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Sindhu Trade Links Ltd.

BSE: 532029 Sector: Others
NSE: N.A. ISIN Code: INE325D01025
BSE 13:44 | 08 Feb 20.70 -0.50
(-2.36%)
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NSE 05:30 | 01 Jan Sindhu Trade Links Ltd
OPEN 21.65
PREVIOUS CLOSE 21.20
VOLUME 19343
52-Week high 55.40
52-Week low 15.30
P/E 115.00
Mkt Cap.(Rs cr) 3,192
Buy Price 20.70
Buy Qty 10.00
Sell Price 20.75
Sell Qty 96.00
OPEN 21.65
CLOSE 21.20
VOLUME 19343
52-Week high 55.40
52-Week low 15.30
P/E 115.00
Mkt Cap.(Rs cr) 3,192
Buy Price 20.70
Buy Qty 10.00
Sell Price 20.75
Sell Qty 96.00

Sindhu Trade Links Ltd. (SINDHUTRADE) - Auditors Report

Company auditors report

TO THF. MEMBERS OF SINDHU TRADE LINKS LIMITED Opinion

We have audited the accompanying Standalone Financial Statements ofSmdhu Trade Links Limited ("the Company") which comprise the Balance sheet asat March 31. 2022. the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow' Statement and the Statement of Changes in Equity forthe year then ended and notes to the Standalone Financial Statements including a summaryof significant accounting policies and other explanatory information (herein afterreferred to as Standalone Financial Statement).

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with Companies (Indian AccountingStandards) Rules. 2015 as amended (lnd AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022its prolit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing (SAs). as specified under Section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditors' Responsibilities for the Audit of the Standalone FinancialStatements' section of our report. We are independent of the Company in accordancewith 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 Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone FinancialStatements.

EMPHASIS OF MATTERS

1. We draw your attention to note no. 25 to the standalone lnd ASfinancial statements with respect to closing balance of trade payables as on 31 March2022. The Company has closing balance of Rs. 981.55 lakhs as on 31 March 2022 related tomicro enterprises and small enterprises (MSME). The management has informed that there areissues w.r.t quality' of material received from the creditors and the same is underdiscussion with creditors). The Company will pay the amount as mutually decided withcreditors after discussions in due course. The above does not have material effect on thefinancial statements of the Company. Hence no provision for any consequential liabilityfor interest and penalty has been made in the financial statements for the year ended 31March 2022. Further the Company is required to file half yearly form which includesdetails of all outstanding dues to MSME and the Company has not filed the same forApr'2l to Mar'22 till date.

Our Report is not qualified in respect of this matter.

2. We draw your attention to note no. 16 to the standalone lnd ASfinancial statements with respect to Invocation of Bank Guarantee wherein. Induslnd Bankhas invoked Bank Guarantee of INR 1406.46 Lacs (net amount) given for our SubsidiaryParam Mitra Resources Rte Ltd Singapore. The same is recorded as Share Application Moneypaid to M's Param Mitra Resources Pte Ltd. our subsidiary.

Our Report is not qualified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters (‘KAM') are those matters that in ourprofessional judgment were of most significance in our audit of the standalone financialstatements of the current period. These matters were addressed in the context of our auditof the standalone financial statements as a w hole and in forming our opinion thereonand we do not provide a separate opinion on these matters.

1. Key Audit Matter

1. Key Audit Matter Investments

The Company has invested in equity and preference shares and governmentbonds as well the carrying amount of which is calculated by the management in accordancewith Ind AS 32 107 and 109 provided in Note 5 and Note 15 of the financial statements.

Considering the materiality of the amounts involved the significantmanagement judgment is required in estimating the quantum of diminution in the value ofinvestments and such estimates and judgments being inherently subjective this matter hasbeen identified as a key audit matter which is described in Note 2(j) to the standalonefinancial statements. As at 31st March 2022 the company has made total foreigninvestmenis in subsidiary of Rs. 46778.34 Lakhs.

Auditor's Response

Our audit procedures assessed the appropriateness of methodology andvaluation model used by management to estimate the value of investments.

Based on our procedures we considered the adequacy of disclosures inrespect of investments in the notes to the standalone financial statements.

2. Key Audit Matter

Evaluation of Uncertain Tax Positions & Other ContingentLiabilities

The Company has material uncertain tax positions including mattersunder dispute which involves significant judgment to determine the possible outcome ofthese disputes.

The Company also has material contingent liabilities includingoutstanding guarantees counter guarantees and omnibus counter guarantees to various banksand claims against the company under dispute which involves significant judgment todetermine the possible outcome of these disputes as mentioned in Note 40 to the standalonefinancial statements.

Auditor's Response

Obtained details of completed tax assessments and demands till the yearended March 31 2022 from the management. We involved our internal experts to challengethe management's underlying assumptions in estimating the tax provision and thepossible outcome of the disputes. Our internal experts also considered legal precedenceand other rulings in evaluating management's position on these uncertain taxpositions.

Our audit procedure on contingent liabilities included -

• Obtaining an understanding of the systems and controlsimplemented by management for recognizing the guarantees.

• Evaluation of purposes for which the various bank guarantees areprovided.

• Our internal experts read and analysed external legal opinions/consultations by management for the disputes pending in various forums.

• Discussed with appropriate senior management regarding theclaims against the company and assessment orders.

• Assessed management's estimate of the possible outcome ofthe disputed cases.

3. Key Audit Matter

Related Party Transactions

During the year the Company has generated major portion of revenue andhas incurred significant amount of expense with the related parties.

Ind AS 24 "Related Party Disclosures" requires substantivedisclosures for the related party transactions which are disclosed in Note 46 to thestandalone financial statements.

Determination of substance of the transactions and transaction pricefor such related party transactions is a ke\ audit matter considering the significance ofthe transaction value and the significant judgments involved in determining thetransaction value.

Auditor's Response

• Our audit procedures included considering the compliance withthe various requirements for entering in to such related party transactions.

• We performed test of controls over related party transactionsthrough inspection of evidence of performance of these controls.

• We performed the following tests of details:

o We have eval uated the relevant work orders and market price.

o We have read the approvals obtained from Audit Committee Board ofDirectors and Shareholders for the transactions.

*We have assessed the disclosures to be made in accordance with lnd AS24 "Related Party Disclosures".

INFORMATION OTHER THAN THF. FINANCIAL STATEMENTS AND AUDITORS'REPORT THEREON

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the Standalone Financial Statements and our auditors'report thereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and. in doing so. consider whethersuch other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisoilier information we are required to report that fact. We have nothing to report in thisregard.

RESPONSIBILITIES OF MANAGEMENT FOR THF. STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is 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 including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under Section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that arc reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Financial Statements management and Boardof Directors are responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

AUDITORS' RESPONSIBILITIES FOR THF. AUDIT OF THE STANDALONE FINANCIALSTATEMENTS

Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditors' report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under Section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls with referenceto financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's 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 auditors'report to die related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced We consider quantitative materiality' and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our w'ork;and (ii) to evaluate the effect of any identified misstatements in the standalonefinancial statements.

We communicate with those charged with governance regarding amongother matters 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 wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of Section 143 of the Act we give in the "Annexure 1" 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on March 312022 taken on record by the Board of Directors none of thedirectors is disqualilied as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these Standalone FinancialStatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure 2" to this report. Our report express an unmodified opinion on theadequacy and operating effectiveness of the Company's internal Financial controls overfinancial reporting.

(g) In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197 of the Act.

(h) With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has disclosed the possible impact of pending litigationson its financial position in its Standalone Financial Statements;

ii. The Company do not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. The Company do not have any dues on account of investor Educationand Protection Fund.

iv. (a) The Management has represented that to the best of itsknowledge and belief other than as disclosed in the Notes to accounts (refer Note 46 offinancial statement) during the year no funds (which are material either individually orin the aggregate) have been advanced or loaned or invested (either from borrowed funds orshare premium or any other sources or kind of funds) by the Company to or in any otherperson or entity including foreign entity ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties''! with the understanding whether recorded in writing orotherwise 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;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year.

For Divyank Khullar & Associates

Chartered Accountants

FRN:- 025755N

CA Divyank Khullar

Proprietor

M. No:- 528399

UDIN:- 22528399AQFZPV7065

New Delhi

Date:- 29/08/2022

ANNEXURE1

TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SINDHU TRADE LINKS LIMITED

The Anncxure referred to in the Independent Auditor's Report tothe members of the Company on the Financial Statements for the year ended 31 " March2022 We report that:

I. (a) A.The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipmentand relevant details of right-of-use assets.

B. The Company has maintained proper records showing toll particularsof intangible assets.

(b) The Company has a program of physical verification of PropertyPlant and Equipment and right- of-use assets so to cover all the assets once every threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the program certain property Plant and Equipmentwere due for verification during the year and were physically verified by the Managementduring the year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification

(c) According to the information and explanations given to us and onthe basis our examination of the

records of the Company the title deeds of all the immovable properties(other than properties where the Company is the lessee and the lease agreements are dulyexecuted in favour of the lessee) as disclosed in the standalone financial statementsare held in the name of the Company except for following: (Amount in Lacs)

S. No Particulars Amount Remarks
1 Vill Tifra Distt BilaspurfChhattisgarh) 10.41 The Property is in the name of Sindhu Holdings Limited which was merged with the Company in the year 2011
2 Vill Dhatura Tehsil Pali Distt Korba(Chhattisgarh) 0.90
3 Plot No 66/1 Industrial Area Richai Jabalpui(Madhya Pardesh) 15.65
4 Plot No 160-H Industrial Area Govindpura Bhopal(Madhya Pardesh) 25.04
5 Vill Tifra Distt Bilaspur(Chhattisgarh) 15.50 The Property is in the name of Uttranchal Finance Limited which was merged with the Company in the year 2011

(d) The Company has not revalued its Property Plant and Equipment(including Right-of-use assets) or intangible assets during the year. Accordingly thereporting under Clause 3(i)(d) of the Order is not applicable to the Company.

(e) Based on the information and explanations furnished to us noproceedings have been initiated on or are pending against the Company for holding benamiproperty under the Prohibition of Benami Property Transactions Act. 1988 (as amended in2016) (formerly the Benami Transactions (Prohibition) Act 1988) and Rules madethereunder and therefore the question of our commenting on whether the Company hasappropriately disclosed the details in its standalone financial statements does not arise.

2. (a) The physical verification of inventory has been conducted atreasonable intervals by the

Management and in our opinion the coverage and procedures of suchverification by Management is appropriate. The discrepancies noticed on physicalverification of inventory as compared to book records were not 10% or more in aggregatefor each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of1NR 5 crores in aggregate from banks on the basis of security of current assets TheCompany has filed quarterly returns or statements with such banks which are in agreementwith the books of account except for few differences on account of Provisions andunbilled revenue.

3. (a) The Company has during the year made investments grantedunsecured loans and provided guarantee but has not provided security to companies firms.Limited Liability Partnerships or any other parties. The aggregate amount during the yearand balance outstanding at the balance sheet date with respect to such loans guaranteesand securities to subsidiaries joint ventures and associates and to parties other thansubsidiaries joint ventures and associates are as per the table given below:-

Particulars Guarantees (Rs. lakhs) (Rs. lakhs) Investments (Rs. Lakhs)
Aggregate amount granted/ provided during the year
Subsidiaries - - 336225
Joint Ventures - -
Associates - - 280.00
Others - - -
Balance outstanding (gross) as at balance sheet date in respect of the above cases
Subsidiaries 84649.10 24571.31

NA

Joint Ventures - -
Associates -
Others 1240.20 136.54

(b) In respect of the aforesaid investments guarantees securities andloans the terms and conditions under which such investments were made guaranteesprovided securities provided and loans were granted are not prejudicial to theCompany's interest based on the information and explanations provided by theCompany. In the year under audit Company had granted waiver of interest to its foreignsubsidiary for the FY 2021-22.

(cl The borrowers have been regular in the repayment of the principaland payment of interest on loans where so stipulated unless the arrangement does notcontain any such schedule for repayment of principal/interest.

(d) There are no overdue amounts in respect of the loans granted tocompanies.

(e) According to the information & explanation provided by theCompany There are no overdue amounts in respect of the loans granted to companies.Accordingly the reporting under Clause 3(iiiXe) of the Order is not applicable to theCompany.

(f) Detail of loans and advances repayable on demand or withoutspecifying any terms or period of repayment are as follows;

Particulars All Parties Promoters Related Parties
Aggregate amount of loans/ advances in nature of loans
-Repayable on demand (A) 136.54 - -
-Agreement does not specify' any terms or period of repayment (B)
Total (A+B) 136.54 - -
Percentage of loans/ advances in nature of loans to the total loans 0.55% "

4. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theAct with respect to the loans investments guarantees and security made as applicable.

5. According to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of the directionsissued by Reserve Bank of India (RBI) and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and rules framed thereunder

6. According to the information and explanations given to us theCompany is not required to maintain the cost records under sub section (1) of Section 148of the Companies Act 2013. Accordingly paragraph 3(vi) of the Order is not applicable tothe Company.

7. (a) The Company is generally regular in depositing with appropriateauthorities undisputed statutory dues including Provident fund employees' StateInsurance Income-tax Sales-tax Goods and Services tax. Duty of Custom Duty' of ExciseValue Added Tax Cess and Other Statutory Dues applicable to it. However there were fewdelays in depositing the taxes due. which were lateron deposited along with penal/compensator)' interest.

According to the information and explanations provided to us noundisputed amounts payable in respect of Provident fund. Employees' State InsuranceIncome-tax Sales Tax Goods and Service tax. Duty of custom. Duty of excise Value addedtax. Cess and Other Statutory Dues were outstanding at the year end for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us. thereare no dues of Income Tax Sales fax Value Added Tax Service fax. Duty of Customs Dutyof Excise Goods and Service Tax and Cess which have not been deposited with theappropriate authorities on account of any dispute except the following: -

Name of the Statute Nature of Dues PERIOD (A.V.) Amount involved (Rs. in Lakh) Forum where dispute is pending
Income Tax Act Income Tax 2007-08 1892.92 High Court Delhi
1961 2008-09
2009-10
2010-11
Customs Act 1962 Custom Duty 2015-16 987.32 Principal
Commissioner
Vishakhapatnam
Centra! Goods and Goods and Service 2020-21 96.25 1st Level Appellate
Service Tax Act 2017 Tax Authority

8. There were no transactions relating to previously unrecorded incomethat have been surrendered or disclosed as income during the year in the tax assessmentsunder the Income Tax Act. 1961 (43 of 1961).

9. (a) The Company has defaulted in repayment of loans to banks andNBFC's during the year. The details of such defaults are as under:

Nature of borrowings including debt securities Name of lenders* Amount not paid on due date Whether principal or interest No. of days delay or unpaid Remarks if any
Vehicle Finance Axis Bank Ltd 30786855.00 2126.00 3171475.00
Vehicle Finance HDFC Bank 20845842.09 407.00 3754350.20
Vehicle Finance IDFC Bank 19022460.00 396.00 1471260.00
Vehicle Finance Srei Equipment Finance Limited 206329908.50 2878.00 28369727.86
Vehicle Finance Sundram Finance Limited 45165756.00 1888.00 9251230.00
Vehicle Finance Tata Motors Finance Limited 8927270.83 894.00 349828.17
Vehicle Finance Tata Capital Finance Limited 43120762.81 168100 4647280.00

(b) According to the information and explanations given to us and onthe basis of our audit procedures we report that the Company has not been declared WilfulDefaulter by any bank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanationsgiven to us during the year the term loans have been applied on an overall basis forthe purposes for which they were obtained.

(d) In our opinion and according to the information and explanationsgiven to us during the year the funds raised on short term basis have not been utilisedfor long term purposes.

(c) According to the information and explanations given to us and on anoverall examination of the standalone financial statements of the Company we report thatthe Company has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the company has not raised loans during theyear against the pledge of securities held in its subsidiaries joint ventures orassociate companies.

10. (a) According to the information and explanations given to us theCompany did not raise any money by way of initial public offer or further public offer(including debt instruments). Accordingly the reporting under paragraph 3(xXa) of theOrder is not applicable to the Company.

(b) According to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartially or optionally convertible debentures during the year. Accordingly the reportingunder paragraph 3(x)(b) of the Order is not applicable to the Company.

11. (a) During the course of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanations given to us we have neithercome across any instance of material fraud by the Company or on the Company noticed orreported during the year nor have we been informed of any such case by the Management.

(b) According to the information and explanations given to us a reportunder Section 143(12) of the Act in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 was not required to be filed with the Central Government.Accordingly the reporting under Clause 3(xi)(b) of the Order is not applicable to theCompany.

(c) As represented to us by the Management no whistle blowercomplaints have been received by the Company during the year.

12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 arenot applicable to it the reporting under Clause 3(xii) of the Order is not applicable tothe Company.

13. In our opinion and according to the information and explanationsgiven to us the Company has entered into transactions with related parties in compliancewith the provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the standalone financial statements as required underIndian Accounting Standard 24 "Related Party Disclosures" specified underSection 133 of the Act.

14. (a) In our opinion and according to the information and explanationgiven to us the Company has an internal audit system commensurate with the size andnature of its business.

(b) The reports of the Internal Auditor for the period under audit havebeen considered by us.

15. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly the reporting on compliance with theprovisions of Section 192 of the Act under Clause 3(xv) of the Order is not applicable tothe Company

16. (a) According to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly the reporting under Clause 3(xviXa) of the Order is not applicableto the Company.

(b) The Company has not conducted non-banking financial / housingfinance activities during the year. Accordingly the reporting under Clause 3(xvi)(b) ofthe Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly the reporting under Clause3(xviXc) of the Order is not applicable to the Company.

(d) Based on the information and explanations provided by themanagement of the Company the Group has Three CICs as part of the Group. We have nothowever separately evaluated whether the information provided by the management isaccurate and complete.

17. The Company has neither incurred any cash losses in the financialyear nor in the immediately preceding financial year.

18. There has been no resignation of the statutory auditors during theyear and accordingly the reporting under Clause 3(xviii) of the Order is not applicable tothe Company.

19. According to the information and explanations given to us and onthe basis of the financial ratios (also refer Notes to the standalone financialstatements) ageing and expected dates of realisation of financial assets and payment offinancial liabilities other information accompanying the standalone financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing has come to our attention whichcauses us to believe that any material uncertainty exists as on the date of the auditreport that the Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

20. There are no unspent amounts towards Corporate SocialResponsibility (CSR). Accordingly reporting under clause 3(xxXa) of the Order is notapplicable for the year.

21. According to the information and explanations given to us. Noqualification or adverse remarks were reported by the respective auditors' ofcompanies whose reports were required to be consolidated in the consolidated Financialstatement of the company except for following companies incorporated in

India or Outside India wherein the CARO report relating to them hasnot been issued by their auditors till the date of this audit report:

S. No. Name C1N Relation
1 Param Mitra Resources Pte Ltd NA Subsidiary
2 Shyam Indus Power Solutions Pvt Ltd U74999DL2004PTC 127124 Associate
3 Paramitra Holdings Pvt Ltd U6591ODL1996PTC278349 Associate
4 Tandem Commercials Pvt Ltd U55109WB1994PTC064530 Associate

For Divyank Khullar & Associates

Chartered Accountants

FRN:- 025755N

Sd/-

CA Divyank Khullar

Proprietor

M. No:- 528399

UDIN:- 22528399AQFZPV7065

New Delhi

Date:- 29/08/2022

ANNEXURE 2

TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SINDHU TRADE LIN KS LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financialreporting of Sindhu Trade Links Limited ("the Company") as of March 31 2022 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNALFINANCIAL CONTROLS TheCompany'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.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting with reference to these StandaloneFinancial Statements based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing as specified under Section 143(10) of the Actto the extent applicable to an audit of internal financial controls and. both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these Standalone Financial Statements was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese Standalone Financial Statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these StandaloneFinancial Statements 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 auditors' judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlsover financial reporting with reference to these Standalone Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING WITHREFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS

A company's internal financial control over financial reportingwith reference to these Standalone Financial Statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financialreporting with reference to these Standalone Financial Statements includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of 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 of unauthorisedacquisition use or disposition of the Company's assets that could have a materialeffect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING WITH REFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these Standalone Financial Statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these StandaloneFinancial Statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion and to the best of our information and according to theexplanation given to us the Company has in all material respects adequate internalfinancial controls system over financial reporting with reference to these StandaloneFinancial Statements and such internal financial controls over financial reporting withreference to these Standalone Financial Statements were operating effectively as at March31 2022 based on the criteria for internal financial control over financial reportingestablished 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.

For Divyank Khullar & Associates

Chartered Accountants

FRN:- 025755N

Sd/-

CA Divyank Khullar

Proprietor

M. No:- 528399

UDIN:- 22528399AQFZPV7065

New Delhi

Date:- 29/08/2022

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