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TCFC Finance Ltd.

BSE: 532284 Sector: Financials
NSE: N.A. ISIN Code: INE389D01013
BSE 00:00 | 27 Sep 30.90 -0.15
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NSE 05:30 | 01 Jan TCFC Finance Ltd
OPEN 30.00
PREVIOUS CLOSE 31.05
VOLUME 774
52-Week high 49.30
52-Week low 28.55
P/E 8.58
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.00
CLOSE 31.05
VOLUME 774
52-Week high 49.30
52-Week low 28.55
P/E 8.58
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

TCFC Finance Ltd. (TCFCFINANCE) - Auditors Report

Company auditors report

To members

TCFC Finance Limited

Report on the indian Accounting Standards ("ind AS") Financial StatementsOpinion

We have audited the accompanying Ind AS financial statements of TCFC Finance Limited("the Company") which comprise the Balance Sheet as at 31st March 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2022 the Profit and total comprehensiveincome changes in equity and its cash flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing (‘SAs') specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (‘ICAI') together with the ethicalrequirements that are relevant to our audit of the Ind AS financial statements underprovisions 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 opinion on the Ind AS 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 of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Valuation of investments

The Company's investment portfolio consists of Equity Instruments and Government Securities. Our audit procedures for this area included:
Total investment portfolio of the Company represents 8.27 per cent of the Company's total assets (net of provision). ? We assessed appropriateness of the pricing methodologies with reference to Company's accounting and valuation policy;
Investments are stated at cost less provision for diminution other than temporary in the value of these investments. ? We have assessed the process and tested the operating effectiveness of the key controls including the Company's review and approval of the estimates and assumptions used for the valuation including key authorization and data input controls;
In respect of the portfolio of quoted investments we do not consider these investments to be at a high risk of significant misstatement or to be subject to a significant level of judgement because they comprise liquid quoted investments. However due to their materiality in the context of the financial statements as a whole they are considered to be one of the areas which had significant impact on our overall audit strategy.
The portfolio of unquoted investments is 1.64 per cent of the Company's Total Assets. Valuation of unquoted investments involves judgement depending on the observability of the inputs into the valuation and further judgement in determining the appropriate valuation methodology where external pricing sources are either not readily available or are unreliable. ? For quoted investments recalculated the valuations of investments with independent pricing sources;
? For unquoted investments we critically evaluated the valuation assessment and resulting conclusions in order to determine appropriateness of the valuations recorded with reference to the
Refer Note no. 2-3 of the "Significant Accounting Policies". Company's valuation guidelines.

nventories

The Company's inventory consists of Shares and mutual fund. Our audit procedures for this area included:
Total Inventory of the Company represents 89.43 per cent of the Company's total assets. ? We assessed appropriateness of the pricing methodologies with reference to Company's valuation policy.
Inventory's are made and valued in accordance with Policy of the Company and relevant Ind AS at cost or market value whichever is lower on FIFO basis. Refer Note no. 2-3 of "Significant Accounting Policies". ? We have verified the inventory of shares by DEMAT statements and the account statements in respect of Mutual Funds.
#ARStart#

? In Quoted Inventories recalculated the valuation with independent pricing sources.

Other information

The Company's Board of Directors is responsible for preparation of the otherinformation. Other information comprises the information included in the ManagementDiscussion and Analysis of the Board's Report including Annexures thereto to CorporateGovernance and Shareholder's Information but does not include the Ind AS financialstatements and our auditor's report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe will not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the Ind ASfinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated.

management's Responsibility for the ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese Ind AS Financial Statements that give a true and fair view of the financialposition financial performance total comprehensive income changes in equity and cashflows of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also includes maintenance of adequate accounting records inaccordance with provisions of the Act for safeguarding assets of the Company and forpreventing 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 accuracy and completeness of theaccounting records relevant to preparation and presentation of the Ind AS FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company'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.

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

Auditor's Responsibilities for Audit of the ind AS 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:

i. Identify and assess 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.

ii. Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

iv. Conclude on 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.

v. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the 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 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.

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 section143 ofthe Act we give in Annexure "A" hereto a statement on the matters specified inparagraph 3 of the Order to the extent applicable.

2. As required by section143(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 appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the accountingstandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms ofsection 164 (2) of the Act;

f) With respect to adequacy of the internal financial controls over financial reportingof the Company and operating effectiveness of such controls refer to our separate reportin "Annexure B"; and

g) With respect to other matters to be included in the Auditor's Report in accordancewith 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.

h) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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 Ind AS financial statements -Refer Note no. 27 of Ind As FinancialStatements.

ii. The Company does not have any long-term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise

iii. The company was required to transfer the unclaimed dividend account no. - 17260pertaining to 2013-14 of Rs.100256 to Investors Education and Protection Funds underSection 125 of the Companies Act 2013 read with Investors Education and ProtectionAuthority (Accounting Audit Transfer and Refund) Rules 2016. But the company has nottransferred the same on the requisite date as the period of 7 years had lapsed on 4thOctober 2021.

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned 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;

v) (a) The final dividend proposed in the Previous year declared and paid the Companyduring 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 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 GmJ & Co

Chartered Accountants Firm no. 103429W

(CA Atul Jain) Partner m. no. 037097

Udin: 22037097AJedAW8691 Place: mumbai date: 12thm ay 2022

Annexure "A" to the independent Auditor's Report

( i) In respect of the Company's Property Plant and Equipment and Intangible Assets:

a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of the Property Plant and Equipment.

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

b) Property Plant and Equipment were physically verified during the year by themanagement and no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us the title deeds ofimmovable property are held in the name of the company;

d) The company has not revalued any of its Property Plant and Equipment (includingRight of Use assets) or intangible assets or both during the year;

e) No proceedings have been initiated during the year or are pending against thecompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) a) The inventory has been verified by the management at reasonable intervalsduring the year on the basis of statements received from custodians and depositaryparticipants and no material discrepancies were noticed on physical verification ascompared to the book records;

(b) According to the information and explanations given to us the Company has not beensanctioned any working capital limits from banks or financial institutions at any point oftime during the year under audit. Accordingly paragraph 3(ii)(b) of the Companies(Auditor's Report) Order 2020 ("the Order") is not applicable to the Company

(iii) The Company has not made any investments granted loans secured or unsecured toany firms companies or other parties covered in the register maintained under Section 189of the Company's Act2013 ( the Act ) and hence provisions of clauses (iii) (a) (b) (c)(d) (e) and (f) of paragraph 3 of the Company ( Auditors Report ) Order 2020 ( the Order) are not applicable to the Company;

(iv) According to the information and explanations given to us the provisions ofSection 185 of the Act are not applicable to the Company and the Company has complied withthe provision of Section 186 of the Act in respect of subscription of shares to bodycorporates

(v) The Company has not accepted any deposits or amounts which are deemed to bedeposits. Hence reporting under clause 3(v) of the order is not applicable.

(vi) The Central Government of India has not prescribed maintenance of cost recordsunder subsection (1) of Section 148 of the Act for any of the activities of the Company.Thus reporting under clause 3(vi) of the order is not applicable to the Company.

(vii) According to records of the Company examined by us and the information andexplanations given to us:

(a) The Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax goods and service tax cess andother material statutory dues with appropriate authorities. There were no undisputedamounts payable for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us there are no material duesof duty of customs and goods & service tax which have not been deposited as at March31 2022 on account of any dispute.

(c) Details of dues of Income Tax on account of dispute which are given below :

nature of the Statute nature of dues Forum where dispute is Pending Period to which the amount Relates Amount (Rs)
The Income Tax Act 1961 Income Tax Jurisdictional AO AY 2012-13 499690
The Income Tax Act 1961 Income Tax CPC Benguluru AY 2014-15 604920
The Income Tax Act 1961 Income Tax CPC Benguluru AY 2017-18 40750

(viii) According to the information and explanations given to us the Company does nothave any transactions not recorded in books of accounts that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961.Accordingly paragraph 3(viii) of the Companies (Auditor's Report) Order 2020 ("theOrder") is not applicable to the Company

(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) 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 no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

d) On an overall examination of the financial statements of the Company no funds wereraised on shortterm basis by the company. Hence reporting on clause 3(ix)(d) is notapplicable.

e) According to information and explanation given to us Company has not taken any fundfrom any entity or from any person on account of or to meet the obligations of itssubsidiaries associates or joint ventures and hence paragraph 3(ix)(e) of the Companies(Auditor's Report) Order 2020 ("the Order") is not applicable to the Company.

f) According to information and explanation given to us the company has not raisedloans during the year on the pledge of securities held in its securities joint venturesor associates companies and hence paragraph 3(ix)(f) of the Companies (Auditor's Report)Order 2020 ("the Order") is not applicable to the Company.

(x) a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) No fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) As represented to us by the management there are no whistle-blower complaintsreceived by the company during the year.

(xii) As the Company does not fall into the category of a Nidhi company clause (xii)of para 3 of the Order is not applicable to the Company;

(xiii) According to the information and explanations given to us all transactions withrelated parties are in compliance with Sections 177 and 188 of the Act wherever applicableand details have been disclosed in the Ind AS Financial Statements as required byapplicable accounting standards;

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the 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) In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors and henceprovisions 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 theReserve Bank of India Act 1934 and is registered vide the Registration no. 13.00984 takenin the year 1998.

b) The company has not conducted any Non- Banking Financial or Housing Financeactivities without a valid Certificate of Registration (CoR) from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934.

c) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(c) of the Order is not applicable.

xvii) The Company has not incurred cash losses during the financial year covered by ouraudit and in the immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

xix) On the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the financial statements the auditor's knowledge of the Board of Directorsand management plans the auditor is of the opinion that no material uncertainty exists ason the date of the audit report that company is capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due. We howeverstate that this is not an assurance as to the future viability of the Company. We furtherstate that our reporting is based on the facts up to the date of the audit report and weneither give any guarantee nor any assurance that all liabilities falling due within aperiod of one year from the balance sheet date will get discharged by the Company as andwhen they fall due.

xx) a) According to the information and explanations given to us and based on ourexamination of the records of the Company it is not required to transfer any unspentamount pertaining to the year under report to a Fund specified in Schedule VII to theCompanies Act in compliance with second proviso to sub section 5 of section 135 of thesaid Act.

b) According to the information and explanations given to us and based on ourexamination of the records of the Company there is no amount which is remaining unspentunder sub section 5 of section 135 of the Act pursuant to any ongoing CSR project.

For GmJ & Co

Chartered Accountants Firm no. 103429W

(CA Atul Jain) Partner m. no. 037097

Udin: 22037097AJedAW8691 Place: mumbai date: 12thm ay 2022

AnnexURe – "B" TO AUdiTOR'S RePORT

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

We have audited the internal financial controls over financial reporting of TCFCFinance Limited ("the Company") as of31 st March 2022 in conjunctionwith our audit of the Ind AS Financial Statements of the Company for the year ended onthat 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 includedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring orderly and efficient conduct of its businessincluding adherence to Company's policies safeguarding of its assets prevention anddetection of frauds and errors accuracy and completeness of accounting records andtimely preparation of reliable financial information as required under the Act.

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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such control operatedeffectively in all material respects.

Our audit involved performing procedures to obtain audit evidence about adequacy of theinternal 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 auditors' judgment including assessment of the risks of materialmisstatement of the IndAS 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 reliability of financial reporting andpreparation of Ind AS Financial Statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to maintenanceof records that in reasonable detail accurately and fairly reflect the transactions anddispositions of assets of the company; (2) provide reasonable assurance that transactionsare recorded as necessary to permit preparation of Ind AS 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 Ind AS Financial Statements.

nherent Limitations ofi internal Financial Controls Over Financial Reporting

Because of inherent limitations of internal financial controls over financialreporting including possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overreporting were operating effectively as at 31st March 2022 based on the internal controlover financial reporting criteria established by the Company considering essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For GmJ & Co

Chartered Accountants Firm no. 103429W

(CA Atul Jain) Partner m. no. 037097

Udin: 22037097AJedAW8691 Place: mumbai date: 12thm ay 2022

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