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Venus Remedies Ltd.

BSE: 526953 Sector: Health care
NSE: VENUSREM ISIN Code: INE411B01019
BSE 12:07 | 06 Oct 210.00 1.50
(0.72%)
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212.40

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212.70

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207.95

NSE 11:54 | 06 Oct 210.90 2.95
(1.42%)
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209.25

HIGH

212.45

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OPEN 212.40
PREVIOUS CLOSE 208.50
VOLUME 3398
52-Week high 585.10
52-Week low 178.65
P/E 6.17
Mkt Cap.(Rs cr) 281
Buy Price 210.40
Buy Qty 15.00
Sell Price 210.75
Sell Qty 8.00
OPEN 212.40
CLOSE 208.50
VOLUME 3398
52-Week high 585.10
52-Week low 178.65
P/E 6.17
Mkt Cap.(Rs cr) 281
Buy Price 210.40
Buy Qty 15.00
Sell Price 210.75
Sell Qty 8.00

Venus Remedies Ltd. (VENUSREM) - Auditors Report

Company auditors report

To

The Members of

VENUS REMEDIES LIMITED

Report on the Audit of the Standalone Ind AS

Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statementsof VENUS REMEDIES LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2022 and the Statement of Profit and Loss (including other comprehensiveincome) Statement of Changes in Equity and Statement of Cash Flows for the year thenended and notes to the Standalone Ind AS financial statements including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the Standalone Ind AS financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March 2022and profit (including other comprehensive income) changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs arefurther described in the Auditor's Responsibilities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of theStandalone 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.

Emphasis of Matter

We draw attention to note no. 36 of the standalone Ind AS financialstatements with respect to review of liability related to FCCB bonds amounting to US$4595833 in the absence of any explicit agreement and based on reassessment of liabilityin terms of the provisions of The Limitation Act1963. Accordingly the carrying value ofsuch FCCB liability has not been reinstated at current exchange rate. No provision forinterest payable has been made since 1st February 2015 as the FCCB Bonds liabilitybecoming time barred as per a legal Opinion obtained by the Company.

Our opinion is not modified in respect of above matter.

Key Audit Matters

Key audit matters ('KAM') are those matters that in our professionaljudgment were of most significance in our audit of the Standalone Ind AS financialstatements of the current period. These matters were addressed in the context of our auditof the Standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report.

Information Other than the Standalone Ind AS Financial Statements andAuditor's Report Thereon

The Company's management and Board of Directors are responsible for theother information. The other information comprises the information included in theCompany's annual report but does not include the Standalone Ind AS financial statementsand our auditors' report thereon.

Our opinion on the Standalone Ind AS financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the Standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the Standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Ind AS FinancialStatements

The Company's management and Board of Directors are responsible for thematters stated in Section 134(5) of the Act with respect to the preparation of theseStandalone Ind AS financial statements that give a true and fair view of the state ofaffairs profit / loss (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Standalone Ind AS) specified underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Ind AS financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the Standalone Ind AS financialstatements management andBoard of Directors are responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial Statements

Our objectives a re to obtain reasonable assurance about whether theStandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Ind AS financialstatements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Ind AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal 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 with reference to StandaloneInd AS financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Ind AS financial statements or if such disclosuresare inadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Ind AS financial statements including the disclosures and whether theStandalone Ind AS financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

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 Standalone IndAS financial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditors' report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2020("the Order") issued by the Central Government of India in terms of Section143(11) of the Act we give in "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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and the Statement of CashFlows dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind AS financialstatements comply with the Ind AS specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlswith reference to financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in "Annexure B".

(g) In our opinion the managerial remuneration for the year endedMarch 31 2022 has been paid / provided by the Company to its directors in accordance withthe provisions of Section 197 read with Schedule V to the Act. The Ministry of CorporateAffairs has not prescribed other details under Section 197(16) of the Act which arerequired to be commented upon by us.

(h) With respect to the other matters to be included in the Auditors'Report 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 as at31st March 2022 on its financial position in its Standalone Ind AS financial statements -Refer Note 47 to the Standalone Ind AS financial statements;

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

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

iv. (a) The management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall:

• directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever ("Ultimate Beneficiaries") by or onbehalf of the Company or

• provide any guarantee security or the like to or on behalf ofthe Ultimate Beneficiaries;

(b) The management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any persons or entitiesincluding foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall:

• directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever ("Ultimate Beneficiaries") by or

• on behalf of the Funding Party or provide any guaranteesecurity or the like from or on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub clause (iv) (a) and (iv) (b) above contain anymaterial misstatement.

v. The company has not declared or paid any dividend during the yearand accordingly compliance of Section 123 of the Act is not applicable during the year.

For Vinod Kumar & Associates Chartered Accountants FRN-002304N

Mukesh Dadhich
Partner
Place: Panchkula M.No. 511741
Date: 27th May 2022 UDIN: 22511741AJTTYF7631

Annexure A to the Independent Auditors' Report

With reference to the Annexure A referred to in the IndependentAuditors' Report to the members of the Company on the Standalone Ind AS financialstatements for the year ended 31st March 2022 we report the following:

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

(a) (A) The company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant &Equipment.

(a) (B) The Company has maintained proper records showing fullparticulars of Intangible Assets.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has a regularprogramme of physical verification of its Property plant and equipment by which allProperty plant and equipment are verified in a phased manner. In accordance with thisprogramme certain Property plant and equipment were verified during the year. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. No material discrepancies were noticed onsuch verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the company the title deeds of immovableproperties (other than immovable properties where the Company is the lessee and the leaseagreements are duly executed in favour of the lessee) disclosed in the standalone Ind ASfinancial statements are held in the name of the Company.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not revaluedits Property plant and equipment (including Right-of-use assets) or Intangible assets orboth during the year.

(e) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there are no proceedingsinitiated or pending against the Company for holding any benami property under theProhibition of Benami Property Transactions Act 1988 and rules made thereunder.

(ii) (a) The inventory has been physically verified by the managementduring the year. In our opinion the frequency of such verification is reasonable andprocedures and coverage as followed by management were appropriate. No discrepancies werenoticed on verification between the physical stocks and the book records that were 10% ormore in the aggregate for each class of inventory.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not beensanctioned any working capital limits in excess of Rs5 crore in aggregate at any pointsof time during the year from banks or financial institutions on the basis of security ofcurrent assets and hence reporting under clause 3(ii) (b) of the Order is not applicable.

(iii) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anyinvestments provided guarantee or security or granted any advances in the nature ofloans secured or unsecured to companies firms limited liability partnerships or anyother parties during the year. Thus clause 3(iii) of the Order is not applicable.

(iv) According to the information and explanations given to us and onthe basis of our examination of the records the Company has not given any loans orprovided any guarantee or security as specified under Section 185 of the Companies Act2015 and the Company has not provided any guarantee or security as specified under Section186 of the Companies Act 2015. Thus clause 5(iv) of the Order is not applicable.

(v) The Company has not accepted any deposit or amounts which aredeemed to be deposits. Hence reporting under clause 5(v) of the Order is not applicable.

(vi) On the basis of records produced we are of the opinion that primafacie cost records and accounts prescribed by the central government under section 148 ofthe act in respect of the products of "the company" covered under the rulesunder said section have been maintained. However we are neither required to carry out norhave carried out any detailed examination of such accounts and records.

(vii) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted/ accruedin the books of account in respect of undisputed statutory dues including Goods andServices Tax provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and other material statutorydues have been regularly deposited during the year by the Company with the appropriateauthorities.

According to the information and explanations given to us noundisputed amounts payable in respect of Goods and Services Tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues were in arrears as at 51stMarch 2022 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us thereare no dues of Goods and Services Tax provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessor other material statutory dues which have not been deposited with the appropriateauthorities on account of any disputes except for the following dues:

Nature of statute Nature of the dues Period to which the amount relates Forum where dispute is pending Demand Amount (Rs In lakhs) Remarks
Income Tax Act 1961 Income Tax AY 2011-12 Commissioner of Income Tax (Appeals) 16.54 The Disputed demand of Rs16.54 lakhs was deducted by the Income Tax Department from refund due to the Company.
Income Tax Act 1961 Income Tax AY 2012-15 Commissioner of Income Tax (Appeals) 1047.14 The company has deposited Rs104.55 lakhs.

(viii) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has notsurrendered or disclosed any transactions previously unrecorded as income in the books ofaccount in the tax assessments under the Income-tax Act 1961 as income during the year.

(ix) (a) According to the information and

explanations given to us and on the basis of our examination of therecords of the Company the Company has not defaulted in repayment of loans and borrowingor in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or other lender.

(c) The Company has not taken any term loan during the year and thereare no outstanding term loans at the beginning of the year and hence reporting underclause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany the company has not raised funds on short-term basis. Hence reporting underclause 3(ix)(d) of the Order is not applicable.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiary. The Company did not have any associate or jointventure during the year ended March 31 2022.

(f) The Company has not raised any loans during the year and hencereporting on clause 3(ix)

(f) of the Order is not applicable.

(x) (a) The Company has not raised any moneys

by way of initial public offer or further public offer (including debtinstruments) during the year. Accordingly clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly clause 3(x)(b) of the Order is not applicable.Although the company has issued warrants with an option to convert them fully into equityshares of the company on preferential basis in one or more tranches in FY 2020-21 whichgot converted into equity shares during the FY 2021-22.

(xi) (a) Based on examination of the books and records of the Companyand according to the information and explanations given to us considering the principlesof materiality outlined in Standards on Auditing we report that no fraud by the Companyor on the Company has been noticed or reported during the course of the audit.

(b) According to the information and explanations given to us noreport under sub-section (12) of Section 143 of the Companies Act 2013 has been filed bythe auditors in Form ADT- 4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government during the year and upto the date of this report.

(c) Based on examination of the books and records of the Company andaccording to the information and explanations given to us the company has not receivedany whistle blower complaints during the year.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the standalone Ind AS financialstatements as required by the applicable Indian accounting standards.

(xiv) (a) Based on information and explanations provided to us and ouraudit procedures in our opinion the Company has an internal audit system commensuratewith the size and nature of its business.

(b) We have considered the internal audit reports of the Company issuedtill date for the period under audit.

(xv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with its directorsor persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

(xvi) (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) (b) and (c) of the Order is not applicable.

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

(xvii) The Company has not incurred cash losses in the current and inthe immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year. Accordingly clause 3(xviii) of the Order is not applicable.

(xix) On the basis of the financial ratios ageing and expected datesof realisation 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.

(xx) In our opinion and according to the information and explanationsgiven to us there are no amount required to be spent by the company in accordance withsection 135 of the act during the year. Accordingly clause 3 (xx) of the Order is notapplicable to the Company.

For Vinod Kumar & Associates

Chartered Accountants

FRN-002304N

Mukesh Dadhich
Partner
Place: Panchkula M.No. 511741
Date: 27th May 2022 UDIN: 22511741AJTTYF7631

Annexure B to the Independent Auditors' Report

(Referred to in paragraph 2(f) under 'Report on Other Legal andRegulatory Requirements' section of our report of even date)

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

We have audited the internal financial controls with reference toStandalone Ind AS financial statements of VENUS REMEDIES LIMITED ("the Company")as of 31st March 2022 in conjunction with our audit of the Standalone Ind AS financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference toStandalone Ind AS financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") issued by theInstitute 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 the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to Standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note and the Standards onAuditing issued by ICAI and deemed to be prescribed under Section 143(10) of the Act tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to Standalone Ind AS financial statements was established and maintainedand if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial control system with reference to Standalone Ind ASfinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to Standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to Standalone Ind AS financialstatements assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the Standalone Ind AS financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system with reference to Standalone Ind AS financial statements.

Meaning of Internal Financial Controls with reference to Standalone IndAS Financial Statements

A company's internal financial control with reference to Standalone IndAS financial statements is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of Standalone Ind AS financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control with reference to Standalone Ind ASfinancial statements 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 StandaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneInd AS financial statements.

Inherent Limitations of Internal Financial Controls with reference toStandalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls withreference to Standalone Ind AS financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls with reference to Standalone Ind AS financial statements tofuture periods are subject to the risk that the internal financial control with referenceto Standalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system with reference to Standalone Ind AS financialstatements and such internal financial controls with reference to Standalone Ind ASfinancial statements were operating effectively as at 31st March 2022 based on theinternal control with reference to Standalone Ind AS financial statements criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the ICAI.

For Vinod Kumar & Associates

Chartered Accountants

FRN-002304N

Mukesh Dadhich
Partner
Place: Panchkula M.No. 511741
Date: 27th May 2022 UDIN: 22511741AJTTYF7631

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