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Ind-Swift Ltd.

BSE: 524652 Sector: Health care
NSE: INDSWFTLTD ISIN Code: INE788B01028
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OPEN 14.04
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VOLUME 29257
52-Week high 16.76
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P/E
Mkt Cap.(Rs cr) 69
Buy Price 0.00
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Sell Price 0.00
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OPEN 14.04
CLOSE 13.41
VOLUME 29257
52-Week high 16.76
52-Week low 3.40
P/E
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ind-Swift Ltd. (INDSWFTLTD) - Auditors Report

Company auditors report

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

To

The Members of Ind Swift Limited

Chandigarh

Opinion

We have audited the accompanying Standalone Ind AS financial statementsof IND-SWIFT LIMITED ("the Company") which comprises the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement for Changes in Equity and the Statement of Cash Flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended ("Act") in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021its loss including other comprehensive income changes in equity and its cash flows forthe year ended on that date.

Basis for the Qualified

The company has not provided interest on loans with Bank of India sincethe bank has not charged interest on the account post such accounts becoming NPAs. Theunaccounted interest liability in respect of the same for the financial year 2020-21 isRs.11.63 Cr. (Refer Note No.34 (ii) of Notes to Accounts)

Had the provision for the same been made the loss for the year andaccumulated losses would have been increased respectively by Rs. 11.63cr.

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing ("SA"s) as specified under section143(10) of the Act. Our responsibilities under those Standards are further described inthe 'Auditor's Responsibilities for the Audit of the Standalone Ind AS FinancialStatements' section of our report. We are independent of the Company in accordance withthe 'Code of Ethics' issued by the Institute of Chartered Accountants of India("ICAI") together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Standalone Ind ASfinancial statements.

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. For each matter belowour description of how our audit addressed the matter is provided in that context. We havedetermined the matters described below to be the key audit matters to be communicated inour report.

Key Audit Matters How our audit assessed Key audit matters
Revenue Recognition Out audit procedure included the following
• Assessed the Company's revenue recognition policy prepared as per Ind AS 115 'Revenue from contracts with customers'.
For the year ended March 31 2021 the Company has recognized revenue from contracts with customers amounting to 356.06 Crores. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that as principal it typically controls the goods or services before transferring them to the customer. The variety of terms that define when control are transferred to the customer as well as the high value of the transactions give rise to the risk that revenue is not recognized in the correct period. Revenue is measured net of returns and allowances cash discounts trade discounts and volume rebates (collectively 'discount and rebates'). There is a risk that these discount and rebates are incorrectly recorded as it also requires a certain degree of estimation resulting in understatement of the associated expenses and accrual. Revenue is also an important element of how the Company measures its performance. The Company focuses on revenue as a key performance measure which could create an incentive for revenue to be recognized before the risk and rewards have been transferred. Accordingly due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 'Revenue from contracts with customers' it was determined to be a key audit matter in our audit of the Ind AS financial statements. (Refer Notes on accounts No. 19) • Assessed the design and tested the operating effectiveness of internal controls related to revenue recognition discounts and rebates.
• Performed sample tests of individual sales transaction and traced to sales invoices sales orders and other related documents. Further in respect of the samples checked that the revenue has been recognized as per the shipping terms.
• To test cut off selected sample of sales transactions made pre- and post-year end agreeing the period of revenue recognition to third party support such as transporter invoice and customer confirmation of receipt of goods.
• Tested the provision calculations related to management incentives discounts and rebates by agreeing a sample of amounts recognized to underlying arrangements with customers and other supporting documents.
• Obtained confirmations from customers on sample basis to support existence assertion of trade receivables and assessed the relevant disclosures made in the financial statements; to ensure revenue from contracts with customers are in accordance with the requirements of relevant accounting standards
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 to accounts No.27 to theFinancial statements • Obtained details of completed tax assessments and demands as on 31/03/2021 from Management.
• We involved our expertise to challenge the management's underlying assumptions in estimating tax provision and the possible outcome of the disputes.
• We have also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions.

Emphasis of Matters

Without qualifying our opinion we draw attention to the followingmatters in the Notes to the financial statements:

a) As on 31.03.2021 Twelve Banks/ Financial Institutions havetransferred their entire Loan Portfolio to their respective Assets ReconstructionCompanies. (Refer Note No. 35(i) of Financial Statements).

(b) We draw attention to Note No. 43 of the accompanying standalonefinancial results which describes the management's evaluation of uncertainties related toCOVID 19 and its consequential effects on the operations of the Company.. InformationOther than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annual report2020-21 but does not include the Standalone Ind AS financial statements and our auditor'sreport thereon.

Our opinion on the Standalone Ind AS Financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the Standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the Standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed 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 Ind AS FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these Standalone Ind ASFinancial Statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Ind AS 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 Board of Directors is responsible for overseeing the Company'sfinancial reporting process.

Auditor's 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 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 Ind AS financialstatements.

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 Ind AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate 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 control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of 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 auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto 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.

Materiality is the magnitude of misstatements in the standalone Ind ASfinancial 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 Standalone IndAS financial statements for the financial year ended March 31 2021 and are therefore thekey audit matters. We describe these matters 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

1. As required by the Companies (Auditor's report) Order 2016("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.

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 purpose of our audit;

(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 andproper returns adequate for the purpose of our audit;

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

(d) In our opinion the aforesaid Financial Statements comply with theIndian Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2015 as amended;

(e) On the basis of written representations received from the directorsas on March 31 2021 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2021 from being appointed as a director in terms of section164 (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 anunmodified opinion 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 the auditor'sreport in accordance with the requirements of section 197(16) of the act as amended.

In our opinion the managerial remuneration for the year ended 31stMarch 2021 has been paid/provided by the Company to its' Directors in accordance with theprovisions of section 197 read with Schedule V and the shareholders approval obtained bythe Company on 11th September 2019 in compliance to the provisions amended by CompaniesAmendment Act 2017.

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

a) The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements - Refer Note 27 to theFinancial Statements;

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

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

For Jain & Associates
Chartered Accountants
(Regd No. 001361N)
HT>S.C Pathak
Partner
Membership No.: 010194
Place : Chandigarh UDIN: 21010194AAAACM9335
Date: 28/06/2021

"Annexure-A" Referred to in paragraphs under the heading"Report on other Legal and regulatory requirements" of our Report of even date

Re: M/s Ind-Swift Limited ('the Company')

(i) In respect of Company's fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The company has a program of verification to cover all items offixed assetsover a period of four years in our opinion is reasonable having regard tothe size of the Company and the nature of its assets. Pursuant to the program certainfixed assets were physically verified by the management during the year. According toinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) According to information and explanations given to us the titledeeds of immovable properties included in fixed assets are held in the name of theCompany. Following are the exceptions where the title deeds are not in the name of theCompany:

In case of Building:
No. of cases Leasehold/ Freehold Gross Block as at 31st March 2021 Net Block as at 31st March 2021 Remarks
1 Leasehold Rs. 12.00 Lakhs Rs. 3.74 Lakhs Building Plot No. 781 Ind-Area Phase II Chandigarh
2 Leasehold Rs.18.25 Lakhs Rs.6.75 Lakhs Building Plot No. 42 Ind-Area Phase II Chandigarh

(ii) As explained to us the inventories excluding inventories withsome of the third parties were physically verified during the year by the management atreasonable intervals and no material discrepancies were noticed on physical verification.In respect of inventories lying with third parties these have substantially beenconfirmed by them.

(iii) According to the information and explanation given to us theCompany has granted loans secured or unsecured to Companies firms and/or other partiescovered in the register maintained u/s 189 of the Companies Act 2013.

a) In our opinion the terms and conditions of the grant of such loansare not prejudicial to Company's interest subject to clause (b)& (c) below;

b) The principle and interest due on loan to Swift Fundamental Research& Education Society (SFRE) are not received by the company as stipulated during theyear and no interest has been provided on loan to SFRE during the year.

c) According to the information & explanations given to us thecompany has taken reasonable steps to recover the amount from SFRES and such loan isoverdue by Rs. 66.68 crores for more than 90 days.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct in respect of loans investments guarantees and security made.

(v) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of sections 73 to 76 of theCompanies Act 2013 and the rules framed thereunder and the directives issued by TheReserve Bank of India with regards to the deposits accepted from the public .

(vi) The maintenance of cost records has been specified by the CentralGovernment under section 148(1) of the Act. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the amended Companies (Cost Records and Audit) Rules2014 and are of the opinion that prima facie the prescribed cost records have been madeand maintained. We have however not made a detailed examination of the cost records witha view to determine their accuracy.

(vii) According to information and explanations given to us in respectof Statutory Dues;

a) According to the records of the Company as examined by us theCompany is generally regular in depositing undisputed statutory dues including ProvidentFund Employees State Insurance Income Tax Sales Tax Service Tax Custom Duty ExciseDuty Value Added Tax Cess GST and other material statutory dues applicable to it withappropriate authorities. We are informed that there are some undisputed statutory duesoutstanding for a period of more than six months from the date they became payable as atthe year end which are Provident fund Rs. 59.91 lakhs Employees State Insurance for Rs.31.27 lakhs Entry Tax for Rs. 122.66 lakhs Excise duty Rs. 43.50 lakhs.

(b) The dues outstanding of income-tax sales-tax service tax duty ofcustom duty of excise value added tax and cess on account of any dispute as provided tous by the Company are as follows:

S. No. Name of the Statute Nature of Dues Amount (in Rs Lakhs) Period to which the amount relates Forum where dispute is pending
1. SERVICE TAX ACT SERVICE TAX DEMAND 6.63 2013-2014 & 2014 & 2015 CESTAT CHANDIGARH
2. SERVICE TAX ACT SERVICE TAX DEMAND 3.71 2014-2015 CESTAT CHANDIGARH
3. SERVICE TAX ACT SERVICE TAX DEMAND 7.23 2011-2012 CESTAT CHANDIGARH
4. INCOME TAX ACT 1961 INCOME TAX DEMAND 43.40 2011-2012 CIT APPEALS CHANDIGARH
5. BENGAL VAT ACT SALES TAX DEMAND 36.20 2009-2010 SALES TAX TRIBUNAL (KOLKATA)
6. BENGAL VAT ACT SALES TAX DEMAND 90.48 2010-2011 SALES TAX TRIBUNAL (KOLKATA)
7. BENGAL VAT ACT SALES TAX DEMAND 35.71 2011-2012 SALES TAX TRIBUNAL (KOLKATA)
8. M.P. VAT ACT SALES TAX DEMAND 5.54 2013-2014 SALES TAX TRIBUNAL (INDORE)
9. PUNJAB VAT ACT SALES TAX DEMAND 37.60 2010-2011 DETC (APPEALS) MOHALI
10. PUNJAB VAT ACT SALES TAX DEMAD 24.20 2009-2010 DETC (APPEALS) MOHALI
11. H.P. VAT ACT SALES TAX DEMAND 80.72 2006-2007 DETC (APPEALS) SHIMLA
12. CHANDIGARH VAT ACT SALES TAX DEMAND 6633.62 2011-2012 VAT TRIBUNAL (CHANDIGARH)
13. CENTRAL EXCISE ACT 1944 EXCISE DUTY 88.82 2016-2017 & 2017-2018 COMMISIONER (APPEALS) LUDHIANA
14. CENTRAL EXCISE ACT 1944 EXCISE DUTY 124.81 2013-14 COMMISSIONER (APPEALS) LUDHIANA
15. GST ACT GST 84.88 2017-18 JAMMU HIGH COURT

(viii) In our opinion and according to the information and explanationsgiven to us the Company has defaulted in repayment of dues to the financial institutionbank or debenture holders. The details of such default are as follows:

Particulars Amount of default as at 31st March 2021 Period of default Remarks if any
(Rs. in crores)
BANK OF INDIA 90.78 More than 3 years The same has been declared as NPA by the bank.

(ix) The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us wereport that no fraud by the Company or no material fraud on the Company by the officersand employees of the Company has been noticed or reported during the year.

(xi) Regarding payment/provisioning of Managerial Remuneration In ouropinion the managerial remuneration for the year ended 31st March 2021 has beenpaid/provided by the Company to its' Directors in accordance with the provisions ofsection 197 read with Schedule V and the shareholders approval obtained by the Company on11th September 2019 in compliance to the provisions amended by Companies Amendment Act2017.

(xii) In our opinion the Company is not a Nidhi company. Thereforethe provisions of clause 3(xii) of the order are not applicable to the Company and hencenot commented upon.

(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 financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations given to us and onan overall examination of the balance sheet the Company has not issued any shares duringthe year Accordingly the provisions of clause xiv of the order are not applicable to thecompany.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company.

For Jain & Associates
Chartered Accountants
(Regd No.: 001361N)
S.C Pathak
Partner
Membership No.: 010194
UDIN: 21010194AAAACM9335
Place : Chandigarh
Date : 28.06.2021

"Annexure B" to the Independent Auditor's Report of even dateon the Financial Statements of Ind-Swift Limited

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

To the Members of Ind-Swift Limited

We have audited the internal financial controls over financialreporting of Ind-Swift Limited ("the Company") as of March 31 2021 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing as specified undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe 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 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 of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting with reference to these Financial Statements.

Meaning of Internal Financial Controls over Financial Reportingreference to these Financial Statements

A company's internal financial control over financial reporting is aprocess 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 control overfinancial 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 with reference to these Financial Statements

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 the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2021 basedon 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 Jain & Associates
Chartered Accountants
(Regd No.: 001361N)
S.C Pathak
Partner
Membership No.: 010194
UDIN: 21010194AAAACM9335
Place : Chandigarh
Date : 28.06.2021

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