You are here » Home » Companies » Company Overview » Polyplex Corporation Ltd

Polyplex Corporation Ltd.

BSE: 524051 Sector: Industrials
NSE: POLYPLEX ISIN Code: INE633B01018
BSE 00:00 | 22 Oct 1697.95 1.90
(0.11%)
OPEN

1708.60

HIGH

1731.70

LOW

1666.65

NSE 00:00 | 22 Oct 1698.05 9.35
(0.55%)
OPEN

1700.00

HIGH

1733.00

LOW

1665.00

OPEN 1708.60
PREVIOUS CLOSE 1696.05
VOLUME 23835
52-Week high 1961.40
52-Week low 655.15
P/E 11.64
Mkt Cap.(Rs cr) 5,330
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1708.60
CLOSE 1696.05
VOLUME 23835
52-Week high 1961.40
52-Week low 655.15
P/E 11.64
Mkt Cap.(Rs cr) 5,330
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Polyplex Corporation Ltd. (POLYPLEX) - Auditors Report

Company auditors report

TO THE MEMBERS OF

POLYPLEX CORPORATION LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements Opinion

We have audited the accompanying Standalone Ind AS financial statements of POLYPLEXCORPORATION LIMITED ("the Company") which comprise the Standalone Balance sheetas at March 31 2021 and the Standalone statement of Profit and Loss (including othercomprehensive income) Standalone statement of changes in equity and Standalone statementof cash flows for the year then ended and notes to the Standalone financial statementsincluding a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2021 and the profit changes inequity and its cash flows for the year ended 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 Standards 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 we have obtained is sufficient and appropriate to providea basis for our opinion on the 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 standalone financial statements of the current year.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report

Key Audit Matter Auditor’s Response
1 Revenue Recognition: Our audit procedures included the following:
For the year ended March 31 2021 the Company has recognized revenue from contracts with customers amounting to H 128740.85 lakhs. • Understanding the policies and procedures applied to revenue recognition as well as compliance thereof including an analysis of the effectiveness of controls related to revenue recognition processes employed by the Company.
Revenue from contracts with customers is recognised when control of the goods are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. • On sample basis examining supporting documents for the sales transaction occurring during the year and near the end of the accounting period including the credit notes issued after period end to verify the occurrence and accuracy of revenue whether revenue recording was consistent with the conditions and whether it was in compliance with the Company’s Policy.
Revenue is measured based on the transaction price which is the consideration adjusted for volume discounts rebates scheme allowances price concessions incentives and returns if any as specified in the contracts with the customers. • Performed analytical procedure to identify the unusual trends and also tested journal entries recognized in revenue focusing on unusual or irregular transactions.
The risk is therefore that revenue may not be recognized in the correct period or that revenue and associated pro t is misstated. • On sample basis examining supporting documents/ approvals and calculation of discounts claims rebates etc.

Information Other than the Standalone Financial Statements and Auditor’s ReportThereon

The Company’s Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Annual Report(including Corporate Governance Report) but does not include the standalone financialstatements and our auditor’s report thereon. The Annual Report is expected to be madeavailable to us after the date of this auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do 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 Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

Responsibility of Management’s and Board of Director’s for StandaloneFinancial Statements

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

In preparing the standalone financial statements Management and Board of Directors areresponsible 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 Board of Directors either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so. Those Board ofDirectors is also responsible for overseeing the company’s financial reportingprocess.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the standalonefinancial 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 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 onwhether the Company has adequate internal financial controls with reference to standalonefinancial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the standalone financial statementsmade by the Management and Board of Directors.

• Conclude on the appropriateness of Management and Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor’sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’s report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in

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

(ii) to evaluate the effect of any identified misstatements in the financialstatements. We communicate with those charged with governance regarding among othermatters 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 we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence 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 year and are therefore the key audit matters. We describe these matters inour 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 2016 ("theOrder") issued by the Central Government in terms of sub-section (11) of section 143of the Companies Act 2013 we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order

2. 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 standalone Balance Sheet the standalone Statement of Profit and Loss includingOther Comprehensive Income the standalone Statement of Changes in Equity and thestandalone Statement of Cash Flow dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 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 with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of Section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations as at March 31 2021 onits financial position in its standalone financial statements – Refer Note 45 to thefinancial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts including longterm derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For S S KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Reg. No. : 000756N
Sd/-
Yogesh K. Gupta
Partner
Place: Faridabad Membership No.: 093214
Date: May 25 2021 UDIN : 21093214AAAADA8796

"Annexure A"

To the Independent Auditors’ Report

The Annexure as referred in paragraph (1) ‘Report on Other Legal and RegulatoryRequirements’ of our Independent Auditors’ Report to the members of POLYPLEXCORPORATION LIMITED on the financial statements for the year ended March 31st 2021we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical veri cation of its fixed assetsaccording to which the xed assets have been veri ed by the management periodically in aphased manner which in our opinion is reasonable having regard to the size of the Companyand the nature of its xed assets. Pursuant to the programme a portion of the fixed assetshas been physically verified by the Management during the year and the discrepanciesnoticed on such physical veri cation were not material.

(c) According to the information and explanation given to us and on the basis ofexamination of title deeds / sale deed / transfer deed / conveyance deed / possessionletter / allotment letter and other relevant records evidencing title/ possessionprovided we report that the title deeds of the immovable properties are held in the nameof the Company except in two cases amounting to H 8.79 Lacs where the title deed is not inthe name of the Company. Refer Note 4 to the Standalone financial statements.

ii. The inventories of the Company (except stock lying with the third parties and intransit) have been physically verified by the management at reasonable intervals. In ouropinion the procedures of physical verification of inventory followed by the Managementare reasonable in relation to the size of the Company and nature of its business. Thediscrepancies noticed on such physical verification of inventory as compared to bookrecords were not material.

iii. The Company has granted unsecured loans to one body corporate covered in theregister maintained under section 189 of the Companies Act 2013 (‘the Act’).

(a) According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of loansgranted by the Company are not prejudicial to interest of the Company.

(b) In respect of aforesaid loan repayment of principal and payment of interest hasbeen stipulated principal amount has been repaid within due date and repayment ofinterest are regular.

(c) There is no amount overdue for more than 90 days as on the date of Balance Sheet asthere is no amount due from the body corporate as on date of Balance Sheet.

iv. According to the information explanations and representations provided by theManagement and based upon audit procedures performed we are of the opinion that inrespect of loans and investments the Company has complied with the provisions of theSection 185 and 186 of the Act. The Company has not provided any guarantees or security asspecified under Section 185 and 186 of the Act.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public within the meaning of Sections 73 to 76 of the Actand the rules framed there under. Accordingly the provisions of clause 3 (v) of the Orderare not applicable to the Company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government of India for the maintenance of costrecords under sub-section 1 of Section 148 of the Companies Act 2013 in respect of itsproducts and are of the opinion that prima facie the prescribed records and accountshave been made and maintained. However we have not carried out a detailed examination ofsuch records with a view to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and on the basis ofexamination of the records of the Company the company is generally regular in depositingundisputed statutory dues including provident fund employees’ state insurancesales-tax income tax service tax custom duty excise duty value added tax goods andservice tax and other material statutory dues as applicable with the appropriateauthorities to the extent applicable.

(b) According to the information and explanations given to us and on the basis ofexamination of the records of the Company there are no undisputed statutory duesoutstanding for a period of more than six months as at March 31 2021 from the date theybecome payable.

(c) According to the records and information and explanations given to us there are nodues in respect of income tax sales tax service tax duty of excise goods and servicetax or value added tax which have not been deposited on account of any dispute exceptthose mentioned below :-

Name of Statue Nature of Dues Period Amount ( J in Lacs) Amount deposited ( J in Lacs) Forum where pending
The Central Sales tax Act1944 and state Vat Act Sales tax 1996-97 28.08 9.69 Hon’ble High Court Nainital
The Central Sales tax Act 1944 and state Vat Act Sales tax 1997-98 32.75 4.20 Deputy Commissioner (Appeal )
The Central Sales tax Act 1944 and state Vat Act Sales tax 1998-99 29.05 - Deputy Commissioner (Appeal )
The Central Sales tax Act 1944 and state Vat Act Sales tax 2009-10 1.34 - Joint Commissioner (Appeal)
The Central Sales tax Act 1944 and state Vat Act Sales tax 2009-10 0.98 - Joint Commissioner (Appeal)
The Central Sales tax Act 1944 and state Vat Act Sales tax 2015-16 7.82 - Hon’ble High Court Nainital
The Central Sales tax Act 1944 and state Vat Act Sales tax 2017-18 1.16 1.16 Deputy Commissioner (Appeal )
The Central Sales tax Act 1944 and state Vat Act Sales tax 2016-17 5.89 0.59 Joint Commissioner (Appeal)
The Central Sales tax Act 1944 and state Vat Act Sales tax 2017-18 124.05 124.05 Assessment Order Received
The Central Sales tax Act 1944 and state Vat Act Value Added Tax 2015-16 1.32 0.13 Joint Commissioner (Appeal)
The Central Sales tax Act 1944 and state Vat Act Sales tax 2015-16 6.1 2.43 Joint Commissioner (Appeal)
The Central Sales tax Act 1944 and state Vat Act Sales tax 2015-16 87.26 34.91 Joint Commissioner (Appeal)
The Central Excise Act 1944 Excise Duty 2013-04 19.69 1.48 CGST Commissioner
Finance Act 1994 Service tax 2014-15 to 2017-18 ( Upto June 2017) 1.08 - Assistant Commissioner
Finance Act 1994 Service tax 2014-15 to 2017-18 ( Upto June 2017) 10.55 - Assistant Commissioner
Income Tax Act 1961 Income Tax 2009-10 159.13 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2010-11 149.79 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2011-12 344.85 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2012-13 39.32 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2013-14 35.62 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2014-15 24.37 - Hon’ble High Court Delhi
Income Tax Act 1961 Income Tax 2012-13 27.16 - Assessing Officer (CPC)
Income Tax Act 1961 Income Tax 2016-17 60.11 - Assessing Officer (CPC)
Income Tax Act 1961 Income Tax 2018-19 264.93 - Assessing Officer (CPC)

viii. In our opinion on the basis of audit procedures and according to the informationand explanations given to us the Company has not defaulted in repayment of loan orborrowing to any banks or financial institutions during the year. The Company has notobtained any loans from debenture holders or government.

ix. According to the information and explanations given to us the Company has notraised money by way of initial public offer or further public offer (including debtinstruments) during the year. The Company has not taken any new term loan during the year.

x. During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof fraud by the Company or on the Company by its officers or employees noticed orreported during the year nor have we been informed of such case by the Management.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

xiii. Accordiing to the information and explanations given to us and based on ourexamination of the record of the company transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 where applicable and details ofsuch transactions have been disclosed in the standalone Financial Statements as requiredunder Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specified undersection 133 of the Act.

xiv. According to the information and explanations give to us and based on 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(xiv) of the Order is not applicable.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause 3(xvi) of the Order is not applicable.

For S S KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Sd/-
Yogesh K. Gupta
Partner
Place: Faridabad Membership No.:093214
Date: May 25 2021 UDIN - 21093214AAAADA8796

"Annexure B"

To the Independent Auditor’s Report of even date on the Standalone FinancialStatements of POLYPLEX CORPORATION LIMITED for the year ended March 31 2021

Report on the Internal Financial Controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013 ("the Act") as referred to in paragraph 2(f) of ‘Report on OtherLegal and Regulatory Requirements’

We have audited the internal financial controls with reference to standalone financialstatements of POLYPLEX CORPORATION LIMITED ("the Company") as of March 31 2021in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management and Board of Directors is responsible for establishingand maintaining internal financial controls based on the internal controls with referenceto standalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the Guidance Note) issued by the Institute ofChartered Accountants of India ("the ICAI"). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding 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 ("the Act").

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditing asissued by the ICAI prescribed under section 143(10) of the Act to the extent applicableto an audit of internal financial controls with reference to standalone financialstatements. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls with reference to standalone financial statementswere established 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 with reference to standalone financial statementsand their operating effectiveness. Our audit of internal financial controls with referenceto standalone financial statements included obtaining an understanding of internalfinancial controls assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the standalone financialstatements 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 controlswith reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financialstatements

A company’s internal financial controls with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A company’sinternal financial control with reference to standalone financial statements includesthose policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalonefinancial statements

Because of the inherent limitations of internal financial controls with reference tostandalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to standalone financial statements and suchinternal financial controls with reference to standalone financial statements wereoperating effectively as at March 31 2021 based on the internal control with referenceto standalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S S KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Sd/-
Yogesh K. Gupta
Partner
Place: Faridabad Membership No.:093214
Date: May 25 2021 UDIN - 21093214AAAADA8796

.