To the Members of Ganga Papers India Limited
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of GANGA PAPERS INDIA LIMITED(the Company') which comprises the Balance Sheet as at 31st March 2022 theStatement of Profit and Loss including other comprehensive income the Cash Flow Statementand the Statement of Changes in Equity for the year then ended and notes to theStandalone Financial Statements including a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "FinancialStatements").
In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the information required by theCompanies Act 2013 (hereinafter referred to as "the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2022 its profit including other comprehensive income its cash flows and the Statement ofChanges in Equityfor the year ended on that date.
Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the FinancialStatements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current period. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.
|Sl. Particulars |
|1. Key Audit Matters |
|Evaluation of uncertain tax positions : The Company has material uncertain tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. |
|Refer notes 30(b) to Financial Statements |
|Auditors' Response |
|Principal audit Procedures : Obtained details of the matter from management. We involved our internal experts to challenge the management's underlying assumptions in estimating the tax provision and the possible outcome to the disputes. Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 1 2020 to evaluate whether any change was required to management's position on these uncertainties. |
Information other than the Financial Statements and Auditors' Report thereon
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in Annual Report butdoes not include the Financial Statements and our auditor's report thereon.
Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the FinancialStatements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
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 143 ofthe Companies Act 2013 we give in the Annexure A' a statement on the mattersspecified in paragraphs 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 andobtained all the information and explanations which to the best of our knowledge andbelief 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 Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder section 133 of the Act read with Companies (Indian Accounting Standards) Rules2015 as amended.
e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure B'. Our report express an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting. g) With respect to the matter to be included in the Auditor's Reportunder section 197(16) of the act as amended.
In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has disclosed pending litigations and the impact on its financialposition in its Financial Statements.
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 it's knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(ies) 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 provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented that to the best of it's knowledge and belief nofunds have been received by the Company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing 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 securityor the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material mis-statement.
v. No dividend have been declared or paid during the year by the Company.
|For A K Agrawal & Co. |
|Chartered Accountants |
|Firm's Registration No.018282C |
|per Aadesh Kumar Agrawal |
|Membership No. 410473 |
|UDIN : 22410473ALXTZK2120 |
|Pune- May 30 2022 |
Annexure-A to the Independent Auditors' Report
The Annexure-A referred to in Paragraph 1 under the heading of "Report on OtherLegal and Regulatory Requirements" of our report to the members of GANGA PAPERS INDIALIMITED (the Company') for the year ended 31st March 2022. We report that:
(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 asset therefore the provisions of clause3(i)(B) of the Order are not applicable to the Company and hence not commented upon.
(b) The Company has a regular programme of physical verification of Property Plant andEquipment by which all Property Plant and Equipment are verified in a phased periodicalmanner which in our opinion is reasonable having regard to the size of the Company and thenature of its assets. In accordance with this program certain Property Plant andEquipment were verified during the year and no material discrepancies were noticed on suchverification.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.
(d) The company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year therefore the provisions ofclause 3(i)(d) of the Order are not applicable to the Company and hence not commentedupon.
(e) As informed to us no proceedings have been initiated or are pending against theCompany for holding any Benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder. Therefore the provisions of clause 3(i)(e)of the Order are not applicable to the Company and hence not commented upon.
(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year. In our opinion the coverage and procedure of such verificationby the management is appropriate. The Company is maintaining proper records of inventoryand no material discrepancies were noticed on physical verification.
(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 been sanctioned working capitallimits in excess of five crore rupees in aggregate from banks or financial institutionson the basis of security of current assets and the quarterly returns or statements filedby the Company with such banks or financial institutions are in agreement with the booksof account of the Company.
(iii) According to the information and explanations given to us the Company has notmade investment in or provided any guarantee or security or granted any loans or advancesin the nature of loans secured or unsecured to companies firms Limited LiabilityPartnerships or any other parties therefore reporting under clause 3(iii) of the Orderis not applicable on the Company.
(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Thereforethe provisions of clause 3(v) of the Order are not applicable to the Company and hence notcommented upon.
(vi) We have broadly reviewed the books of account and records maintained by theCompany relating to the products of the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under sub-section (1) of Section 148 of theCompanies Act and we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have however not made a detailed examinationof the records with a view to determine whether they are accurate or complete.
(vii) In respect of Statutory dues:
(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Goods & Service TaxProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and other material statutory dues havegenerally been regularly deposited during the year by the Company with the appropriateauthorities.
According to the information and explanations given to us no undisputed amountspayable in respect of Goods & Service Tax Provident Fund Employees' State InsuranceIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cessand other material statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable subject to following:
|Name of the Statute ||Nature of Dues ||Amount ||Period to which the amount relates ||Remarks |
|The Maharashtra State Tax on Professions Trades Callings and Employments Act 1975 ||Professional Tax ||3400 ||June and July 2020 ||It was skipped to be paid due to miscalculation |
|Employees' State Insurance Act 1948 ||ESIC ||479 ||August 2021 ||It was skipped to be paid due to miscalculation |
|The Employees' Provident Funds and Miscellaneous Provisions Act 1952 ||EPF ||6219 ||July and August 2021 ||It was skipped to be paid due to miscalculation |
(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on March 31 2022 on account of disputes are given below:
|Name of the Statute ||Nature of Dues ||Amount ||Period to which the amount relates ||Forum where dispute is pending |
|MVAT Act 2002 ||Value Added Tax ||12561104 ||From Financial year 1993-94 to ||Joint Commissioner |
|CST Act 1956 ||Sales Tax ||6157523 ||Financial year 2003-04 ||(Appeals) and BIFR |
(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).
(a) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or other borrowings or in the payment ofinterest thereon to any lender. However the Company has outstanding liability of DeferredSales Tax at Rs.25026480 as on 31st March 2022.
(b) In our opinion and according to the information and explanations given to us theCompany has not been declared wilful defaulter by any bank or financial institution orgovernment or any government authority.
(c) According to the information and explanations given by the management moniesraised by way of term loan have been applied by the Company for the purposes for whichthey were raised.
(d) Funds raised on short term basis have not been utilised for long term purposes.
(e) 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.
(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries joint ventures or associate companies.
(x) (a) According to the information and explanations given by the management theCompany has not raised any money by way of initial public offer/ further public offer anddebt instruments during the year.
(b) According to the information and explanations given to us and on an overallexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly or optionally convertibledebentures during the year under audit and hence reporting requirements under clause3(x)(b) are not applicable to the Company and hence not commented upon.
(xi) (a) According to the information and explanations given to us no material fraudon or by the Company has been noticed or reported during the course of our audit.
(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 informed to us no whistle-blower complaints has been received during the yearby the Company and accordingly reporting under clause 3(xi)(c) of the Order is notapplicable.
(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.
(xiv) required by the applicable accounting standards.
(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business. (b) We have considered the internal auditreports for the year under audit issued to the Company during the year and till date indetermining the nature timing and extent of our audit procedures.
(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors - 8 -or persons connected with himas referred to in section 192 of Companies Act 2013. (xvi)
(a) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.
(b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities
(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India and accordingly reporting under clause 3(xvi)(c) of theOrder is not applicable.
(d) 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) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year
(xviii) There has been no resignation of the statutory auditors of the Company duringthe year
(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.
(xx) (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) onother than ongoing projects requiring a transfer to a Fund specified in Schedule VII tothe Companies Act in compliance with second proviso to sub-section (5) of Section 135 ofthe said Act. Accordingly reporting under clause 3(xx)(a) of the Order is not applicablefor the year.
(b) There are no unspent amounts towards Corporate Social Responsibility (CSR) onongoing year.
(b) There are no unspent amounts towards Corporate Social Responsibility (CSR) onongoing projects requiring a transfer to a special account in compliance with theprovision of subsection (6) of section 135 of the Companies Act. Accordingly reportingunder clause 3(xx)(b) of the Order is not applicable for the year.
|For A K Agrawal & Co. |
|Chartered Accountants |
|Firm's Registration No.018282C |
|per Aadesh Kumar Agrawal |
|Membership No. 410473 |
|UDIN : 22410473ALXTZK2120 |
|May 30 2022 |
Annexure-B to the Independent Auditors' Report
Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofsubsection 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of GangaPapers India Limited ("the Company") as of 31st March 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.
An audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting with reference to these Financial Statements.
Meaning of Internal Financial Controls over Financial Reporting with reference to theseFinancial Statements
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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.
Inherent Limitations of Internal Financial Controls Over Financial Reporting withreference to these Financial Statements
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
|For A K Agrawal & Co. |
|Chartered Accountants |
|Firm's Registration No.018282C |
|per Aadesh Kumar Agrawal |
|Membership No. 410473 |
|UDIN : 22410473ALXTZK2120 |
|May 30 2022 |