To

The Members of IVP Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the Financial Statements of IVP Limited ("theCompany") which comprise the Balance Sheet as at March 312022 Statement of Profitand Loss (including Other Comprehensive Income) the Statement of Changes in Equity andthe Cash Flow Statement for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information(hereinafter referred to as "Financial Statements").

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 Standard) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 312022 and its Profits includingOther Comprehensive Income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements 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 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.

Description of Key Audit Matters

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the Directors Report. Our opinion on thefinancial statements does not cover the other information and we do not express any formof assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother 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.

Responsibilities of Management and Those Charged with Governance forthe Financial Statements

The Company's Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Financial Statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Financial Statements the Board of Directors 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 Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company'sfinancial 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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith Standards on Auditing 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 Standards on Auditing weexercise professional judgment and maintain professional scepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls system in placeand 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 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 thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the resultsof our work; and

(ii) to evaluate the effect of any identified misstatements in thefinancial statements.

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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 havebeen kept by the Company so far as it appears from our examination of those books.

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

(d) In our opinion the aforesaid Financial Statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) 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 controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsFinancial Statements- Refer Note No.34 to the financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended March 312022.

(iv) (a) The Management has represented to us that to the best of itsknowledge and belief as disclosed in the notes to the accounts no funds (which arematerial either individually or in the aggregate) have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by theCompany to or in any other persons or entities 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 to us that to the best of itsknowledge and belief as disclosed in the notes to the accounts no funds (which arematerial either individually or in the aggregate) have been received by the Company fromany person(s) or entity(ies) including foreign entities ("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 has been considered reasonableand appropriate in the circumstances nothing has come to our notice that cause us tobelieve that the representation given by the Management under paragraph (2) (g) (iv) (a)and (b) above contain any material misstatement.

(v) (a) The final Dividend proposed in the previous year declared andpaid by the Company during the year is in accordance with the Section 123 of the Act asapplicable.

(b) The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of Dividend proposed is in accordance with Section 123 of the Act asapplicable.

3. In our opinion and according to the information and explanationsgiven to us managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theCompanies Act 2013.

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT ON THEFINANCIAL

STATEMENTS OF IVP LIMITED FOR THE YEAR ENDED 31 MARCH 2022

(Referred to in Paragraph 1 under the heading of "Report on otherlegal and regulatory requirements" of our report of even date)

(i) (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment. The cost incurred on purchase or construction of individualcomponents/constituents of fixed assets have been recorded in register on line-item basis.The management is in the process of updating the fixed asset register to reflect on aconsolidated basis the aggregate cost incurred for purchase or construction of individualitems of fixed assets.

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

(b) As explained to us these Property Plant and Equipment have beenphysically verified by the management in a phased periodical manner which in our opinionis reasonable having regard to the size of the Company and nature of its assets. Nomaterial discrepancies were noticed on such physical verification and appropriately dealtwith in the books of accounts

(c) In our opinion and according to information and explanation givento us and on the basis of the examination and records of the Company All the title deedsof all the immovable properties (Other than properties where the Company is the lessee andthe lease agreements are duly executed in favour of the lessee) disclosed in the financialstatements are held in the name of the Company.

(d) According to the information and explanation given to us and on thebasis of our examination of the records of the Company the Company has not revalued itsProperty Plant and Equipment (including Right of Use assets) and intangible assets duringthe year and hence reporting under clause (i) (d) of paragraph 3 of the Order is notapplicable and hence not commented upon.

(e) According to the information and explanation given to us there areno proceedings have been initiated and are pending against the Company for holding anybenami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) andrules made thereunder and hence reporting under clause (i) (e) of paragraph 3 of the Orderis not applicable and hence not commented upon.

(ii) (a) In our opinion the inventories have been physically verifiedduring the year by the Management at reasonable intervals and as explained to us nodiscrepancies of 10% or more in the aggregate for each class of inventory were noticed onphysical verification by the Company.

(b) During the year the Company has not been sanctioned workingcapital limits in excess of T 5 crores in aggregate from banks or financial institutionson the basis of security of current assets hence provisions of this sub clause are notapplicable.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties. Accordingly the provisions of clause 3(iii) (a)(b) (c) and (d) of the Order are not applicable to the Company and hence not commentedupon.

(e) According to the information and explanations given to us theCompany has not granted any loan or advance in the nature of loan granted during the yearand there is no loan or advance in the nature of loan granted which has fallen due duringthe year has been renewed or extended or fresh loans granted to settle the over dues ofexisting loans given to the same parties. Accordingly the provisions of clause 3(iii) (e)of the Order are not applicable to the Company and hence not commented upon.

(f) The Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentgranted to Promoters related parties as defined in clause (76) of section 2 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (f) of the Order are notapplicable to the Company and hence not commented upon.

(iv) According to the information and explanations given to us theCompany has not directly or indirectly advanced any loan to the person or given guaranteesor securities in connection with the loan taken by persons covered under Section 185 ofthe Act and hence clause (iv) of paragraph 3 of the order is not applicable to theCompany. The Company has complied with the provisions of section 186 of the Act inrespect of investments loans guarantee or security given as applicable.

(v) According to the information and explanations given to us theCompany has not accepted any deposits within the meaning of provisions of sections 73 to76 or any other relevant provisions of the Act and the rules framed there under.Therefore the clause (v) of paragraph 3 of the Order is not applicable to the Company.

(vi) The maintenance of cost records has been specified by the centralgovernment under section 148(1) of the Companies Act 2013 in respect of the productmanufactured by the Company. We have broadly reviewed the books of accounts maintained bythe Company pursuant to the rules prescribed by the central government for maintenance ofthe cost records under section 148(1) of the Companies Act 2013 in respect of manufactureof the products and of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. However we have not made detailed examination of the costrecords with a view to determine whether they are accurate and complete.

(vii) In respect of Statutory dues:

a. According to the records of the Company undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Goods andService Tax Service Tax Duty of Custom Duty of Excise Value Added Tax Cess and anyother statutory dues have been generally regularly deposited with appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding 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 thedisputed dues on account of income tax sales tax service tax duty of customs duty ofexcise value added tax cess that have not been deposited before appropriate authoritiesare as under:

(viii) In our opinion to the best of our knowledge and according tothe information and explanations given to us there are no such transactions which are notrecorded in the books of account which have been surrendered or disclosed as incomeduring the year in tax assessments under the Income Tax Act 1961 (43 of 1961) which havebeen previously unrecorded income. Therefore the clause (viii) of paragraph 3 of theOrder is not applicable to the Company.

(ix) a. The Company has not defaulted in repayment of loans and otherborrowings and interest due thereon.

b. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not been declared wilfuldefaulter by any bank or financial institution or other lender.

c. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not obtained any term loansduring the year and hence clause (ix) (c) of paragraph 3 of the order is not applicable tothe Company.

d. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not utilised its funds raisedfor short term basis for long term purpose.

e. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not taken any funds from anyentity or person on account of or to meet the obligations of its subsidiaries associatesor joint ventures during the year and hence clause (ix) (e) of paragraph 3 of the order isnot applicable to the Company.

f. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not raised loans during the yearon the pledge of securities held in its subsidiaries joint ventures or associatecompanies and hence clause (ix) (f) of paragraph 3 of the order is not applicable to theCompany.

(x) a. According to the information and explanations provided to us andon an overall examination of the balance sheet the Company has not raised money by way ofinitial public offer or further public offer (including debt instruments) during the yearunder review and hence reporting requirements under clause (x) (a) of paragraph 3 of theOrder are not applicable to the Company and not commented upon.

b. According to the information and explanations provided to us and onan overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully partially oroptionally convertible) during the year under review and hence reporting requirementsunder clause (x) (b) of paragraph 3 of the Order are not applicable to the Company andnot commented upon.

(xi) a. Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the Financial Statements and according to theinformation and explanations provided by the management we report that no fraud by theCompany or no material fraud on the Company has been noticed or reported during the year.

b. In our opinion to the best of our knowledge and according to theinformation and explanations given to us there is no report has been filed undersub-section (12) of the section 143 of the Companies Act by the auditors in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment during the year.

c. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not received any whistle blowercomplaints during the year.

(xii) In our opinion Company is not a Nidhi Company and hence reportingunder the provisions of clause (xii) (a) (b) and (c) of paragraph 3 of the Order are notapplicable to the Company.

(xiii) According to the information and explanations provided by themanagement transactions with the related parties are in compliance with Section 177 and188 of the Act where applicable and the details have been disclosed in the financialstatements as required by the applicable accounting standards.

(xiv) a. According to the information and explanations provided by themanagement the Company has an internal audit system commensurate with the size and natureof its business.

b. We have considered reports of internal auditor for period underaudit.

(xv) In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionwith the directors or persons connected with him and covered under section 192 of the Actand hence reporting under clause (xv) of the paragraph 3 of the Order is not applicable tothe Company.

(xvi) a. In our opinion to the best of our knowledge and according tothe information and explanations given to us the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

b. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company has not conducted any Non-BankingFinancial or Housing Finance during the year under review and hence reportingrequirements under clause (xvi) (b) of paragraph 3 of the Order are not applicable to theCompany and not commented upon.

c. In our opinion to the best of our knowledge and according to theinformation and explanations given to us the Company is not a Core Investment Company(CIC) as defined in the regulations made by Reserve Bank of India and hence reportingrequirements under clause (xvi) (c) of paragraph 3 of the Order are not applicable to theCompany and not commented upon.

d. As represented by the management the Group does not have more thanone Core Investment Company (CIC) as part of the Group as per the definition of Groupcontained in the Core Investment Companies (Reserve Bank) Directions 2016.

(xvii) According to the information and explanations provided to us andon an overall examination of the balance sheet the Company has not incurred cash lossesin financial year and in the immediately preceding financial year.

(xviii) The statutory auditors of the Company have not resigned duringthe year and hence reporting requirements under clause (xviii) of paragraph 3 of theOrder are not applicable to the Company and not commented upon.

(xix) According to the information and explanations provided to us andon an overall examination of the balance sheet and on the basis of the financial ratiosageing and expected dates of realisation of financial assets and payment of financialliabilities other information accompanying the financial statements the our knowledge ofthe Board of Directors and management plans in our opinion that no material uncertaintyexists as on the date of the audit report that company is 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;

(xx) The Company was not having net worth of rupees five hundred croresor more or turnover of rupees one thousand crores or more or average net profit of rupeesfive crores or more during the immediately preceding financial year and hence provisionsof Section 135 of the Act are not applicable to the Company during the year. Accordinglyreporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year.

(xxi) According to the information and explanations provided to usprovisions of the act regarding preparation of consolidated financial statement is notapplicable to the Company as there is no investment in the subsidiary associate Companyand joint venture Company and hence reporting requirements under clause (xxi) ofparagraph 3 of the Order are not applicable to the Company and not commented upon.

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT ON THE

FINANCIAL STATEMENTS OF IVP LIMITED

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

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the Internal Financial Control over financial reportingof IVP LIMITED ("the Company") as of March 31 2022 in conjunction with ouraudit of the Financial Statements of the Company for the year then ended.

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). 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 the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note issued by ICAI and the Standards on auditing prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls. 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 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 judgment including the assessment of therisks of material misstatement of the Financial Statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Financial Statements for external purposes in accordancewith generally accepted accounting principles. Company's internal financial control overfinancial reporting includes those policies and procedures 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 asnecessary to permit preparation of Financial Statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorisations of management and directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company's assets thatcould have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial 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 the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

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 over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.