for tHe Year enDeD 31St marCH 2023 to the members of Kothari petrochemicals
Limited report on tHe aUDIt of tHe InDIan aCCoUntIng StanDarDS (InD aS) fInanCIaL
Statement
opinion
1. We have audited the accompanying Ind AS financial statements of Kothari
Petrochemicals Limited ("the Company"), which comprise the balance sheet as at
March 31, 2023, and the statement of profit and loss (including other comprehensive
income), 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
accounting policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Ind AS 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 March 31, 2023, and total comprehensive income
(comprising of profit after tax and other comprehensive income), changes in equity and its
cash flows for the year then ended.
Basis for opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditors Responsibilities for the Audit of the Ind AS 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 Ind AS financial statements
under the provisions 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
4. Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS financial statements of the current period. These
matters were addressed in the context of our audit of the Ind AS financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
| S. no. |
Key audit matter |
principal audit procedures |
| 1 |
Quantity of raw materials |
our audit procedures included: |
|
Significant portion of the material procurement is through pipelines and tankers which
are accounted on weight basis. The procurement methodology also involves raw materials
extraction from input feed and return of residues & effluents through the pipelines to
the vendor. Hence, any variance in the ascertainment of the quantity purchased may have a
significant impact on the cost of materials. |
• Assessment of internal controls over ascertaining the quantity of purchase for
which payment is made. |
|
|
• Assessment of controls over calibration system of the weighing equipment. |
|
|
• Assessment of controls over periodical stock - take and the related procedures. |
| 2 |
Capital Work in progress |
our audit procedures included: |
|
The Company undertaking a De-Bottle Necking project for capacity augmentation. As of
31st March 2023, the Company has spent 3,579.24 lakhs towards the project and
the same has been capitalized during the year. On account of the materiality of the
capital outlay and the importance of the project to Companys business we consider it to
be a key audit matter for the year. |
|
|
|
• Assessment of key internal controls with reference to capital work in progress. |
|
|
• Performed substantive audit procedures on the transactions accounted under the
capital work in progress and capitalized. |
|
|
• Verified that the assets meet the recognition criteria set out in Ind AS 16 -
Property, Plant and Equipment and other material compliances as per the said accounting
standard. |
other Information
5. The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Boards Report together with the
annexure thereto and Report on Corporate Governance but does not include the Ind AS
financial statements and our auditors report thereon.
Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the Ind AS 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.
responsibilities of management and those charged with governance for the Ind aS
financial Statements
6. The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these Ind AS financial statements
that give a true and fair view of the financial position, financial performance, changes
in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards 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 Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
7. In preparing the Ind AS financial 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. The Board of Directors are also responsible for
overseeing the Companys financial reporti ng process.
auditors responsibilities for the audit of the Ind aS financial Statements
8. Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also: Identify and assess the
risks of material misstatement of the Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
10. 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 that we identify during our audit.
11. 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.
12. From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the Ind AS 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
13. 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 Act, we give in the Annexure B, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
14. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of Section 197(16) of the Act, as amended: In our opinion
and to the best of our information and according to the 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.
15. 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 Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors and taken
on record by the Board of Directors, none of the directors are disqualified as on March
31, 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 financial controls with reference to
financials statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure A". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys internal financial
controls with reference to financial statements.
(g) 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) There are no pending litigations against the Company. Consequently, disclosure of
the same does not arise.
(ii) The Company did not have any long-term contracts including derivative contracts on
which there were material foreseeable losses.
(iii) There has been no delay in transferring 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,
no funds (which are material either individually or in the aggregate) 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
entity ("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 identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("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 identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations as provided under (a) and (b) above, contain any material
misstatement.
(v) The Company has paid interim dividend during the year ending 31st March
2023 in compliance with the provisions of section 123 of the Act. Final dividend proposed
by the Board of Directors is subject to the approval of the members in the ensuing Annual
General Meeting. The dividend so proposed is in accordance with Section 123 of the Act to
the extent applicable.
(vi) As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company only with effect from April 1, 2023, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 is not applicable.
for p. CHanDraSeKar LLp
Chartered Accountants
FRN: 000580S/S200066
|
S. raghavendhar |
|
Partner |
| place : Chennai |
M. No.: 244016 |
| Date : 26th May 2023 |
UDIN: 23244016BGQPZM5725 |
annexure "a" to the Independent auditors report for the year ended 31st
march 2023. referred to in paragraph 15(f) of the Independent auditors report of even
date to the members of Kothari petrochemicals Limited on the Ind aS financial Statements
as of and for the year ended march 31, 2023. report on the Internal financial Controls
with reference to financial Statements under Clause (i) of Sub-section 3 of Section 143 of
the act
1. We have audited the internal financial controls with reference to Financial
Statements of Kothari petrochemicals Limited ("the Company") as of March
31, 2023 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
2. 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
issued by the Institute of Chartered Accountants of India (ICAI). 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 Act.
auditors responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls with reference financial statements 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 deemed to be
prescribed under section 143(10) of the Act 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 ICAI. 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 with reference financial statements was
established and maintained and if such controls operated effectively in all material
respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system with reference to financial statements and their
operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of internal financial controls
with reference to financial statements, 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
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
5. 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
with reference to financial statements.
meaning of Internal financial Controls with reference to financial Statements
6. A companys internal financial controls with reference to financial statements 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 controls
with reference to financial statements 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 with reference to financial
Statements
7. Because of the inherent limitations of internal financial controls with reference to
financial statements, 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 with
reference to financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
opinion
8. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system with reference to financial statements and such internal
financial controls with reference to financial statements were operating effectively as at
March 31, 2023, 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 p. CHanDraSeKar LLp
Chartered Accountants
FRN: 000580S/S200066
|
S. raghavendhar |
| place : Chennai |
Partner |
| Date : 26th May 2023 |
M. No.: 244016 |
|
UDIN: 23244016BGQPZM5725 |
annexure - B to the Independent auditors report for the year ended 31st
march 2023 referred to in paragraph 13 of the Independent auditors report of even date to
the members of Kothari petrochemicals Limited on the Ind aS financial Statements as of and
for the year ended march 31, 2023. 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 is maintaining proper records showing full particulars, including
quantitative details and situation, of property, plant and equipment, investment property
and relevant details of right-of-use assets.
(B) The Company has maintained proper records showing full particulars of intangible
assets.
b. As explained to us, the property, plant and equipment, investment property and
right-of-use assets are physically verified by the Management at reasonable intervals; no
material discrepancies were noticed on such verification.
c. According to the information and explanations given to us and based on the
examination of the documents provided to us, we report that the title deeds of all the
immovable properties of land and buildings as disclosed in the Ind AS financial statements
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 (including
right-of-use assets) and intangible assets during the year.
e. No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) a. The Management has conducted physical verification of inventory at reasonable
intervals. In our opinion, the coverage and procedure of such verification is appropriate.
No discrepancies of 10% or more in aggregate for each class of inventory were noticed on
such physical verification.
b. The Company has been sanctioned working capital limits in excess of Rupees five
crores in aggregate from banks / or financial institutions during the year on the basis of
security of the current assets of the Company. The quarterly returns / statements filed by
the Company with such banks and financial institutions are in agreement with the books of
accounts of the Company.
(iii) a. During the year the Company has not provided loans or advances in the nature
of loans, or stood guarantee, or provided security to any other entity. Hence reporting
under clause (iii) (a) of the Order is not applicable.
b. The investments made during the year are not prejudicial to Companys interest.
Further the Company has not provided guarantees, security or granted loans or advances in
the nature of loans to Companies, Firms, Limited Liability Partnerships or any other
parties, consequently requirement to report on these under clause (iii)(b) of the Order is
not applicable.
c. The Company has not granted loans or advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii) (c) of the Order is not applicable to the Company.
d. The Company has not granted loans or advances in the nature of loans to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii) (d) of the Order is not applicable to the Company.
e. There were no loans or advances in the nature of loans granted to companies, firms,
Limited Liability Partnerships or any other parties. Accordingly, the requirement to
report on clause 3 (iii) (e) of the Order is not applicable to the Company.
f The. Company has not granted any loans or advances in the nature of loans, either
repayable on demand or without specifying the terms or period of repayment to companies,
firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement
to report on clause 3(iii) (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 Section 185 and 186 of the Companies Act, 2013
in respect of the investments made by it. The Company has not provided any loans or
guarantee or security as covered under Section 185 or 186 of the Companies Act, 2013
(v) The Company has not accepted any deposits from the public within the meaning of
Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent
notified. Accordingly, the requirement to report on clause 3(v) of the Order is not
applicable to the Company.
(vi) Pursuant to the rules made by the Central Government of India, the Company is
required to maintain cost records as specified under Section 148(1) of the Act in respect
of its products. We have broadly reviewed the same, and are of the opinion that, prima
facie, the prescribed accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to determine whether they
are accurate or complete.
(vii) According to the information and explanations given to us and based on our audit
procedures, we report that:
(a) the Company is regular in depositing with the appropriate authorities the
undisputed statutory dues including Provident Fund, Employees State Insurance, Income
Tax, Sales Tax, Customs Duty, Excise Duty, Cess, Goods and Service Tax to the appropriate
authorities. There were no undisputed amounts payable which were in arrears as at 31st
March 2023 for a period of more than six months from the date they become payable.
(b) the Company has no disputed dues of Income Tax, Goods and Service Tax, Sales Tax,
Excise Duty, Customs Duty and Value Added Tax which have not been deposited as on 31st
March 2023.
(viii) The Company has not surrendered or disclosed any transaction, previously
unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961
as income during the year. Accordingly, the requirement to report on clause 3 (viii) of
the Order is not applicable to the Company.
(ix) (a) According to the records of the Company examined by us and the information and
explanation given to us, the Company has not defaulted in repayment of loans or borrowings
to any lender.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(c) In our opinion and according to the information and explanations given by the
management, the term loans were applied for the purpose for which they were obtained.
(d) On an overall examination of the financial statements of the Company, no funds
raised on short-term basis have been used for long term purposed by the Company.
(e) The Company does not have any subsidiary, associate or joint venture. Accordingly,
the requirement to report under clause (ix) (e) of the Order is not applicable.
(f) The Company does not have any subsidiary, associate or joint venture. Accordingly,
the requirement to report under clause (ix) (f) of the Order is not applicable.
(x) (a) The Company has not raised any moneys by way of initial public offer, further
public offer (including debt instruments) during the year. Accordingly, reporting under
clause (x) (a) of the Order is not applicable. (b) On an overall examination of the
financial statements, we report that the Company has not made any preferential allotment
or private placement of shares or convertible debentures during the year. Accordingly,
reporting under clause
(x) (b) of the Order is not applicable.
(xi) (a) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company by its officers or employees,
noticed or reported during the year, nor have we been informed of any such case by the
Management.
(b) During the year, no report under sub-section (12) of section 143 of the Companies
Act, 2013 has been filed by cost auditor / secretarial auditor or by us in Form ADT-4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.
(c) There were no whistle blower complaints received by the Company during the year.
(xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not
applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the
Company.
(xiii) In our opinion, the Company has entered into transactions with related parties
in compliance with the provisions of Sections 177 and 188 of the Act.
The details of such related party transactions have been disclosed in the Ind AS
financial statements as required under Indian Accounting Standard (Ind AS) 24, Related
Party Disclosures prescribed under
Section 133 of the Act.
(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.
(xv) According to the information and explanations given by the management, the Company
has not entered into any non-cash transactions with the director or persons connected with
them as referred to in Section 192 of the Companies Act, 2013.
(xvi) (a) According to the information and explanations given to us, the provisions of
section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
(b) The Company has not conducted any non-banking or housing finance activities.
(c) The Company is not a Core Investment Company as defined in the regulations made by
the Reserve Bank of India. Accordingly, reporting under clause
3 (xvi) (c) of the Order is not applicable.
(d) There is no Core Investment Company as a part of the Group, hence, the requirement
to report on clause 3 (xvi) (d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
(xviii) There has been no resignation of statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable.
(xix) On the basis of ratios disclosed in the financial statements, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the meetings 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 that Company is
not capable of meeting its liabilities existing at the date of the 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 upto the date of the audit report and we
neither given any guarantee nor any assurance that all liabilities falling due withing one
year from the balance sheet date, will get discharged by the Company as and when they fall
due.
(xx) There are no unspent amounts that are required to be transferred to a fund
specified in Schedule VII of the Companies Act, 2013 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 Act. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not
applicable.
for p. CHanDraSeKar LLp
Chartered Accountants
FRN: 000580S/S200066
|
S. raghavendhar |
| place : Chennai |
Partner |
| Date : 26th May 2023 |
M. No.: 244016 |
|
UDIN: 23244016BGQPZM5725 |
+91-9892691696
