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Manaksia Aluminium Company Ltd.

BSE: 539045 Sector: Metals & Mining
NSE: MANAKALUCO ISIN Code: INE859Q01017
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VOLUME 9613
52-Week high 33.85
52-Week low 16.70
P/E 16.12
Mkt Cap.(Rs cr) 136
Buy Price 0.00
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Sell Price 0.00
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OPEN 21.00
CLOSE 20.95
VOLUME 9613
52-Week high 33.85
52-Week low 16.70
P/E 16.12
Mkt Cap.(Rs cr) 136
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Manaksia Aluminium Company Ltd. (MANAKALUCO) - Auditors Report

Company auditors report

To the Members of Manaksia Aluminium Company Limited

Report on the Audit of financial statements

Opinion

We have audited the accompanying financial statements of Manaksia Aluminium CompanyLimited ("the Company") which comprise the Balance sheet as at March 31 2022the Statement of Profit and Loss including the statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand notes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information.

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

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor’s Responsibilities for the Audit of the Standalone 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 standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our opinion on the standalone financial statements.

Emphasis of Matters

We draw attention to Note 44(ii) to the financial statements in relation to outstandingbalances of trade receivables trade payables and loans and advances which are subject toconfirmation and subsequent adjustments if any.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matter described below to be the key audit matters to be communicatedin our report.

Revenue Recognition

We have identified this as an area of importance because the company’s revenue isa material item in view of adoption of Ind AS 115 "Revenue from Contracts withCustomers". The application of the new revenue accounting standard involves certainkey judgements relating to identification of distinct performance obligationsdetermination of transaction price of the identified performance obligations theappropriateness of the basis used to measure revenue recognised over a period anddisclosures thereof.

Our audit procedures included but were not limited to:

• Evaluation of the company’s accounting principles in relation toimplementation of the new revenue accounting standard;

• Created an understanding of the company’s routines and internal controlsassociated with revenue recognition;

• Examination of a selection of transactions to ensure that they have beenreported correctly according to agreements and in the correct periods;

Other Information

The Company’s Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in theCompany’s annual report but does not includethe financial statements and ourauditors’ report thereon. The Company’s annual report is expectedto be madeavailable to us after the date of thisauditor’s report.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

When we read the Company’s annual report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and take necessary actions as applicable under the relevant laws andregulations.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Ind AS financial statementsthat gives 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 prescribed under section133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of 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 statements that gives a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the company’s financialreporting process.

Auditor’s Responsibilities for the Audit of Financial Statements

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

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughoutthe audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS 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 controls relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial control system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theability of the Company 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 Ind AS 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 auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Companies Act 2013 and according to the information and explanationsgiven to us and also on the basis of such checks as we considered appropriate we give inthe "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

II. (A) As required by Section 143(3) of the Act we report that:

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

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

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Changes in Equity and the Statements of Cash Flows dealt with bythis report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under section 133 of the Act;

e. On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of section 164 (2) ofthe Act;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Note no. 34 of the Ind AS financialstatements).

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

(iv) (a) The Management has represented that to the best of its knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) during the year by the Company to or in anyother persons or entities including foreign entities ("Intermediaries") withthe understanding whether recorded in writing or otherwise that the Intermediary shall:

• Directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever ("Ultimate Beneficiaries") by or on behalf of Company or

• Provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries.

(b) The management has represented that to the best of its knowledge and belief nofunds have been received by the company from any persons or entities ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall:

• Directly or indirectly lend or invest in other persons or entities identifiedin any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of thefunding party or

• Provide any guarantee security or the like form or on behalf of the UltimateBeneficiaries; and (c) Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that representations under sub clause (d) (i) and (d) (ii) contain any materialmisstatement.

(v) The dividend declared or paid during the year by the company is in compliance withsection 123 of the act. (C) With respect to the matter to be included in theAuditor’s Report under Section 197(16) of the Act: In our opinion and according tothe information and explanations given to us the remuneration paid by the Company to itsdirectors during the current year is in accordance with the provisions of Section 197 ofthe Act. The remuneration paid to any director is not in excess of the limit laid downunder Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed otherdetails under Section 197(16) of the Act which are required to be commented upon by us.

For Dangi Jain & Co

Chartered Accountants

Firm Registration Number: 308108E
Honey Agarwal
Partner
Place: Kolkata Membership No: 304486
Date : 10th May 2022 UDIN : 22304486AISVSB9468

Annexure - A to the Independent Auditors’ Report

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone financial statements of Manaksia Aluminium Company Limited forthe year ended 31 March 2022 we report that:

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

B. The company does not have any intangible assets therefore the clause is notapplicable.

(b) According to the information and explanation given to us and on the basis of ourexamination of the record of the company the Company has a regular programme of physicalverification of its Property plant and equipment by which all property plant andequipment are verified in a phased manner over a period of three years. In accordance withthis programme certain property plant and equipment were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) According to information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties (Otherthan immovable properties where the company is lessee and the lease agreements are dulyexecuted in favour of the lessee) disclosed in the standalone financial statements areheld in the name of the Company.

(d) According to information and explanation given to us and on the basis of ourexamination of the records of the Company the company has not revalued its PropertyPlant and equipment (including Right-of-use assets) or intangible assets or both duringthe year.

(e) According to information and explanation given to us and on the basis of ourexamination of the records of the Company there are no proceedings initiated or pendingagainst the company for holding any Benami property Transactions Act 1988 and the rulesmade thereunder.

(ii) a) The inventory has been physically verified by the management during the year.In the opinion the frequency of such verification is reasonable and procedures andcoverage as followed by management were appropriate.

No discrepancies were noticed on verification between the physical stocks and the bookrecord that were 10% or more in the aggregate for each class of inventory. b) According toinformation and explanation given to us and on the basis of our examination of the recordsof the company the company has been sanctioned working capital limits in excess of fivecrore rupees in aggregate from banks on the basis of security of current assets. In theopinion the quarterly returns or statements filed by the company with such bank are inagreement with the books of the company.

(iii) According to the information and explanation given to us and on the basis of ourexamination of the record of the company the Company has not made any investmentsprovided guarantee or security or granted any advances in the nature of loans secured orunsecured to companies firms limited liability partnership or any other parties duringthe year.

(iv) According to the information and explanation given to us and on the basis of ourexamination of the records the company has not given any loans or provided any guaranteeor security as specified under section 185 of the companies Act 2013 and the company hasnot provided any guarantee or security as specified under section 186 of the companiesAct 2013. Further the company has compiled with the provision of section 186 of thecompanies Act 2013 in relation to loans given and investments made.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public. According clause 3(v) of the order is notapplicable.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules prescribed by the Central Government for maintenance of cost records underSection 148 of the Companies Act 2013 and are of the opinion that prima-facie theprescribed records have been made and maintained. We have however not made a detailedexamination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us in respect ofstatutory dues:

The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax duty of Custom cess GST and otherstatutory dues with the appropriate authorities during the year. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at 31st March 2022 for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of Goods and service tax which have not been deposited with the appropriateauthorities on account of any dispute. However according to information and explanationsgiven to us the following dues of duty of customs goods and service tax and income taxhave not been deposited by the Company on account of disputes:

Name of the Statute Nature of Dues Amount under dispute not yet deposited (`in lakhs) Financial year to which the amount relates Forum where the dispute is pending
0.87 2006-07 CESTAT (Kolkata)
6.75 2006-07
The Customs Act 1962 Custom Duty 0.54 2006-07 Jurisdictional AO
2.12 2006-07
1.30 2011-12
Central Excise & Service Tax Central Excise & Service Tax 1.20 2011-12
69.57 2017-18 CESTAT (Kolkata)
76.85 2017-18
38.41 2017-18
Income Tax Act 1961 Income Tax 495.26 2013-14 ITAT Kolkata

(viii) According to the information and explanations given to us and on the basis ofour examination of the company the company has not surrendered or disclosed anytransaction previously unrecorded as income in the books of account in the taxassessments under the income-tax Act 1961 as income during the year.

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

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

c) According to the information and explanations given to us the company has utilizedthe money obtained by way of term loans during the financial year for the purposes forwhich they were obtained.

d) According to the information and explanations given to us and on an overallexaminations of balance sheet of the company we report that no funds raised on short-termbasis have been used for long-term purposes by the company.

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

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

(x) a) The Company has not raised any moneys by way of initial public offer (includingdebt instruments). Accordingly clause 3(x)(a) of the order is not applicable.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(x)(b) of the order is not applicable.

(xi) a) Based on examination of the books and records of the company and according tothe information and explanations given to us considering the principles of materialityoutlined in standards on Auditing we report that no fraud by the company or on thecompany has been noticed or reported during the course of audit.

b) According to information and explanation given to us no report under sub-section(12) of section 143 of the Companies Act 2013 has been filed by the auditors in formADT-4 as prescribed under Rule 13 of companies (Audit and Auditors) Rules 2014 with thecentral government.

c) We have taken into consideration the whistle blower complaints received by thecompany during the year while determining the nature timing and extent of our auditprocedures.

(xii) According to the information and explanations given to us the Company is not aNidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) In our opinion and 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 sections 177 and 188 of the Act where applicable anddetails of the related party transactions have been disclosed in the standalone financialstatements as required by the applicable Indian accounting standards.

(xiv) a) Based on information and explanations provided to us and our audit proceduresin our opinion the company has an internal audit system commensurate with the size andnature of its business.

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

(xv) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected to its directors and provisionof section 192 of the companies act 2013 are not applicable.

(xvi) a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) of the order is notapplicable.

b) The Company has not conducted any Non–Banking Financial & Housing FinanceActivities during the year clause 3(xvi)(b) of the order is not applicable.

c) The company is not core investment company (CIC) as defined in the regulations madeby Reserve Bank of India. Accordingly clause 3(xvi)(c) of the order is not applicable.

(xvii) The company is not incurred cash losses in the current and in the immediatelypreceding financial year.

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

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of directors and management plans based on our examination of theevidence supporting the assumptions nothing has come to our attention which causes us tobelieve that any material uncertainty exists as on the date of the audit report that thecompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within period of one year from the balance sheet date. We howeverstate that this is not an assurance as to the future viability of the company. We furtherstate that our reporting is based on the facts up to the date of the audit report and weneither give any guarantee nor any assurance that all liabilities falling due within aperiod of one year from the balance sheet date will get discharged by the company as andwhen they fall due.

(xx) In our opinion and according to the information and explanations given to usthere is no unspent amount under sub-section (5) of section 135 of the Companies Act 2013pursuant to any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the order are notapplicable.

For Dangi Jain & Co

Chartered Accountants

Firm Registration Number: 308108E
Honey Agarwal
Partner
Place: Kolkata Membership No: 304486
Date : 10th May 2022 UDIN : 22304486AISVSB9468

Annexure-B to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of ManaksiaAluminium Company Limited ("the Company") as of March 31 2022 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on ouraudit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit on Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

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

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion onthe Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

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

For Dangi Jain & Co

Chartered Accountants

Firm Registration Number: 308108E
Honey Agarwal
Partner
Place: Kolkata Membership No : 304486
Date : 10th May 2022 UDIN : 22304486AISVSB9468

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