indian wood prod share price Auditors report

To The Members of

The Indian Wood Products Co Ltd

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone inancial statements of The Indian Wood Products Co Ltd ("the which comprise the standalone balance sheet as 31st March 2023, and the statement of Proit and statement of changes in equity and statement of lows for the year then ended, and notes to the inancial statements, including a summary of signiicant accounting policies and other explanatory information. In our opinion and to the best of our information according to the explanations given to us, the standalone inancial statements give the information required by the Companies Act, 2013 ("the in the manner so required and give a true and view in conformity with Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, as amended, ("Ind AS") and other accounting generally accepted in India, of the state of afairs Company as at 31st March, 2023, and its proit, comprehensive income, the changes in equity and cash lows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speciied under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics at issued by the Institute of Chartered Accountants of India Loss, together with the ethical requirements that are relevant cash to our audit of the standalone inancial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulilled our other ethical responsibilities in accordance with these requirements andand the Code of Ethics. We believe that the audit evidence we have obtained is suicient and appropriate to provide a basis for our opinion.

Key Audit Matters fair

Key audit matters (‘KAM) are those matters that, in our professional judgment, were of most signiicance in our the audit of the standalone inancial statements of the current period. These matters were addressed in the context of our audit of the standalone inancial statements as a the total whole, and in forming our opinion thereon, and we do its not provide a separate opinion on these matters.

The Key Audit Matters	Auditors response
Revenue From Sale of Goods
The Company recognizes revenue when control of the goods is transferred to the customer at an amount that relects the consideration to which the Company expects to be entitled in exchange for those goods. As described in the accounting policy in note 2(f) and as relected in note 27 to the Ind AS Standalone inancial statements, revenue from sale of goods is measured at fair value of the consideration received or receivable, net of returns and allowances and trade discounts.	Our audit procedure includes the following:
	? Considered the adequacy of the companys revenue recognition policy and its compliance in terms of Ind AS 115 "Revenue from contracts with customers.
Considering the judgment and estimates involved in revenue recognition, it is considered to be a key audit matter.	??Assessed the design and tested the operating efectiveness of the internal inancial controls related to revenue recognition. Performed sample tests of individual sales ? transaction and traced to sales invoices and other related documents. In respect of the samples selected, tested and the revenue has been recognized in accordance with Ind AS 115.
	??We discussed and obtained an understanding from the management on the key assumptions applied and inputs used in estimating provisions for discounts, sales incentives and sales returns and compared the same with the past trends and the provision made by the management.
	Assessed the relevant disclosure made in the standalone inancial statement.

We have determined that there are no other key audit matters to communicate in our report.

Other Matter

Those charged with governance have decided to discontinue the operations of spice units from the next inancial year.

Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys annual report but does not include the standalone inancial statements and our auditors report thereon.

Our opinion on the standalone inancial 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 standalone inancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone inancial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditors report, 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.

Responsibility of Management and Those Charged with Governance for Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone inancial statements that give a true and fair view of the inancial position, inancial performance, changes in equity and cash lows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards speciied 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 inancial controls, that were operating efectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone inancial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone inancial statements, management is responsible for assessing 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. Those Board of Directors are also responsible for overseeing the Companys inancial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone inancial 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 inluence the economic decisions of users taken on the basis of these Standalone Financial Statements. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ? Identify and assess the risks of material misstatement of the Standalone inancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suicient 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 inancial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act,2013, we are also responsible for expressing our opinion on whether the company has adequate internal inancial controls system in place and the operating efectiveness 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 signiicant 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 Standalone 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 standalone inancial statements, including the disclosures, and whether the standalone inancial 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 signiicant audit indings including any signiicant deiciencies 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 signiicance in the audit of the inancial 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 beneits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the matters speciied in paragraphs 3 and 4 of the Order, to the extent applicable.

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 book.

(c) The Standalone Balance Sheet, the Standalone Statement of Proit and Loss including Other Comprehensive Income, the Standalone Cash Flow Statement and the Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards speciied under Section 133 of the Act read with relevant rules issued thereunder.

(e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualiied as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act. (f) With respect to the adequacy of the internal inancial controls over inancial reporting of the Company and the operating efectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodiied opinion on the adequacy and operating efectiveness of the Companys internal inancial controls over inancial reporting.

(g) 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 explanation given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Afairs has not prescribed other details under section 197 (16) which are required 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, in our opinion and 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 inancial position in its Standalone Financial Statements Refer Note No.- 51 to the standalone inancial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

iv. a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identiied in any manner whatsoever by or on behalf of the company ("Ultimate Beneiciaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneiciaries.

b) The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identiied in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneiciaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneiciaries.

c) Based on the audit procedures that have been considered reasonable and appropriate in circumstances, nothing has come to our attention that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above, contain any material misstatement

v. The dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable. As stated in Note 16 to the inancial statement, the Board of Directors of the Company has proposed dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trial (edit log) facility is applicable to the Company with efect from 1st April 2023, and accordingly, reporting under rule 11(g) of Companies (Audit and Auditors) Rules , 2014 is not applicable for the inancial year ended March 31, 2023.

	For S K Agrawal and Co
	Chartered Accountants LLP
	Chartered Accountants
	FRN 306033E/E300272
	Jugal Kishore Choudhury
Place: Kolkata	Partner
Dated: 30th May 2023	Membership No. 009367
UDIN No. 23009367BGWVB01498

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that: i. In respect of the Companys Property, Plant and Equipment and Intangible Assets: (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

(B) The Company does not have any intangible assets and hence reporting under this clause is not applicable.

(b) The Company has a regular programme of veriication to cover all the items of Property, Plant and Equipment in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, some of the Property, plant and equipment has been physically veriied by the management during the year in accordance with the programme and no material discrepancies were noticed on such veriication.

(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the inancial statements included in property, plant and equipment, according to the information and explanations given to us and based on the examination of the registered sale deed / title deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its Property, Plant and Equipment during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at 31 March 2023 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii. (a) According to the information and explanations given to us, the inventory has been physically veriied during the year by the management. In our opinion, the frequency and procedure of such veriication is reasonable. The discrepancies noticed on veriication between the physical stocks and the book records were not material and have been dealt with in books of accounts.

(b) According to the information and explanations given to us, at any point of time of the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate from banks or inancial institutions on the basis of security of current assets. In our opinion and according to information and explanations given to us, the quarterly returns or statements iled by the Company with such banks or inancial statements are not in agreement with the unaudited books of account of the Company of the respective quarters.

Name of the Banks	Quarter Ended	Particulars of Security Provided	Amount as per Books of Accounts	Amount as per Quarterly Statements	Diferences (Rs. in lakhs)	Reasons for material diferences
	Jun-22		(Rs. in lakhs) 5654.82	(Rs. in lakhs) 5506.87	147.95	Variance in inventories are because of valuation 279.83 of FG inal assessment & 322.48 valuation of process materials at 151.71 the time of inalisation.
	Sep-22	Inventories	5681.23	5401.40
Union Bank of India, DBS Bank India Limited, Citi Bank* & Yes Bank Ltd*	Dec-22		5450.79	5128.31		in Diferences debtors are because of adjustment of scheme discount allowed to parties as well as written of some debtors amount at the time of inalisation.
	Mar-23		6192.13	6040.42
	Jun-22		5254.67	5255.74	-1.07
	Sep-22		4821.88	4821.88
		Trade Receivables
	Dec-22		4526.15	4518.62	7.53
	Mar-23		4418.52	4420.64	-2.12

iii. During the year, the company has not made any investments in, provided any guarantee or security, or granted any loans or advances in the nature of loans, secured or unsecured, to companies, irms, Limited Liability Partnerships, or any other parties. Accordingly, paragraph 3(iii)(a), (b), (c), (d), (e), (f) of the Order is not applicable to the Company. iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of 186 of the Act in respect making investments as applicable. The Company has not provided any guarantee or security or granted any loans during the year and thus the provisions of Sections 185 of the Act are not applicable on the Company. v. The Company has not accepted any deposit or amounts which are deemed to be deposit. Hence, reporting under clause 3 (v) of the Order is not applicable. vi. The maintenance of cost records has not been speciied for the activities of the Company by the Central

Government under section 148(1) of the Companies Act, 2013. vii. According to the information and explanations given to us in respect of statutory dues: (a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Cess and other material statutory dues applicable to it with the appropriate authorities during the year.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Cess and other statutory dues in arrears as at 31st March, 2023 for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2023 on account of disputes are given below:

Particulars	Amount under dispute not yet deposited	Financial year to which the amount relates	Forum where dispute is pending
	(Rs. in lakhs)
Central Sales tax, New Delhi	0.23	1987-88	Appellate Tribunal
Central Sales tax, New Delhi	74.58	2001-02	Appellate Tribunal
Central Sales tax, New Delhi	2.16	2002-03	Additional Commissioner
Local Sales tax, New Delhi	43.75	2002-03	Additional Commissioner
Mandi Samity	2.18	1997-98	Honble High Court, Allahabad Appeal before
UP Sales Tax	0.46	2010-11	Additional Commissioner
Custom Act	643.56	2017-18	CESTAT, Nhava Seva

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). ix. (a) The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. Hence reporting under clause (ix)(a) of the Order is not applicable. (b) The Company has not been declared wilful defaulter by any bank or inancial institution or government or any government authority.

(c) According to the information and explanation given to us and on the basis of our examination of the records of the company, the Company has utilized the loan amount taken during the year for intended purpose and there is no unutilized term loan at the beginning of the year.

(d) On an overall examination of the inancial statements of the Company, funds raised on short- term basis have, prima facie, not been used during the year for long-term purposes by the Company. (e) On an overall examination of the inancial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its joint venture. (f) According to the information and explanation given to us and procedure performed by us, we report that the company has not raised loans during the year on the pledge of securities held in its Joint venture. The Company does not hold any investment in any subsidiary or associate (as deined under the act) during the year ended 31st March 2023. x. (a) The Company has not raised money by way of initial public ofer or further public ofer (including debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable. (b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause (x)(b) of the Order is not applicable. xi. (a) Based on examination of the books and records of the Company and according to the information and explanations given to us, considering the principles of materiality as outlined in the Standards on Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the course of the audit.

(b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been iled 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) To the best of our knowledge and according to the information and explanations given to us there were no whistle-blower complaints, received during the year by the Company. xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, clause (xii) of the Order is not applicable. xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the inancial statements as required by the applicable Indian Accounting Standards. xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures. xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the company. xvi. According to the information and explanation given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and hence, reporting under clause (xvi) (a) (b)of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as deined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) In our opinion, according to the information and explanations provided to us during the course of audit, the Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC. xvii. The Company has not incurred cash losses during the inancial year and the immediately preceding inancial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year. xix. According to the information and explanation given to us and on the basis of the inancial ratios, ageing and expected dates of realisation of inancial assets and payment of inancial liabilities, other information accompanying the inancial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not 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. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. xx. The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there is no unspent CSR amount for the year requiring a transfer to a Fund speciied in Schedule VII to the Companies Act or special account in compliance with the provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) (a), (b) of the Order is not applicable for the year.

	For S K Agrawal and Co
	Chartered Accountants LLP
	Chartered Accountants
	FRN 306033E/E300272
	Jugal Kishore Choudhury
Place: Kolkata	Partner
Dated: 30th May 2023	Membership No. 009367
UDIN No. 23009367BGWVB01498

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal inancial controls over inancial reporting of The Indian Wood Products Co Ltd ("the Company") as of March 31, 2023 to the extent of records available with us in conjunction with our audit of the standalone inancial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible establishing and maintaining internal inancial controls based on the internal control over inancial reporting criteria established by the Company considering essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute Chartered Accountants of India. These responsibilities include the design, implementation and maintenance adequate internal inancial controls that were operating efectively for ensuring the orderly and eicient conduct its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy completeness of the accounting records, and the preparation of reliable inancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal inancial controls over inancial reporting of the Company 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal inancial controls. 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 inancial controls over inancial reporting was established and maintained and if such controls operated efectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal inancial controls system over inancial reporting and their operating efectiveness. Our audit of internal inancial forcontrols over inancial reporting included obtaining an understanding of internal inancial controls over inancial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating efectiveness of internal control based on the assessed risk. The procedures selected depend on the of auditors judgement, including the assessment of the risks of material misstatement of the standalone inancial of statements, whether due to fraud or error. We believe that the audit evidence we have obtained, is of suicient and appropriate to provide a basis for our audit opinion on the Companys internal inancial controls system over inancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal inancial control over inancial reporting is a process designed to provide reasonable assurance regarding the reliability of inancial reporting and the preparation of inancial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal inancial control over inancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly relect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone 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 efect on the Standalone Financial Statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal inancial controls over inancial 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 inancial controls over inancial reporting to future periods are subject to the risk that the internal inancial control over inancial 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 the explanations given to us, the Company has, in all material respects, an adequate internal inancial controls system over inancial reporting and such internal inancial controls over inancial reporting were operating efectively as at March 31, 2023, based on the internal control over inancial reporting criteria established by the Company.

	For S K Agrawal and Co
	Chartered Accountants LLP
	Chartered Accountants
	FRN 306033E/E300272
	Jugal Kishore Choudhury
Place: Kolkata	Partner
Dated: 30th May 2023	Membership No. 009367
UDIN No. 23009367BGWVB01498