considered the internal audit reports of the Company issuedtill the date of the audit report for the period under audit.

xv. In our opinion the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors and hencerequirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi. a. 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 in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi) (d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financialyear under our audit and in the immediately preceding financial year.

xviii. There has been no resignation by the statutory auditors duringthe year and accordingly requirement to report on clause 3(xviii) of the Order is notapplicable to the Company.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. a. There are no unspent amounts towards Corporate SocialResponsibility (CSR) or other than ongoing projects requiring a transfer to a Fundspecified in Schedule VII to the Act in compliance with second proviso to sub-section 135of the said Act. Accordingly reporting under clause 3(xx) (a) is not applicable for theyear.

b. There are no unspent amounts in respect of ongoing projects that arerequired to be transferred to a special account in compliance of provision of Section135(6) of the Act.

for Vinod Kumar Bindal & Co.
Chartered Accountants
Firm Registration No. 003820N
Arvind Mittal
Partner
Dated: May 14 2022 Membership No.509357
Place: New Delhi. UDIN: 22509357AJOIVR9796

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph (f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Anant Raj Limited ofeven date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Anant Raj Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note) issued by the Institute of CharteredAccountants of India (ICAI). 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 torespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note issued by the ICAI and the Standards onauditing prescribed under Section 143(10) of the Act to the extent applicable to an auditof internal financial controls. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting 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 auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting 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 financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

for Vinod Kumar Bindal & Co.
Chartered Accountants
Firm Registration No. 003820N
Arvind Mittal
Partner
Dated: May 14 2022 Membership No.509357
Place: New Delhi. UDIN: 22509357AJOIVR9796

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