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Surya India Ltd.

BSE: 539253 Sector: Financials
NSE: N.A. ISIN Code: INE446E01019
BSE 00:00 | 13 May Surya India Ltd
NSE 05:30 | 01 Jan Surya India Ltd
OPEN 17.40
PREVIOUS CLOSE 17.40
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Mkt Cap.(Rs cr) 12
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Sell Price 0.00
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OPEN 17.40
CLOSE 17.40
VOLUME 1
52-Week high 17.40
52-Week low 15.85
P/E
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Surya India Ltd. (SURYAINDIA) - Auditors Report

Company auditors report

To

The members of Surya India Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Surya India Limited (“theCompany”) which comprise the Balance Sheet as at March 31 2022 the Statement ofProfit and Loss including the Statement of Other Comprehensive Income the statement ofCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 as amended (“the Act”) in the manner so required and give atrue and fair view in conformity with the Indian Accounting Standards prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended (“Ind AS”) and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2022 its profit includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (“SA”s) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (“ICAI”) together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements for the financial year ended 31March 2022. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters. For each matter below our description of how our auditaddressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the financial statements section of ourreport including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the financial statements. The results of our audit procedures includingthe procedures performed to address the matters below provide the basis for our auditopinion on the accompanying financial statements.

Key Audit Matters matter How our audit addressed the key audit
Related Parties Transactions (as described in Note No. 35 to the financial statements)
The Company has undertaken transactions with its related parties in the ordinary course of business at arm's length. These include transactions in the nature of investments loans sales and purchases etc. as disclosed in note 33 to the Ind AS financial statements. Our procedures/ testing included the following:
Considering the significance of transactions with related parties and regulatory compliances thereon related party transactions and its disclosure as set out in respective notes to the financial statements has been identified as key audit matter. Obtained and read the Company's policies processes and procedures in respect of identifying related parties obtaining approval recording and disclosure of related party transactions; Read minutes of shareholder meetings board meetings and minutes of meetings of those charged with governance in connection with Company's assessment of related party transactions being in the ordinary course of business at arm's length;
Tested related party transactions with the underlying contracts confirmation letters and other supporting documents;
Agreed the related party information disclosed in the financial statements with the underlying supporting documents on a sample basis.

We have determined that there are no other key audit matters to communicate in ourreport.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises Board's Report alongwith its annexures including Secretarial AuditReport but does not include the financial statements and our auditor's report thereon.Such other information is expected to be made available to us after the date of thisauditor's report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing so considerwhether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the report mentioned above if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance. As the other information is not made available to us as at the date of thisauditor's report we have nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Company's Act (“the Act”) with respect to the preparation of thesefinancial 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 judgments and estimates that are reasonable and prudent; anddesign implementation 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 management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of 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 auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matters

We draw attention to Note No. 33(ii) of Financial statements which describe themanagement's assessment of financial impact of the outbreak of Coronavirus (Covid-19)pandemic situation for which a definitive assessment of the impact in the subsequentperiod is dependent on the circumstances as they evolve.

Our opinion is not modified in this respect.

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 ofthe Act we give in the “Annexure A” a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

c. The Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account

d. the aforesaid financial statements comply with the Indian Accounting Standardsspecified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended;

e. On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure B”. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

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

a. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements; b. The Company has made provision as required underthe applicable law or accounting standards for material foreseeable losses if any onlong-term contracts including 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 and beliefother than as disclosed in Note No 33 (v) to the accounts no funds have been advanced orloaned or invested (either from borrowed funds or share premium or any other source/s orkind of funds) by the Company to or in any other persons or entities including foreignentities (“Intermediaries”) with the understanding whether recorded in writingor otherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever (“UltimateBeneficiaries”) by or on behalf of the Company or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented that to the best of its knowledge and belief asdisclosed in Note No 33 (vi) to the accounts no funds have been received by the Companyfrom any persons or entities including foreign entities (“Funding Parties”)with the understanding whether recorded in writing or otherwise that the Company shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the FundingParties or provide any guarantee security or the like on behalf of the UltimateBeneficiaries.

(iii) Based on the audit procedures performed that have been 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) of Rule 11(e) contain anymaterial mis-statement.

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

(C) With respect to the matter to be included in the Auditors' Report under section197(16) of the Act: In our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of section 197 of the Act. The remuneration paid to anydirector is not in excess of the limits laid down under section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under section 197(16) ofthe Act which are required to be commented upon by us;

For KAP & ASSOCIATES
Chartered Accountants
Firm Reg. No.: 024745N
PLACE: New Delhi (Nimit Agarwal)
DATE: 30th May 2022 Proprietor
M. No.: 504765
UDIN: 22504765AJXRBD1711

ANNEXURE OF THE INDEPENDENT AUDITOR'S REPORT

(Referred to paragraph (1) under the heading of “Report on Other Legal andRegulatory Requirements” of our report of even date)

(i) (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

(B) The company does not have any intangible assets and consequently clauses3(ii)(a)(B) of the Order is not applicable.

(b) The Company has conducted physical verification of the property plant andequipment during the financial year under audit and no discrepancies were observedrelated to property plant and equipment appearing under Fixed Assets Register.

(c) According to the information and explanation given to us and the basis of ourexamination of the records of the company the title deeds of the immovable properties(other than properties where the Company is the lessee and the lease agreements are dulyexecuted in favor of the lessee) are held in the name of the company except following:

Description of property Building
Gross carrying value Rs. 803.80 Lakhs
Held in name of No title deed executed
Whether promoter director or their relative or employee No
Property held since which date 22.08.2012
Reason for not being held in name of company Company has executed the Builder Buyer Agreement with the builder for purchase of property and has also obtained the physical possession of the property. However the Sale Deed for the said property will be executed at the earliest in coordination with the Builder.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not revalued its propertyplant and equipment (including right of use assets) or intangible assets or both duringthe year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no proceedings initiated or pendingagainst the Company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The company does not have any inventory and consequently clause 3(ii)(a) ofthe Order is not applicable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been sanctioned workingcapital limits in excess of five crore rupees in aggregate from banks or financialinstitutions on the basis of the security of current assets at any point of time duringthe year. Accordingly clause 3(ii)(b) of the Order is not applicable to the Company.

(iii) (a) The Company has during the year made investment in one mutual fund schemegranted unsecured loan to one company and one employee. The Company has not provided anyguarantee or security to companies firms limited liability partnerships or any otherparties during the year. The aggregate amount during the year and balance outstanding atthe balance sheet date with respect to such loans to parties are as per the table givenbelow:

Particular Loans (Amount in Lakhs)
Aggregate amount granted during the year
Others 76.00
Balance outstanding (gross) as at balance sheet date in respect of the above cases -
Others 538.05

The above amounts are included in Note 8 (related to loan) and Note 11 (related toother current assets advance to staff) to the financial statements.

(b) According to the information and explanations given to us and based on the auditprocedures conducted by us in our opinion the terms and conditions of the grant of loansand advances in the nature of loans during the year are prima facie not prejudicial tothe interest of the Company.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in our opinion in the case of loans andadvances in the nature of loans given the repayment of principal and payment of interesthas been stipulated and the repayments or receipts have been regular.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there is no overdue amount for more than ninetydays in respect of loans and advances in the nature of loans given.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there is no loan or advance in the nature ofloans granted falling due during the year which has been renewed or extended or freshloans granted to settle the overdues of existing loans or advances in the nature of loansgiven to same parties.

(f) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has granted loans or advances inthe nature of loans either repayable on demand or without specifying any terms or periodof repayment as given below:

Amount in Lakhs
Particulars All Parties Promoters Related Parties
Aggregate amount of loans/ advances in nature of loans - - -
- Repayable on demand (A) 537.0 - 537.00
- Agreement does not specify any terms or period of repayment (B) - - -
Total (A+B) 537.00 - 537.00
Percentage of loans/ advances in nature of loans to the total loans 100% - 100%

(iv) In our opinion and according to information and explanation given to us thecompany complied with the provision of section 185 and 186 of the Act with respect ofloans and investment made.

(v) According to the information and explanations given to us the Company has notaccepted any deposits or amounts which are deemed to be deposits within the meaning ofprovisions of sections 73 to 76 or any other relevant provisions of the Act and the Rulesframed there under. Accordingly reporting under clause 3 (v) of the Order is notapplicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of Act for any of the services rendered by the company. Accordinglyreporting under clause 3 (vi) of the Order is not applicable to the Company.

(vii) (a) According to the information and explanation given to us and on the basis ofour examination of the records of the company amount deducted /accrued in the books ofaccounts in respect of undisputed statutory due including provident fund income taxsales tax value added tax duty of custom service tax Goods and Service Tax cess andother material statutory dues have been regularly deposited during the year by the companywith the appropriate authorities. As explained to us the company did not have any dues onaccounts of employee' state insurance and duty of excise.

According to the information and explanations given to us no undisputed payable inrespect of provident fund income tax sales tax value added tax duty of custom servicetax cess and other material statutory dues were in arrears as at 31st March2022 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty excise duty Goodsand Service Tax and cess were in arrears as at 31st March 2022 for a periodof more than six months from the date they became payable.

(viii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not surrendered ordisclosed any transactions previously unrecorded as income in the books of account inthe tax assessments under the Income Tax Act 1961 as income during the year.

(ix) (a) The Company has not taken any loans or other borrowings from any lender. Hencereporting under clause 3(ix)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

(c) The Company has not taken any term loan during the year and there are nooutstanding term loans at the beginning of the year and hence reporting under clause3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company the company does not hold anyinvestment in subsidiary associates and joint venture (as defined in the Act) and hencereporting under clause 3(ix)(e) of the Order is not applicable.

(f) According to the information and explanations given to us and procedures performedby us we report that the Company does not hold any investment in subsidiary. Hencereporting under clause 3(ix) (f) of the Order is not applicable.

(x) (a) According to the information and explanations given to us the company has notraised moneys by way of initial public offer (including debt instruments). Accordinglyclause 3(x)(a) of the Order is not applicable. (b) According to the information andexplanations given to us and on the basis of our examination of the records of theCompany the Company has not made any preferential allotment or private placement ofshares or fully or partly or optionally convertible debentures during the year.Accordingly clause 3(x)(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and records of the Company and according tothe information and explanations given to us considering the principles of materialityoutlined in the Standard of Auditing we report that no fraud by the Company or on theCompany has been noticed or reported during the course of the audit.

(b) According to the information and explanations given to us no report undersub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 asprescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment.

(c) According to the information and explanation given to us the company has notreceived any complaints under whistle blower mechanism during the year under review.Accordingly clause 3(xi)(c) of the Order is not applicable.

(xii) According to the information and explanations given to us the Company is not aNidhi Company. Accordingly clause 3 (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to usthe transactions with related party is in compliance with Section 177 and 188 of the Actwhere applicable and the details of the related party transactions have been disclosed inthe financial statements as required by the applicable accounting standards.

(xiv) (a) Based on information and explanations provided to us and our auditprocedures in our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date forthe period under audit.

(xv) In our opinion and according to information and explanations given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected to its directors and hence provisions of Section 192 of the Act are notapplicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) and 3(xvi)(b) of the Orderare not applicable.

(b) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable.

(c) According to information and explanations provided to us during the course ofaudit the Group does not have any CICs.

(xvii) The Company has not incurred cash losses in the current and in the immediatelypreceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.Accordingly clause 3(xviii) of the Order not applicable.

(xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realisation of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.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.

(xx) In our opinion and according to the information and explanations given to us theprovisions of Section 135 of the Act are not applicable on the company and therefore nounspent amount under sub-section (5) of section 135 of the Act was required to betransferred. Accordingly clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

(xxi) The company was not required to prepare consolidated financial statementsTherefore reporting under clause xxi of the order is not applicable.

For KAP & ASSOCIATES
Chartered Accountants
Firm Reg. No.: 024745N
PLACE: New Delhi (Nimit Agarwal)
DATE: 30th May 2022 Proprietor
M. No.: 504765
UDIN: 22504765AJXRBD1711

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF M/S SURYA INDIA LIMITED

(Referred to paragraph {2(f)} under the heading of “Report on Other Legal andRegulatory Requirements” of our report of even date)

[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 M/s SuryaIndia Limited (“the Company”) as of March 31 2022 in conjunction with our auditof the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 auditor's judgement 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 Company's internal financial controls systemover 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.

Opinion

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 March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For KAP & ASSOCIATES
Chartered Accountants
Firm Reg. No.: 024745N
PLACE: New Delhi (Nimit Agarwal)
DATE: 30th May 2022 Proprietor
M. No.: 504765
UDIN: 22504765AJXRBD1711

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