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Industrial & Prudential Investment Company Ltd.

BSE: 501298 Sector: Financials
NSE: N.A. ISIN Code: INE620D01011
BSE 11:13 | 09 Feb 1835.00 73.75
(4.19%)
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1770.00

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1835.00

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1730.00

NSE 05:30 | 01 Jan Industrial & Prudential Investment Company Ltd
OPEN 1770.00
PREVIOUS CLOSE 1761.25
VOLUME 40
52-Week high 2188.90
52-Week low 1200.00
P/E 21.89
Mkt Cap.(Rs cr) 308
Buy Price 1740.00
Buy Qty 2.00
Sell Price 1823.00
Sell Qty 6.00
OPEN 1770.00
CLOSE 1761.25
VOLUME 40
52-Week high 2188.90
52-Week low 1200.00
P/E 21.89
Mkt Cap.(Rs cr) 308
Buy Price 1740.00
Buy Qty 2.00
Sell Price 1823.00
Sell Qty 6.00

Industrial & Prudential Investment Company Ltd. (INDLPRUDINV) - Auditors Report

Company auditors report

To the Members of Industrial and Prudential Investment Company Limited Report on theAudit of the Standalone Ind AS Financial Statements

1. Opinion

We have audited the accompanying Standalone Ind AS financial statements of Industrialand Prudential Investment Company Limited ("the Company") which comprise theBalance sheet as at March 31 2022 the Statement of Profit and Loss including thestatement of Other Comprehensive Income the Statement of Cash Flows and the Statement ofChanges in Equity for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2022 its profitincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

2. Basis for Opinion

We conducted our audit of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Standalone Ind AS financial statements.

3. Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current year.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. Based on the audit procedure performed includingassessment of risk of material misstatement we have not come across any material Key AuditMatters that are required to be communicated in accordance with the standard.

4. Information Other than the Standalone Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's report including annexuresto the Board report but does not include the Standalone Ind AS financial statements andour auditor's report thereon.

Our opinion on the Standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

5. Responsibility of Management and those charged with Governance for theStandalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

6. Auditor's Responsibilities for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone IndAS financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate 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 control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls with reference to financial statements 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 going concernbasis 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 the StandaloneInd AS financial statements including the disclosures and whether the Standalone Ind ASfinancial 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 auditfindings including any significant decencies 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 with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current year and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

7. Report on Other Legal and Regulatory Requirements

1. As required by ‘the Companies (Auditor's Report) Order 2020 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure-A a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss (including the Statement ofOther Comprehensive Income) the Statement of Cash Flows and Statement of Changes inEquity dealt with by this Report are in agreement with the books of account;

d. In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 Companies (Indian Accounting Standards) Rules 2015 as amended;

e. On the basis of the written representation received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls with reference toStandalone Ind AS financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in "Annexure B". Our reportexpresses an unmodified opinion on the adequacy and operating effectiveness of theinternal control with reference to Standalone financial statements of the Company.

3. 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:

a) the Company does not have any pending litigations which would impact its financialposition in its financial statements;

b) the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c) the unclaimed dividend for the year 2013-14 amounting to Rs 1064965/- which wasnot transferred to the Investor Education and Protection Fund (IEPF) by the Company withinits due date of i.e. 29 December 2021 has been transferred to IEPF on April 6 2022.

d) (i) The Company's management has represented that to the best of its knowledge andbelief no funds have been advanced or loaned or invested (either from borrowed funds orshare premium or any other sources or kind of funds) by the Company to or in any otherperson(s) or entity(ies) including foreign entities ("intermediaries") withthe understanding 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.

(ii) The Company's management has represented that to the best of its knowledge andbelief as disclosed in the notes to the Ind AS financial statements no funds have beenreceived by the Company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the FundingParty ("Ultimate Beneficiaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries.

(iii) Based on such audit procedures that we considered reasonable and appropriate inthe circumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause d(i) and d(ii) contain any material misstatement.

e) the dividend declared or paid during the year by the company is in compliance withsection 123 of the Companies Act 2013.

4. With respect to the matter to be included in the Auditor's Report under Section197(16) of the Act: In our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) ofthe Act which are required to be commented upon by us.

8. Other Matters

The comparative financial statements of the Company as stated in the statement for theyear ended March 31 2021 were audited by the predecessor auditor vide its report datedJune 16 2021 who expressed unmodified conclusions whose reports have been furnished tous and which has been relied upon by us for the statement. Our opinion is not modified inrespect of this matter.

For S. Jaykishan

Chartered Accountants Firm Registration No. 309005E

CA RITESH AGARWAL

Partner

Membership No. 062410 Place: Kolkata Date: The 20th day of May 2022 UDIN:22062410AMFCQQ2665

Annexure -A to the Independent Auditors' Report to the Independent Auditors' Report onthe financial statements of Industrial & Prudential Investment Company Limited for theyear ended 31 March 2022 (Referred to in paragraph 1 under ‘Report on Other Legaland Regulatory Requirements' section of our report of even date

We report that:

i. (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(b) We are informed that the property plant and equipment have been physicallyverified by the management at regular intervals during the year and no materialdiscrepancies were noticed on such verification. In our opinion the periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its property plant and equipment.

(c) As explained to us and on the basis of our examination of the records of theCompany there are no immovable properties. Hence reporting under clause 3(i)(c) is notapplicable.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the company has not revalued any of itsProperty Plant and Equipment or intangible assets or both during the year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company no proceedings have been initiated or arepending against the company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

ii. The Company is in the business of investing activity and consequently does nothold any inventory. Therefore the provisions of clause 3(ii) of the said Order are notapplicable to the Company.

iii. In our opinion and according to the information and explanations given to us andbased on the audit procedures conducted by us the Company has made investments inprovided any guarantee or security or granted any loans or advances in the nature ofloans secured or unsecured to companies firms Limited Liability Partnerships or anyparties. With respect to such investments guarantees/security and loans and advances:

(a) During the year the company has provided loans or provided advances in the natureof loans or stood guarantee or provided security to any other entity :

(A) The provision of paragraph 3(iii)(a)(A) of the Order is not applicable to theCompany.

(B) The aggregate amount during the year amounts to Rs.131059.67 thousand and balanceoutstanding at the balance sheet date amounts to Rs. 49561.73 thousand with respect tosuch loans or advances and guarantees or security to parties other than subsidiariesjoint ventures and associates;

(b) the investments made guarantees provided security given and the terms andconditions of the grant of all loans and advances in the nature of loans and guaranteesprovided are not prejudicial to the company's interest;

(c) In respect of loans and advances in the nature of loans the schedule of repaymentof principal and payment of interest has been stipulated.

(d) There is no amount overdue for more than ninety days in respect of loans andadvances in the nature of loans.

(e) During the year loans or advances in the nature of loans has not been renewed orextended or fresh loans granted to settle the overdues of existing loans given to the sameparties.

(f) The company has not granted any loans or advances in the nature of loans that wereeither repayable on demand or without specifying any terms of period of repayment.

iv. In our opinion and according to the information and explanations given to us andbased on the audit procedures conducted by us the Company has not made investments orprovided any guarantee or security or granted any loans to the parties covered undersection 185 and 186 of the Act. Accordingly reporting under clause 3(iv) of the Order isnot applicable to the Company.

v. The Company has not accepted any deposits or amounts which are deemed to be depositsfrom the public within the meaning of the directives issued by the Reserve Bank of Indiaprovisions of Sections 73 to 76 of the Act any other relevant provisions of the Act andthe relevant rules framed thereunder. Accordingly clause 3(v) is not applicable to theCompany.

vi. To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the Company. Accordingly provision of clause 3(vi) of the order are not applicable tothe company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including sales-tax income-tax servicetax duty of custom duty of excise value added tax goods and service tax cess andother material statutory dues have been generally regularly deposited during the year bythe Company with the appropriate authorities except for the delay in transferring theamount of unclaimed dividend to Investor Education Protection Fund (IEPF) as stated abovein para 3 (c ) of our report.

(b) According to the records of the Company there are no dues outstanding of incometax sales tax service tax duty of custom duty of excise value added tax goods andservice tax and cess which have not been deposited with the appropriate authorities onaccount of any dispute.

viii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income-tax Act 1961 as income during the year.

ix. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company did not have any loans orborrowings from any lender during the year. Accordingly clause 3(ix)(a) of the Order isnot applicable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) According to the information and explanations given to us by the management theCompany has not obtained any term loans. Accordingly clause 3(ix)(c) of the Order is notapplicable.

(d) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds have been raisedon short-term basis by the Company. Accordingly clause 3(ix)(d) of the Order is notapplicable.

(e) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that the Company has nottaken any funds from any entity or person on account of or to meet the obligations of itssubsidiaries as defined under the Companies Act 2013. Accordingly clause 3(ix)(e) of theOrder is not applicable.

(f) According to the information and explanations given to us and procedures performedby us we report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries as defined under the Companies Act 2013. Accordinglyclause 3(ix)(f) of the Order is not applicable.

x. (a) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). Accordingly clause 3(x)(a) of the Order is notapplicable.

(b) According to the information and explanations given to us and on the basis ofexamination of records of the Company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.Accordingly clause 3(x)(b) of the Order is not applicable.

xi. (a) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that no fraud by the company or no fraudon the company has been noticed or reported during the year.

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

(c) As represented to us by the management there are no whistle blower complaintsreceived by the company during the year.

xii. The Company is not a Nidhi Company and hence the Nidhi Rules 2014 are notapplicable to it. Accordingly the provisions of clause 3(xii) of the Order are notapplicable to the Company.

xiii. According to the information and explanations given by the management theCompany has entered into transactions with related parties in compliance with theprovisions of sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the Standalone financial statements as required underInd AS 24 Related Party Disclosures specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

xiv. (a) In our opinion and based on our examination the company has an internal auditsystem commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the company issued till date forthe period under audit.

xv. According to the information and explanations given to us and on the basis ofreview on an overall basis the Company during the year has not entered into non cashtransactions in terms of section 192 of the Act with directors or persons connected withthem. Accordingly the provisions of clause (xv) are not applicable to the company

. xvi. (a) The Company is registered under section 45-IA of the Reserve Bank of IndiaAct 1934 and the certificate has been obtained.

(b) The Company has carried on Non-Banking Financial activities (NBFC) with a validregistration from RBI.

(c) In our opinion and according to the information and explanations given to us thecompany is not a Core Investment Company (CIC) as defined in the regulations made by theReserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is not applicable.

(d) In our opinion and according to the information and explanations given to us thegroup has no CIC as part of the group. Accordingly clause 3(xvi)(d) of the Order is notapplicable.

xvii. The Company has not incurred any cash loss during the current financial year andthe immediately preceding financial year.

xviii. There has been resignation of statutory auditors and we have considered theobjections issues or concerns raised by the outgoing auditors.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatcompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by thecompany as and when they fall due.

xx. In respect of other than ongoing projects there are no unspent amount required tobe transferred to a Fund specified in Schedule VII to the Companies Act within a period ofsix months of the expiry of the financial year in compliance with second proviso tosub-section (5) of section 135 of the said Act. Accordingly provision of clause 3(xx) (a)& (b) of the Order is not applicable to the Company.

xxi. There have been no qualifications or adverse remarks in the audit reports issuedby the respective auditors in case of companies included in the consolidated financialstatements and hence the provisions of clause 3(xxi) are not applicable to the company.

For S. Jaykishan

Chartered Accountants Firm Registration No. 309005E

CA RITESH AGARWAL

Partner

Membership No. 062410

Place: Kolkata

Date: The 20th day of May 2022 UDIN: 22062410AMFCQQ2665

Annexure - B to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") (Referred to in our report of evendate)

Opinion

We have audited the internal financial controls over financial reporting of Industrialand Prudential

Investment Company Limited. ("the Company") as on March 31 2022 inconjunction with our audit of the Standalone Ind AS financial statements of the Companyfor the year ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to 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 Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the Standalone Ind AS financial statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone Ind AS 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) pertains to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Ind AS 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 ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the Standalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

For S. Jaykishan

Chartered Accountants Firm Registration No. 309005E

CA RITESH AGARWAL

Partner

Membership No. 062410

Place: Kolkata

Date: The 20th day of May 2022 UDIN: 22062410AMFCQQ2665

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