To the Members of
Wheels India Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of Wheels India
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
standalone Ind AS Financial Statements, including a summary of significant accounting
policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Standalone 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 Profit and Other
Comprehensive Income, changes in equity and its Cash Flows for the year ended on that
date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone 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 standalone Ind AS financial statements under the provisions of the Companies Act,
2013 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 appropriate to provide a basis for our opinion.
Emphasis of matter effective April 01, 2022, the Company has reassessed the useful
life of certain Plant and Machinery which was evaluated by an Independent Chartered
engineer, as mentioned in Note 1 of the financial statements. Consequently, the
depreciation for these plant and machinery have been revised on account of this change in
accounting estimate, from 1st April, 2022, resulting in a reduction in the charge of
depreciation by Rs. 31.86 crores for the accounting year ended March 31, 2023 with a
corresponding increase in the profit before tax for the year and increase in written down
value of these assets as on 31st March, 2023. Our opinion is not modified with reference
to this change in accounting estimate.
key Audit Matters
key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the standalone Ind AS financial statements of the current
period. These matters were addressed in the context of our audit of the Standalone Ind AS
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 Matter |
| 1. Amalgamation of Sundaram Hydraulics Ltd with the Wheels India Ltd (the Company) |
Our Audit procedure, inter alia, included the following: |
| The board of Directors at their meeting held on 7th December, 2021 approved the scheme
of Amalgamation of Sundaram hydraulics Ltd with the company effective 1 st October, 2021. |
Review of Minutes of the Meetings of the board of Directors of the Company. |
|
Review of the documentation pertaining to the proceedings of NCLT. |
| After obtaining the requisite approvals as per the directions of the honourable
National Company Law Tribunal, Chennai (NCLT), the company has filed the necessary
petitions. |
Review of developments in respect of Corporate and Legal Matters. |
|
Discussion with the Company on the Current status. |
| The Company is awaiting the directions in this regard from NCLT. |
Review of disclosures in the financial statements. |
Information Other than the Financial Statements and Auditors Report Thereon
The Companys board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, boards Report including Annexures to boards Report, business
Responsibility Report, Corporate Governance Report and Shareholders Information but does
not include the Ind AS financial statements and our auditors report thereon.
Our opinion on the Standalone 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 Standalone 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 Standalone Ind AS Financial Statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.for ensuring the
accuracy and completeness
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.
Responsibility of Management for Standalone Ind AS 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 Ind AS Financial Statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards 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 of the accounting
records, relevant to the preparation and presentation of the financial statement that give
a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the Standalone 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
reporting process.
Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone 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 Standalone Ind AS Financial Statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the Standalone 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.
b) 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
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
c) evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
d) 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.
e) evaluate the overall presentation, structure and content of the standalone Ind AS
financial statements, including the disclosures, and whether the standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation. We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and significant audit
findings, including any significantdeficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone 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
1. As required by the Companies (Auditors 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" to this report a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and 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 the statement of Other
Comprehensive Income, 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 standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the board of Directors, none of the directors is
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 over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report.
g) 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.
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 financial
position in its standalone Ind AS financial statements. Refer Note No.26 (1) (b) of
Standalone Ind AS Financial Statements.
(ii) T he Company did not have any contracts including long term derivative contracts
for which there were any 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") 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 term like
on behalf of the Ultimate beneficiaries; (c) based on the audit procedures that we have
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 final dividend declared and paid by the Company during the year in respect of
the previous financial year is in accordance with section 123 of the Act 2013 to the
extent it applies to payment of dividend.
The board of Directors of the Company have proposed final subject to the approval of
the members at the ensuing Annual General Meeting. The dividend proposed is in accordance
with section 123 of the Act to the extent it applies to declaration of dividend.
(vi) Proviso to Rule 3(1) of Companies (Accounts) Rule, 2014 for maintaining books of
accounts using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023 and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules 2014 is not applicable
for the financial year ended March 31, 2023
"Annexure - A" to the Independent Auditors Report
Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements of our report of even date
(i) a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property Plant and equipment.
The Company has maintained proper records showing full particulars of intangible
assets.
b) The Property Plant and equipment were physically verified by the management during
the year, in accordance with an annual plan of verification, which in our opinion is
reasonable having regard to the size of the Company and the nature of the Property Plant
and equipment. According to the information and explanation given to us, no material
discrepancies were noticed on such verification.
c) The Title deeds of all the immovable properties owned by the company are held in the
name of the Company.
d) The Company has not revalued any of its Property, Plant and equipment 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 inventories have been physically verified by the management at reasonable
intervals during the year. In our opinion, the frequency of such verification is
reasonable. The discrepancies noticed on verification between the physical stocks and the
book records which were not material, have been properly dealt with in the books of
account.
b) The Company has been sanctioned working capital limits in excess of five crore
rupees in aggregate from banks during the year on the basis of security of current assets.
The quarterly returns or statements filed by the company with such banks are in agreement
with the books of account of the Company.
(iii) based on our examination of records and according to the information and
explanations given to us, the Company has not provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships or any other parties, in respect of which:
a) The Company has not made any investment and not provided any loans or advances in
the nature of loans or stood guarantee, or provided security to any other entity during
the year, and hence reporting under clause 3(iii) (a) to 3(iii)(f) of the Order is not
applicable.
(iv) In our opinion and according to the information and explanations given to us, the
Company has not granted any loan to its directors, covered under Section 185 of Companies
Act, 2013.
Section 186 of the Companies Act, 2013 is not applicable to the company for the year.
(v) The Company has accepted public deposits and has complied with the provisions of
sections 73 to 76 of the Companies Act or any other relevant provisions of the Act and
rules made thereunder.
(vi) The Maintenance of cost records has been specified by the Central Government under
subsection (1) of section 148 of the Act in respect of the products manufactured by the
Company and we have broadly reviewed the cost records and are of the opinion that, prima
facie, the prescribed cost records have been so made and maintained. We have, however, not
made a detailed examination of the cost records with a view to determine whether they are
accurate or complete.
(vii) a) The Company is regular in depositing undisputed statutory dues including goods
and service tax, provident fund, employees state insurance, income tax, and other
statutory dues applicable to it during the year with appropriate authorities. According to
the information and explanations given to us, there were no undisputed amounts payable in
respect of these statutory dues outstanding as at March 31, 2023 for a period of more than
six months from the date they became payable.
b) In our opinion and according to the information and explanations given to us, there
are no dues of income tax, duty of customs and Goods and Service tax which have not been
deposited on account of any dispute. The dues in respect of Service tax which have not
been deposited on account of dispute are as follows:
| Name of the Statute |
Nature of Dues |
Amount (Rs. in crore) |
period to which the amount relates |
Forum where the dispute is pending |
Remarks, if any |
| Service Tax Act, 1994 |
Service Tax |
5.53 |
Assessment Year 2009-10 to Assessment Year 2018-19 |
CeSTAT |
- |
(viii) According to the information and explanation given to us, 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, reporting under clause 3(viii) of the order does not arise.
(ix) a) According to the information and explanations give to us and based on our
examination of the records of the Company, the Company has not defaulted in repayment of
loans or other borrowings or in the payment of interest thereon to any lender during the
year. Accordingly, reporting under clause 3(ix)(a) of the order does not arise.
b) According to the information and explanations given to us, the company has not been
declared wilful defaulter by any bank or financial institution or government or any
government authority. Accordingly, reporting under clause 3(ix)(b) of the order does not
arise.
c) In our opinion and according to the information and explanations given to us, the
term loans were applied for the purpose for which loans were obtained.
d) According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the company, the Company has not
utilised the funds raised on short term basis for long term purposes.
e) According to the information and explanations given to us and on an overall
examination of the standalone financial 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
subsidiary or associate companies. Accordingly, reporting under clause 3(ix)(e) of the
order does not arise. f) According to the information and explanations given to us, the
company has not raised loans during the year on the pledge of securities held in its
subsidiary or associate companies. Accordingly, reporting under clause 3(ix)(f) of the
order does not arise.
(x) a) In our opinion and according to the information and explanations given to us,
the Company has neither raised during the year any money by way of initial public offer or
further public offer (including debt instruments). Accordingly, reporting under clause
3(x)(a) of the order does not arise. b) In our opinion and according to the information
and explanations given to us, the Company has not made any preferential allotment or
private placement of shares/ fully or partly or optionally convertible debentures during
the year. Accordingly, reporting under clause 3(x) (b) of the order does not arise.
(xi) a) T o the best of our knowledge and belief and according to the information and
explanations given to us, no fraud by the Company or no fraud on the Company has been
noticed or reported during the course of our audit.
b) During the year, no report under sub-section (12) of section 143 of the Companies
Act, 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
c) As represented to us by the Management, there have been no whistle blower complaints
received by the Company during the year. (xii) In our opinion and according to the
information and explanations given to us, the Company is not a Nidhi company as per
provisions of the Companies Act, 2013. Accordingly, reporting under clause
3(xii)(a),(b),(c) of the Order does not arise.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, all transactions with the related parties are
in compliance with sections 177 and 188 of the Companies Act, where applicable and details
of such transactions have been disclosed in the Ind AS financial statements as required by
the applicable accounting standards.
(xiv) a) In our opinion and based on our examination, 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 of the company issued during the year
April 01, 2022 to March 31, 2023.
(xv) According to the information and explanations given to us and based on our
examination of the records of the Company during the year, the Company has not entered
into non-cash transactions with directors or persons connected with its directors and
hence provisions of section 192 of the Companies Act, 2013 are not applicable to the
company. Accordingly, reporting under clause 3(xv) of the order does not arise.
(xvi) a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve bank of India Act, 1934. hence, reporting under clause 3(xvi)(a), (b)
and (c) of the Order is not applicable. b) In our opinion, there is no core investment
company within the Group (as defined in the Core Investment Companies (Reserve bank)
Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not
applicable.
(xvii) The Company has not incurred cash losses during the current year covered by our
audit and the immediately preceding financial (xviii) There has been no resignation of the
statutory auditors of the Company during the year. Accordingly reporting under clause
3(xviii) of the order does not arise.
(xix) According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, 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 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) a) There is no unspent amount towards Corporate Social Responsibility (CSR)
projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in
compliance with second proviso to sub-section (5) of Section 135 of the said Act.
Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.
year.
b) There are no unspent amounts in respect of ongoing projects, that are required to be
transferred to a special account in compliance of provision of sub section (6) of section
135 of Companies Act. Accordingly, reporting under clause 3(xx)(b) of the Order is not
applicable for the year.
"Annexure - B" to the Independent Auditors Report
Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements
of our report of even date
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Wheels
India Limited ("the Company") as of March 31, 2023 in conjunction with our
audit of the standalone Ind AS financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
("the Guidance Note") 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 Companies Act, 2013 ("the
Act").
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note issued by ICAI and the Standards on Auditing issued by ICAI and
deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient our audit opinion on the
Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements as at
March 31, 2023, based in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls
Over Financial Reporting because of the inherent limitations of internal financial
controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls over financial reporting to future periods are subject to the risk that the
internal financial control over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively on the internal financial control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note issued by the ICAI.
|
For Brahmayya & Co., |
|
Chartered Accountants |
|
Firm Regn No. 000511S |
|
L. Ravi Sankar |
|
partner |
| Place: Chennai |
Membership No. 025929 |
| Date : 18 May, 2023 |
UDIN: 23025929bGYJxJ7806 |
+91-9892691696
