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Tinna Trade Ltd.

BSE: 541741 Sector: Others
NSE: N.A. ISIN Code: INE401Z01019
BSE 00:00 | 29 Jun 29.90 0.60
(2.05%)
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NSE 05:30 | 01 Jan Tinna Trade Ltd
OPEN 27.85
PREVIOUS CLOSE 29.30
VOLUME 651
52-Week high 60.30
52-Week low 12.90
P/E 43.97
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.85
CLOSE 29.30
VOLUME 651
52-Week high 60.30
52-Week low 12.90
P/E 43.97
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tinna Trade Ltd. (TINNATRADE) - Auditors Report

Company auditors report

To

The Members of

TINNA TRADE LIMITED

No. 6 Sultanpur Mandi Road

Mehrauli

New Delhi-110030

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of TINNATRADE LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including other comprehensive income)the Statement of Cash Flows and the Statement of Changes in Equity for the year thenended and a summary of 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 explanationgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 312022 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of the IndAS Financial 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 together with the ethical requirements that are relevant to our audit of the Ind ASfinancial statements under the provisions of the Companies Act 2013 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 on thestandalone 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 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 aseparate opinion on these matters. Our opinion on these matters for each matter below ourdescription of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the Ind AS financial statement section of ourreport including in relation to these matters. Accordingly our audit includes theperformance of procedures designed to respond to our assessment of the risk of materialmisstatement of the standalone Ind AS financial statement. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying standalone Ind AS financial statements.

Sr. No. Key Audit Matter Auditor' Response
1. Evaluation of tax positions Principal Audit Procedures
The Company operates in India and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business including direct tax transfer pricing and indirect tax matters. These involve significant management judgment to determine the possible outcome of the tax litigations consequently having an impact on related accounting and disclosures in the financial statements. Refer Note 29(A)(c) to the standalone Ind AS financial statements. • Our audit procedures include the following substantive procedures:
• Obtained an understanding of key tax litigations and potential tax exposures
• We along with our internal tax experts -
• read and analyzed select key correspondence and consultations carried out by management with external tax experts for key tax litigations and potential tax exposures;
• discussed with appropriate senior management and evaluated management's underlying key assumptions and grounds of appeal in estimating the tax provisions; and
• evaluated the status of the recent and current tax assessments / inquiries results of previous tax assessments and changes in the tax environment to assess management's estimate of the possible outcome of key tax litigations and potential tax exposures.
2. Taxation Significant
Judgments are required in determining provision of income taxes both current and deferred as well as the assessment of provision for uncertain tax position including estimates where appropriate. We evaluated the design and implement of controls in respect of provision for current tax and the recognition and recoverability of deferred tax assets.
We discussed with management the adequate implementation of policies and control regarding current and deferred tax.
We examined the procedure in place for the current and deferred tax calculation for completeness and valuation and audited the related tax computation and estimates in light of our knowledge of the tax circumstances. Our work was conducted with our tax specialist. We performed the assessment of the material components impacting the tax expenses balance and exposures. We reviewed and challenged the information reported by components with the support of our tax specialist where appropriate.
In respect of deferred tax assets and liabilities we assess the appropriateness of management' assumption and Estimates to support deferred tax assets for tax losses carried forward and related disclosures in financial statements. Based on the procedure performed above we obtain sufficient audit evidence to corroborate management' estimates regarding current and deferred tax balances.

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 Annual report but does not includethe Ind AS financial statements and our auditor's report thereon. The Annual report isexpected to be made a available to us after the date of this Auditor's Report. Our opinionon the Ind AS financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit 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.

Responsibilities of Management and Those Charges with Governance for the Standalone IndAS 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 Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the company ofthe Company in accordance with accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under Section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015as 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the standalone Ind AS financial statements the management is responsiblefor the assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the 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 the company's financialreporting process.

Auditor's Responsibility for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial 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 controls relevant to the audit inorder to design audit procedures that a reappropriate 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 Ind AS financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

• Materiality is the magnitude of misstatement in the standalone Ind AS financialstatement that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable users of the Ind AS financial statement may beinfluenced. We consider quantitative materiality and quantitative factors in

(i) planning the scope of our audit work and in evaluating the result of our work; and

(ii) to evaluate the effect of any identified misstatement in the Ind AS financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit Endings 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 Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure 'A' a statement on the matters specifiedin paragraphs 3 and 4 of the Order 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 and the Statement of Profit and Loss including the Statement ofOther Comprehensive income the Cash Flow Statement and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the Companies (Indian Accounting Standards) Rules2015 as amended.

(e) On the basis of the 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 of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" to this report.

(g) In our opinion the managerial remuneration for the year ended March 31 2022 hasbeen paid / provided by Company to its directors in accordance with the provision ofsection 197 read with schedule V to the Act;

(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 Ind AS financial statements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

(iii) There was no amount which was required to be transferred to the InvestorEducation and Protection Fund by the Company.

(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;

(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) The Company has not declared any dividend during the year. Hence reportingrequirements under rule 11(f) of Companies (Audit and Auditors) Rules 2014 are notapplicable to the Company.

For V.R. Bansal & Associates
Chartered Accountants
Firm Registration No. 016534N
(Rajan Bansal)
Partner
Membership No. 093591
UDIN: 22093591AJLQLL4976
Place: Delhi
Dated: 23rd May 2022

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report to the Members of Tinna Trade Limited of even date)

1. 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 Property Plant and Equipment.

B. The company has maintained proper records showing full particulars of intangibleassets.

(b) The Company has a phased periodical programme of physical verification of allProperty Plant and Equipment which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) The Company has no immovable property as per the book records; therefore clause1(c) is not applicable to 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) In our opinion and as per the information and explanation given to us noproceedings have been initiated or are pending against the company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethere under;

2. (a) As per explanations given to us inventories have been physically verified bythe management at reasonable intervals. In our opinion the frequency of the verificationis reasonable. The discrepancies noticed during the physical verification of inventoriesas compared to book records were not 10% or more in aggregate for each class of inventory.

(b) The company has been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets. The quarterly returns or statements filed by the company with such banksor financial institutions are in agreement with the books of account of the Company. Thequarterly statements filed by the Company in Form CCR-1 (Quarterly follow up report) havebeen considered for reporting under this clause. (Refer Note 15(IV) (b) of the standalonefinancial statements).

3. The Company has made investments in provided any guarantee or security or grantedany loans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties in respect of which:

(a) As per explanations given to us the company has not provided any loans or advancesin the nature of loans or stood guarantee or provided security to any other entityduring the year and hence reporting under clause 3(iii)(a) (c) (d) (e) and (f) of theorder is not applicable.

(b) In our opinion the investments made by the Company are prima facie notprejudicial to the interest of the Company.

4. In our opinion and as per information and explanation given to us the Company hascomplied with the provisions of section 185 and 186 of the Companies Act 2013 in respectof loans granted investments made and guarantees and securities provided as applicable.

5. According to information and explanations given to us the company has not acceptedany deposits as per the directives issued by the Reserve Bank of India and provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under. Hence reporting under clause (v) of the order is not applicable.

6. In our opinion the maintenance of Cost records has not been specified by theCentral Government under section 148(1) of the Companies Act 2013. Hence reporting underclause (vi) of the order is not applicable.

7. (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-Tax Sales-Tax Service taxDuty of Customs Duty of Excise Value Added Tax Goods and Service Tax Cess and anyother statutory dues with the appropriate authorities. There are no arrears of outstandingstatutory dues as at 31st March 2022 concerned for a period of more than six months fromthe date they become payable;

(b) According to the information and explanation given to us there are no disputedamounts payable in respect of income tax sales tax service tax duty of customs duty ofexcise and value added tax and goods and service tax except the following:

Nature of Statue Nature of Dues Amount (in Rs.) Period to which amount relates Forum where dispute is pending
Income Tax Act 1961 Disallowances and additions to taxable income Rs.194.60 lakhs AY 2010-11 Income Tax Appellate Tribunal New Delhi.
Income Tax Act 1961 Disallowances and additions to taxable income Rs. 7.19 lakhs AY 2013-14 Commissioner of Income Tax (Appeals)

8. According to the information and explanations given to us and the records of theCompany examined by us there are no transactions in the books of accounts that has beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 that has not been recorded in the books of account.

9. (a) Based on the information and explanations given by the management the Companyhas not defaulted in repayment of loans or other borrowing or in the payment of interestthereon to a Financial Institution Bank Government or dues to debenture holders whereverapplicable.

(b) According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not been declared wilfuldefaulter by any bank or financial institution or any other lender;

(c) Based on the information and explanations given by the management term loans wereapplied for the purpose for which the loans were obtained (Also refer Note 15 (I) &(II) to the standalone financial statements)

(d) According to the information and explanations given to us and the procedureperformed by us and on an overall examination of the financial statements of the Companywe report that no funds raised on short term basis have been used for long term purposesby the Company.

(e) Based on the information and explanations given by the management the company hasnot taken any funds from any entity or person on account of or to meet the obligations ofits subsidiaries associates or joint ventures;

(f) Based on the information and explanations given by the management the company hasnot raised loans during the year on the pledge of securities held in its subsidiariesjoint ventures or associate companies and hence reporting under clause 3(ix) (f) is notapplicable.

10. (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year therefore clause 3(x)(a) of theorder is not applicable to the Company.

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year andand hence reporting under clause 3(x)(b) of the order is not applicable;

11. (a) In our opinion and according to the information and explanation given to usthere is no any fraud by the company or any fraud on the company that has been noticed orreported 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 per information and explanations given to us there were no whistle blowercomplaints received by the Company during the year;

12. The Company is not a Nidhi Company. Therefore reporting under clause 3(xii) of theorder is not applicable to the Company.

13. As per the information given to us all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards.

14. (a) In our opinion and according to the information and explanation given to usthe company has an adequate internal audit system commensurate with the size and nature ofits business;

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year in determining the nature timing and extent of our auditprocedures;

15. In our opinion and as per the information given to us the company has not enteredinto any non-cash transactions with directors or persons connected with him and henceprovisions of section 192 of Companies Act are not applicable to the Company;

16. (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi) (a) ofthe Order is not applicable.

(b) The Company has not conducted non-banking financial/housing finance activitiesduring the year. Accordingly the reporting under clause 3(xvi)(b) of the order is notapplicable to the Company

(c) The Company is not a Core Investment Company (CIC) as denned in the regulationsmade by the Reserve Bank of India. Accordingly reporting under clause 3(xvi)(c) of theOrder is not applicable to the Company.

(d) Based on the information and explanations provided by the management of theCompany the Group does not have any CICs which are part of the Group. We have nothowever separately evaluated whether the information provided by the management isaccurate and complete. Accordingly the reporting under clause 3(xvi)(d) of the Order isnot applicable to the Company.

17. The company has not incurred any cash losses during the financial year and hasincurred a cash loss of Rs. 157.34 Lakhs in the immediately preceding financial year.

18. There has not been any resignation of the statutory auditors of the Company duringthe year.

19. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the auditor's knowledge of the Board of Directors and managementplans the auditor is of the opinion that no material uncertainty exists as on the date ofthe audit report that company is capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date We however state that this is not an assurance as to the future viability ofthe Company. We further state that our reporting is based on the facts up to the date ofthe audit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

20. a) In respect of other than ongoing projects as at balance sheet date the Companydoes not have any amount remaining unspent under section 135(5) of the Act. Accordinglyreporting under clause 3(xx)(a) of the Order is not applicable.

(b) As per the information given to us there are no amounts remaining unspent undersub-section (5) of section 135 of the Companies Act pursuant to any ongoing project.Hence reporting under clause 3(xx)(b) of the Order is not applicable.

21. The reporting under clause 3(xxi) of the order is not applicable in respect ofaudit of standalone financial statements. Accordingly no comment in respect of the saidclause has been included in this report.

For V.R. Bansal & Associates
Chartered Accountants
Firm Registration No. 016534N
(Rajan Bansal)
Partner
Membership No. 093591
Place: Delhi
Dated: 23rd May 2022

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

To the Members of Tinna Trade Limited

We have audited the internal financial controls over financial reporting of TINNA TRADELIMITED ("the Company") as of 31s' March 2022 in conjunction withour audit of the Standalone financial statements of the Company for the period 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

1. pertain to the maintenance of records that in reasonable detail accurately andfairly reject 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 Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For V.R. Bansal & Associates
Chartered Accountants
Firm Registration No. 016534N
(Rajan Bansal)
Partner
Membership No. 093591
Place: Delhi
Dated: 23rd May 2022

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