inter state oil carrier ltd Auditors report

TO

THE MEMBERS OF

INTER STATE OIL CARRIER LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Inter State Oil Carrier Limited ("the Company"), which

comprise the balance sheet as at 31 March 2023, and the statement of profit and loss, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant Accoutinng policies and other explanatory information.

In our opinion and to the best of our information and according to the explanaons given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the Accoutinng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2023, and its profit, 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 Auding (SAs) specified under secon 143(10) of the Companies Act, 2013. Our responsibilies under those Standards are further described in the Auditors Responsibilies for the Audit of the Financial Statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instut e 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 Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilies 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 Ma_ers

Key audit Matters 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. We have determined the Matters described below to be the key audit Matters to be communicated in our report.

Key Audit Matter	How our audit addressed the key audit ma_er
Investments in Securities	We have Verified these investments with reference to the provisions of Accounting Standards and also internal policies and procedure of the Company as follows:
Investments of the company represent in various quoted and unquoted equity shares.
These constut e 6.87% of the Companys total assets. The valuation of each category of the aforesaid securies is to be done as per the provisions of Indian Accounting Standards which involves collection of data / information from various sources. Considering the complextiies and extent of judgement involved in the valuation, this has been determined as Key Audit Matter.
	carried out evaluation of the design and operating effectivenessof the internal controls and performed substanv e audit procedures.
	Assessed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments and inventories.
Refer Note 4 to the financial statements	Verified compliance with the presentation and disclosure requirements as per Accounting Standards and the Act.

Informa_on Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Boards 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 connecon 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.

Responsibili es of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the Matters stated in secon 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparaon of these financial statements that give a true and fair view of the financial posion, financial performance, changes in equity and cash flows of the Company in accordance with the Accoutinng principles generally accepted in India, including the Indian Accoutinng Standards specified under secon 133 of the Act. This responsibility also includes maintenance of adequate Accoutinng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and applicaon of appropriate Accoutinng policies; making judgments and esma tes that are reasonable and prudent; and design, implementaon and maintenance of adequate internal financial controls, that were operating e ecv ely for ensuring the accuracy and completeness of the Accoutinng records, relevant to the preparaon and presentaon 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, the Board of Directors is responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, Matters related to going concern and using the going concern basis of Accoutinng unless the Board of Directors either intends to liquidate the Company or to cease operaons, or has no realisc alternav e but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporng process.

Auditors Responsibili es for the Audit of the Financial Statements

Our objecv es 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 scepcism throughout the audit. We also:

Idenf y 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 detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, 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 secon 143(3)(I) of the Companies Act, 2013, w e are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating e ecv eness of such controls.

Evaluate the appropriateness of Accoutinng policies used and the reasonableness of Accoutinng esma tes and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of Accoutinng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon 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 condions may cause the Company to cease to connue as a going concern.

Evaluate the overall presentaon, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transacons and events in a manner that achieves fair presentaon.

We communicate with those charged with governance regarding, among other Matters, the planned scope and ming of the audit and significant audit findings, including any significant deficiencies in internal control that we idenf y 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 relaonships 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 regulaon pr ecludes 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 communicaon.

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 sub-secon (11) of secon 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the Matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Secon 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanaons 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 examinaon of those books.

(c) The Balance Sheet, the Statement of Pro t and Loss, the Statement of Changes in Equity and the Cash Flow Statement 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 Accoutinng Standards specified under Secon 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the wri en representaons received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Secon 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporng of the Company and the operating e ecv eness of such controls, refer to our separate Report in Annexure "B".

(g) With respect to the other Matter to be included in the Auditors Report in accordance with the requirements of secon 197(16) of the Act:

In our opinion and to the best of our information and according to the explanaons given to us, the remuneraon paid/ provided by the Company to its directors during the year is in accordance with the provisions of secon 197 of the Act.

(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 explanaons given to us:

i) The Company has disclosed the impact of pending lig aons on its financial posion in its financial statements Refer Note 42(ii) to the financial statements.

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

iii) There were no amounts which were required to be transferred to the Investor Educaon and Protecon Fund by the Company.

iv) (a) The management has represented that, to the best of its knowledge and belief, 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 enty , including foreign enes ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the company ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries;

(b) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the company from any person or enty , including foreign enes ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries; and

(c) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their noce that has caused them to believe that the representaons under sub-clause (a) and (b) contain any material misstatement.

v) No dividend has been declared or paid during the year by the Company.

Place : 1, India Exchange Place	For Patni & Co.
Kolkata - 700 001	Chartered Accountants
	(Firm Reg. No. 320304E)
Dated: The 25 day of May, 2023
	A. Rajgaria
	(Partner)
	Membership No. 300004
	UDIN: 23300004BGYWQE4935

Annexure "A" to the Independent Auditors Report

The Annexure referred to in our report to the members of the Company on the financial statements for the year ended on March 31, 2023.

In term of the information and explanaons given to us and books of account examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

1) (a) (A) The company has maintained reasonable records showing full parcular s, quant av e details and situaon of Property, Plant and Equipment.

(a) (B) The company is maintaining proper records showing full parcular s of intangible assets.

(b) The Company has a program of veri caon 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. Pursuant to the program, certain Property, Plant and Equipment were physically Verified by the management during the year. According to the information and explanaon given to us, no material discrepancies were noced on such veri caon.

(c) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, original tle deeds of following immovable properes have been lodged with the bank for obtaining secured loans as per details given below:

Details of immovable assets	Name of Bank or Financial Institution	Available documents for veri fication
O ce Premises located at 113, Park Street, Poddar Point, South	Indusind Bank 3A, Upper Wood Street,	Photocopies of such tle deed.
Block, 5 Floor, Kolkata 700016	Kolkata 700017

However, we express no opinion on the validity of the tle of the company to these properes.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.

(e) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, in our opinion, no proceedings have been inia ted or are pending against the company for holding any Benami property under the Benami Transac ons (Prohibion) Act, 1988 (45 of 1988) and rules made thereunder.

2) (a) The company has neither purchased / sold goods during the year nor is there any opening stock. Accordingly, reporng under clause 3(ii)(a) of the Order is not applicable to the Company.

(b) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, the company has been sanconed working capital limits in excess of Rupees Five Crore. Copies of monthly statements furnished to bank have also been made available for our veri caon. Discrepancies noced during veri caon of such statements with books of accounts, were reasonably explained by the management.

3) (a) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has made investments in companies.

According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided loans or advances in the nature of loans and also not provided guarantee or security to companies, rms, Limited Liability Partnerships and other pares.

(b) In our opinion and according to the information and explanaons given to us, the investments made during the year are, prima facie, not prejudicial to the Companys interest.

According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided any guarantees, security, loans or advances in the nature of loans or guarantee to companies, rms, Limited Liability Partnership and other pares.

(c) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided any loans or advances in the nature of loans. Accordingly, reporng under clause 3(iii)(c) of the Order is not applicable to the Company.

(d) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided any loans or advances in the nature of loans. Accordingly, reporng under clause 3(iii)(d) of the Order is not applicable to the Company.

(e) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided any loans or advances in the nature of loans. Accordingly, reporng under clause 3(iii)(e) of the Order is not applicable to the Company.

(f) According to the information and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the company has not provided any loans or advances in the nature of loans. Accordingly, reporng under clause 3(iii)(f) of the Order is not applicable to the Company.

4) In our opinion and according to the information and explanaons given to us, the Company has complied with the provisions of Secons 185 and 186 of the Act in r espect of grant of loans, making investments and providing guarantees and securies, as applicable.

5) According to the information and explanaons given to us and based on our audit procedure, the company has not accepted any deposits within the meaning of secon 73 to 76 of the Act or any other relevant provisions of the Companies Act, 2013.

6) The provisions of secon 148(1) of Companies Act, 2013 with regard to maintenance of cost records are not applicable to the Company.

7) (a) According to the records of the company, undisputed statutory dues including Goods and Services tax, provident fund, employees state insurance, income tax, sales tax, service tax, duty of custom, duty of excise, value added tax, cess have generally been regularly deposited with the appropriate authories though there has been a slight delay in a few cases.

Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable except as menoned below:

Statement of Arrears of Statutory Dues Outstanding for More than Six Months

Name of the Statute	Nature of the Dues	Amount (Rs. Lakhs)	Period to which the amount relates	Due Date	Date of Payment	Remarks, if any
The Employees Provident Funds And Miscellaneous Provisions Act, 1952	Provident Fund	0.02	Sept 2015	20.10.15
		0.01	July 2021	15.08.21
		0.03	April 2022	15.05.22
					Not yet
		0.03	May 2022	15.06.22	paid
		0.03	June 2022	15.07.22
		0.03	July 2022	15.08.22
		0.03	Aug 2022	15.09.22
		0.01	April 2022	15.05.22
Employees State Insurance Act, 1948	ESI	0.01	May 2022	15.06.22	Not yet
		0.01	June 2022	15.07.22	paid
		0.02	August 2022	15.09.22
		The West Bengal State Tax on Professions, Trades, Callings and	Profession Tax	0.01	July 2022	15.08.22	Not yet paid
Employment Act, 1979	CGST	0.59	March 2022	20.04.22	Not yet
The Central Goods and	SGST	0.59	March 2022	20.04.22	paid
Services Tax Act	IGST	0.02	March 2022	20.04.22	Paid on 23.05.23

(b) According to the information and explanaons given to us, there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authories on account of any dispute except for the following:

Name of the Statute	Nature of the Dues	Amount (Rs. Lakhs)	Period to which the amount relates	Forum where dispute is pending ITAT Bench A	Remarks, if any Refer Note No. 42(ii)(b) of the financial
Income Tax Act, 1961	Income Tax	8.37	A.Y. 2013-14	(SMC), Kolkata CIT (Appeal 3),	statements Refer Note No. 42(ii)(d) of the financial statements
		95.42	A.Y. 2017-18	Kolkata

8) According to the information and explanaons given to us, there was no transacon found unrecorded in the books of accounts of the company which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9) (a) According to the information and explanaons and as Verified from books of accounts the company has not defaulted in repayment of loans or interest thereon to any lender.

(b) According to the information and explanaons given to us and on the basis of our audit procedures, we report that the company has not been declared wilful defaulter by any bank or financial instuon or government or any government authority.

(c) In our opinion and according to the information and explanaons given so us the company has ulised the money obtained by way of term loans during the year for the purposes for which they were obtained.

(d) According to the information and explanaons given to us, and the procedures performed by us, and on an overall examinaon of the financial statements of the company, we report that no funds raised on short-term basis have been used for long-term purposes by the company.

(e) The Company did not have any subsidiary, associate or joint venture during the year. Accordingly, reporng under clause 3(ix)(e) of the Order is not applicable to the Company.

(f) The Company did not have any subsidiary, associate or joint venture during the year. Accordingly, reporng under clause 3(ix)(f) of the Order is not applicable to the Company.

10) (a) According to the records of the company, the company has not raised any moneys by way of Inial Public O er or Further Public O er (including debt instruments) during the year. Accordingly, reporng under clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to the records of the company, the company has not made any preferenal allotment or private placement of shares or conver ble debentures (fully, par ally or op onally converble) during the year. Accordingly, reporng under clause 3(x)(b) of the Order is not applicable to the Company.

11) (a) During the course of our examinaon of the books and records of the company, carried out in accordance with the generally accepted auding pracces in India and according to the information and explanaons given to us, we have neither come across any instance of fraud on or by the company, noced or reported during the year, nor we have been informed of such case by the management.

(b) To the best of our knowledge and information with us, ther e is no instance of fraud reportable under sub-secon (12) of secon 143 of the Companies Act required to be le in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As per information and explanaons given by management and/or audit committee there were no whistle blower complaints received by the company during the year.

12) In our opinion and to the best of our information & explanaons provided by the management, the company is not a nidhi company. Accordingly, reporng under clause 3(xii) of the Order is not applicable to the Company.

13) According to the information and explanaons given to us and based on our examinaon of the records of the Company, all transacons with the related pares are in compliance with secon 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable Accoutinng standards.

14) (a) In our opinion and based on our examinaon, the company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the company issued ll date, for the period under audit.

15) According to the information and explanaons given to us, in our opinion during the year the company has not entered into any non-cash transacons with its directors or persons connected with its directors and hence provisions of secon 192 of the Companies Act, 2013 are not applicable to the company.

16) (a) The company is not required to be registered under secon 45-IA of the R eserve Bank of India Act, 1934.

(b) The Company has not conducted non-banking financial / housing finance acvies during the year. Accordingly, the reporng under Clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulaons made by the Reserve Bank of India. Accordingly, the reporng under Clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) According to the information and explanaons given to us, there is no CIC in the Group.

17) The Company has not incurred any cash losses during the financial year or in the immediately preceding financial year.

18) There has been a resignaon of the Statutory Auditors during the year. No issues, objecons or concerns were raised by the outgoing auditor.

19) According to the information and explanaons given to us and on the basis of the financial raos, ageing and expected dates of realisaons of financial assets and payment of financial liabilies, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a enon, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeng its liabilies e xisng a t 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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.

20) (a) There are no unspent amounts towards Corporate Social Responsibility (CSR). Accordingly, reporng under paragraph 3(xx)(a) of the Order is not applicable for the year.

(b) The Company does not have any ongoing projects in accordance with the requirements of CSR guidelines and hence, reporng under paragraph 3(xx)(b) of the Order is not applicable for the year.

21) The Company did not have any subsidiary, associate or joint venture during the year. Accordingly, reporng under clause 3(xxi) of the Order is not applicable to the Company.

Place : 1, India Exchange Place	For Patni & Co.
Kolkata - 700 001	Chartered Accountants
	(Firm Reg. No. 320304E)
Dated: The 25 day of May, 2023
	A. Rajgaria
	(Partner)
	Membership No. 300004
	UDIN: 23300004BGYWQE4935

Annexure "B" to the Independent Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-secron 3 of Sec_on 143 of the

Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporng of In ter State Oil Carrier Limited ("the Company") as of March 31, 2023 in conjuncon with our audit of the 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 reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporng issued by the Instut e of Chartered Accountants of India. These responsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operating e ecv ely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the Accoutinng records, and the mely preparaon 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 reporng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng (the "Guidance Note") and the Standards on Auding , issued by ICAI and deemed to be prescribed under secon 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 Instut e 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 reporng was established and maintained and if such controls operated e ecv ely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporng and their operating e ecv eness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng , assessing the risk that a material weakness exists, and tesng and evaluang the design and operating e ecv eness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, 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 reporng.

Meaning of Internal Financial Controls over Financial Repor_ng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of financial statements for external purposes in accordance with generally accepted Accoutinng principles. A companys internal financial control over financial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of financial statements in accordance with generally accepted Accoutinng principles, and that receipts and expenditures of the company are being made only in accordance with authorisaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquision, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limita_ons of Internal Financial Controls over Financial Repor_ng

Because of the inherent limitaons of internal financial controls over financial reporng , 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, projecons of any evaluation of the internal financial controls over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over financial reporng were operating e ecv ely as at March 31, 2023, based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instut e of Chartered Accountants of India.

Place : 1, India Exchange Place	For Patni & Co.
Kolkata - 700 001	Chartered Accountants
	(Firm Reg. No. 320304E)
Dated: The 25 day of May, 2023
	A. Rajgaria
	(Partner)
	Membership No. 300004
	UDIN: 23300004BGYWQE4935