To the Board of Directors of GEE Limited
Report on the Indian Accounting Standard ("Ind AS") Financial
Statements for the year ended 31st March, 2022
OPINION
We have audited the financial statements of GEE Limited(“the
Company”), which comprise the Balance Sheet as at 31 March 2022, and the Statement of
Profit and Loss (including other comprehensive income), Statement of Changes in Equity and
Statement of Cash Flows and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred to
as “the financial statements”). In our opinion and to the best of our
information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 (“the Act”)
in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at 31
March 2022, and profit (including other comprehensive income), 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) specified under Section 143(10) of the Act. Our responsibilities under those SAs are
further described in the Auditors Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
KEY AUDIT MATTERS
Key audit matters (KAM) are those matters that, in our professional
judgment, were 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 a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
| Sr. No. Key Audit Matter |
Auditors Response |
| 1 Disputed excise duty matter Rs. 2.07 Crores |
Procedures performed by the Auditor : |
| The Company had imported certain materials in the year
2008-09 where the excise authorities had demanded Rs. 4.02 Crores. Under the instructions
from excise authorities the Company reversed under protest Rs. 3.09 Crores CENVAT credit
availed during 2008-09. Thereafter the company filed an appeal with CESTAT claiming refund
of Rs. 2.07 Crores. The appeal has been finally heard in January 2019. Based on legal and
subject matter expert views, the company expects considerable amount as relief in the
above appeal case with CESTAT. (Refer Note No. 33 Contingent Liabilities and Commitments) |
Our procedure in connection with companys claim regarding
CENVAT Credit and refund of Rs. 2.07 Crores paid under protest involved examining the
submissions made by the companys excise consultants. We also made independent enquiries
with indirect tax experts who confirmed that this is a good case for contesting and they
are of the opinion that the company can expect big relief in the matter. |
|
In light of the above, we assessed the adequacy of
disclosures in financial statements. |
| 2 The companys scrutiny assessment for assessment year
2016-17 was completed in December 2018 and DCIT has raised tax demand of Rs. 70.96 lakhs
against which the company has filed an appeal with CIT Appeals -1, Thane on 14th January,
2019. The DCIT has disallowed the companys claim in respect of long term capital gain
from sale of flat (property held for sale in books of accounts). The tax departments
contention is that the period of capital gain is to be calculated from the date of
registration of purchase agreement of the flat and not from the date of allotment letter
given by the builder. The companys tax consultant has opined that there are several
precedents confirming the companys claim and that they can expect a favourable outcome in
this appeal matter. (Refer Note No. 33 Contingent Liabilities and Commitments) |
We have examined the grounds of appeal and statement of facts
filed by the company with CIT Appeals -1, Thane in consultation with tax experts. We have
also reviewed various judgements including High Court judgements which have gone against
the revenue department in similar facts. There are few cases which have been determined in
favour of the revenue department. The number of judgements against the revenue department
outnumber the ones in their favour. We finally concluded that we should go by the
Honourable Bombay High Court and ITAT decisions which have gone against the revenue
department. In light of the above, the companys disclosure in this matter is adequate. |
Other Information
The Companys management and Board of Directors are responsible for the
other information. The other information comprises the information included in the
Companys annual report, but does not include the financial statements and our auditors
report thereon. Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon. In connection
with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Managements Responsibility for the Financial Statements
The Companys management and Board of Directors are responsible for the
matters stated in Section 134(5) of the Act with respect to the preparation of these
financial statements that give a true and fair view of the state of affairs, profit / loss
(including other comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, management and Board of Directors are
responsible forassessing the Companys ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. Board of Directors is also
responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
l Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditors report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.
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 Section
143(11) of the Act, we give in “Annexure A” a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
(A) 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 best of 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 the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (including
other comprehensive income), the Statement of Changes in Equity and the Statement of Cash
Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the
directors as on 31 March 2021 taken on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2022 from being appointed as a director in terms
of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls
with reference to financial statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B”.
(B) 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, in
our opinion and to the best of our information and according to the explanations given to
us:
i. The Company has disclosed in their IND AS financial statements
matters relating to pending litigations as at 31 March 2022 - (Refer Note 48 to the
financial statement);
ii. As represented by the Company, there are no long term contracts
including derivative contracts having material foreseeable losses - (Refer Note 50 to the
financial statement);
iii. As represented by the Company there has been no delay in
transferring amounts required to be transferred to Investor Education and Protection Fund
by the Company - (Refer Note No. 49 to financial Statement)
(C) With respect to the matter to be included in the Auditors Report
under section 197(16):
In our opinion and according to the information and explanations given
to us, the remuneration paid by the company to its directors during the year is in
accordance with the provisions of Section 197 of the Act.
| For K. K. PODDAR & ASSOCIATES |
| Chartered Accountants |
| Firm registration number 314258E |
| Sd/- |
| K. K. PODDAR |
| Partner |
| Membership No. 051999 |
| UDIN: 22051999AJWOFD8463 |
| Place: Kolkata |
| Date: May 30, 2022 |
Annexure A to the Independent Auditors Report
[Referred to in paragraph pertaining to "Report on Other Legal and
Regulatory Requirement" of our Report of even date to the members of GEE Limited on
the Ind AS financial statements for the year ended 31st March, 2022]
I. a) (A) The company is maintaining proper records showing full
particulars, including quantitative details and situation of Property, Plant and
Equipment.
(B) The company is maintaining proper records showing full particulars
of intangible assets.
b) Property, Plant and Equipment have been physically verified by the
management at reasonable interval and no material discrepancies were noticed on such
verification.
c) All the title deeds of immovable properties disclosed in the
financial statement, are held in the name of the Company
d) The Company has not revalued its Property, Plant and Equipment or
intangible assets or both during the year.
e) There is no proceedings initiated or pending against the company for
holding any Benami property under the “Benami Transactions (Prohibition) Act, 1988
and Rules made thereunder.
ii. a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is reasonable the coverage
& procedure of such verification by the management is appropriate . On the basis of
our examination of the inventory records, in our opinion, the Company is maintaining
proper records of inventory and there is no material discrepancies noticed on physical
verification of inventory.
b) The company has been sanctioned working capital limits in excess of
five crore rupees, in aggregate, from banks or financial institutions on the basis of
security of current assets and there is no any variation on the quarterly returns or
statements filed by the company with such banks or financial institutions are in agreement
with the books of account of the Company.
| Bank Name |
Date |
Amount Sanctioned |
Security Offered |
Balance as on 31-03-2022 |
| ICICI Bank Ltd |
27/07/2021 |
30 Cr |
First Paripassu charge on the following immoveable
properties: |
-25.30 Cr |
|
|
|
1. Industrial Property situated at Mouza Kandua, Howrah
belonging to borrower |
|
|
|
|
2. Plot in Kalyan Bhiwandi Industrial Area, MIDC, Thane
belonging to the borrower |
|
| HDFC Bank Ltd |
05/06/2021 |
30 Cr |
First Paripassu charge on the following immoveable
properties: |
-13.99 Cr |
|
|
|
1. Industrial Property situated at Mouza Kandua, Howrah
belonging to borrower |
|
|
|
|
2. Plot in Kalyan Bhiwandi Industrial Area, MIDC, Thane
belonging to the borrower |
|
| DBS Bank Ltd |
15/03/2021 |
29.35 Cr |
First Paripassu charge on the following immoveable
properties: |
-10 Cr |
|
|
|
1. Industrial Property situated at Mouza Kandua, Howrah
belonging to borrower |
|
|
|
|
2. Plot in Kalyan Bhiwandi Industrial Area, MIDC, Thane
belonging to the borrower |
|
| Yes Bank Ltd |
15/11/2021 |
10 Cr |
First Paripassu charge on the following immoveable
properties: |
-10 Cr |
|
|
|
1. Industrial Property situated at Mouza Kandua, Howrah
belonging to borrower |
|
|
|
|
2. Plot in Kalyan Bhiwandi Industrial Area, MIDC, Thane
belonging to the borrower |
|
iii. According to the information and explanations given to us, the
Company has not granted any loans, advances in the nature of loans, stood guarantee,
secured or unsucured, to any entity. Accordingly, the provisions of 3(iii)
(a),(b),(c),(d),(e) and (f)) of the Order are not applicable to the Company and hence not
commented upon.
iv. In our opinion and according to information and explanation given
to us, the company has complied with the provision of Section 185 and 186 of the Companies
Act with respect of providing or granting of loans, making investments and providing
guarantees and securities.
v. The company has not accepted amount as deposits and deemed to be
deposits, within the meaning of Sections 73 to 76 or any other relevant provisions of the
Companies Act 2013.
vi. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the central government for maintenance of cost
records under sub section (1) of Section 148 of Companies Act, 2013, in respect of its
products and are of the opinion that, prima facie, the prescribed accounts and records
have been made and maintained. However, we have not carried out a detailed examination of
the records with the view to determine whether these are accurate or complete. For
Financial year 2018-2019 and 2019-20 the cost audit is pending.
vii. a) According to the information and explanation given to us and
records of the company examined by us, in our opinion, the Company is regular in
depositing undisputed statutory dues including Goods and Service Tax, Provident Fund,
Employee State Insurance, Income Tax, Sales-Tax, Custom duty, cess and any other statutory
dues with the appropriate authorities . There are no undisputed statutory dues payable for
a period of more than six months from the date they become payable as at 31st March 2022
except those mentioned above.
b) According to the information and explanations given to us and the
records of the Company examined by us, following are Statutory dues referred to in
sub-clause (a) as at 31st March 2022, which have not been deposited on account of dispute:
| Sr. No. Name of Statute |
Year |
Disputed Liability (in Rs) |
Pre Deposit / Credit reversal (in Rs) |
Net Liability (in Rs) |
Forum where dispute is pending |
| 1 Customs Act 1962 |
2008-09 |
1,02,09,629 |
15,00,000 |
87,09,629 |
CESTAT, Mumbai |
| 2 Customs Act 1962 |
2011-13 |
28,65,797 |
2,14,935 |
26,50,862 |
CESTAT, Kolkata |
| 3 The W.B. Tax on Entry of Goods into Local Areas act, 2012 |
2012-13 to 2013-14 |
67,46,153 |
- |
67,46,153 |
West Bengal Taxation Tribunal |
| 4 Central Excise Act, 1944 |
2008-09 |
4,02,49,979 |
3,08,58,313 |
93,91,666 |
CESTAT, Mumbai |
| 5 Central Excise Act, 1944 |
2008-11 |
88,04,766 |
- |
88,04,766 |
CESTAT, Kolkata |
| 6 Central Excise Act, 1944 |
2009-11 |
1,45,487 |
- |
1,45,487 |
CESTAT, Kolkata |
| 7 ESIC |
April 2009 to March 2014 |
14,80,258 |
7,76,327 |
7,03,931 |
Industrial Court Thane |
| 8 Income Tax Act 1961 (TDS) |
Various years per TRACES |
9,65,300 |
- |
16,23,080 |
Rectification With TRACES / Income Tax Department |
| 9 Income Tax Act 1961 |
2016-17 |
70,96,763 |
14,20,000 |
42,29,080 |
CIT -(A)-1 Thane |
| Ay 2018-19 Refund Adj. Against AY 2016-17 Dues |
|
|
14,47,683 |
|
|
| 10 Income Tax Act 1961 |
2018-19 |
4,05,694 |
- |
4,05,694 |
I. Tax Dept. National Faceless Assessment Centre Delhi |
| 11 Income Tax Act 1961 |
2020-21 |
82,65,520 |
- |
82,65,520 |
CPC |
Net liability of custom duty and sales tax is exclusive of interest and
penalty.
viii. In our opinion no transactions that were not recorded in the
books of account during the year and previous year.
ix. Company has not defaulted in repayment of loans to banks as at 31st
March 2022. Accordingly, the provisions of sub-clause (a),(b),(c)(d),(e)and (f) of the
Order are not applicable to the Company and hence not commented upon.
x. a) During the year, the Company has not raised any Initial Public
Offer or further public offer. b) The Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures during the year.
xi. Based upon the audit procedures performed and information and
explanations given by the management, we report that we have not come across any instances
of fraud by the company or any material fraud on the company by its officers or employees
that have been noticed or reported during the year nor have we been informed of such case
by management.
xii. The Company is not a Chit Fund Company/or nidhi/ mutual benefit
fund/society. As such Clause xii of the order is not applicable to the Company.
xiii All transactions with related parties are in compliance with
Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been
disclosed in the Ind AS financial Statement as required by the applicable Accounting
Standards.
xiv a) The company has an internal audit system commensurate with the
size and nature of its business.
b) The reports of the Internal Auditors for the period under audit were
considered by Statutory Auditor.
xv. The Company has not entered into non-cash transactions covered by
Section 192 of Companies Act, 2013 with directors or persons connected with them.
xvi. a) The Company is not engaged in the business of Non-Banking
Financial Institution (NBFI) and not required to obtain a Certificate of Registration
(COR) from Reserve Bank of India in terms of Section 45-IA of the RBI Act, 1934.
b) The Company has not conducted any Non-Banking Financial or Housing
Finance activities. Accordingly, the provisions of sub-clause (b),
(c) and
(d) of the Order are not applicable to the Company and hence not
commented upon.
xvii. The Company has not incurred any cash losses in the Financial
Year and in the immediately preceding Financial year.
xviii. The existing Statutory Auditor of Company M/S P.B. Shetty &
Co. has resigned and filed ADT-3.The newly appointed Statutory Auditor K.K.Poddar &
Associates has taken into consideration the issues, objections or concerns raised by the
outgoing auditors properly.
xix. No material uncertainty exists as on the date of the audit report
that company is capable of meeting its liabilities existing at the date of balance sheet
as and when they fall due within a period of one year from the balance sheet date. On the
basis of the financial ratios, ageing and expected dates of realisation of financial
assets and payment of financial liabilities, other information accompanying the financial
statements, the auditors knowledge of the Board of Directors a n d management plans.
xx. a) The company has not transferred unspent amount to a Fund
specified in Schedule VII to the Companies Act within a period of six months of the expiry
of the financial year in compliance with second proviso to sub-section (5) of section 135
of the said Act. b) There is no unspent amount under sub-section (5) of section 135 of the
Companies Act pursuant to any ongoing project. Therefore this sub-clause is not
applicable.
xxi. There have been no qualifications or adverse remarks by the
respective auditors in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements.
| For K. K. PODDAR & ASSOCIATES |
| Chartered Accountants |
| Firm registration number 314258E |
| Sd/- |
| K. K. PODDAR |
| Partner |
| Membership No. 051999 |
| UDIN: 22051999AJWOFD8463 |
| Place: Kolkata |
| Date: May 30, 2022 |
Annexure B to the Independent Auditors Report
[Referred to in paragraph pertaining to "Report on Other Legal and
Regulatory Requirement" of our Report of even date to the Members of GEE Limited on
the Ind AS financial statements for the year ended 31st March, 2022]
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of GEE Limited (“the Company”) as of March 31, 2022 in conjunction
with our audit of the IND AS financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (IFCOFR) issued by the Institute of Chartered Accountants of India.
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls over Financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute of Chartered Accountants
of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness.
Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgments, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal financial
controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion to the best of our information and according to
explanation given to us, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2022, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
| For K. K. PODDAR & ASSOCIATES |
| Chartered Accountants |
| Firm registration number 314258E |
| Sd/- |
| K. K. PODDAR |
| Partner |
| Membership No. 051999 |
| UDIN: 22051999AJWOFD8463 |
| Place : Kolkata |
| Date: May 30, 2022 |
+91-9892691696
