You are here » Home » Companies » Company Overview » TCI Express Ltd

TCI Express Ltd.

BSE: 540212 Sector: Services
NSE: TCIEXP ISIN Code: INE586V01016
BSE 00:00 | 12 Aug 1642.55 5.35
(0.33%)
OPEN

1654.55

HIGH

1667.20

LOW

1634.15

NSE 00:00 | 12 Aug 1643.50 1.35
(0.08%)
OPEN

1664.15

HIGH

1668.00

LOW

1633.00

OPEN 1654.55
PREVIOUS CLOSE 1637.20
VOLUME 995
52-Week high 2570.00
52-Week low 1280.25
P/E 46.50
Mkt Cap.(Rs cr) 6,332
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1654.55
CLOSE 1637.20
VOLUME 995
52-Week high 2570.00
52-Week low 1280.25
P/E 46.50
Mkt Cap.(Rs cr) 6,332
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

TCI Express Ltd. (TCIEXP) - Auditors Report

Company auditors report

Independent AuditorRs.s Report

To The Members of TCI Express Limited

REPORT ON THE AUDIT OF THE IND AS FINANCIAL STATEMENTS

Opinion

We have audited the accompanying Ind AS financial statements of TCIExpress Limited (the Rs.CompanyRs.) which comprise the Balance Sheet as at 31stMarch 2022 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the financial statements and a summary of the significant accounting policies andother explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Companies Act 2013 (the Rs.ActRs.) in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia including Indian Accounting Standards (Rs.Ind ASRs.) specified under Section 133 ofthe Act of the state of affairs (financial position) of the Company as at 31stMarch 2022 and its profit (financial performance including other comprehensive income)its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Our responsibilities under those standards arefurther described in the (AuditorRs.s Responsibilities for the Audit of the Ind ASFinancial Statements) section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (Rs.ICAIRs.) together with the ethical requirements that are relevant to our auditof the Ind AS financial statements under the provisions of the Act and the rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit matterto be communicated in our report.

Key audit matter How our audit addressed the key audit matter
Impairment testing of investments in Uketoru Co. Ltd Japan Our procedures included but were not limited to the following:
Refer Note 6 to the accompanying financial statements • Obtained an understanding of managementRs.s process and
As at 31st March 2022 the carrying amount of investment in Uketoru Co. Ltd Japan is Rs. 1.05 crores(net of impairment gain of Rs 3.82 lakhs) evaluation design and tested operating effectiveness of controls around identification of indicators of impairment under Ind AS;
The net worth of Uketoru Co. Ltd Japan as at 31st March 2022 is fully eroded as per unaudited accounts. No audited accounts for any years are available. The management has considered that there is possible impairment in the carrying value of the investment. Accordingly the management has obtained valuation by an independent valuer who has as per discounted free cash flow to Equity arrived at total fair value/ investment value with application of income approach (DCF Method) INR 10547829.50 of 50 shares Investment. • Assessed the appropriateness of methodology and valuation model used by the valuers to estimate the recoverable value of investment in Uketoru Co. Ltd;
Considering the materiality of the amounts involved the significant management judgement required is being inherently subjective this matter has been identified as a key audit matter for the current year audit. • Assessed the professional competence of the valuation specialist who are "Merchant Banker" registered with SEBI and "Registered valuer" registered with IBBI as engaged by the management;
• Based on our procedures we also considered the adequacy of disclosures in respect of investment in the said Uketoru Co. Ltd in the notes to the financial statements.

Information other than the Financial Statements and AuditorRs.s Reportthereon

The Company?Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditorRs.s report thereon.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance forthe Financial Statements

The Company?Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the state of affairs (financial position)profit or loss (financial performance including other comprehensive income) changes inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Ind AS specified under Section 133 of the Act.[read with the Companies (Indian Accounting Standards) Rules 2015 as amended]. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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

The Board of Directors are also responsible for overseeing theCompany?financial reporting process.

AuditorRs.s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditorRs.s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with Standards on Auditing 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 financial statements.

As part of an audit in accordance with Standards on Auditing weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

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

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

• Conclude on the appropriateness of managementRs.s use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditorRs.s reportto the related disclosures in the 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 auditorRs.s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditorRs.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

As required by Section 197(16) of the Act we report that the Companyhas paid remuneration to its directors during the year in accordance with the provisionsof and limits laid down under Section 197 read with Schedule V to the Act.

As required by the Companies (AuditorRs.s Report) Order 2020 (theRs.OrderRs.) issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4of the Order. Further to our comments in Annexure A as required by Section 143(3) of theAct we report that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;

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

c) the financial statements dealt with by this report are in agreementwith the books of account;

d) in our opinion the aforesaid financial statements comply with IndAS specified under Section 133 of the Act; read with companies (Indian AccountingStandards) Rules 2015 as amended.

e) on the basis of the written representations received from thedirectors and 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 termsof Section 164(2) of the Act;

f) we have also audited the internal financial controls over financialreporting (IFCOFR) of the Company as on 31st March 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date andour report as per "Annexure B" expressed an unmodified opinion;

g) with respect to the other matters to be included in the AuditorRs.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 the financial statements;

II. the Company has made provision as required under the applicablelaw or Ind AS for material foreseeable losses if any on long-term contracts includingderivative contracts;

III. there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31st March 2022;

ANNEXURE "A" TO INDEPENDENT Auditors?REPORT OF EVEN DATETO THE MEMBERS OF TCI EXPRESS LIMITED ON THE

IND AS FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH2022.

Referred to in paragraph 2 under the heading of "Report on OtherLegal and Regulatory Requirements" of our report of even date.

1. a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment..

b) We are informed that a test of physical verification of these assetswas carried out by the management at reasonable intervals and no material discrepancieswere noticed. In our opinion the frequency of verification of Property Plant andEquipment.. is reasonable having regards to the size of the Company and nature of itsassets.

c) Most of the immovable properties as disclosed in the financialstatement have been transferred on demerger. Out of the total properties transferred ondemerger twenty-nine (29) numbers of properties have already been transferred in the nameof the Company and title deeds of balance eighteen (18) immovable properties are in theprocess of transfer the details of which are given below. Properties purchased during thefinancial year are held in the name of the Company.

I. Detail of Immovable Properties on which the process for transfer hasbeen initiated and status thereof

Description of item of property Gross carrying value Title deeds held in the name of Whether title deed holder is a promotor director or relative of promotor/director or employee of promoter/director Property held since which date Reason for not being held in the name of the Company
Land & Building at Ahemdabad 0.29 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Ranchi 0.20 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Building at Madras 0.09 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Kheda 15.70 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Rajkot 0.70 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Ankleshwar 0.15 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Surat 0.15 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Hazira 0.13 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Bhopal 2.47 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Jabalpur 0.38 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Land & Building at Gwalior 0.80 Transport Corporation of India Ltd No 1st April 2016 Applications for transfer of titles pending with the Govt. Deptt.
Description of item of property Gross carrying value Title deeds held in the name of Whether title deed holder is a promotor director or relative of promotor/director or employee of promoter/director Property held since which date Reason for not being held in the name of the Company
Land & Building at Haridwar 2.40 Transport Corporation of India Ltd No 1st April 2016 Land and Building are in name of erstwhile company
Land & Building at Patna 1.24 Transport Corporation of India Ltd No 1st April 2016 Land and Building are in name of erstwhile company
Land & Building at Akola 0.17 Transport Corporation of India Ltd No 1st April 2016 Land and Building are in name of erstwhile company
Building at Saki Naka 0.35 Transport Corporation of India Ltd No 1st April 2016 Building are in name of erstwhile company
Building at Kandiveli 0.15 Transport Corporation of India Ltd No 1st April 2016 Building are in name of erstwhile company
Land at Bhiwandi 2.28 Transport Corporation of India Ltd No 1st April 2016 Land are in name of erstwhile company
Land at Bangalore 0.04 Transport Corporation of India Ltd No 1st April 2016 Land are in name of erstwhile company

d) The Company has not revalued any of its Property Plant andEquipment and intangible assets during the year.

e) As explained to us there are no proceedings that have beeninitiated during the year or are pending against the Company as at 31st March2022 for holding any benami property under the Benami Transactions (Prohibition) Act 1988(as amended in 2016) and rules made thereunder.

2. a) The Company?business does not require maintenance ofinventories and accordingly the requirement to report on clause 3(ii)(a) of the Order isnot applicable to the Company.

b) Yes the Company has been sanctioned working capital limits inexcess of Rs. 5 Crores in aggregate at any point of time of the year from banks orfinancial institutions on the basis of security of current assets. The statements filed bythe Company with such banks or financial institutions are in agreement with the books ofaccount of the Company.

3. The Company has not granted any loans secured or unsecured toCompanies Firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Act. Therefore the provisions of Clause 3(iii) of thesaid order are not applicable.

4. The Company has not granted any loans or made any investments orprovided any guarantees or security to the parties covered under section 185 and 186 ofthe Companies Act 2013. Therefore the provisions of clause 3(iv) of the said order arenot applicable.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed maintenance of costrecords under sub-section (1) of section 148 of the Act in respect of any activities ofthe Company.

7. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is regular indepositing undisputed statutory dues including goods and service tax provident fundemployeesRs. state insurance professional tax income tax sales tax service tax dutyof customs cess and any other statutory dues to the appropriate authorities.

(b) According to the information and explanations given to us and therecords of the Company examined by us the particulars of dues of income-tax or sales taxor duty of excise or value added tax or cess or EmployeesRs. State Insurance or stamp dutyas at 31st March 2022 which have not been deposited on account of any disputeare as under:

Nature of the Statute Nature of the dues Amount (In Crores) Period to which amount relates Forum where dispute is pending
Entry Tax Act Entry Tax 1.03 2011-12 Various Authorities
Sales Tax Act Sales Tax 3.05 2012-13 to 2018-19 Various Labour Court
Stamp Duty Act Stamp Duty 17.34 2020-212021-22 Stamp Registrar Authority

8. According to the records of the company examined by us and as perthe information and explanation given to us there were no transactions relating topreviously unrecorded income that have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 (43 of 1961).

9. a) According to the records of the Company examined by us and as perthe information and explanations given to us the Company has not defaulted in repaymentof loans or other borrowings or in the payment of interest thereon to any financialinstitution or banks or lender.

b) According to the records of the Company examined by us and as perthe information and explanations given to us The Company has not been declared willfuldefaulter by any bank or financial institution or government or any government authority.

c) According to the records of the Company examined by us and as perthe information and explanations given to us the term loans were applied for the purposefor which the loans were obtained.

d) According to the records of the Company examined by us and as perthe information and explanations given to us on an overall examination of the financialstatements of the Company no funds raised on short-term basis have been used forlong-term purposes by the Company.

e) According to the records of the Company examined by us and as perthe information and explanations given to us on an overall examination of the financialstatements of the Company the Company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries or associate companies.

f) According to the records of the Company examined by us and as perthe information and explanations given to us the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries or associate companies. Hencethe requirement to report on clause (ix)(f) of the Order is not applicable to the Company.

10. a) According to the information and explanations given to us andbased on our examination of the records of the company the Company has not raised moneysby way of initial public offer or further public offer (including debt instruments) duringthe year and hence reporting under clause 3(x)(a) of the Order is not applicable. b)According to the information and explanations given to us and based on our examination ofthe records of the Company during the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) during the year under audit and hence reporting under clause 3(x) (b) of theOrder is not applicable.

11. a) 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.

b) According to the information and explanations given to us duringthe year and upto the date of this audit report no report under sub-section (12) ofsection 143 of the Companies Act 2013 has been filed in Form ADT-4 as prescribed underrule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government.

c) According to the information and explanations given to us duringthe year there are no whistle blower complaints received by the Company during the year.

12. The Company is not a Nidhi Company.

13. The transactions with related parties are in compliance with theprovisions of Section 177 and 188 of the Act. The details of the related partytransactions have been disclosed in the Ind AS financial statements as required by theapplicable accounting standard.

14. a) In our opinion the Company has an adequate internal audit systemcommensurate with the size and the nature of its business.

b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

15. In our opinion during the year the Company has not entered into anynon-cash transactions with its directors or persons connected with its directors. Henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

16. a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a) of the Order is not applicable.

b) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not conducted anyNon-Banking Financial or Housing Finance activities without obtaining a valid Certificateof Registration (COR) from the Reserve Bank of India as per the Reserve Bank of India Act1934.

c) According to the information and explanations given to us and basedon our examination of the records of the Company the Company is not a Core InvestmentCompany as defined in the regulations made by Reserve Bank of India. Accordingly therequirement to report on clause 3(xvi) (c) of the Order is not applicable to the Company.

d) In our opinion there is no core investment company within the Group(as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

17. In our opinion there is no cash loss in the financial year and inthe immediately preceding financial year.

18. There has been no resignation of the statutory auditors of theCompany during the year.

19. 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 and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

20. a) According to the information and explanations given to us andbased on our examination of the records of the Company there are no unspent amounts thatare required to be transferred to a fund specified in Schedule VII to the Companies Act(the Act) in compliance with second proviso to sub section 5 of section 135 of the Act.b) In our opinion there are no unspent amounts in respect of ongoing projects that arerequired to be transferred to a special account in compliance of provision of sub section(6) of section 135 of Companies Act.

ANNEXURE B TO THE INDEPENDENT Auditors?REPORT

Referred to in paragraph 2(f) of the Independent Auditors?Reportof even date to the members of TCI Express Limited on the Ind AS financial statements forthe year ended 31st March 2022.

Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013.

We have audited the internal financial controls over financialreporting of TCI Express Limited ("the Company") as of 31st March2022 in conjunction with our audit of the Ind AS financial statements of the Company forthe year ended on that date.

ManagementRs.s Responsibility for Internal Financial Controls

The Company?management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal controls stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company?policiessafeguarding of its assets prevention and detection of frauds and errors accuracy andcompleteness of the accounting records and timely preparation of reliable financialinformation as required under the Act.

Auditors?Responsibility

Our responsibility is to express an opinion on theCompany?internal financial controls over financial reporting based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 auditorRs.s judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror.

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

Meaning of Internal Financial Controls Over Financial Reporting

A Company?internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company?internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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?assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

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

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March2022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For R.S. Agarwala & Co.
Chartered Accountants
FirmRs.s Regn No:-304045E
(R.S.Agarwala)
Partner
Place : Kolkata Membership No.005534
Date : 27th May 2022 UDIN : 22005534AJSRMQ6095

.