Sagar Systech Ltd.
|BSE: 511254||Sector: Financials|
|NSE: N.A.||ISIN Code: INE771Z01015|
|BSE 00:00 | 16 Jun||Sagar Systech Ltd|
|NSE 05:30 | 01 Jan||Sagar Systech Ltd|
|BSE: 511254||Sector: Financials|
|NSE: N.A.||ISIN Code: INE771Z01015|
|BSE 00:00 | 16 Jun||Sagar Systech Ltd|
|NSE 05:30 | 01 Jan||Sagar Systech Ltd|
SAGAR SYSTECH LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the standalone financial statements of Sagar Systech Limited ("theCompany") which comprise the balance sheet as at 31st March 2022 andthe statement of profit and loss (statement of changes in equity) and statement of cashflows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act. 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 and it's Profit changes in equity and itscash 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 Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditors 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
The Companys management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in Directors'report but does not include the standalone financial statements and our auditorsreport 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 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.
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.
Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements the Board of Directors is responsible forassessing the Companys ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.
That Board of Directors are also responsible for overseeing the Companysfinancial reporting process.
Auditor's 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these 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 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 on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going 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 theCompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However future events or conditions may cause theCompany to cease to continue as a 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.
Materiality is the magnitude of misstatements in the standalone financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.
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 determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditors' report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.
We did not audit the financial statements/ information of 0 branches included in thestandalone financial statements of the Company whose financial statements/financialinformation reflect total assets of Rs. 0 as at 31st March 2022 and totalrevenue of Rs. 0 for the year ended on that date as considered in the standalonefinancial statements. The financial statements/information of these branches have beenaudited by the branch auditors whose reports have been furnished to us and our opinion inso far as it relates to the amounts and disclosures included in respect of branches isbased solely on the report of such branch auditors. Our opinion is not modified in respectof this matter.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure A statement on the mattersspecified in paragraphs 3 and 4 of the Order 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 explanation which to the bestof our knowledge and belief were necessary for the purpose of our audit;
(b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
(c) the Balance Sheet Statement of Profit and Loss including Other ComprehensiveIncome the Cash flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;
(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) on the basis of written representations received from the Directors as on the dateof balance sheet and taken on record by the board of directors we report that none ofthe directors are disqualified as on the said date from being appointed as a director interms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and
(g) there was no remuneration paid to directors. and therefore the clause as to whetherremuneration paid by the company to its directors is in accordance with the provisions ofsection 197 of the Companies Act 1956 and remuneration paid to any director is not inexcess of the limit laid down under the said section is not applicable;
(h) with respect to the other matters to be included in the Auditors 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.
a) The Company does not have any pending litigations which would impact its financialposition;
b) In our view the Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts;
c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.
d) (i) The management has represented that to the best of its knowledge andbelief other than as disclosed in the notes to the accounts no funds have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the company to or in any other person(s) or entity(ies) includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;
d) (ii) The management has represented that to the best of it's knowledge and beliefother than as disclosed in the notes to the accounts no funds have been received by thecompany from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and
d) (iii) Based on such audit procedures that we have considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) contain any materialmis-statement.
(e) There was no dividend declared or paid by the Company during the year andtherefore the clause as to whether the dividend declared or paid during the year by thecompany is in compliance with section 123 of the Companies Act 2013 is not applicable.
ANNEXURE "A:" REFERRED TO IN REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS OF OUR REPORT OF EVEN DATE
IN CASE OF SAGAR SYSTECH LIMITED
I. (a) (A) The Company did not have fixed assets in the year under consideration. Hencethe
Clauses as to maintaining proper records showing full particulars of includingquantitative details and situation and verification of fixed assets and title deeds arenot applicable
(B)The Company did not have any intangible assets acquired or otherwise created andrecorded in its books of account during the year under consideration.
(b) The Company did not have property plant and equipment in the year underconsideration. Hence the clause as to the management verifying at reasonable intervals theProperty Plant and Equipment's is not applicable.
(c) The Company did not have property plant and equipment in the year underconsideration. Hence the clauses as to the management presenting records before us of thetitle deeds of immovable properties (other than properties where the company is the lesseeand the lease agreements are duly executed in favour of the lessee) are held in the nameof the Company is not applicable.
(d) As per records presented before us the Company has not revalued its PropertyPlant and Equipment (including Right of Use assets) or intangible assets or both duringthe year and therefore the clause as to the revaluation being based on the valuation by aRegistered Valuer and to specify the amount of change if change is 10% or more in theaggregate of the net carrying value of each class of Property Plant and Equipment orintangible assets is not applicable.
(e) As informed to us and as per records presented before us no proceedings have beeninitiated or are pending against the Company for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder andtherefor the clause as to whether the Company has appropriately disclosed the details inits financial statements in this regard is not applicable
II. (a) Since the Company did not deal in goods and did not have any inventory theclause as to verification of inventory by the management at reasonable intervals andmaterial discrepancies on physical verification of stocks as compared to the book recordsand whether the coverage and procedure of such verification by the management isappropriate; and whether any discrepancies of 10% or more in the aggregate for each classof inventory were noticed during the year is not applicable.
(b) The Company has not been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets; and therefore the clause requiring reporting on matching of the quarterlyreturns or statements filed by the Company with such banks or financial institutions beingin agreement with the books of account of the Company is not applicable.
III. During the year the Company has not provided loans or provided advances in thenature of loans or stood guarantor or provided security to any other entity.
(a) (A) the aggregate amount during the year and balance outstanding at the balancesheet date with respect to such loans or advances and guarantees or security tosubsidiaries joint ventures and associates was RS. Zero;
(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 was RS. Zero;
(b) in our opinion the investments made guarantees provided security given and theterms and conditions of the grant of all loans and advances in the nature of loans andguarantees provided are not prejudicial to the companys interest
(c) since no loans and advances in the nature of loans were granted the clause as tothe schedule of repayment of principal and payment of interest stipulation whether therepayments or receipts are regular is not applicable;
(d) there was no amount that is overdue for more than ninety days and therefore theclause as to taking reasonable steps have been by the company for recovery of theprincipal and interest is not applicable;
(e) As explained to us no loan or advance in the nature of loan granted which hasfallen due during the year has been renewed or extended or fresh loans granted to settlethe overdues of existing loans given to the same parties and therefore clause as toaggregate amount of such dues renewed or extended or settled by fresh loans and thepercentage of the aggregate to the total loans or advances in the nature of loans grantedduring the year is not applicable.
(f) the company has not granted any loans or advances in the nature of loans eitherRepayable in demand or without specifying any terms or period of repayment and thereforethe clause s to specify the aggregate amount percentage thereof to the total loansgranted aggregate amount of loans granted to Promoters related parties as defined inclause (76) of section 2 of the Companies Act 2013 is not applicable.
IV. In respect of loans investments guarantees and security in our opinion theprovisions of sections 185 and 186 of the Companies Act have been complied with.
V. The Company has not accepted any deposits from public within the meaning of theprovisions of section 73 or any other provisions of the Companies Act 2013 and the rulesmade there under. As regards deemed deposits the Company has complied with the provisionsof the Companies Act 2013 and Rules made thereunder. We have been informed by themanagement that there has been no order passed by the Company law Board or NationalCompany Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on theCompany with respect to compliance of the provisions of section 73 or any other provisionsof the Companies Act 2013.
VI. We have been informed by the management that the Central Government has notprescribed the method of maintenance of cost records under section 148 (1) of theCompanies Act 2013 to the industry to which the Company pertains.
VII. (a) We have been informed by the management that the Company is generally regularin depositing undisputed statutory dues including Goods and Services Tax provident fundemployees' state insurance income-tax sales tax service tax duty of customs duty ofexcise value added tax cess and any other statutory dues with the appropriateauthorities and there have been no material arrears of outstanding dues as at the lastday of this financial year for more than six months from the date they became payable.
(b) According to the information and explanation given to us there are no duesreferred to in (a ) above which have not been deposited on account of any dispute.
VIII. As per information and explanation given to us and records presented before usthere were no transactions not recorded in the books of account that have been surrenderedor disclosed as income during the year in the tax assessments under the Income Tax Act1961 and therefore the clause as to whether the previously unrecorded income has beenproperly recorded in the books of account during the year is not applicable.
IX. (a) As informed to us by the management and as per the records made available tous the
Company has not defaulted in repayment of any dues to any lender.
(b) As per information and explanation given to us the company is not declared wilfuldefaulter by any bank or financial institution or other lender;
(c) As informed to us by the management and as per the records made available to usthe term loans were applied for the purpose for which the loans were obtained; andtherefore the clause as to reporting on the amount of loan so diverted and the purpose forwhich it is used is not applicable.
(d) As per records of the Company the funds raised on short term basis have not beenutilised for long term purposes.
(e) As explained to us 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) As per records presented to us the company has not raised loans during the year onthe pledge of securities held in its subsidiaries joint ventures or associate companies.
X. (a) We have been informed by the management that no money was raised by way ofInitial
Public offer or Further Public offer (including Debt instrument) during the year.
(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the yearand therefore the clause as to whether the requirements of section 42 and section 62 ofthe Companies Act 2013 have been complied with and the funds raised have been used forThe purposes for which the funds were raised is not applicable.
XI. (a) As informed by the management there has not been noticed or reported any fraudon or by the Company or its officers or employees during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filedby us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules
2014 with the Central Government;
(c) The Company has informed us that it has not received any complaints from awhistleblower during the year.
XII. Since the Company is not a Nidhi Company the provisions of this clause are notapplicable to the Company.
XIII. In our view and as per the explanation given to us by the managementtransactions with the related parties are in compliance with section 177 and 188 of theCompanies Act 2013 wherever applicable and details have been disclosed in the financialstatements as required by the applicable accounting standard.
XIV. (a) In our opinion the company has an internal audit system commensurate with thesize and nature of its business;
(b) We have reviewed the reports of the Internal Auditors for the period under auditand have considered the observations while performing our audit function.
XV. As per the explanation given to us by the management and as per recordsmaintained the Company has not entered into any non-cash transactions with directors orany persons connected with him as prescribed by section 192 of the Companies Act 2013.
XVI. (a) In our view the company is not required to be registered under section 45-IAof the
Reserve Bank of India Act 1934 and therefore has the registration has not beenobtained;
(b) In our opinion the Company has not conducted any Non-Banking Financial of HousingFinance activities without a valid Certificate of Registration (CoR) from the Reserve Bankof India as per the Reserve Bank of India Act 1934;
(c) The Company is an unregistered Core Investment Company (not requiring registrationin terms of clause 6 of the of Core Investment Companies (Reserve Bank)) Directions 2016and the Company continues to fulfil the criteria for the same.
(d) As informed by the management the Group has no other CICs.
XVII. The Company has not incurred cash losses in the financial year but had cashlosses in the immediately preceding financial year.
XVIII. There has not been any resignation of the statutory auditors during the yearand therefore the clause as to whether the auditor has taken into consideration theissues objections or concerns raised by the outgoing auditors is not applicable.
XIX. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements our knowledge of the Board of Directors and management plans we areof the opinion that no material uncertainty exists as on the date of the audit report thatcompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen they fall due within a period of one year from the balance sheet date.
XX. (a) In our opinion the provisions of section 135 of the Companies Act 2013 are not
applicable to the Company and therefore the clause as to whether in respect of otherthan on-going projects the company has transferred unspent amount to a Fund specified inSchedule VII to the Companies Act within a period of six months of the expiry of thefinancial year in compliance with second proviso to sub-section (5) of section 135 of thesaid Act is not applicable;
(b) In our opinion the provisions of section 135 of the Companies Act 2013 are notapplicable to the Company and therefore the clause as to whether any amount remainingunspent under subsection (5) of section 135 of the Companies Act pursuant to any on-goingproject has been transferred to special account in compliance with the provision ofsub-section (6) of section 135 of the said Act; is not applicable;
XXI. The Company was not required to furnish consolidated financial statements as itdid not have subsidiaries and therefore the clause as to whether there have been anyqualifications or adverse remarks by the respective auditors in the Companies (Auditor'sReport) Order (CARO) reports of the companies included in the consolidated financialstatements if yes indicate the details of the companies and the paragraph numbers of theCARO report containing the qualifications or adverse remarks is not applicable.
ANNEXURE "B:" REFERRED TO IN REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS OF OUR REPORT OF EVEN DATE
IN CASE OF SAGAR SYSTECH LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SagarSystech Limited ("the Company") as of 31st March 2022 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.
Management's Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to companys policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence 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 auditors judgment 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 Companys internal financial controlssystem over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a 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.
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 2022based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.