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Sreeleathers Ltd.

BSE: 535601 Sector: Others
NSE: SREEL ISIN Code: INE099F01013
BSE 00:00 | 08 Feb 194.30 0.25
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NSE 00:00 | 08 Feb 193.25 -1.60
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OPEN 195.55
PREVIOUS CLOSE 194.05
VOLUME 1075
52-Week high 265.00
52-Week low 150.00
P/E 19.99
Mkt Cap.(Rs cr) 450
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 195.55
CLOSE 194.05
VOLUME 1075
52-Week high 265.00
52-Week low 150.00
P/E 19.99
Mkt Cap.(Rs cr) 450
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sreeleathers Ltd. (SREEL) - Auditors Report

Company auditors report

To The Members of Sreeleathers Limited

Report on the Audit of the Financial Statements

We have audited the accompanying standalone Ind AS financial statementsof Sreeleathers Limited (‘the Company?) which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including other comprehensive income)the Statement of Changes in Equity and the Statement of Cash Flows for the year then endedand a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone IndAS financial statements give theinformation required by the Companies Act 2013 (the Act) in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India including IndAS as amended specified under Section 133 of the Act of the stateof affairs of the Company as at 31 March 2022 and its profit ( including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Basis of Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor?sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI?s Code of Ethics.We believe that the audit evidence obtained by us is sufficient and appropriate to providea basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Completeness existence and accuracy of Revenue Recognition
Key Audit Matters How the matter was addressed in our audit
The Company?s major part of revenue relates to retail and wholesale sales which comprises of high volumes of small transactions recorded in the books through journals. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
Revenue from the sale of goods is recognized when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such recognition in case of sale of goods is when control over the same is transferred to the customer which is mainly upon delivery. a) Obtaining an understanding of and assessing the design implementation and operating effectiveness of management?s key internal controls relating to the recognition of revenue including those related to the reconciliation of sales records to cash / credit card / online receipts preparation posting and approval of manual journal entries relating to revenue recognition.
The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of performance. b) Testing the accuracy of retail revenue recorded during the year by examining that the sale of goods transactions are in agreement with the cash / credit card / online receipts and deposit of cash amounts recorded in daily cash reports with bank remittances on sample basis.
Since revenue comprises of high volumes of individually small transactions the process of summarizing and recording sales revenue is critical with regard to the completeness existence and accuracy of retail sales revenue. c) Testing whether the sales have been recorded in the correct period by selecting samples of reconciliation between sales transactions and cash / credit card / online and agreeing those reconciliations through supporting documentation.
d) Obtaining reconciliation of retail sales as per books of account with the sales as per Indirect tax records and inquire about reasons for differences if any.
e) Performing an analysis of the manual journal entries passed during the year.

Information Other than the Financial Statements and Auditor?sReport Thereon

The company?s Board of Directors is responsible for the otherinformation. The other information comprises the information included in theCompany?s Annual Report but does not include the standalone financial statementsand our auditor?s report thereon.

Our opinion on financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone IndAS financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude that thereis a material misstatement of this other information we are required to report that fact.We have nothing to report in this regard.

Management?s responsibility for the Ind AS Financial Statements

The Company?s Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 (“the Act”) with respect tothe preparation of these standalone IndAS financial statements that give a true and fairview of the state of affairs profit /loss and other comprehensive income changes inequity and cash flows of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

This responsibility also includes the maintenance of adequateaccounting records in accordance with the provisions of the act for safeguarding theassets of the company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgment and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone IndAS financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company?s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those charged with governance are also responsible for overseeing theCompany?s financial reporting process.

Auditors? Responsibility

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 auditor?s 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 IndAS financialstatements.

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

Identify and assess the risks of material misstatements 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 relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

Conclude on the appropriateness of management?s use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany?s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor?s report to therelated disclosures in the standalone 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 auditor?s 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.

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 precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so 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 I” a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act based on our audit to theextent applicable 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 purpose of our audit;

b. in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss including OtherComprehensive Income Cash Flow Statement and statement of changes in Equity dealt with bythis report are in agreement with the books of account; d. in our opinion the aforesaidstandalone Ind AS financial Statement comply with the Indian Accounting Standards referredto in section 133 of the Companies Act 2013.

e. on the basis of written representations received from the directorsas on March 31 2022 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 from being appointed as a director in terms of subsection (2) of section 164 of the Companies Act 2013.

f. with respect to the adequacy of the internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls wegive our separate reports in “Annexure II”.

g. With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended in our opinion and to the best of our information and according to theexplanations given to us the remuneration paid/provided by the Company to its directorsduring the year is in accordance with the provisions of section 197 of the Act.

h. with respect to the other matters included in the auditor?sreport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to best of our information and according to the explanation given to us:

1) The company has disclosed the impact of pending litigation if anyon its financial position as at 31st March 2022 in its Standalone IndAS financialstatement.

2) The company did not have any long term contract including derivativecontracts for which there were any material foreseeable losses.

3) There has been no delay in transferring amounts required to betransferred to the investor?s education and protection fund by the company.

4) a. The management has represented that to the best of its knowledgeand belief no funds have been advanced or loaned or invested (either from borrowed fundsor securities premium or any other sources or kind of funds) by the Company to or in anyperson(s) or entity(ies) including foreign entities (‘the intermediaries?)with the understanding whether recorded in writing or otherwise that the intermediaryshall whether directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company (‘the UltimateBeneficiaries?) or provide any guarantee security or the like on behalf the UltimateBeneficiaries;

b. The management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any person(s) or entity(ies)including foreign entities (‘the Funding Parties?) with the understandingwhether recorded in writing or otherwise that the Company shall whether directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries?) orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the management representations under sub-clauses (a) and (b) above containany material misstatement.

For Chanani & Associates
Chartered Accountants
Firm?s Regn. No. : 325425E
CA Madhaw Chanani
Partner
Kolkata Membership No. : 060624
30th May 2022 ICAI UDIN : 22060624AJXKGT6998

ANNEXURE I TO AUDITOR?S REPORT Companies (Audit Report) Order2020

Statement referred to our report of even date to the Members ofSreeleathers Limited on the Ind AS financial statements for the year ended 31st March2022 we report that:

According to information and explanations given to us by the Companyand the books of account and records examined by us in the normal course of audit to thebest of our knowledge and belief we report that:

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

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has a regularprogramme of physical verification of its Property Plant and Equipment by which allProperty Plant and Equipment (including right of use asset) are verified in a phasedmanner over a period of three years. In accordance with this programme certain propertyplant and equipment were verified during the year. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties (other than immovable properties where the Company is the lessee and the leaseagreements are duly executed in favour of the lessee) disclosed in the financialstatements are held in the name of the Company.

d) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the Company has not revalued itsProperty Plant and Equipment (including Right of Use assets) or intangible assets or bothduring the year.

e) According to information and explanations given to us and on thebasis of our examination of the records of the Company there are no proceedings initiatedor pending against the Company for holding any benami property under the Prohibition ofBenami Property Transactions Act 1988 and rules made thereunder.

ii (a) The management has conducted physical verification of inventoryat reasonable intervals during the year except goods-in-transit and stocks lying withthird parties. There was no stock lying with third parties at the year end and forgoods-in-transit subsequent evidence of receipts has been linked with inventory records.In our opinion the frequency of such verification is reasonable and procedures andcoverage as followed by management were appropriate. No discrepancies were noticed onverification between the physical stocks and the book records that were more than 10% inthe aggregate of each class of inventory.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not beensanctioned working capital limits in excess of five crore rupees in aggregate from banksor financial institutions on the basis of security of current assets. Accordingly clause3(ii) (b) of the Order is not applicable to the Company.

iii According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anyinvestments provided guarantee or security or granted any advances in the nature ofloans secured or unsecured to companies firms limited liability partnerships or anyother parties covered. Accordingly reporting under clause 3 (iii) (a) to (f) of the Orderare not applicable to the Company.

iv According to the information and explanations given to us and on thebasis of our examination of the records of the Company the Company has complied with theprovision of section 185 and 186 of the Companies Act 2013 with respect to investmentmade.

v In our opinion and according to information and explanation given tous the company has not accepted deposits under the provisions of section 73 to 76 or anyother relevant provisions of the Companies Act 2013. Accordingly clause 3(v) of theOrder is not applicable.

vi The Central Government has not prescribed for the maintenance ofcost records under section 148 (1) of the Companies Act 2013 for the company.Accordingly clause 3(vi) of the Order is not applicable.

vii (a) The company as per information given is generally regular indepositing undisputed statutory dues including provident fund employees state insuranceincome tax duty of Customs GST cess and any other statutory dues applicable to it withappropriate authorities.

According to the information and explanations given to us noundisputed amounts payable in respect of Provident Fund Employees? State InsuranceIncome tax GST Sales Tax Service Tax Duty of Customs Duty of Excise Value added TaxCess and other material statutory dues to the extent applicable were in arrears as at 31March 2022 for a period of more than six months from the date they became payable

(b) According to the information and explanation given to us there areno dues of income tax Sales Tax Service Tax duty of Custom duty of excise value addedtax GST wealth tax and cess which have not been deposited on account of any disputeexcept as mentioned below:

Name of the Statute Nature of Dues Amount of Demand (in Rs.) Period to which the amount relates Forum where dispute is pending
The Income Tax Act 1961 Income Tax 2761843/- A.Y. 2017-18 Commissioner of Income Tax (Appeal)
Central Excise Act Excise Duty 9320010/- F.Y. 2006-07 Hon?ble Division Bench High Court at Calcutta
F.Y. 2007-08
F.Y. 2008-09
F.Y. 2009-10
F.Y. 2010-11
F.Y. 2011-12

viii There were no transactions relating to previously unrecordedincome that were surrendered or disclosed as income in the tax assessments under theIncome Tax Act 1961 (43 of 1961) during the year.

ix (a) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company did not have anyloans or borrowings from any lender during the year. Accordingly clause 3(ix)(a) of theOrder is not applicable.

(b) According to the information and explanations given to us includingrepresentations received from management of the Company and on the basis of our auditprocedures we report that the Company has not been declared a wilful defaulter by anybank or financial institution or other lender.

(c) In our opinion and according to the information and explanationsgiven to us by the management during the year the company has not obtained any term loan.Accordingly clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany no fund raised on short-term basis have been used for long term purposes by theCompany.

(e) The Company does not have any subsidiary associate or jointventure. Accordingly the requirement to report on clause 3(ix) (e) of the Order is notapplicable to the Company.

(f) The Company does not have any subsidiary associate or jointventure. Accordingly the requirement to report on clause 3(ix) (f) of the Order is notapplicable to the Company.

x (a) The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Accordinglyreporting under clause 3(x)(a) of the Order 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 (fullypartially or optionally) convertible debentures during the year. Accordingly reportingunder clause 3(x)(b) of the Order is not applicable to the Company.

xi (a) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company or on the Company has been noticedor reported during the period covered by our audit.

(b) No report under Section 143(12) of the Act has been filed In FormADT-4 with the Central Government for the period covered by our audit.

(c) According to the information and explanations given to us includingthe representation made to us by the management of the Company there are no whistleblowercomplaints received by the Company during the year.

xii The Company is not a Nidhi Company and the Nidhi Rules 2014 arenot applicable to it. Accordingly reporting under clause 3(xii) of the Order is notapplicable to the Company.

xiii In our opinion and according to the information and explanationsgiven to us all transactions entered into by the Company with the related parties are incompliance with Sections 177 and 188 of the Act where applicable. Further the details ofsuch related party transactions have been disclosed in the financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedin Companies (Indian Accounting Standards) Rules 2015 as prescribed under Section 133 ofthe Act.

xiv (a) In our opinion and according to the information andexplanations given to us the Company has an internal audit system as required underSection 138 of the Act which is commensurate with the size and nature of its business.

(b) We have considered the reports issued by the Internal Auditors ofthe Company till date for the period under audit.

xv According to the information and explanation given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected with them and accordingly provisions of Section 192 of the Act are notapplicable to the Company.

xvi The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934.

Accordingly reporting under clause 3(xvi) of the Order is notapplicable to the Company.

xvii The Company has not incurred cash losses in the current financialyear and also in the immediately preceding financial year.

xviiiThere has been no resignation of the statutory auditors during theyear. Accordingly reporting under clause 3(xviii) of the Order is not applicable to theCompany.

xix According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the standalonefinancial statements our knowledge of the plans of the Board of Directors and managementand based on our examination of the evidence supporting the assumptions nothing has cometo our attention which causes us to believe that any material uncertainty exists as onthe date of the audit report that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx (a) In respect of other than ongoing projects there are no unspentamounts that are required to be transferred to a fund specified in Schedule VII of theAct in compliance with second proviso to sub section 5 of section 135 of the Act. Thismatter has been disclosed in note 38 to the financial statements.

(b) There are no ongoing project accordingly reporting under clause3(xx) (b) of the Order is not applicable to the Company.

For Chanani & Associates
Chartered Accountants
Firm?s Regn. No. : 325425E
CA Madhaw Chanani
Partner
Kolkata Membership No. : 060624
30th May 2022 ICAI UDIN : 22060624AJXKGT6998

ANNEXURE II TO INDEPENDENT AUDITORS? REPORT

Statement referred to in paragraph 2(f) of the IndependentAuditors? Report of even date to the members of Sreeleathers Limited on thestandalone IndAS financial statements for the year ended March 31 2022.

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Act

We have audited the internal financial controls over financialreporting of Sreeleathers Limited (“the Company”) as of March 31 2022 inconjunction with our audit of the IndAS financial statements of the Company for the yearended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s management is responsible for establishing andmaintaining internal financial controls based on the Internal Control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).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 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 Companies Act 2013.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the “Guidance Note”) and the Standards on Auditingprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company?s internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company?s internal financial controlover financial reporting includes those policies and 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 asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) Provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company?s assetsthat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2022 basedon 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.

For Chanani & Associates
Chartered Accountants
Firm?s Regn. No. : 325425E
CA Madhaw Chanani
Partner
Kolkata Membership No. : 060624
30th May 2022 ICAI UDIN : 22060624AJXKGT6998

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