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Quest Capital Markets Ltd.

BSE: 500069 Sector: Financials
NSE: N.A. ISIN Code: INE418C01012
BSE 00:00 | 08 Aug 240.60 1.75
(0.73%)
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240.05

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246.30

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NSE 05:30 | 01 Jan Quest Capital Markets Ltd
OPEN 240.05
PREVIOUS CLOSE 238.85
VOLUME 411
52-Week high 374.90
52-Week low 180.60
P/E 11.08
Mkt Cap.(Rs cr) 241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 240.05
CLOSE 238.85
VOLUME 411
52-Week high 374.90
52-Week low 180.60
P/E 11.08
Mkt Cap.(Rs cr) 241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Quest Capital Markets Ltd. (QUESTCAPITAL) - Auditors Report

Company auditors report

To

The Members of

Quest Capital Markets Limited (Formerly BNK Capital Markets Limited) Report on theAudit of the Financial Statements Opinion

We have audited the accompanying financial statements of Quest Capital Markets Limited("the Company") which comprise the Balance Sheet as at 31st March 2022Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as ‘financial statements').

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the Indian Accounting Standards prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2022 its profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules issued thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion on the financial statements

Information Other than the Financial Statements and Auditors' Report Thereon

The Company's Management and Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis Board's Report including Annexures to Board's ReportCorporate Governance and Shareholder's Information included in the Annual Report but doesnot include the financial statements and auditors' 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 during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe 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 financial statement that give a true and fair view andare 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.

Auditors' Responsibilities for the Audit of the Financial Statements

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 auditors' 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:

• Identify and assess the risks of material misstatement of the 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 Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system with reference to financial statements inplace and the operating effectiveness 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 concern basisof accounting 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. Ourconclusions are based on the audit evidence obtained up to the date of our auditors'report. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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.

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 in terms of sub-section (11) of section 143 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

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

(a) We have sought and obtained all the information and 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 Statement of OtherComprehensive Income the Statement of Changes in Equity and the Statement of Cash Flowsdealt with by this report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with relevant rules issued thereunder.

(e) On the basis of the written representations received from the directors as on 31stMarch 2022 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting with reference to these financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".

(g) With respect to the other matters to be included in the Auditors' 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 withprovisions 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigation which would impact its financialposition.

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 of the Company has represented that to the best of its knowledgeand belief other than as disclosed in the notes to the accounts no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kinds of funds) by the company to or in any other person(s) or entity (ies)including foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries.

b) The Management of the Company has represented that to the best of it's knowledgeand belief other than as disclosed in the notes to the accounts no funds have beenreceived by the company from any person(s) or entity(ies) including foreignentities("Funding Parties") with the understanding whether recorded in writingor otherwise that the company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate beneficiaries; and

c) Based on such audit procedure that the we have considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused them to believe thatthe representation under sub clauses (a) and (b) contain any material mis-statement.

v. a) The final dividend proposed for the previous year declared and paid during theyear is in accordance with Section 123 of the Act as applicable.

b) The Board of Directors of the Company have proposed final dividend for the yearwhich is subject to the approval of the members at the ensuing Annual General Meeting. Theamount of dividend proposed is in accordance with section 123 of the Act as applicable.

(i) According to the information and explanations given to us and on the basis of suchchecks as we considered appropriate was carried out by us during the course of the auditof the Company our report on the matters specified under the Para 3(A) and 3(C) of Non -Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2016 is asfollows:

i) The Company is engaged in the business of Non- Banking Financial Institution asdefined in section 45-IA of the RBI

Act. It has obtained Certificate of Registration (CoR) from Reserve Bank of India andthe Certificate No. is B-05.02574 dated 9th December 2004.

ii) The Financial asset/income pattern of the Company as on 31st March 2022 is asfollows:

% of Financial Assets to Total Assets 96.41%
% of Financial Income to Total Income 94.65%

In view of the above ratios the Company is entitled to continue to hold Certificate ofRegistration issued by the Reserve Bank of India as on 31st March 2022.

iii) The Company is meeting the required net owned fund requirement as laid down inMaster Direction -Non-Banking Financial Company - Systemically Important Non-DepositTaking Company and Deposit taking Company (Reserve Bank) Directions 2016.

iv) The Board of Directors of the Company has passed a resolution at its meeting heldon 30th June 2021 for not accepting any public deposit.

v) The Company has not accepted any public deposit during the year.

vi) The Company has complied with the prudential norms relating to income recognitionaccounting standards assets classification and provisioning for bad and doubtful debts asapplicable to it in terms of Non-Banking Financial Company - Systemically ImportantNon-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions 2016.

vii) The Company has become a Systemically Important Non-Deposit taking Non-BankingFinancial Company(NBFC-ND-SI) based on the Audited Financial Statement as at 31st March2022 hence para (iv)(a) and (iv)(b) of these directions are not applicable to theCompany. As informed by the management applicable returns for Systemically ImportantNon-Banking Financial Company will be filed in current financial year.

viii) The Company has not been classified as NBFC Micro Finance Institution (MFI) asdefined in the Non-Banking Financial Company - Systemically Important Non-Deposit takingCompany and Deposit taking Company (Reserve Bank) Directions 2016.

For SANTOSH CHOUDHARY & ASSOCIATES
Chartered Accountants
Firm's Registration. No. : 323720E
CA. BIJAY KHOWALA
Partner
Membership No. - 061158
UDIN: 22061158AIR2X25978
Place: Kolkata
Date: 22-04-2022

Annexure to Independent Auditors' Report

(Referred to in paragraph 1 under the heading ‘Report on Other Legal andRegulatory Requirements' of our report of even date) (i) a) A) The Company has maintainedproper records showing full particulars including quantitative details and situations ofproperty plant and equipment.

B) The Company did not have any Intangible assets at any time during the Year.

(b) The property plant and equipment have been physically verified by the managementduring the year which in our opinion is reasonable having regard to the size of thecompany and the nature of its assets. According to the information and explanation givento us no material discrepancies were noticed on such verification. (c) The Company didnot have any immovable property at any time during the year hence paragraph 3(i)(c) ofthe Companies (Auditor's Report) Order 2020 is not applicable.

(d) The Company has not revalued any Property Plant and Equipment (including Right ofUse Assets) during the year.

(e) No proceedings have been initiated or are pending against the company for holdingany benami property under the Benami Transactions (Prohibition) Act 1988 and rules madethereunder.

(ii) (a) The inventories consist of equity shares which are in dematerialised form havebeen verified during the year at reasonable intervals by the management from dematstatement. As informed no material discrepancies were noticed on such verification.

(b) The Company has not been sanctioned any working capital limit during the year.

(iii) The Company has made investments in companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year in respect ofwhich a) The Company has provided loans to parties other than subsidiaries joint venturesand associates. The aggregate amount during the year is Rs. 77.63 crore and balanceoutstanding as at balance sheet date is Rs. 71.78 crore. b) In our opinion theInvestments made and terms and conditions of the grant of Loans given during the year bythe Company are not prima facie prejudicial to the interest of the Company. c) in respectof loans given by the Company the schedule of repayment of principal and payment ofinterest has been stipulated and the repayments of principal amounts and receipts ofinterest are generally been regular as per stipulation. d) In respect of loans granted bythe Company there is no amount which is overdue at the balance sheet date. e) There areno loans or advances which has fallen due during the year which either has been renewed orextended or fresh loans granted to settle the overdue of existing loans given to the sameparties. f ) The company has granted following loans which are repayable on demand otherthan to Promoters related parties as defined in clause (76) of section 2 of the CompaniesAct 2013;

Particulars As at March 31 2022 % of total Loans
Loans given to Body Corporates 7198.95 100.00%
TOTAL 7198.95 100.00%

The Company has not provided any guarantee or security to companies firms LimitedLiability Partnerships or any other parties.

(iv) According to the information and explanation given to us during the year theCompany has not given loans covered by provisions of section 185 of the Act. The Companyis a non-banking financial company and the Company has complied with the provisions of subsection (1) of section 186 of the Act as applicable to it. (v) According to theinformation and explanations given to us the Company has not accepted any deposits duringthe year within the meaning of the directives issued by the Reserve Bank of Indiaprovisions of section 73 to 76 of the Act any other relevant provisions of the Act andthe relevant rules framed thereunder.

(vi) The maintenance of Cost records has not been specified for the Company by theCentral Government under sub-section (1) of section 148 of the Act.

(vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing with the appropriate authorities undisputed statutory duesincluding Provident Fund Employee's State Insurance Income Tax Goods & ServicesTax Sales Tax Service Tax Duty of Customs Duty of Excise Value added Tax Cess andany other material statutory dues applicable to it.

On the basis of the records of the Company and the information and explanations givento us there was no arrears of statutory dues as on the last day of the financial yearconcerned outstanding for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us there were no disputeddues payable in respect of Income Tax Goods & Services Tax Sales Tax Service TaxDuty of Customs Duty of Excise Value added Tax and Cess as at 31st March 2022.

(viii) According to information and explanations given to us there were no suchtransactions which have not been recorded in the books of account and which have beensurrendered or disclosed as income during the year in the tax assessment under the IncomeTax Act 1961.

(ix) a) The Company has no borrowings or loans from any lender. Accordingly clause(ix) (a) of paragraph 3 of the aforesaid Order is not applicable to the Company. b)According to information and explanations given to us the Company has not been declaredwillful defaulter by any bank or financial institution or other lender. c) The Company hasnot taken any term loans. Therefore this clause is not applicable to the Company d) TheCompany has not raised any fund during the year. Therefore this clause is not applicableto the Company. e) The Company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries associates or joint ventures. f) The Company has not raised any loans during the year on pledge of securities held insubsidiaries joint ventures and associate companies.

(x) a) 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 and term loan during the year.

Accordingly clause (x)(a) of paragraph 3 of the aforesaid Order is not applicable tothe Company. b) According to the information and explanations given to us the company hasnot made any preferential allotment or private placement of shares or convertibledebenture during the year.

(xi) a) According to the information and explanations given to us no fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year. b) There is no report under sub section 12 of section 143 of the Companies Acthas which has been filed by the auditors in Form ADT -4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government. c) According tothe informations and explanations given to us there are no whistle blower complaintsreceived by the Company during the year.

(xii) The Company is not a Nidhi Company. Accordingly clause (xii) of paragraph 3 ofthe aforesaid Order is not applicable to the Company.

(xiii) On the basis of our examination of the books of account of the Company andaccording to the information and explanations given to us transactions with the relatedparties are in compliance with section 177 and 188 of the Act and the same has beendisclosed in the notes to the financial statements as required by the applicable IndianAccounting Standards (Ind AS).

(xiv) a) On the basis of our examination of the records of the Company and according tothe information and explanations given to us the Company has internal audit systemcommensurate with the size and nature of its business: b) We have considered reports ofinternal auditor for the year under consideration in determining nature timing and extentof our audit procedure.

(xv) In our opinion the Company has not entered into any non-cash transactions withdirectors or person connected with him.

(xvi) a) The Company is required register under section 45-IA of the Reserve Bank ofIndia Act 1934 and the Company has obtained Certificate of Registration (CoR) from theReserve Bank of India and the Certificate No. is B-05. 02574 dated 9th December 2004. .b) The Company is registered as Non-banking Financial Company and conducted business ofnon-banking financial company. c) The Company is registered as Non banking FinancialCompany and is not a Core Investments Company (CIC). d) According to the information andexplanations given to us the Group has five (5) CICs as part of Group. (xvii) The Companyhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.

(xviii) There has not been any resignation by the statutory auditors of the Companyduring the year.

(xix) On the basis of our examination of the records of the Company financial ratiosaging and expected dates of financial assets and liabilities and other informationaccompanying financial statement the auditors knowledge of Board of Directors andmanagement plans and according to the information and explanations given to us there areno material uncertainty exist on the date of audit report that the company is capable ofmeeting its liabilities existing on the date of balance sheet and as and when they falldue within a period of one year from the balance sheet date.

(xx) a) On the basis of our examination of the records of the Company and according tothe information and explanations given to us there are no unspent amount towardsCorporate Social Responsibility (CSR) on other than ongoing project. b) On the basis ofour examination of the records of the Company and according to the information andexplanations given to us the Company has transferred amount remaining unspent during theyear under sub section 5 of section 135 of the Companies act pursuant to ongoing projecthas been transferred to special account in compliance with the provision of sub section 6of section 135 of the said Act.

(xxi) On the basis of our examination of the records of the Company and according tothe information and explanations given to us the company does not have any subsidiary orassociate company accordingly this clause is not applicable to the company.

For SANTOSH CHOUDHARY & ASSOCIATES
Chartered Accountants
Firm's Registration. No. : 323720E
CA. BIJAY KHOWALA
Partner
Membership No. - 061158
UDIN: 22061158AIR2X25978
Place: Kolkata
Date: 22-04-2022

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2(f) under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date on Financial Statements)

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

We have audited the internal financial controls over financial reporting of QuestCapital Markets Limited ("the Company") as of 31st March 2022 in conjunctionwith our audit of the 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these financial statements based onour audit. We conducted our audit in accordance with the Guidance Note issued by ICAI andthe Standards on Auditing prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting with reference to these financial statements was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting with reference to thesefinancial statements and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the 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 controls systemover financial reporting with reference to these financial statements.

Meaning of Internal Financial Controls Over Financial Reporting with reference to thesefinancial statements

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 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 withreference to these financial statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these financialstatements to future periods are subject to the risk that the internal financial controlover financial with reference to these financial statements reporting may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the information andexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these financialstatements and such internal financial controls over financial reporting with reference tothese financial statements were operating effectively as at 31stMarch 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 ICAI.

For SANTOSH CHOUDHARY & ASSOCIATES
Chartered Accountants
Firm's Registration. No. : 323720E
CA. BIJAY KHOWALA
Partner Place: Kolkata
Membership No. - 061158 Date: 22-04-2022
UDIN: 22061158AIR2X25978

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