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Asahi India Glass Ltd.

BSE: 515030 Sector: Industrials
NSE: ASAHIINDIA ISIN Code: INE439A01020
BSE 00:00 | 23 Sep 609.75 -30.55
(-4.77%)
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631.05

HIGH

635.95

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605.70

NSE 00:00 | 23 Sep 610.10 -29.75
(-4.65%)
OPEN

639.45

HIGH

639.45

LOW

606.45

OPEN 631.05
PREVIOUS CLOSE 640.30
VOLUME 25344
52-Week high 693.80
52-Week low 346.45
P/E 35.55
Mkt Cap.(Rs cr) 14,823
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 631.05
CLOSE 640.30
VOLUME 25344
52-Week high 693.80
52-Week low 346.45
P/E 35.55
Mkt Cap.(Rs cr) 14,823
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asahi India Glass Ltd. (ASAHIINDIA) - Auditors Report

Company auditors report

To the Members of Asahi India Glass Limited

Report on the audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the Standalone Ind AS Financial Statements of AsahiIndia Glass Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 the Statement of Profit and Loss Statement of Changes in Equity andStatement of Cash Flows for the year then ended and notes to the Financial Statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the State ofAffairs of the Company as at 31st March 2022 and its Profit changes in Equityand 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 Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditors? Responsibilities for theAudit of the Standalone Ind AS 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 Standalone Ind AS Financial Statements under the provisions of theCompanies Act 2013 and the Rules there-under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the Standalone Ind AS FinancialStatements of the current period. These matters were addressed in the context of our auditof the Standalone Ind AS Financial Statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters.

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

Management?s Responsibility for the Standalone Ind AS FinancialStatements

The Company?s Board of Directors is responsible for the mattersstated in Section 134 (5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Standalone Ind AS Financial Statements that give a true and fairview of the financial position financial performance including Other ComprehensiveIncome changes in Equity and Cash Flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed 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; makingjudgements 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 Ind AS Financial Statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.In preparing the Standalone Ind AS Financial Statements management is responsible forassessing the Company?s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany?s financial reporting process.

Auditors? Responsibilities for the Audit of the Standalone Ind ASFinancial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditors? report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted 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 Ind AS FinancialStatements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional skepticism throughout the audit. We also: Identify andassess the risks of material misstatement of the Standalone Ind AS Financial Statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control. Obtain anunderstanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

Conclude on the appropriateness of management?s use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany?s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors? report to therelated disclosures in the Standalone Ind AS Financial Statements or if such disclosuresare inadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained upto the date of our auditors? report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of theStandalone Ind AS Financial Statements including the disclosures and whether theStandalone Ind AS Financial Statements represent the underlying transactions and events ina manner that achieves 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 de_ciencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour 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 Standalone IndAS Financial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditors? 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 outway the public interest benefits of suchcommunication.

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 sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure-A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2) As required by Section 143 (3) of the Act we report 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 have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income and the Cash Flow Statement dealt with by this Report are inagreement with the books of account.

d) In our opinion the aforesaid Standalone Ind AS Financial Statementscomply with the Indian Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 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 controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) In our opinion and according to the information and explanationsgiven to us the remuneration paid by the Company to its directors during the current yearis in accordance with the provisions of Section 197 of the Act. The remuneration paid toany director 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 theAuditors? 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 itsfinancial position in its Ind AS Financial Statements - refer Note 38 to Ind AS FinancialStatements.

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

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

iv) i) The management has represented that to the best of its knowledgeand belief other than as disclosed in the Notes to the Accounts no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other person(s) or entity(ies)including foreign entities ("intermediaries") with the understanding whetherrecorded in writing or otherwise that the intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the Company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries.

ii) The management has represented that to the best of its knowledgeand belief other than as disclosed in the Notes to the Accounts no funds have beenreceived by the Company from any person(s) or entity(ies) including foreign entities("funding parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the fundingparty ("Ultimate Beneficiaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries and

iii) Based on such audit procedures that we have 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) contain any materialmis-statement. v) The dividend declared/paid during the year by the Company is incompliance with Section 123 of the Companies Act 2013.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
Place : New Delhi CA Samir Vaid
Dated: 25th May 2022 Partner
UDIN: 22091309AJOWPH4226 Membership No. 091309

Annexure A to the Independent Auditors? Report on the Ind ASFinancial Statements of Asahi India Glass Limited

(Referred to in paragraph 1 under Report on other Legal and RegulatoryRequirements of our Report of even date)

i) a) A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant &Equipment.

B) The Company has maintained proper records showing full particularsof Intangible Assets.

b) The Company has a regular program of physical verification of itsProperty Plant & Equipment through which all Property Plant & Equipment areverified in a phased manner over a reasonable period of three years. As informed to us nomaterial discrepancies were noticed on such verification during the year.

c) The title deeds of all the immovable properties (other thanproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) disclosed in the Financial Statements are held in the name of theCompany. d) The Company has not revalued its Property Plant & Equipment (includingRight of Use assets) and intangible assets during the year. e) According to theinformation and explanations given to us and on the basis of our examination of records ofthe Company no proceedings have been initiated or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made thereunder.

ii) a) The inventories except goods in transit have been physicallyverified by the management at reasonable intervals during the year and in our opinion thecoverage and procedure of such verification by the management is appropriate. Nodiscrepancies of 10% or more in the aggregate in each class of inventory were noticedduring physical verification as per information and explanations given to us.

b) As per information and explanations given to us the quarterlyreturns or statements filed by the Company with banks or financial institutions who havesanctioned working capital limits in excess of Rupees five crores in aggregate to theCompany on the basis of security of current assets do not vary materially with the booksof accounts of the Company.

iii) According to the information and explanations given to us and therecords of the Company examined by us the Company has made investments in providedguarantees or security and granted unsecured loans and advances in the nature of loans tocompanies. There are no investments in or loans and advances in the nature of loanssecured or unsecured to firms Limited Liability Partnership or any other parties duringthe year.

a) Based on the audit procedures carried out by us and as perinformation and explanations given to us In respect of the above it is stated below:

A) the aggregate amount during the year and balance outstanding at theBalance Sheet date with respect to such loans or advances and guarantees or security tosubsidiaries are ` 1253 lakhs and ` 4983 lakhs respectively.

B) the aggregate amount during the year and balance outstanding at theBalance Sheet date with respect to such loans or advances and guarantees or security toparties other than subsidiaries and associates are ` 7800 lakhs and ` 7843 lakhsrespectively.

b) According to the information and explanations given to us and therecords of the Company examined by us the investments made guarantees provided securitygiven and the terms and conditions of the grant of all loans and advances in the nature ofloans and guarantees provided are not prejudicial to the Company?s interest.

c) According to the information and explanations given to us and therecords of the Company examined by us in respect of loans and advances in the nature ofloans as the loans are repayable on demand no schedule of repayment of principal andpayment of interest has been stipulated hence the provisions of clause(iii)(c) of theOrder are not applicable.

d) According to the information and explanations given to us and therecords of the Company examined by us as the loans are repayable on demand theprovisions of clause (iii)(d) of the Order are not applicable.

e) According to the information and explanations given to us and therecords of the Company examined by us as the loans and advances in the nature of loansgranted are repayable on demand the provisions of clause (iii) (e) of the Order are notapplicable.

f) According to the information and explanations given to us and therecords of the Company examined by us the Company has granted loans or advances in thenature of loans either repayable on demand or without specifying any terms or period ofrepayment of ` 6130 lakhs which is 100 % of total loans granted including ` 4780 lakhsloans granted to related parties as defined in clause (76) of section 2 of the CompaniesAct 2013.

iv) In our opinion and according to the information and explanationsgiven to us in respect of investments guarantees and security provisions of Section 185and 186 of the Companies Act 2013 have been complied with.

v) As per information and explanations given to us and the records ofthe Company examined by us the Company has neither accepted any deposits nor there areany amounts which are deemed to be deposits. As per information and explanations given tous no order has been passed by Company Law Board or National Company Law Tribunal orReserve Bank of India or any court or other tribunal.

vi) We have broadly reviewed the records maintained by the Companypursuant to the Rules prescribed by the Central Government for maintenance of cost recordsunder Sub Section (1) of Section 148 of the Companies Act and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. However weare not required to and have not carried out any detailed examination of such accounts andrecords.

vii) a) According to the information and explanations given to us andthe records of the Company examined by us the Company has been generally regular indepositing undisputed statutory dues including Goods and Services Tax Provident FundEmployees? State Insurance Income Tax Sales Tax Service Tax Duty of Customs TaxDuty of Excise Value added Tax Cess and other statutory dues with the appropriateauthorities during the year. We are informed that there are no undisputed statutory duesas at the year end outstanding for a period of more than six months from the date theybecome payable.

b) There are no statutory dues referred to in sub clause (a) which havenot been deposited on account of any dispute other than those mentioned below:-

Nature of dues Amount (` Lakhs) Period to which amount relates Forum where the dispute is pending
Sales Tax/VAT 970 2002-03 and 2003-04 High court
Sales Tax/VAT 2162 2006-07 2007-08 2011-12 to 2017-18 Deputy/Joint Commissioner/VAT Tribunal
Excise Duty and Service Tax 2191 2005-06 to 2017-18 Commissioner of Central Excise/Service Tax/ Additional Director General/CESTAT
Custom Duty 3307 2015-16 & 2021-22 Commissioner Customs
Goods & Services Tax 20 2017-18 -
Others 21 - Commissioner Customs and Municipal Corporation-Panvel

viii) According to the records of the Company examined by us and on thebasis of information and explanations given to us the Company has not surrendered ordisclosed any transaction as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961) which is not recorded in the books of accounts.

ix) a) According to the information and explanations given to us andthe records of the Company examined by us the Company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any lender.

b) According to the information and explanations given to us and therecords of the Company examined by us the Company is not declared as a wilful defaulterby any bank or financial institution or other lender.

c) According to the information and explanations given to us and therecords of the Company examined by us term loans have been applied for the purpose forwhich they were obtained.

d) According to the information and explanations given to us and therecords of the Company examined by us no funds raised on short term basis have beenutilized for long term purposes.

e} According to the information and explanations given to us and therecords of the Company examined by us the Company has not taken any funds from any entityor person on account of or to meet the obligations of its subsidiaries and associates. TheCompany does not have any joint ventures.

f) According to the information and explanations given to us and therecords of the Company examined by us the Company has not raised loans during the year onthe pledge of securities held in its subsidiaries or associate companies. The Companydoes not have any joint ventures.

x) a) According to the records of the Company examined by us theCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) during the year.

b) According to the records of the Company examined by us the Companyhas not made any preferential allotment or private placement of shares or convertibledebentures (fully partially or optionally convertible) during the year.

xi) a) According to the information and explanations given to us andthe records of the Company examined by us no fraud by the Company and fraud on theCompany has been noticed or reported during the year.

b) No report under sub-section (12) of Section 143 of the CompaniesAct 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government.

c) The Company has neither informed us nor we have come across anywhistle-blower complaints received during the year by the Company.

xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Therefore the provisions of clause(xii)(a)(b) and (c) of the Order are not applicable to the Company.

xiii) In our opinion and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with Sections 177and 188 of the Companies Act 2013 where applicable. The details of such related partytransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

xiv) a) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has an internal auditsystem through its internal audit department which is commensurate with the size andnature of its business.

b) The reports of Internal audit department of the Company for theperiod under audit were duly considered by us.

xv) According to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith them and hence provisions of clause 3(xv) of the Order are not applicable to theCompany.

xvi) a) In our opinion and according to the information andexplanations given to us the Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934 (2 of 1934).

b) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company hasnot conducted any Non-Banking Financial or Housing Finance activities during the year andthe Company is not required to obtain Certificate of Registration from the Reserve Bank ofIndia as per Reserve Bank of India Act 1934.

c) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company is nota Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank ofIndia. Therefore the provisions of clause 3(xvi)(c) and (d) of the Order are notapplicable to the Company.

xvii) According to the records of the Company examined by us theCompany has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

xviii) There has been no resignation of statutory auditors during theyear.

xix) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company and on the basis offinancial ratios ageing and expected date of realization of financial assets and paymentof financial liabilities other information accompanying the Financial Statements ourknowledge of the Board of Directors and management plans no material uncertainty existsas on the date of audit report that Company is capable of meeting its liabilities existingat the date of Balance Sheet as and when they fall due within a period of one year fromthe Balance Sheet date.

xx) a) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records there are no unspent amounts forthe year in respect of other than on-going projects requiring transfer to a Fundspecified in Schedule VII to the Companies Act 2013 .

b) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records the Company does not have anyunspent amount for the year under sub-section (5) of Section 135 of the Companies Act2013 pursuant to any ongoing project requiring transfer to a special account incompliance with the provision of sub-section (6) of Section 135 of the said Act.

For V S S A & Associates
Chartered Accountants
(Firm Registration No 012421N)
Place : New Delhi CA Samir Vaid
Dated: 25th May 2022 Partner
UDIN: 22091309AJOWPH4226 Membership No. 091309

Annexure B to the Independent Auditors? Report of even date on theStandalone Ind AS Financial Statements of Asahi India Glass Limited

Report on the Internal Financial Controls under Clause (i) ofSub-Section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Asahi India Glass Limited ("the Company") as of 31stMarch 2022 in conjunction with our audit of the Standalone Ind AS Financial Statements ofthe Company for the year ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s management is responsible for establishing andmaintaining 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 issued by the Institute of Chartered Accountants of India ("theICAI"). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company?spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors? Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the standards on auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of internal financialcontrols both issued by the Institute of Chartered Accountants of India. Those standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditors?judgement including the assessment of the risks of material misstatement of the FinancialStatements whether due to fraud or error. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany?s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company?s internal financial control over financial reporting 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 authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany?s assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

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 31st March 2022based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For V S S A & Associates
Chartered Accountants
(Firm Registration No 012421N)
Place : New Delhi CA Samir Vaid
Dated: 25th May 2022 Partner
UDIN: 22091309AJOWPH4226 Membership No. 091309

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