You are here » Home » Companies » Company Overview » Inditrade Capital Ltd

Inditrade Capital Ltd.

BSE: 532745 Sector: Financials
NSE: N.A. ISIN Code: INE347H01012
BSE 00:00 | 09 Dec 35.60 1.85
(5.48%)
OPEN

35.25

HIGH

35.90

LOW

33.20

NSE 05:30 | 01 Jan Inditrade Capital Ltd
OPEN 35.25
PREVIOUS CLOSE 33.75
VOLUME 20241
52-Week high 45.00
52-Week low 24.45
P/E 28.94
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.25
CLOSE 33.75
VOLUME 20241
52-Week high 45.00
52-Week low 24.45
P/E 28.94
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inditrade Capital Ltd. (INDITRADECAP) - Auditors Report

Company auditors report

To the Members of Inditrade Capital Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statementsof Inditrade Capital Limited ("the Company") which comprise the Balance Sheetas at March 31 2022 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the standalone Ind AS financial statements including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "standalone Ind AS 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 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India including the Indian Accounting Standards ("Ind AS")prescribed under section 133 of the Act of the state of affairs of the Company as atMarch 312022 its loss (including other comprehensive income) its changes in equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs)specified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial 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 ouraudit of the standalone Ind AS financial statements under the provisions of the Act andRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on thestandalone Ind AS financial statements.

Key Audit Matters

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

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Chairman'sstatement Director's report Management Discussion and Analysis Report Report oncorporate governance and annexures thereto but does not include the standalone Ind ASfinancial statements consolidated Ind AS financial statements and our auditor's reportthereon. The above mentioned other information are expected to be made available to usafter the date of this auditor's report.

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 identified above when itbecomes available and in doing so consider whether the other information is materiallyinconsistent with the standalone Ind AS financial statements or our knowledge obtained inthe audit or otherwise appears to be materially misstated.

If based on the work we have performed and the reports of otherauditors we conclude that there is a material misstatement of this other information weare required to report the fact. We have nothing to report in this regard

Responsibilities of Management and Those Charged with Governance forthe Standalone Ind AS Financial Statements

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 (including other comprehensive income) changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding Ind AS prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. 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 standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone Ind AS financial statements management 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.

Those Board of Directors are also responsible for overseeing theCompany's financial 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 this 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 ofthe standalone Ind AS financial statements whether due to fraud or error design andperform audit procedures responsive to those risks and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal control.

Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the standalone Ind AS financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content ofthe standalone Ind AS financial statements including the disclosures and whether thestandalone Ind AS financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant 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.

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 section143(11) of the Act we report in "Annexure 1" 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 and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

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

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

e. On the basis of the written representations received from thedirectors as on March 31 2022 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 312022 from being appointed as a director in termsof section 164(2) of the Act;

f. With respect to the adequacy of the internal financial controls withreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure 2";

g. With respect to the other matter to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid/ provided by the Company to its directorsduring the year is in accordance with the provisions of section 197 of the Act;

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:

(i) The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements - Refer Note 31 onContingent Liabilities to the standalone Ind AS financial statements;

(ii) The Company did not have any long-term contracts includingderivative contracts. Hence the question of any material foreseeable losses does notarise;

(iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company

(iv) (a) The management has represented that to the best of itsknowledge and belief other than as disclosed in the notes to the accounts no funds havebeen advanced or loaned or invested (either from borrowed funds or share premium or anyother sources or kind of funds) by the Company to or in any other person(s) orentity(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;

(iv) (b) The management has represented that to the best of itsknowledge and belief other than as disclosed in the notes to the accounts no funds havebeen received by the Company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(iv) (c) Based on the audit procedures that are considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause

(i) and (ii) of Rule 11 (e) as provided under (a) and (b) abovecontain any material misstatement.

(v) The Company has not declared nor paid any dividend during the year.Hence reporting the compliance with section 123 of the Act is not applicable.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.103523W / W100048
Sd/-
S Sundararaman
Partner
Membership No.028423
Place: Chennai UDIN: 22028423AJNDWU1417
Date : May 24 2022

ANNEXURE 1 TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section in the Independent Auditor's Report of even date to themembers of Inditrade Capital Limited ("the Company") on the standalone Ind ASfinancial statements for the year ended March 31 2022]

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the standalone Ind AS financial statements of the Company and takinginto consideration the information explanations and written representation given to us bythe management and the books of account and other records examined by us in the normalcourse of audit we report that:

1 (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipmentand relevant details of right-of-use assets

(a) (B) The Company has maintained proper records showing fullparticulars of Intangible Assets.

(b) The Company has a program of physical verification of PropertyPlant and Equipment to cover all the items in a phased manner over a period of 3 yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. However the Property Plant and Equipment of the Company which weredue for verification during the year have not been physically verified by the managementduring the year and as such we cannot comment any material discrepancies if any.

(c) The Company does not have any immovable property and accordinglyreporting under clause (i)(c) of paragraph 3 of the Order is not applicable.

(d) The Company has not revalued its Property Plant and Equipment(including Right of Use assets) and/or Intangible Assets during the year. Accordinglyreporting under clause (i)

(d) of paragraph 3 of the Order is not applicable.

(e) No proceedings have been initiated or are pending against theCompany as at March 312022 for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 and rules made thereunder.

(ii) (a) The Company's business does not involve inventories andaccordingly the requirements under paragraph 3(ii)(a) of the Order are not applicable tothe company.

(b) The Company has not obtained any sanctioned working capital limitduring the year from banks and/or financial institutions on the basis of security ofcurrent assets. Therefore reporting under clause (ii)(b) of paragraph 3 of the Order isnot applicable.

(iii) (a) During the year the Company has provided loans and stoodguarantee to the following entities:

Sr No Particulars Guarantees Security Loans Advances in the nature of loans
(Rs In lacs)
1 Aggregate amount granted / provided during the year
- Subsidiaries 23600 Nil 34.69 Nil
-Joint Ventures Nil Nil Nil Nil
- Associates Nil Nil 375.90 Nil
- Others Nil Nil HT>Nil Nil
2 Balance outstanding as at March 312022 in respect of above cases
- Subsidiaries 24445 Nil Nil Nil
- Joint Ventures Nil Nil Nil Nil
- Associates Nil Nil Nil Nil
- Others Nil Nil Nil Nil

(b) The Investments made guarantees provided and the terms andconditions of the grant of all loans by the company during the year are not prejudicial tothe interest of the company. The company has neither provided any security nor anyadvances in the nature of loans.

(c) The schedule of repayment of principal and payment of interest inrespect of the loans and advances in the nature of loans have not been stipulated as theseloans are repayable on demand. Thus we are unable to comment whether the repayments orreceipts during the year are regular and report amounts overdue for more than ninety daysif any as required under clause (iii)(d) of paragraph 3 of the Order.

(d) As explained in clause iii(c) of paragraph 3 of the Orderreporting under clause (iii)(d) of paragraph 3 of the Order is not applicable.

(e) There were no loans or advances in the nature of loan granted whichhas/have fallen due during the year have been renewed or extended. Further there were noinstances of fresh loans being granted to settle the overdues of existing loans given tothe same parties.

(f) The Company has granted loans or advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment. Detailsof the same are as below:

Particulars Related Parties (Rs In lacs)
Aggregate amount of loans/advances in nature of loan
- Repayable on demand (A) 410.59
- Agreement does not specify any terms or period of repayment (B) Nil
Total (A+B) 410.59
Percentage of loans/advances in nature of loan to the total loans 100%

(iv) The Company has complied with the provisions of sections 185 and186 of the Act in respect of grant of loans making investments and providing guaranteesand securities as applicable.

(v) In our opinion the Company has not accepted any deposits oramounts which are deemed to be deposits. Accordingly reporting under clause (v) ofparagraph 3 of the Order is not applicable.

(vi) The Central Government has not prescribed the maintenance of costrecords for any of the products of the Company under sub-section (1) of section 148 of theAct and the rules framed there under.

(vii) (a) The Company is generally regular in depositing with theappropriate authorities undisputed statutory dues including Goods and Services tax (GST)provident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other material statutory duesapplicable to it though there has been a slight delay in a few cases. During the year2017-18 sales tax value added tax service tax and duty of excise subsumed in GST andare accordingly reported under GST No undisputed amounts payable in respect of providentfund employees' state insurance income tax GST customs duty cess and any othermaterial statutory dues applicable to it were outstanding at the year end for a periodof more than six months from the date they became payable.

(b) The dues outstanding with respect to provident fund income taxGST and service tax cess on account of any dispute are as follows:

Statement of Disputed Dues

Name of the statute Nature of dues Amount (Rs In lacs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 133.81 AY' s 2008-09 2010-112011-12 2017-18 Commission of Income Tax (Appeals)
Finance Act 1994 Income Tax 66.12 FYs 2010-11 & 2013-14 Commissioner (Appeals) of Central Excise and Customs

(viii) We have not come across any transaction which were previouslynot recorded in the books of account of the Company that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961.

(ix) (a) The Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender.

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

(c) The Company did not obtain any money by way of term loans duringthe year Accordingly reporting under clause (ix)(c) of paragraph 3 of the Order is notapplicable.

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the standalone Ind ASfinancial statements of the Company we report that the company has used funds raised onshort- term basis aggregating to Rs. 800 Lacs for long-term purposes.

(e) On an overall examination of the standalone Ind AS financialstatements of the Company the Company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries associates or joint venturesas defined under the Act.

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies as definedunder the Act.

(x) (a) The Company has not raised money by way of initial public issueoffer / further public offer (including debt instruments) during the year. Thereforereporting under clause (x)(a) of paragraph 3 of the Order is not applicable.

(b) The Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or optionally convertible)during the year. Therefore reporting under clause (x)(b) of paragraph 3 of the Order isnot applicable.

(xi) (a) During the course of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanations given to us we have neithercome across any instance of fraud by the Company nor any fraud on the Company has beennoticed or reported during the year nor have we been informed of any such instance by themanagement.

(b) No report under section 143(12) of the Act has been filed with theCentral Government by the auditors of the Company in Form ADT-4 as prescribed under Rule13 of Companies (Audit and Auditors) Rules 2014 during the year or upto the date of thisreport.

(c) There are no whistle blower complaints received by the Companyduring the year and upto the date of this report.

(xii) In our opinion the Company is not a Nidhi Company. Thereforereporting under clause (xii) of paragraph 3 of the Order is not applicable.

(xiii) All transactions entered into by the Company with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable and thedetails have been disclosed in the standalone Ind AS financial statements as required bythe applicable accounting standards.

(xiv) (a) In our opinion the Company has an internal audit systemcommensurate with the size and nature of its business.

(b) We have considered the Internal Audit Reports of the Company issuedtill date for the period under audit.

(xv) The Company has not entered into any non-cash transactions withits directors or persons connected with them during the year and hence provisions ofsection 192 of the Act are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section45- IA of the Reserve Bank of India Act 1934. Therefore reporting under clause (xvi)(a)and (b) of paragraph 3 of the Order are not applicable.

(b) The Company has not conducted any Non-Banking Financial or HousingFinance activities without having a valid Certificate of Registration (CoR) from theReserve Bank of India as per the Reserve Bank of India Act 1934.

(c) The Company is a Core Investment Company (CIC) as defined in CoreInvestment Companies (Reserve Bank) Directions 2016 ("Directions") by theReserve Bank of India and it is exempted from obtaining registration as per theDirections. Further the Company continues to fulfil the criteria for non- registration asCIC.

(d) As informed by the Company the Group to which the Company belongshas not more than one CIC as part of the Group.

(xvii) The Company has not incurred cash losses in the current and theimmediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly reporting under clause (xviii) of paragraph 3 of the Order isnot applicable.

(xix) On the basis of the financial ratios ageing and expected datesof realisation of financial assets and payment of financial liabilities other informationaccompanying the standalone Ind AS financial statements to the extent furnished to us andour knowledge of the Board of Directors and management plans as represented to us andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which cause us to believe that any material uncertainty exists as on thedate of this audit report and that the 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 date of the audit report and we neither give any guarantee nor any assurancethat all liabilities falling due within a period of one year from the balance sheet datewill get discharged by the Company as and when they fall due.

(xx) The provisions of section 135 of the Act are not applicable to theCompany. Hence reporting under clause (xx) of paragraph 3 of the Order is not applicable.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.103523W / W100048
Sd/-
S Sundararaman
Partner
Membership No.028423
Place: Chennai UDIN: 22028423AJNDWU1417:
Date : May 24 2022

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section in our Independent Auditor's Report of even date to themembers of Inditrade Capital Limited on the standalone Ind AS financial statements for theyear ended March 31 2022]

Report on the Internal Financial Controls with reference to FinancialStatements under clause (i) of sub-section 3 of section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls with reference tofinancial statements of Inditrade Capital Limited ("the Company") as of March31 2022 in conjunction with our audit of the standalone Ind AS financial statements ofthe Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India ("ICAI"). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note and the Standards on Auditing specifiedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both issued by the ICAI. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to financial statements andtheir operating effectiveness.

Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of internal financial controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal controls basedon the assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 Company's internal financialcontrols with reference to financial statements.

Meaning of Internal Financial Controls with reference to FinancialStatements

A company's internal financial control with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of 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 financial statements.

Inherent Limitations of Internal Financial Controls with reference toFinancial Statements

Because of the inherent limitations of internal financial controls withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2022 based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note issued by the ICAI.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.103523W / W100048
Sd/-
S Sundararaman
Partner
Membership No.028423
Place: Chennai UDIN: 22028423AJNDWU1417:
Date : May 24 2022

.