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Indraprastha Medical Corporation Ltd.

BSE: 532150 Sector: Health care
NSE: INDRAMEDCO ISIN Code: INE681B01017
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OPEN 87.00
PREVIOUS CLOSE 87.45
VOLUME 27205
52-Week high 94.05
52-Week low 52.00
P/E 10.17
Mkt Cap.(Rs cr) 779
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 87.00
CLOSE 87.45
VOLUME 27205
52-Week high 94.05
52-Week low 52.00
P/E 10.17
Mkt Cap.(Rs cr) 779
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indraprastha Medical Corporation Ltd. (INDRAMEDCO) - Auditors Report

Company auditors report

To the Members of

Indraprastha Medical Corporation Limited REPORT ON THE AUDIT OF THEFINANCIAL STATEMENTS

OPINION

We have audited the financial statements of Indraprastha MedicalCorporation Limited ("the Company") which comprise the balance sheet as at 31March 2022 and the statement of Profit and Loss statement of changes in equity andstatement of cash flows 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 theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under Section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31 March 2022 and it's profit changes in equity andits cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013 ("the Act").Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current year.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.

LITIGATION MATTERS

Description of Key Audit Matter

As discussed in Note 29.B (i) and (iii) Note 29.C 29.D to thefinancial statements the Company have contingent liabilities arising from many litigativematters including the following significant matters which is the key matter and may havesignificant impact on the operations of the Company:

Free treatment of underprivileged patients as per the terms of leasedeed with Delhi Government: On a Public Interest Litigation (PIL) regarding free treatmentin the hospital the Hon'ble Delhi High Court vide its order dated 22 September 2009has held that free treatment provided by the hospital as per the terms of lease deed withGovernment of National Capital Territory of Delhi shall be inclusive of medicines andconsumables. In response to the said order the company filed a Special Leave Petition inthe Hon'ble Supreme Court for appropriate directions. The Hon'ble Supreme Courtof India has admitted the Special Leave Petition and passed an interim order on 30November 2009. In pursuance of the interim order the Hospital has been providing freetreatment to the patients referred by the Govt. of NCT of Delhi. The hospital is chargingfor medicines & medical consumables from patients referred by the Govt. of NCT ofDelhi for free treatment in the Hospital in accordance with the directions of theHon'ble Supreme Court of India. As the matter is sub-judice the financial impact inthe matter can be quantified only upon a decision by the Hon'ble Supreme Court ofIndia.

The management needs to exercise significant judgement and take intoaccount related laws and regulations in assessing the effects of the litigation in orderto determine the corresponding liabilities. However the actual outcomes of the litigationmay differ from the estimates. There are therefore risks with respect to the recognitionof provision or disclosure of contingent liabilities with respect to the litigation.Therefore we gave significant attention to the audit of these litigations.

HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER

We inquired with the Company's management and legal departmentregarding the procedures followed to collate and monitor lawsuits filed and pending as atthe date of the financial statements.

Reviewed legal consultation fees to check the completeness of thelitigation notified by the Company.

Inquired about the details and progress of cases and themethods/judgements applied by the management in estimating liabilities from litigation.

Reviewed relevant conditions and provisions of agreements withcounterparties (if any);

Reviewed correspondences between the Company and the legal consultantsinvolved in the litigation including the appeal's verdicts appeals petition andrelevant supporting documentation used by management and prepared by external experts.

Obtained independent status confirmation form the legal consultantswhose services were used by the Company and their opinion on matter considering thecurrent status.

Reviewed the disclosures done by the Company in financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'SREPORT THEREON

The Company's Board of Directors is responsible for the_ otherinformation. The other information comprises the information included in the Annualreport but does_ not include the financial statements and our auditor's reportthereon. The Annual report is expected to be made available to us after the date of thisauditor's report.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information identified above when it become availableand in doing so consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

When we read the annual report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FORTHE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIALSTATEMENTS

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit inorder to 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 system in place and the operatingeffectiveness of such controls.

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

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the "Annexure-A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that: a) We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss including Other Comprehensive Income Statement of Changes in Equity and theStatement of Cash Flow dealt with by this Report are in agreement with the books ofaccounts. d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act. e) On the basis of the writtenrepresentations received from the directors as on 31 March 2022 taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2022 from beingappointed as a director in terms of Section 164 (2) of the Act. f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in"Annexure B". g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act. h) With respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations on its financial position in its financial statements -Refer Note 29.B (i) and (iii) Note 29.C and 29.D to the financial statements. ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses. iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany. iv. a. The Management has represented that to the best of it's knowledgeand belief no funds have been advanced or loaned or invested (either from borrowed fundsor share 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 shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries. b.The Management has represented that to the best of its knowledge and belief no funds(which are material either individually or in the aggregate) have been received by theCompany from any person or entity including foreign entity ("Funding Parties")with the understanding whether recorded in writing or otherwise that the Company shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries; c. Based on the audit procedures that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused 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 material misstatement. v. As stated innote 12 to the financial statements the Board of Directors of the Company has proposedfinal dividend for the year which is subject to the approval of the members at the ensuingAnnual General Meeting. The dividend declared is in accordance with Section 123 of the Actto the extent it applies to declaration of dividend.

For S.N. Dhawan & Co LLP
Chartered Accountants
Firm Registration No.: 000050N/N500045
Rajeev K Saxena
Partner
Membership No.: 077974
UDIN: 22077974AJIEOH1525
Place: Noida
Date: May 20 2022

Annexure A to the Independent Auditor's Report of even date to themembers of Indraprastha Medical Corporation Limited on the financial statements for theyear ended 31 March 2022

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section of the Independent Auditor's Report of evendate to the members of Indraprastha Medical Corporation Limited on the financialstatements as of and for the year ended 31 March 2022)

(i) (a) A. The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

B. The Company has maintained proper records showing full particularsof intangible assets.

(b) The Property Plant and Equipment have been physically verified bythe management during the year and according to the information and explanation given tous no material discrepancies were noticed on such verification between book records andthe physical inventories. In our opinion the frequency of verification of the PropertyPlant and Equipment is reasonable having regard to the size of the Company and the natureof its assets.

(c) According to the information and explanations given to us and therecords examined by us and based on the examination of the audit evidence provided to uswe report that the title of all the immovable properties (which are included under thehead ‘Property Plant and Equipment) are held in the name of the Company.

(d) The Company has not revalued any of its property plant andequipment (including Right of Use assets) and intangible assets during the year.Accordingly the provisions of clause 3(i)(d) of the Order are not applicable.

(e) According to the information and explanations given to us thereare no proceedings which have been initiated or are pending against the Company forholding benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988)(as amended in 2016) and rules made thereunder. Accordingly the provisions of clause3(i)(e) of the Order are not applicable.

(ii) (a) The management has conducted physical verification ofinventory at reasonable intervals during the year. According to the information andexplanations given to us and based on the audit procedures performed by us we are of theopinion that the coverage and procedure of such verification by the management isappropriate and no material discrepancies of 10% or more in the aggregate for each classof inventory between physical inventory and book records were noticed on physicalverification.

(b) In our opinion and according to the information and explanationsgiven to us during the year the Company has been sanctioned working capital limits inexcess of Rs. 5 Crores in aggregate from banks or financial institutions on the basis ofsecurity of current assets. However as per information and explanations given to us thequarterly returns or statements were not required to be filed by the Company with banks orfinancial institutions anytime during the year. Therefore we have nothing to report inthis regard.

(iii) According to the information and explanations given to us theCompany has not made any investments in provided any guarantee or security and grantedany loans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties during the year and hence reportingunder clause (iii) (a) to (f) of the Orders are not applicable.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any transaction covered under Sections 185and 186 of the Act. Accordingly the provisions of clause 3(iv) of the Order are notapplicable.

(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits during the year had no unclaimeddeposits at the beginning of the year and there are no amounts which are deemed to bedeposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptanceof Deposits) Rules 2014 (as amended). Accordingly the provisions of clause 3(v) of theOrder are not applicable.

(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the Rules made by the Central Government for the maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of Company'sservices and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. However we have not made a detailed examination of thecost records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to usthe Company is regular in depositing undisputed statutory dues including provident fundemployees' state insurance income-tax goods and services tax duty of customsvalue added tax cess and other material statutory dues to the appropriate authorities.Further no undisputed amounts payable in respect thereof were outstanding at the year-endfor a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us thereare no statutory dues referred to in subclause (a) that have not been deposited with theappropriate authorities on account of any dispute except for the following cases;

Name of the statute Nature of dues Amount in million (`) Amount paid under Protest in million (`) Period to which the amount relates Forum where dispute is pending
Service tax under Finance Act 1994 Service tax dues 2.76 0.77 2006-07 to 2010-11 CESTAT (Delhi)

(viii) According to the information and explanations given to us thereare no such transactions which were not recorded in the books of account earlier and havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961). Accordingly the provisions of clause 3(viii) of theOrder are not applicable.

(ix) a) In our opinion and according to the information andexplanations given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender. Accordingly theprovisions of clause 3(ix)(a) of the Order are not applicable.

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

(c) The Company has not taken any term loan during the year and thereare no outstanding term loans at the beginning of the year and hence reporting underclause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company.

(e) Since the Company does not have subsidiaries associates or jointventures. Accordingly the provisions of clause 3(ix) (e) and (f) of the Order are notapplicable.

(x) (a) According to the information and explanations given to us theCompany did not raise moneys by way of initial public offer or further public offer(including debt instruments) during the year. Accordingly the provisions of clause 3(x)of the Order are not_applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully partially oroptionally). Accordingly provisions of clause3 (x) (b) of the order are not applicable.

(xi) (a) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company or on the Company has been noticedor reported during the period covered by our audit.

(b) In our opinion and according to the information and explanationsgiven to us since no fraud by the Company or on the Company has been noticed or reportedduring the period covered by our audit. Accordingly the provisions of clause 3(xi)(b) ofthe Order are not applicable.

(c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year.

(xii) The Company is not a Nidhi Company. Accordingly provisions ofclause 3(xii) of the Order are not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with Sections 177and 188 of Act where applicable and the requisite details have been disclosed in thefinancial statements etc. as required by the applicable accounting standards.

(xiv) (a) In our opinion and based on our examination the Company hasan internal audit system commensurate 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) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with the directorsor persons connected with them covered under Section 192 of the Act. Accordinglyprovisions of clause 3 (xv) of the order are not applicable.

(xvi) (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Accordingly provisions of clause 3(xvi)(a)of the Order are not applicable.

(b) The Company has not conducted any non-banking financial or housingfinance activities during the year. Accordingly provisions of clause 3(xvi)(b) of theOrder are not applicable.

(c) The Company is not a Core Investment Company ("CIC") asdefined in the regulations made by the Reserve Bank of India. Accordingly provisions ofclause 3(xvi)(c) of the Order are not applicable. (d) Based on the information andexplanations provided by the management the Group does not have any CICs which are partof the Group. Accordingly provisions of clause 3(xvi)(d) of the Order are not applicable.

(xvii) The Company has not incurred cash losses in the financial yearand in the immediately preceding financial year. Accordingly provisions of clause 3(xvii) of the order are not applicable.

(xviii)There has been no resignation of the statutory auditors duringthe year. Accordingly provisions of clause 3 (xviii) of the order are not applicable.

(xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that Company is not capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date. We however state that this is not an assurance as to the future viability ofthe Company. We further state that our reporting is based on the facts up to the date ofthe audit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards CorporateSocial Responsibility (CSR) and there are no unspent CSR amount for the year requiring atransfer to a Fund specified in Schedule VII to the Companies Act or special account incompliance with the provision of sub-section (6) of section 135 of the said Act.Accordingly reporting under clause (xx) of the Order is not applicable for the year.

For S.N. Dhawan & Co LLP
Chartered Accountants
Firm Registration No.: 000050N/N500045
Rajeev K Saxena
Partner
Membership No.: 077974
UDIN: 22077974AJIEOH1525
Place: Noida
Date: May 20 2022

Annexure B to the Independent Auditor's Report of even date to themembers of Indraprastha Medical Corporation Limited on the financial statements for theyear ended 31 March 2022 Independent Auditor's report on the Internal FinancialControls under Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013("the Act")

1. We have audited the internal financial controls over financialreporting of Indraprastha Medical Corporation Limited ("the Company") as of 31March 2022 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. The Board of Directors of the Company is responsible forestablishing and maintaining internal financial controls based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of the company's business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

AUDITORS' RESPONSIBILITY

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby the Institute of Chartered Accountants of India (ICAI) and deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraudor_error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A company's internal financial controls over financialreporting 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 controls over financial reporting includes those policies and procedures that(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on thefinancial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that internal financialcontrols over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may_deteriorate.

OPINION

8. In our opinion the Company has in all material respects adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S.N. Dhawan & Co LLP

Chartered Accountants

Firm Registration No.: 000050N/N500045

Rajeev K Saxena

Partner

Membership No.: 077974

UDIN: 22077974AJIEOH1525

Place: Noida

Date: May 20 2022

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