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IST Ltd.

BSE: 508807 Sector: Auto
NSE: N.A. ISIN Code: INE684B01029
BSE 00:00 | 27 Jan 465.00 -17.50
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NSE 05:30 | 01 Jan IST Ltd
OPEN 499.50
PREVIOUS CLOSE 482.50
VOLUME 1062
52-Week high 579.95
52-Week low 400.00
P/E 121.41
Mkt Cap.(Rs cr) 542
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 499.50
CLOSE 482.50
VOLUME 1062
52-Week high 579.95
52-Week low 400.00
P/E 121.41
Mkt Cap.(Rs cr) 542
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IST Ltd. (IST) - Auditors Report

Company auditors report

TO THE MEMBERS OF 1ST LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of 1STLimited ("the Company") which comprise the Standalone Balance Sheet as at March31 2022 the Standalone Statement of Profit and Loss (including Other ComprehensiveIncome) the Standalone Statement of Changes in Equity and the Standalone Statement ofCash Flows for the year then ended and notes to the standalone financial statementsincluding a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone 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 of the state of affairs of the Company as at March 312022and its profit including other comprehensive income changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in theAuditors? Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules made there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note No. 53 of the standalone financialstatements which describes the possible effect of uncertainties relating to COVID-19pandemic on the Company's financial performance as assessed by the management.

Our opinion is not modified in respect of the above matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Auditor?s Response
Investments as on 31st March 2022
Refer to Note no.8 and 13 to the notes to the standalone financial statements)
This is the largest asset on the standalone balance sheet. Our audit effort has increased in this area and in particular there is significant focus on considering whether the underlying investments are valued appropriately. These included investments in quoted and unquoted equity shares mutual funds preference shares and tax free bonds. Investments also include investment in wholly owned subsidiary and in associate company. Our audit procedure included the following:
The valuation of investments is based on a range of inputs. Many of the inputs required can be obtained from readily available liquid market prices and rates. Where observable market data is not available estimates must be developed based on the most appropriate source data and are subject to a higher level of judgement. • Testing whether associated controls in respect of the valuation process are operating properly and assessing whether the valuation process is appropriately designed and captures relevant valuation inputs.
Accordingly investment was determined to be a key audit matter in our audit of standalone financial statements. • Assessing the availability of quoted prices in liquid markets.
• Performing our own independent price checks using external quotes for liquid positions and to identify any potential impairment.
• We also assessed whether the Company?s disclosures in relation to the valuation of investments are compliant with the relevant accounting requirements.

Information Other than the Standalone Financial Statements andAuditors? Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theAnnual Report but does not include the standalone financial statements and our auditors'report thereon. The Annual Report is expected to be made available to us after the date ofthis auditors' report.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. When we read theAnnual Report if we conclude that there is a material misstatement therein we arerequired to communicate the matter to those charged with governance.

Management?s Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performance(including other comprehensive income) changes in equity and cash flows 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements the 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 the management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

Auditors? Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditors' report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone 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 risk of material misstatement of thestandalone 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 financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

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

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves 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.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditors' 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 (Auditors' Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 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 Standalone Balance Sheet the Standalone Statement of Profit andLoss including Other Comprehensive Income the Standalone Statement of Changes in Equityand the Standalone Statement of Cash Flow dealt with by this Report are in agreement withthe books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

e) On the basis of the written representations received from thedirectors as on March 312022 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 the standalone financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B" tothis report.

g) With respect to the other matters to be included in the Auditors'Report 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 does not have any pending litigations which would impactits financial position.

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

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 no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the company toor in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the

Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

(b) The management has represented that to the best of its knowledgeand belief no funds have been received by the company from any person(s) or entity(ies)including foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances and according to the information and explanationsprovided to us by the management in this regard nothing has come to our notice that hascaused us to believe that the representations under sub-clause (a) and (b) above containany material mis-statement.

v. The Company has neither declared nor paid any dividend during theyear hence compliance to Section

123 of the Act is not applicable.

3. With respect to the other matters to be included in the Auditors'Report under section 197(16) of the Act as amended in our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act.

Annexure ‘A? To the Independent Auditors? Report

The Annexure referred to in Independent Auditors' Report to the membersof the Company on the standalone financial statements for the year ended March 31 2022we report that:

(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 the proper records showing fullparticulars of intangible assets.

(b) The Company has a regular programme of verification of propertyplant and equipment. All the property plant and equipment have been physically verifiedby the management during the year except furniture and fixtures and office equipmentswhich in our opinion is reasonable having regard to size of the Company and nature ofproperty plant and equipment. No material discrepancies were noticed on suchverification.

(c) The title deeds of all the immovable properties as disclosed in thestandalone financial statements are held in the name of the Company and the title deed inrespect of sub lease of Commercial Property at Noida is pending for Registration.

(d) According to the information and explanation given to us theCompany has not revalued its Property Plant and Equipment (including Right of Use assets)or intangible assets during the year. Accordingly reporting under paragraph 3(i)(d) ofthe Order is not applicable to the Company.

(e) According to the information and explanation given to us noproceedings have been initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibitions) Act 1988 (45 of 1988) and rulesmade thereunder and accordingly reporting under paragraph 3(i)(e) of the Order is notapplicable to the Company.

(ii) (a) The inventories have been physically verified by themanagement at reasonable interval during the year. In our opinion the frequency of suchverification is reasonable. No discrepancies of 10% or more in aggregate for each class ofinventory were noticed.

(b) In our opinion and according to the information and explanationgiven to us the Company has been not been sanctioned working capital limits in excess offive crore rupees in aggregate from banks or financial institutions on the basis ofsecurity of current assets. Accordingly re porting under paragraph 3(ii)(b) of the Orderis not applicable to the Company.

(iii) In our opinion and according to the information and explanationsgiven to us the Company has not made investments in provided any guarantee or securityor granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties. Accordinglyreporting under paragraph 3(iii) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanationgiven to us the Company has not either directly or indirectly granted any loan to any ofits directors or to any other person in whom the director is interested in accordance withthe provision of section185 of the Act. The Company has complied with the provisions ofsection 186 of the Act with respect to the investments made as applicable.

(v) The Company has not accepted any deposits or amounts which aredeemed to be deposits within the meaning of the Act and the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Act and the rules framed thereunder. Accordingly reporting underparagraph 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has not prescribed the maintenance of costrecords for the Company under section 148(1) of the Act. Accordingly reporting underparagraph 3(vi) of the Order is not applicable to the Company.

(vii) (a) According to the information and explanations given to us andthe records of the Company examined by us in respect of undisputed statutory dues theCompany is generally regular in depositing undisputed statutory dues including goods andservice tax provident fund employees' state insurance income tax duty of customs cessand other applicable statutory dues with the appropriate authorities.

There were no undisputed amounts payable in respect of goods andservices tax provident fund employees' state insurance income tax duty of customscess and other applicable statutory dues in arrears as at March 312022 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of income tax sales tax valueadded tax service tax goods and services tax duty of customs and duty of excise whichhave not been deposited with the appropriate authorities on account of any dispute.

(viii) According to the information and explanations given to us thereare no transactions which are not accounted in the books of account which have beensurrendered or disclosed as income during the year in tax assessment of the Company. Alsothere are no previously unrecorded income which has been now recorded in the books ofaccount. Accordingly reporting under paragraph 3(viii) of the order is not applicable tothe Company.

(ix) (a) According to the information and explanations given to us andthe records of the Company examined by us the Company has not taken any loans or otherborrowings from any lender. Accordingly reporting under paragraph 3(ix)(a) of the orderis not applicable to the Company.

(b) According to the information and explanations given to us wereport that the Company has not been declared willful defaulter by any bank or financialinstitution or other lender.

(c) According to the information and explanations given to us and therecords of the Company examined by us there were no term loans taken by the Company andhence the question of the amount of loan so diverted and the purpose for which it is useddoes not arise. Accordingly reporting under paragraph 3(ix)(c) of the Order is notapplicable to the Company.

(d) According to the information and explanations given to us and therecords of the Company examined by us we report that no funds raised on short term basishave been used for longterm purposes by the Company.

(e) According to the information and explanations given to us and therecords of the Company examined by us the Company has not taken any funds from any entityor person on account of or to meet the obligations of its subsidiary and associate. TheCompany does not have any joint venture.

(f) According to the information and explanations given to us and therecords of the Company examined by us the Company has not raised loans during the year.Accordingly reporting under paragraph 3(ix)(f) of the Order is not applicable to theCompany.

(x) (a) The Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Accordinglyreporting under paragraph 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or optionally convertible)during the year. Accordingly reporting under paragraph 3(x)(b) of the Order is notapplicable to the Company.

(xi) (a) In our opinion and according to the information andexplanations given to us we report that no fraud by the Company or on the Company hasbeen noticed or reported during the year.

(b) To the best of our knowledge no report under sub-section (12) ofsection 143 of the Act has been filed in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government.

(c) To the best of our knowledge and belief and according to theinformation and explanations given to us we report that no whistle blower complaints werereceived during the year by the Company.

(xii) The Company is not a Nidhi Company. Accordingly reporting underparagraph (xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with section 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the standalone financial statements asrequired by the applicable Indian Accounting Standards.

(xiv) (a) In our opinion and according to the information andexplanations given to us the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the reports of the Internal Auditors for theperiod under audit.

(xv) According to the information and explanations given to us in ouropinion during the year the Company has not entered into any non-cash transactions withits directors or persons connected with its directors and hence provisions of section 192of the Act are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section45-IA of Reserve Bank of India Act 1934 (2 of 1934). Accordingly reporting underparagraph (xvi)(a) of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanationsgiven to us the Company has not conducted any Non-Banking Financial or Housing Financeactivities. Accordingly reporting under paragraph 3(xvi)(b) of the Order is notapplicable to the Company.

(c) In our opinion and according to the information and explanationsgiven to us the Company is not a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India and hence the questions of fulfillingcriteria of a CIC and in case the Company is an exempted or unregistered CIC whether itcontinues to fulfill such criteria do not arise. Accordingly reporting under paragraph3(xvi)(c) of the Order is not applicable to the Company.

(d) In our opinion and according to the information and explanationsgiven to us the Company does not have any Core Investment Companies (CICs) as a part ofits Group. Accordingly reporting under paragraph 3(xvi)(d) of the Order is not applicableto the Company.

(xvii) In our opinion and according to the information and explanationsgiven to us the Company has not incurred cash losses in the current financial year and inthe immediately preceding financial year. Accordingly reporting under paragraph 3(xvii)of the Order is not applicable to the Company.

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly this clause is not applicable.

(xix) According to the information and explanations given to us and onthe basis of financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans nothing has cometo our attention which causes us to believe that any material uncertainty exists as onthe date of the audit report indicating that Company is not capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date. We however state that this is not anassurance as to the future viability of the Company. We further state that our reportingis based on the facts up to the date of the audit report and we neither give any guaranteenor any assurance that all liabilities falling due within a period of one year from thebalance sheet date will get discharged by the Company as and when they fall due.

(xx) According to the information and explanations given to us theCompany has fully spent the required amount towards Corporate Social Responsibility (CSR)and there is no unspent CSR amount for the year requiring a transfer to a Fund specifiedin Schedule VII to the Act or special account in compliance with the provision ofsubsection (6) of section 135 of the said Act. Accordingly reporting under paragraph3(xx)(a) and (b) of the Order is not applicable to the Company.

Annexure ‘B? To the Independent Auditors? Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date to the Members of IST Limited)

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

Opinion

We have audited the internal financial controls with reference tofinancial statements of IST Limited ("the Company") as of March 312022 inconjunction with our audit ofthe standalone financial statements ofthe Company for theyear ended on that date.

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system 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 financial controls with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

Management?s Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India (‘ICAl?). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

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 on audit of Internal Financial Controlsover Financial Reporting (the "Guidance Note") and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act2013 to the extent applicable to an audit of internal financial controls both applicableto an audit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. 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 was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditors' judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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 system 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 controls 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 mayoccur and 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 control with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Place of Signature: New Delhi For Gupta Vigg & Co.
Date: 24.05.2022 Chartered Accountants
Firm's Registration Number: 001393N
(CA. Deepak Pokhriyal)
Partner
Membership Number: 524778
UDIN : 22524778AJNBPB8825

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