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The Indian Wood Products Company Ltd.

BSE: 540954 Sector: Others
NSE: N.A. ISIN Code: INE586E01020
BSE 00:00 | 27 Jan 26.95 -0.40
(-1.46%)
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NSE 05:30 | 01 Jan The Indian Wood Products Company Ltd
OPEN 28.40
PREVIOUS CLOSE 27.35
VOLUME 5417
52-Week high 45.95
52-Week low 23.10
P/E 81.67
Mkt Cap.(Rs cr) 172
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 28.40
CLOSE 27.35
VOLUME 5417
52-Week high 45.95
52-Week low 23.10
P/E 81.67
Mkt Cap.(Rs cr) 172
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

The Indian Wood Products Company Ltd. (INDIANWOODPROD) - Auditors Report

Company auditors report

To The Members of

The Indian Wood Products Co Ltd

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone fiinancial of The Indian Wood Products Co Ltd ("thewhich comprise the standalone balance sheet as 31st March 2022 and the statement of Proitand statement of changes in equity and statement of lows for the year then ended andnotes to the fiinancial statements including a summary of accounting policies and otherexplanatory information In our opinion and to the best of our information according to theexplanations given to us the standalone fiinancial statements give the required by theCompanies Act 2013 ("the Act") manner so required and give a true and fairconformity with Indian Accounting Standards under section 133 of the Act read with the(Indian Accounting Standards) Rules 2015 as ("Ind AS") and other accountingprinciples accepted in India of the state of afairs of the as at 31st March 2022 andits loss total income the changes in equity and its cash lows year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speciiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics at issued by the Institute of Chartered Accountantsof India Loss together with the ethical requirements that are relevant cash to our auditof the standalone fiinancial statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulilled our other ethical . responsibilities inaccordance with these requirements andand the Code of Ethics. We believe that the auditevidence we have obtained is suicient and appropriate to provide a basis for our opinion.

Key Audit Matters the in

Key audit matters (‘KAM') are those matters that in our professional judgmentwere of most signiicance in our audit of the standalone fiinancial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefiinancial statements as a whole and in forming our opinion thereon and we do notprovide a separate opinion on these matters. the

The Key Audit Matters Auditors response
Revenue From Sale of Goods
The Company recognizes revenue when control of the goods is transferred to the customer at an amount that relects the consideration to which the Company expects to be entitled in exchange for those goods. As described in the accounting policy in note 2(f) and as relected in note 27 to the Ind AS Standalone fiinancial statements revenue from sale of goods is measured at fair value of the consideration received or receivable net of returns and allowances and trade discounts. Our audit procedure includes the following:
? Considered the adequacy of the company's revenue recognition policy and its compliance in terms of Ind AS 115 "Revenue from contracts with customers'
? Assessed the design and tested the operating effectiveness of the internal inancial controls related to revenue recognition.
Considering the judgment and estimates involved in revenue recognition it is considered to be a key audit matter. ? Performed sample tests of individual sales transaction and traced to sales invoices and other related documents. In respect of the samples selected tested and the revenue has been recognized in accordance with Ind AS 115.
??We discussed and obtained an understanding from the management on the key assumptions applied and inputs used in estimating provisions for discounts sales incentives and sales returns and compared the same with the past trends and the provision made by the management. Assessed the relevant disclosure made in the standalone Ind AS fiinancial statement.

We have determined that there are no other key audit matters to communicate in ourreport.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's annual report but does notinclude the standalone fiinancial statements and our auditors' report thereon.

Our opinion on the standalone fiinancial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the standalone fiinancial statements our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the standalone fiinancial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed on the other information obtained prior to the date of this auditor's report weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for Standalone FinancialStatements

The Company's Board of Directors is the matters stated in section 134(5) of Act 2013("the Act") with respect to of these standalone fiinancial statements true andfair view of the fiinancial performancechanges in equity and cash lows Company inaccordance with the accounting generally accepted in India including the AccountingStandards speciied under section the Act. This responsibility also includes of adequateaccounting records in accordance provisions of the Act for safeguarding of the the Companyand for preventing and detecting and other irregularities; selection and applicationappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of internal fiinancial controls that wereoperating for ensuring the accuracy and completeness accounting records relevant to thepreparation presentation of the standalone fiinancial statement give a true and fair viewand are free misstatement whether due to fraud or error. In preparing the standalonefiinancial management is responsible for assessing the ability to continue as a goingconcern as applicable matters related to going concern using the going concern basis ofaccounting management either intends to liquidate the to cease operations or has norealistic do so. Those Board of Directors are also responsible responsible overseeing forthe Company's fiinancial reporting process the Companies

Auditor's Responsibilities for the Audit of the Standalone Financial Statements thepreparation that give a positionOur objectivesinancial are to obtain reasonable assuranceabout whether the standalone fiinancial statements as a whole are free from materialmisstatement whether due to fraud or error and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to inluence the economic decisions of users taken on the basis of theseStandalone Financial Statements. As part of an audit in accordance with SAs we exerciseprofessional judgement and maintain professional scepticism throughout the audit. We also:? Identify and assess the risks of material misstatement of the Standalone fiinancialstatementswhether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is suicient 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 fiinancial controls relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act2013we are also responsible for expressing our opinion on whetherthe company has adequate internal fiinancial controls system in place and the operatingeffectiveness of such controls. ? Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.? Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern. ? Evaluate the overall presentation structure and content ofthe standalone fiinancial statements including the disclosuresand whether the standalonefiinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditindings including any significant deiciencies in internal control that we identify duringour 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 withthose charged with governance we determine those matters that were of most signiicance inthe audit of the fiinancial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbeneits of such communication.

Report on Other Legal and Regulatory Requirements

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 ofthe Companies Act 2013 we give in the Annexure "B" a statement on the mattersspeciied in paragraphs 3 and 4 of the Order to the extent applicable.

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 ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those book.

(c) The Standalone Balance Sheet the Standalone Statement of Proit and Loss includingOther Comprehensive Income the Standalone Cash Flow Statement and the StandaloneStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

(d) In our opinion the aforesaid Standalone Financial Statements comply with theIndian Accounting Standards speciied under Section 133 of the Act read with relevant rulesissued thereunder.

(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 isdisqualiied 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 fiinancial controlsover fiinancial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A". Our report expresses an unmodiiedopinion on the adequacy and operating effectiveness of the Company's internal fiinancialcontrols over fiinancial reporting.

(g) With respect to the matter to be included in the Auditor's Report under section197(16) In our opinion and according to the information and explanation 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. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Afairs has not prescribed other details under section 197 (16) which arerequired to be commented upon by us.

(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. TheCompany has disclosed the impact of pending litigations on its fiinancial position in itsStandalone Financial Statements Refer Note No.- 50 ii. The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There has been no delay in transferring the amounts required tobe transferred to the Investor Education and Protection Fund by the Company. iv. a) Themanagement has represented that to the best of its knowledge and belief other than asdisclosed in the notes to the accounts no funds have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by thecompany to or in any other person or entity including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identiied in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneiciaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneiciaries. b) The management has represented that to thebest of its knowledge and belief other than as disclosed in the notes to the accounts nofunds have been received by the company from any person or entity including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identiied in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneiciaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneiciaries. c) Based on the audit procedures thathave been considered reasonable and appropriate in the circumstances nothing has come toour attention that has caused us to believe that the representations under sub-clause (i)and (ii) of Rule 11 (e) as provided under (a) and (b) above contain any materialmisstatement v. The dividend proposed in the previous year declared and paid by theCompany during the year is in accordance with section 123 of the Act as applicable. Asstated in Note 16 to the fiinancial statement the Board of Directors of the Company hasproposed dividend for the year which is subject to the approval of the members at theensuing Annual General Meeting. The amount of dividend proposed is in accordance withsection 123 of the Act as applicable.

For Agrawal Tondon & Co.
Chartered Accountants
FRN 329088E
Radhakrishan Tondon
Place: Kolkata Partner
Dated: 30th May 2022 Membership No. 060534
UDIN No. 22060534AJXBJJ5493

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 fiinancial controls over fiinancial reporting of TheIndian Wood Products Co Ltd ("the Company") as of March 31 2022 to the extentof records available with us in conjunction with our audit of the standalone fiinancialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible establishing and maintaininginternal fiinancial controls based on the internal control over fiinancial reportingcriteria established by the Company considering essential components of internal controlstated in Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance adequate internal fiinancial controls that wereoperating effectively for ensuring the orderly and eicient conduct its business thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy completeness of the accounting records and the timely preparation of reliablefiinancial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal fiinancial controls overfiinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal fiinancial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfiinancial controls over fiinancial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal fiinancial controls system over fiinancial reporting and their operatingeffectiveness. Our audit of internal fiinancial controls over fiinancial reportingincluded obtaining an understanding of internal fiinancial controls over fiinancialreporting 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 standalone fiinancial statements whether due tofraud or error. We believe that the audit evidence we have obtained is suicient andappropriate to provide a basis for our audit opinion on the Company's internal fiinancialcontrols system over fiinancial reporting.

Meaning of Internal Financial Controls Over Financial ofReporting

A Company's internal fiinancial control over fiinancial reporting is a process designedto provide reasonable assurance regarding the reliability of fiinancial reporting and thepreparation of fiinancial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal fiinancial control over fiinancialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly relect the transactions anddispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Standalone Financial Statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the Standalone Financial Statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal fiinancial controls over fiinancialreporting 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 fiinancial controls over fiinancialreporting to future periods are subject to the risk that the internal fiinancial controlover fiinancial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

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 fiinancial controlssystem over fiinancial reporting and such internal fiinancial controls over fiinancialreporting were operating effectively as at March 31 2022 based on the internal controlover fiinancial reporting criteria established by the Company.

For Agrawal Tondon & Co.
Chartered Accountants
FRN 329088E
Radhakrishan Tondon
Place: Kolkata Partner
Dated: 30th May 2022 Membership No. 060534
UDIN No. 22060534AJXBJJ5493

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) To the best of our information andaccording to the explanations provided to us by the Company and the books of account andrecords examined by us in the normal course of audit we state that: i. In respect of theCompany's Property Plant and Equipment and Intangible Assets: (a) (A) The Company hasmaintained proper records showing full particulars including quantitative details andsituation of Property Plant and Equipment and relevant details of right-of-use assets.

(B) The Company does not have any intangible assets and hence reporting under thisclause is not applicable. (b) The Company has a regular programme of veriication to coverall the items of Property Plant and Equipment in a phased manner which in our opinionis reasonable having regard to the size of the Company and the nature of its assets.According to the information and explanations given to us some of the Property plant andequipment has been physically veriied by the management in accordance with the programmeand no material discrepancies were noticed on such veriication. (c) With respect toimmovable properties (other than properties where the Company is the lessee and the leaseagreements are duly executed in favour of the Company) disclosed in the fiinancialstatements included in property plant and equipment according to the information andexplanations given to us and based on the examination of the registered sale deed / titledeed provided to us we report that the title deeds of such immovable properties are heldin the name of the Company as at the balance sheet date

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31 March 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder. ii. (a) Accordingto the information and explanations given to us the inventory has been physically veriiedduring the year by the management. In our opinion the frequency of such veriication isreasonable. The discrepancies noticed on veriication between the physical stocks and thebook records were not material and have been dealt with in books of accounts. (b)According to the information and explanations given to us at any point of time of theyear the Company has been sanctioned working capital limits in excess of Rs. 5 crores inaggregate from banks or fiinancial institutions on the basis of security of currentassets. In our opinion and according to information and explanations given to us thequarterly returns or statements iled by the Company with such banks or fiinancialstatements are materially in agreement with the unaudited books of account of the Companyof the respective quarters. iii. During the year the company has not made any investmentsin provided any guarantee or security or granted any loans or advances in the nature ofloans secured or unsecured to companies irms Limited Liability Partnerships or anyother parties. Accordingly paragraph 3(iii)(a) (b) (c) (d) (e) (f)of the Order isnot applicable to the Company. iv. In our opinion and according to the information andexplanations given to us the Company has complied with the provisions of Sections 185 and186 of the Act in respect of loans granted making investments and providing guaranteesand securities as applicable. v. The Company has not accepted any deposit or amounts whichare deemed to be deposit. Hence reporting under clause 3 (v) of the Order is notapplicable. vi. The maintenance of cost records has not been speciied for the activitiesof the Company by the Central Government under section 148(1) of the Companies Act 2013.vii. According to the information and explanations given to us in respect of statutorydues: (a) In our opinion the Company has generally been regular in depositing undisputedstatutory dues including Goods and Services tax Provident Fund Employees' StateInsurance Income Tax Cess and other material statutory dues applicable to it with theappropriate authorities during the year.

There were no undisputed amounts payable in respect of Goods and Service tax ProvidentFund Employees' State Insurance Income Tax Sales Tax Service Tax duty of Custom dutyof Excise Value Added Tax Cess and other statutory dues in arrears as at 31st March2022 for a period of more than six months from the date they became payable.

(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:

Particulars Amount under dispute not yet deposited Financial year to which the amount relates Forum where dispute is pending
(Rs. in lakhs)
Central Sales tax New Delhi 0.23 1987-88 Appellate Tribunal
Central Sales tax New Delhi 74.58 2001-02 Appellate Tribunal
Central Sales tax New Delhi 2.16 2002-03 Additional Commissioner
Local Sales tax New Delhi 43.75 2002-03 Additional Commissioner
Mandi Samity 2.18 1997-98 Hon'ble High Court Allahabad
UP Sales Tax 0.46 2010-11 Appeal before Additional Commissioner
Custom Act 643.56 2017-18 CESTAT Nhava Seva

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961). ix. (a) The company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any lender. Hencereporting under clause (ix) (a) of the Order is not applicable.

(b) The Company has not been declared wilful defaulter by any bank or fiinancialinstitution or government or any government authority.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the Company has utilized the loan amount takenduring the year for intended purpose and there is no unutilized term loan at the beginningof the year. (d) On an overall examination of the fiinancial statements of the Companyfunds raised on short- term basis have prima facie not been used during the year forlong-term purposes by the Company.

(e) On an overall examination of the fiinancial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its joint venture.

(f) According to the information and explanation given to us and procedure performed byus we report that the company has not raised loans during the year on the pledge ofsecurities held in its Joint venture. The Company does not hold any investment in anysubsidiary or associate(as deined under the act) during the year ended 31st March 2022. x.(a) The Company has not raised money by way of initial public ofer or further public ofer(including debt instruments) during the year and hence reporting under clause (x)(a) ofthe Order is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable. xi. (a) Based on examinationof the books and records of the Company and according to the information and explanationsgiven to us considering the principles of materiality as outlined in the Standards onAuditing we report that no fraud by the Company or on the Company has been noticed orreported during the course of the audit.

(b) To the best of our knowledge no report under subsection (12) of section 143 of theCompanies Act has been iled in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government during the year and upto the dateof this report.

(c) To the best of our knowledge and according to the information and explanationsgiven to us there were no whistle-blower complaints received during the year by theCompany. xii. In our opinion and according to the information and explanations given tous the Company is not a Nidhi company. Accordingly clause (xii) of the Order is notapplicable. xiii. According to the information and explanations given to us and based onour examination of the records of the Company transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the fiinancial statements as required by theapplicable Indian Accounting Standards. xiv. (a) In our opinion the Company has anadequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures. xv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intoany non-cash transactions with its directors or persons connected with its directors andhence provisions of section 192 of the Companies Act 2013 are not applicable to thecompany. xvi. According to the information and explanation given to us the Company is notas required to be registered under section 45-IA of the Reserve Bank of India Act 1934and hence reporting under clause (xvi) (a)(b)of the Order is not applicable to theCompany.

(c) The Company is not a Core Investment Company (CIC) as deined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable to the Company.

(d) In our opinion according to the information and explanations provided to us duringthe course of audit the Group (as per the provisions of the Core Investment Companies(Reserve Bank) Directions 2016) does not have any CIC. xvii. The Company has not incurredcash losses during the fiinancial year and the immediately preceding fiinancial year.xviii. There has been no resignation of the statutory auditors of the Company during theyear. xix. According to the information and explanation given to us and on the basis ofthe fiinancial ratios ageing and expected dates of realisation of fiinancial assets andpayment of fiinancial liabilities other information accompanying the fiinancialstatements and our knowledge of the Board of Directors and Management plans and based onour examination of the evidence supporting the assumptions nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof 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. The Companyhas fully spent the required amount towards Corporate Social Responsibility (CSR) andthere is no unspent CSR amount for the year requiring a transfer to a Fund speciied inSchedule VII to the Companies Act or special account in compliance with the provision ofsub-section (6) of section 135 of the said Act. Accordingly reporting under clause (xx)(a) (b) of the Order is not applicable for the year.

For Agrawal Tondon & Co.
Chartered Accountants
FRN 329088E
Radhakrishan Tondon
Place: Kolkata Partner
Dated: 30th May 2022 Membership No. 060534
UDIN No. 22060534AJXBJJ5493

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