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TARC Ltd.

BSE: 543249 Sector: Infrastructure
NSE: TARC ISIN Code: INE0EK901012
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VOLUME 33215
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OPEN 39.10
CLOSE 38.35
VOLUME 33215
52-Week high 60.60
52-Week low 32.50
P/E
Mkt Cap.(Rs cr) 1,124
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

TARC Ltd. (TARC) - Auditors Report

Company auditors report

To The Members of

TARC Limited (Formerly known as Anant Raj Global Limited)

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofTARC Limited (Formerly known as Anant Raj Global Limited) ("the Company") whichcomprise the Balance Sheet as at 31st March 2021 the Statement of Profit andLoss (including Other Comprehensive Income) the Statement of changes in Equity and theStatement of Cash Flows for the year then ended and Notes to Standalone FinancialStatement including a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone financial statements").

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 ("the Act") in the manner sorequired and give a true and fair view in conformity with Indian Accounting Standardsprescribed under section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended and accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2021 and profit (includingother comprehensive income) changes in equity and its cash flows for the year then ended.

Basis for Opinion:

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions 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 we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

i. We draw attention to note no. 42 to standalone financial statementswhich describes the management's evaluation of COVID-19 impact on business operations ofthe company. In view of the uncertain economic conditions the management's evaluation ofthe impact on the subsequent period is highly dependent on circumstances as they evolve.Our opinion is not modified in respect of this matter.

ii. We draw attention to note no. 46(i) to standalone financialstatements which describes that balances of financial assets and liabilities Capitaladvances compensation receivable EDC receivables advances to contractors input taxcredit recoverable etc. which were acquired by the Company under scheme of arrangement aresubject to reconciliation and confirmation with respective parties and have been carriedas per said scheme and balances in books of accounts. The Management of the company haveinitiated reconciliation process and is a long drawn process. Necessary adjustment incarrying amount of these balances shall be made upon conclusion of such reconciliationprocess however management of the company have assessed that there is no likelyhood ofmaterial changes in the carrying amount of these balances.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters ("KAM") are those matters that in ourprofessional judgement were of the most significance in our audit of the standalonefinancial statements of the current period. These matters were addressed in the context ofour audit of the standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. We have determined thematters described below to be the key audit matters to be communicated in our report.

Description of Key Audit Matters

Sr. No. Key Audit Matters How that matter was addressed in our audit report
1 Revenue recognition as per Ind AS 115 Our audit procedures on revenue recognition included the following:-
The company follows Ind AS 115 for revenue recognition. Revenue from sale of real estate properties/constructed properties is recognized at a point of time when the company satisfies performance obligations by offering possession/ registration. Recognition of revenue at a point in time is based on satisfaction of performance obligation allocation of cost incurred to units and estimated cost of completion. Due to judgement and estimates involved revenue recognition is considered as a key audit matter.
• We have evaluated that the company's revenue recognition policy is in accordance with Ind AS 115.
• We tested performance obligation satisfied by the company.
• We tested builder buyer agreements occupancy certificates (OCs) possession letter sale proceeds of customers credit notes to test transfer of control for revenue recognition.
2 Liability for Non-performance of Real estate agreements/civil law suits the company We obtained details/ list of pending civil cases and also reviewed on sample basis real estate agreements to ascertain damages on account of non-performance of those agreement and discussed with the legal team of the company to evaluate management position.
The company may be liable to pay damages/ interest for specific non-performance of certain real estates agreements civil cases preferred against the company for specific performance of the land agreement the liability on account of these if any have not been estimated and disclosed as contingent liability.
Refer Notes 29 to the Standalone Financial Statements
3 Inventories Our audit procedures to assess the net realizable value (NRV) of the inventories include the following:
The company's inventories comprise mainly of projects under construction/development (projects-in-progress) completed real estate projects. • We had discussions with Management to understand Management's process and methodology to estimate NRV including key assumptions used and we also verified project-wise un-sold area and recent sale prices and also estimated cost of construction to complete project.
The inventories are carried at lower of cost and net realizable value (NRV). NRV of completed property is assessed by reference to market price existing at the reporting date and based on comparable transactions made by the company and/or identified by the company for properties in same geographical area. NRV of properties under construction is assessed with reference to market value of completed property as at the reporting date less estimated cost to complete.
The carrying value of inventories is significant part of the total assets of the company and involves significant estimates and judgments in assessment of NRV. Accordingly it has been considered as key audit matter.
4 Investment in subsidiaries Our audit procedures include:
The company has significant investments in the subsidiary companies. These investments are carried at cost. • We compared carrying value of investment in the books of company with Net Asset Value (NAV) of relevant subsidiaries considering stocks of projects in progress/ completed real estate projects.
Management reviews whether there are any indicators of impairment of investments. For impairment testing management has to do assessment of the cash flows of these entities and/or value of underlying assets in these entities. • Verified that required disclosures in respect of these investments has been made in the financial statements.
Impairment assessment involves estimates and judgements in forcasting future cash flows. According it has been considered as key audit matter.
5 Recognition and measurement of deferred tax assets Our Audit procedures include:
Under Ind AS the company is required to reassess recognition of deferred tax asset at each reporting date. The company has deferred tax assets in respect of brought forward losses and other temporary differences as set out in Note no. 8 to the Standalone Financial Statements. • Obtaining the business plans projected profitability statements for the existing ongoing projects.
The company's deferred tax assets in respect of brought forward business losses and also on reversal of income/ profit upon adoption of Ind AS 115 are based on the projected profitability. This is determined on the basis of business plans demonstrating availability of sufficient taxable income to utilize such deferred tax asset. • Evaluating the design and testing the operating effectiveness of controls over assessment of deferred tax balances and underlying data.
We have identified recognition of deferred tax assets as key audit matter because of the related complexity and subjectivity of the assessment process. The assessment process is based on assumptions affected by expected future market or economic conditions. • We tested the computations of amount and tax rate used for recognition of deferred tax assets.
• We verified the disclosure made by the company in respect of deferred tax assets.
6 Advances against purchase of Investment properties & also other advances to contractors Our Audit procedures includes:
The company has given advances for purchase of investment properties and also those acquired by the company under scheme of arrangement. These advances are given based on agreements entered into prior to/after demerger period. These advances are tested for recoverability Due to significant amount involved and time involved in squaring up of these advances it has been considered as key audit matter. • Capital advances acquired by the company by virtue of scheme of arrangement duly approved was verified from approved scheme.
• We had discussions with management on acquisition of investment properties by adjusting advances given. ( Refer Note No. 9 also)

Other Information

The Company's Management and Board of Directors are responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report including Annexures toBoard's Report Business Responsibility Report Corporate Governance and Shareholder'sInformation but does not include the standalone financial statements and our auditor'sreport thereon. The other information is expected to make available to us after the dateof audit report.

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 whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Results

The Company's Management and Board of Directors are responsible for thematters stated in section 134(5) of the Act with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialResults

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 financial statements.

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 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 controls 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 system inplace 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 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 conditions maycause 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 work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

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 Section 143(3) of the Act based on our audit wereport 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 have beenkept 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 othercomprehensive income) the Statement of Cash Flow and the Statement of Changes in Equitydealt with by this report are in agreement with the relevant books of account.

d. In our opinion the aforesaid standalone financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2021 from being appointed asa director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure-II". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

g. With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There are no amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure I" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

Annexure I to Independent Auditors' Report

(Referred to in paragraph 2 under "Report on other Legal andRegulatory Requirements section of our report to the members of TARC Limited (Formerlyknown as Anant Raj Global Limited of even date)

i. (a) The Company has maintained proper records showing full

particulars including quantitative details and situation of the fixedassets.

(b) The fixed assets have been physically verified by the management atthe reasonable intervals which in our opinion is considered reasonable having regard tothe size of the company and the nature of its assets.

(c) In our opinion and according to information and explanations givento us and on the basis of an examination of the records of the Company the title deeds ofimmovable properties acquired by the Company upon demerger in a scheme of arrangement areyet to be transferred in the name of the Company.

ii. The inventory includes land completed real estate projectsprojects in progress construction material development and other rights in identifiedland. Physical verification of inventory has been conducted at reasonable intervals by themanagement and discrepancies noticed which were not material in nature have been properlydealt with in the books of accounts.

iii. According to the information and explanation given to us thecompany has granted interest free loans (secured or unsecured) to subsidiary companiescovered in the register maintained under Section 189 of Companies Act 2013 in respect ofwhich:

(a) The terms and conditions of the grant of such loans are in ouropinion prime facie not prejudicial to company's interest except that no interest on suchloans granted are being charged.

(b) In respect of loans granted which are repayable on demand anddisclosed in current financial assets no such demand have been made by the company.

(c) In respect of long term loans granted and disclosed as non-currentfinancial assets the schedule of repayment of principal has not been stipulated and inthe absence of such stipulation we are unable to comment on the regularity of re-paymentor receipt of principal amount.

(d) There are no overdue amounts remaining outstanding as at thebalance sheet date.

iv. In our opinion and according to information and explanations givento us the Company has complied with provisions of Section 185 and 186 of the Act inrespect of loans investments guarantees and security.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits from the public.

vi. We have broadly reviewed the books of accounts maintained by theCompany pursuant to the Rules made by the Central Government for the maintenance of CostRecords under section 148 of the Act and are of opinion that prima facie the prescribedaccounts and records have been made and maintained however we have not made the detailedexamination of such cost records.

vii. (a) According to the information and explanations given to

us and on the basis of our examination of the records of the Companyprovident fund employees' state insurance income tax goods and services tax (GST) andother applicable material undisputed statutory dues have been deposited with delay duringthe year with the appropriate authorities and there were arrears of outstanding statutorydues of TDS of Rs. 274.77 Lakhs as at the last day of the financial year concerned for aperiod of more than six months from the date they became payable which have not beendeposited.

We are informed that the company's operations during the year did notgive rise to any liability for custom duty. We are further informed that GST liability ontransactions recorded during the year has been adjusted against input tax credit as perbooks which is not reconciled with GST portal in absence of filing of ITC 02/mandatory GSTreturns therefore any shortfall of such input tax credit resulting in GST outputliability is not ascertained and accordingly timely deposit thereof is not commented.

(b) According to the information and explanations given to us thereare no dues of income tax duty of customs value added tax GST or other applicablematerial statutory dues which have not been deposited as at 31st March 2021 onaccount of any dispute except as under:

Name of Statute Nature of Dues Forum where dispute is pending Period to which the amount relates Amount involved (Rs. in Lakhs)
Director General of Anti Profiteering Goods & Service Tax National Anti-Profiteering Authority 01.07.2017 to 30.06.2019 679.07

viii. In our opinion and according to the information and explanationsgiven to us the Company has not been regular in repayment of dues to bank non-bankingfinancial companies and housing finance companies. The details of default in repayment ofdues (other than those made good during the year or restructured under moratorium schemeby Reserve Bank of India or Government of India due to Covid -19) to banks financialinstitutions non-banking financial companies and housing finance companies as at balancesheet date are as under:-

(Rupees in Lakhs)

Amount of Default as at 31st March 2021 Period of Default (in No. of days)
Name of the institution Principal Interest Principal Interest
ART housing Finance 274.80 9.24 28-56 Days 28-56 Days
JM Financial Credit Solution Ltd. - 656.71 - 1-59 Days
HERO Fincorp Ltd. 1118.29 482.49 28-56 Days 28-56 Days
HERO Housing finance Ltd. - 23.18 - 0-30 Days
Yes Bank * 3187.50 1716.50 - -

* According to information & explanation given to us the companyhas filed restructuring under DCCO guidelines of RBI proposal (refer Note no.-15(viii))and is pending for approval as at balance sheet date.

There are no debenture holders.

ix. According to the information and explanations given to us the termloans were generally applied for the purpose for which those are raised. The Company hasnot raised money by way of initial public offer or further public offer (including debtinstruments) during the year.

x. According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

xi. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals in demerged companymandated by the provisions of Section 197 read with Schedule V to the Act.

xii. According to the information and explanations given to us theCompany is not a Nidhi Company as prescribed under Section 406 of the Act. Accordinglyparagraph 3(xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us alltransactions with the related parties are in compliance with Section 177 and 188 of Actwhere applicable and the details of related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

xvi. According to information and explanations given to us the Companyis not required to be registered under Section 45 IA of the Reserve Bank of India Act1934.

Annexure II to Independent Auditors' Report

(Referred to in paragraph 1(f) under 'Report on Other Legal andRegulatory Requirements' section of our report to the Members of TARC Limited (Formerlyknown as Anant Raj Global Limited of even date)

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 TARC Limited (Formerly known as Anant Raj Global Limited ("theCompany") as at 31 March 2021 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective 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's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under Section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

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 of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting of the Company.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A Company's internal financialcontrol over financial reporting includes those policies and procedures that:

(a) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(b) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of standalone financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of theCompany are being made only in accordance with authorizations of management and directorsof the company; and

(c) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the standalone financial statements.

Limitations of Internal Financial Controls over Financial Reporting

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 to the best of our information and according to theexplanations given to us 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 31 March 2021 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 Doogar & Associates
Chartered Accountants
Firm Registration No: 000561N
M.S Agarwal
Partner
Place: New Delhi Membership No: 086580
Date: 30.06.2021 UDIN: 21086580AAAACM3886

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