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Medico Intercontinental Ltd.

BSE: 539938 Sector: Others
NSE: N.A. ISIN Code: INE858Q01019
BSE 00:00 | 03 Feb 68.15 2.10
(3.18%)
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NSE 05:30 | 01 Jan Medico Intercontinental Ltd
OPEN 68.00
PREVIOUS CLOSE 66.05
VOLUME 664
52-Week high 100.70
52-Week low 24.80
P/E 49.38
Mkt Cap.(Rs cr) 68
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.00
CLOSE 66.05
VOLUME 664
52-Week high 100.70
52-Week low 24.80
P/E 49.38
Mkt Cap.(Rs cr) 68
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Medico Intercontinental Ltd. (MEDICOINTERCON) - Auditors Report

Company auditors report

TO THE MEMBERS OF

MEDICO INTERCONTINENTAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of MEDICOINTERCONTINENTAL LIMITED ("the company") which comprise the Balance Sheetas at 31st March 2022 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

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 (hereinafter referred to as "the Act") in the mannerso required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (hereinafter referred to as "IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 the profit and total comprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (hereinafter referred toas "SAs"). Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (hereinafter referred to as"ICAI") together with the ethical requirements that are relevant to our audit ofthe standalone financial statements under the provisions of the Act and the Rules madethere under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

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.

Key audit matter How our audit addressed the key audit matter
Revenue recognition as per Ind AS 115 Our audit procedures included the following:
Refer to Note - 1 (Significant Accounting Policies) and Note - 1.10 (Revenue from operations) of the financial statements. We evaluated the design and tested operating effectiveness of the relevant controls with respect to revenue recognition including those relating to cut off at year end;
The Company's revenue is principally derived from sale of various medicine products. We assessed the appropriateness of the revenue recognition accounting policies in line with Ind AS 115 "Revenue from Contracts with Customers";
In accordance with Ind AS 115 revenue from sale of goods is recognized when control of the products being sold is transferred to the customer and when there are no unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch delivery or upon formal customer acceptance depending on terms of contract with the customer. Revenue is measured at fair value of the consideration received or receivable after deduction of any trade/volume discounts and taxes or duties collected. We performed substantive testing of revenue transactions recorded during the year by testing the underlying documents which included goods dispatch notes shipping documents and customer acknowledgments as applicable;
We identified revenue recognition as a key audit matter since revenue is significant to the financial statements and is required to be recognized as per the requirements of applicable accounting framework. We tested manual journal entries posted to revenue to identify unusual items;
We tested on a sample basis specific revenue transactions recorded before and after the financial year end date including examination of credit notes issued after the year end to determine whether the revenue has been recognized in the appropriate financial period.
Based on the above stated procedures no significant exceptions were noted in revenue recognition.

Other Information

The Company's management and Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annualreport but does not include the financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India (Indian GAAPs) including the Accounting Standards (‘IndAS') specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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.

Auditor's Responsibility

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

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: o Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. o Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances; Under Section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the company has adequate internalfinancial controls with reference to financial statements in place and the operatingeffectiveness of such controls. o Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.o Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern. o Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that 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 the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor'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

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 ofthe Act we give in the "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 based on our audit 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 Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

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) of theAct. 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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting. g) With respect to the other matters to be included inthe Auditor's Report in accordance with the requirements of section 197(16) of the Act asamended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act. h) With respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best ofour information and according to the explanations given to us:

o The Company has not any pending litigations on its financial position in itsstandalone financial statements. o The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses.

o There were no any amounts required to be transferred to the Investor Education andProtection Fund by the Company.

o a. The respective Managements of the company and its subsidiaries which areincorporated in India whose financial statements have been audited under the Act haverepresented to us that to the best of their knowledge and brief belief no funds (whichare material either individually or in aggregate) have been advanced or loaned or invested(either from the borrowed funds or share premium or any other sources or kind of funds) bythe Company or any such of subsidiaries to or in any other person or entity includingforeign entity ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany or any of such subsidiaries ("Ultimate beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate beneficiaries.

b. The respective Management of the Company and its subsidiaries which are companiesincorporated in India whose financial statements have been audited under the Act haverepresented to us that to the best of the knowledge and belief no funds (which arematerial either individually or in the aggregate) have been received by the company or anyof subsidiaries from any person or entity including foreign entity ("Fundingparties") with the understanding whether recorded in writing or otherwise that theCompany or any of such subsidiaries shall directly or indirectly lend or invest in otherpersons or entities identified in any manner what's the whatsoever by or on behalf of thefunding party ("Ultimate beneficiaries') or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

c. Based on audit procedures that have been considered reasonable and appropriate inthe circumstances performed by us on the Company and its subsidiaries which are companiesincorporated in India whose financial statements have been audited under the Act nothinghas come to our notice that has caused us to believe that the representations are undersub clause(i) and (ii) of Rule 11(e) as provided under (a) and (b) above contain anymaterial misstatement.

For V. GOSWAMI & CO Chartered Accountants (FRN: 0128769W)

Sd/-

Nilesh Purohit (Partner) Mem. No: 162541 Date : 28/05/2022 Place : Ahmedabad UDIN :22162541AJUPJP5081

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirement of our report of even date to the members of MEDICO INTERCONTINENTALLIMITED on the standalone financial statements for the year ended 31st March 2022).

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that: (i) (a) (A) The company ismaintaining proper records showing full particulars including quantitative details andsituation of Property Plant and Equipment; (B) The company is maintaining proper recordsshowing full particulars of intangible assets; (b) As explained to us the Property Plantand Equipment have been physically verified by the management at reasonable intervals; andthere were no material discrepancies were noticed on such verification and if so and thesame have been properly dealt with in the books of account; (c) According to theinformation and explanations given to us and on the basis of our examination of therecords of the company the title deeds of immovable property held in the name of companyexcept as mentioned below:

Relevant line item in Balance Sheet Description of item of property Gross Carrying Value Title deeds held in the name of Whether title deed holder is a promoter director or relative of promoter/director or employee of promoter/director Property held since which date Reasonsfor not being held in the name of the company*
Others Vehicle- 884347 SAMIR DIRECTOR Sep-19 Title Deeds not
TUV300 D SHAH available with
the Company

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year (e) As explained to us there are no proceedings havebeen initiated during the year or are pending against the Company as at March 31 2022 forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (asamended in 2016) and rules made thereunder (ii) (a) Physical verification of inventory hasbeen conducted at reasonable intervals by the management and in our opinion thefrequency coverage and procedure of such verification by the management is appropriate;No discrepancies of 10% or more in the aggregate for each class of inventory were noticedand they have been properly dealt with in the books of account; (b) During the year thecompany has been sanctioned working capital limits in excess of five crore rupees inaggregate from banks or financial institutions on the basis of security of currentassets; and the quarterly returns or statements as required filed by the company withsuch banks or financial institutions are in agreement with the books of account of theCompany (iii) The year the company has made investments in subsidiary company as coveredregister maintained u/s 189 of the companies act 2013 : in respect of which (a) During theyear the company has not provided loans or advances in the nature of loans or stoodguarantee or provided security to any other entity (A) the aggregate amount of suchinvestment balance outstanding at the balance sheet date is Rs.

4.20 Crore with respect Investment in subsidiaries/joint ventures/associates;

(B) the aggregate amount during the year and balance outstanding at the balance sheetdate with respect to such loans or advances and guarantees or security to parties otherthan subsidiaries joint ventures and associates;

(b) In our opinion the investments made and the terms and conditions of the grant ofloans during the year prima facie not prejudicial to the Company's interest (c) Inrespect of loans granted by the Company the schedule of repayment of principal andpayment of interest has been stipulated and the repayments of principal amounts andreceipts of interest are generally been regular as per stipulation.

(d) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act (e) No loan granted by theCompany which has fallen due during the year has been renewed or extended or fresh loansgranted to settle the over dues of existing loans given to the same parties.

(f) The Company has not been granted any loans or advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment duringthe year. Hence reporting under clause 3(iii)(f) is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made. (v) In our opinion and according to the information andexplanations given to us the Company has neither accepted any deposits from the publicnor accepted any amounts which are deemed to be deposits within the meaning of sections 73to 76 of the Companies Act and the rules made thereunder to the extent applicable.Accordingly the requirement to report on clause 3(v) of the Order are not applicable tothe Company.

(vi) As informed to us the maintenance of cost records has not been specified by theCentral Government under section 148(1)of the Companies Act 2013 for the businessactivities carried out by the Company. Thus reporting under clause 3(vi) of the order isnot applicable to the Company.

(vii) (a) The company is generally regular in depositing the undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Sales-tax Wealth TaxGoods and Services Tax Custom Duty Excise Duty and other statutory dues as applicablewith the appropriate authorities in India; According to the information and explanationsgiven to us and based on audit procedures performed by us no undisputed amounts payablein respect of these statutory dues were outstanding on the last day of the financial yearconcerned for a period of more than six months from the date they became payable.

(b) information and explanations given to us and the records of the Company examined byus there are no dues of income tax or goods and service tax provident fund employees'state insurance income tax sales tax service tax custom duty excise duty value addedtax Cess and other statutory dues which have not been deposited on account of anydispute.

(viii) According to the records of the company examined by us and as per theinformation and explanation given to us there were no transactions relating to previouslyunrecorded income that have been surrendered or disclosed as income during the year in thetax assessments under the Income Tax Act 1961 (43 of 1961).

(ix) (a) According to the records of the company examined by us and as per theinformation and explanations given to us the company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any financialinstitution or banks or lender.

(b) According to the records of the company examined by us and as per the informationand explanations given to us The Company has not been declared willful defaulter by anybank or financial institution or government or any government authority.

(c) According to the records of the company examined by us and as per the informationand explanations given to us the Term loans were applied for the purpose for which theloans were obtained. (d) According to the records of the company examined by us and as perthe information and explanations given to us on an overall examination of the financialstatements of the Company no funds raised on short-term basis have been used forlong-term purposes by the Company.

(e) As we informed that the company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries associates or jointventures.

(f) According to the records of the company examined by us and as per the informationand explanations given to us the Company has not raised loans during the year on thepledge of securities held in its subsidiaries or associate companies. Hence therequirement to report on clause (ix) (f) of the Order is not applicable to the Company.

(x) (a) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not raised moneys by way ofinitial public offer or further public offer (including debt instruments) during the yearand hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and based on ourexamination of the records of the company during the year the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fully orpartly or optionally) during the year under audit and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given to us no material fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(b) According to the information and explanations given to us during the year and uptothe date of this audit report no report under sub-section (12) of section 143 of theCompanies Act 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government.

(c) According to the information and explanations given to us during the year thereare no whistle blower complaints received by the company during the year (xii) The Companyis not a Nidhi Company and hence reporting under clause (xii) of the Order is notapplicable (xiii) According to the information and explanations given to us and based onour examination of the records of the company transactions with the related parties arein compliance with Section 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the Standalone Financial Statements asrequired by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business (b) We have considered the internal auditreports for the year under audit issued to the Company during the year and till date indetermining the nature timing and extent of our audit procedures (xv) In our opinionduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with its directors. Hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

(xvi) In our opinion the Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b) and(c) of the Order is not applicable In our opinion there is no core investment companywithin the Group (as defined in the Core Investment Companies (Reserve Bank) Directions2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii) In our opinion there is no cash loss in the financial year and in theimmediately preceding financial year. (xviii) There has been no resignation of thestatutory auditors of the Company during the year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedateof the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date.

We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) (a) According to the information and explanations given to us and based on ourexamination of the records of the company there are no unspent amounts that are requiredto be transferred to a fund specified in Schedule VII to the companies Act (the Act) incompliance with second proviso to sub section 5 of section 135 of the Act (b) In ouropinion there are no unspent amounts in respect of ongoing projects that are required tobe transferred to a special account in compliance of provision of sub section (6) ofsection 135 of Companies Act (xxi) The reporting under clause 3(xxi) of the Order is notapplicable in respect of audit of standalone financial statements of the Company.Accordingly no comment has been included in respect of said clause under this report.

For V. GOSWAMI & CO Chartered Accountants (FRN: 0128769W)

Sd/-

Nilesh Purohit (Partner) Mem. No: 162541 Date : 28/05/2022 Place : Ahmedabad UDIN :22162541AJUPJP5081

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under "Report on Other Legal and RegulatoryRequirement of our report of even date)

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

We have audited the internal financial controls over financial reporting of MEDICOINTERCONTINENTAL LIMITED as of 31st March 2022 in conjunction with our audit of thestandalone financial statements of the Company for the year ended 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

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 31st March 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 V. GOSWAMI & CO Chartered Accountants (FRN: 0128769W)

Sd/-

Nilesh Purohit (Partner) Mem. No: 162541 Date : 28/05/2022 Place : Ahmedabad UDIN :22162541AJUPJP5081

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