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Tata Investment Corporation Ltd.

BSE: 501301 Sector: Financials
NSE: TATAINVEST ISIN Code: INE672A01018
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VOLUME 4252
52-Week high 1734.00
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P/E 30.84
Mkt Cap.(Rs cr) 7,568
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OPEN 1487.00
CLOSE 1487.50
VOLUME 4252
52-Week high 1734.00
52-Week low 1180.10
P/E 30.84
Mkt Cap.(Rs cr) 7,568
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tata Investment Corporation Ltd. (TATAINVEST) - Auditors Report

Company auditors report

TO THE MEMBERS OF

TATA INVESTMENT CORPORATION LIMITED

Report on the audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of TATA INVESTMENT CORPORATION LIMITED ('theCompany') which comprise the balance sheet as at 31 March 2022 the statement of profitand loss (including other comprehensive income) the statement of changes in equity andthe statement of cash flows for the year then ended and notes to financial statementsincluding 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 the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31 March 2022 the profit total comprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) prescribed under Section 143(10) of the Act. Ourresponsibilities 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 ethicalrequirements 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 obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters. We have determined the matters described below to be the keyaudit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1. Fair Valuation of Investments in Unquoted Instruments Principal audit procedures followed:
The Company's investments in unquoted instruments (other than investment in Subsidiary and Associates) are measured at fair value at each reporting date and these fair value measurements significantly impact the Company's results. • Understanding of the process evaluating the design and testing the operating effectiveness in respect of valuation of investments by management.
The Company's investments in subsidiary and associates are measured at cost less provision for impairment if any. Within the Company's investment portfolio the valuation of certain assets such as unquoted equity requires significant judgement because of quoted prices being unavailable and limited liquidity in these markets. • Evaluating management's controls over collation of relevant information used for determining estimates for valuation and impairment testing of investments.
• Testing appropriate implementation of policy of valuation and impairment testing by management.
Refer note 5(a) 7.5 7.5.1 and 16 note to the standalone financial statements • Reconciling the financial information mentioned in fair valuation and impairment testing to underlying source details. Also testing the reasonableness of management's estimates considered in such assessment.
• Obtaining independent valuation reports of investments in unquoted investments and involving valuation specialist to test the appropriateness of the fair value of these investments.
• Assessing the factual accuracy and appropriateness of the financial statement disclosures made in the financial statements in respect of investments.

Information other than the standalone financial statements and auditor's report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board Report including Annexuresthereon but does not include the standalone financial statements and our auditor's reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's responsibility for the standalone financial statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith Indian Accounting Standards (Ind AS) and other accounting principles generallyaccepted in 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 is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's responsibility for the audit of the standalone financial statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in the aggregatethey could reasonably be expected to influence the economic decisions of users taken onthe basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act 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 reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

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 standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when 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.

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 Section 143(11) of the Act and onthe basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we give in the"Annexure A'; a statement on the matters specified in the paragraphs 3 and 4 of theOrder to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes 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 the statement of profit and loss (including other comprehensiveincome) the statement of changes in equity and the statement of cash flows dealt with bythis Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act;

e) On the basis of written representations received from the directors of the Companyas on 31 March 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on 31 March 2022 from being appointed as a director in terms of Section164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B";

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and

h) 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:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements (Refer note no. 11 of the standalonefinancial statements);

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. a) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

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

v. a) The final dividend proposed in the previous year declared and paid by theCompany during the year is in accordance with Section 123 of the Act as applicable.

b) The Board of Directors of the Company have proposed final dividend for the yearwhich is subject to the approval of the members at the ensuing Annual General Meeting. Theamount of dividend proposed is in accordance with Section 123 of the Act as applicable.

For Suresh Surana & Associates LLP
Chartered Accountants
Firm's Registration Number: 121750W / W-100010
Ramesh Gupta
Partner
Membership Number: 102306
UDIN: 22102306AHUDPW9281
Place: Mumbai
Date: 25th April 2022

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under the heading 'Report on Other Legal and RegulatoryRequirements' of our report of even date)

i. (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of its property plant and equipment andrelevant details of Right-of-use assets.

(B) The Company has maintained proper records showing full particulars of itsintangible assets.

(b) The Company has a regular program of physical verification of property plant andequipment and right-of-use assets so to cover all the assets at reasonable intervalswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. Pursuant to the program property plant and equipment have beenphysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us the Company owns four immovable properties being apartments in Mumbai. The Companyacquired these immovable properties through the agreement between the company and othercompanies of the Tata group. The common agreement appropriately specifies the details ofownership of the four apartments owned by the Company. In respect of immovable propertytaken on lease and disclosed as right of use asset in the standalone Ind AS financialstatements the lease agreement is in the name of the Company.

(d) The Company has not revalued its property plant and equipment (includingright-of-use assets) and intangible assets during the year.

(e) According to the information and explanations given to us no proceedings have beeninitiated or are pending against the Company for holding any benami property under theBenami Transactions (Prohibition) Act 1988 and rules made thereunder.

ii.(a) The Company is an investment company primarily engaged in investment insecurities debentures and other products. Accordingly it does not hold any inventoriesreporting under clause 3(ii)(a) of the Order is not applicable.

(b) The Company has not been sanctioned working capital limits in excess of Rs.5 crorein aggregate at any point of time during the year from banks or financial institutionson the basis of security of current assets and hence reporting under clause 3(ii)(b) ofthe Order is not applicable to the Company.

iii. According to the information and explanations given to us during the year theCompany has made investments in companies and other parties. In our opinion theinvestments made during the year are prima facie not prejudicial to the interest of theCompany. Further during the earlier years the Company has given intercorporate depositsto its subsidiary company which was payable on demand and according to the information andexplanations given to us such loans and interest thereon have been received during theyear as and when demanded for repayment.

Moreover the Company has not provided any loans or advances in the nature of loans orstood guarantee or security secured or unsecured to companies firms limited liabilitypartnerships or any other parties during the year and hence reporting under clause3(iii)(a) and 3(iii)(d) to 3(iii)(f) of the Order is not applicable to the Company.

iv. In opinion and according to the information and explanations given to us theCompany has not given loan to any director in accordance with the provisions of Section185 of the Companies Act 2013. The Company has not given any loans or guarantees andbeing a Non-banking financial company its investments are exempted under Section186(11)(b) hence the Company has complied with the provisions of Section 185 and 186 ofthe Act as applicable.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits or amounts which are deemed to be deposits withinthe meaning of Sections 73 to 76 of the Act and the rules made thereunder. Accordinglyreporting under clause 3(v) of the Order are not applicable to the Company.

vi. The central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the services rendered by the Company and henceclause 3(vi) of the Order is not applicable to the Company.

vii. In respect of statutory dues:

(a) According to the information and explanations given to us the Company has beenregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income tax goods and services tax and any other statutory dues as applicableto the appropriate authorities. Considering the nature of business that the Company isengaged in sales tax custom duty excise duty and value added tax are not applicable tothe Company. There are no arrears of outstanding statutory dues as at the last day of thefinancial year for a period of more than six months from the date they became payable.

(b) There are no dues of income tax and goods and services tax which have not beendeposited on account of any dispute.

viii. According to information and explanations given to us no unrecorded transactionshave been surrendered or disclosed as income during the year in the tax assessments underthe Income Tax Act 1961 (43 of 1961).

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 to the Company.

(b) The Company has not been declared willful defaulter by any bank or financialinstitution or government or any 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 to the Company.

(d) The Company has not raised any loans on short basis and hence reporting underclause 3(ix)(d) of the Order is not applicable to the Company.

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries or associates.

(f) The Company has not raised any loans during the year and hence reporting on clause3(ix)(f) of the Order is not applicable to the Company.

x. (a) According to the information and explanations given to us the Company has notraised moneys by way of public offer (including debt instruments) during the year.Accordingly reporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to information and explanations given to us the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year. Accordingly reporting under clause3(x)(b) of the Order is not applicable to the Company.

xi. (a) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the standalone financial statements and according to the information andexplanations given to us we report that no fraud by the Company or on the Company hasbeen noticed or reported during the year.

(b) According to information and explanations given to us no report under sub-section(12) of Section 143 of the Act has been filed in Form ADT-4 as prescribed under Rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government during the year andup to the date of this report.

(c) As represented to us by the management there were no whistleblower complaintsreceived by the Company during the year.

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

xiii. According to the information and explanations given to us in our opiniontransactions with related parties are in compliance with Sections 177 and 188 of the Act.The details of such related party transactions have been disclosed in the standalonefinancial statements as required by the applicable Indian Accounting Standards.

xiv. (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them during the year. Accordinglyprovisions of Section 192 of the Companies Act 2013 are not applicable to the Company.

xvi. (a) The Company is required to be registered under Section 45-IA of the ReserveBank of India Act 1934 and has obtained the requisite registration as a non-bankingfinancial institution under section 45 - IA of the Reserve Bank of India Act 1934.

(b) the Company has not conducted any Non - Banking Financial activities without avalid Certificate of registration from Reserve Bank of India as per the Reserve Bank ofIndia Act 1934.

(c) According to the information and explanations given to us by the management thecompany is not a Core Investment Company (CIC) as defined in the regulations made by theReserve Bank of India.

(d) According to the information and explanations given to us by the management theGroup has five CICs which are registered with the Reserve Bank of India and one CIC whichis not required to be registered with the Reserve Bank of India.

xvii. According to the information and explanations given to us the Company has notincurred any cash losses in the financial year and in the immediately preceding financialyear.

xviii. According to the records of the Company examined by us and information andexplanations given to us the erstwhile auditors of the Company resigned during the yearon account of completion of maximum permissible term of three years as mandated by ReserveBank of India. Further there were no other issues objections or concerns raised by theoutgoing auditors in their resignation letter.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the standalone financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that the Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

xx. (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) onother than ongoing projects requiring a transfer to a Fund specified in Schedule VII tothe Companies Act in compliance with second proviso to sub-section (5) of Section 135 ofthe said Act. Accordingly reporting under clause 3(xx)(a) of the Order is not applicableto the Company for the year.

(b) In respect of ongoing projects there are no amounts required to be transferred tounspent Corporate Social Responsibility (CSR) account as at the end of the previousfinancial year and for the current financial year. Accordingly reporting under clause3(xx)(b) of the Order is not applicable to the Company.

For Suresh Surana & Associates LLP
Chartered Accountants
Firm's Registration Number: 121750W / W-100010
Ramesh Gupta
Partner
Membership Number: 102306
UDIN: 22102306AHUDPW9281
Place: Mumbai
Date: 25th April 2022

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under the heading 'Report on Other Legal and RegulatoryRequirements' of our report of even date)

We have audited the internal financial controls over financial reporting of TataInvestment Corporation Limited ("the Company") as of 31 March 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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.

Auditor's 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 FinancialReporting" (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence obtained by us 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 31 March 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 Control Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Suresh Surana & Associates LLP
Chartered Accountants
Firm's Registration Number: 121750W / W-100010
Ramesh Gupta
Partner
Membership Number: 102306
UDIN: 22102306AHUDPW9281
Place: Mumbai
Date: 25th April 2022

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