To the Members of GAYATRI HIGHWAYS LIMITED
Report on the audit of the Standalone Ind AS financial statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of Gayatri
Highways Limited ("the Company"), which comprise the Balance Sheet as at 31
March 2023 and the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity 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 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2023, its loss, its cashflows and the
changes in equity 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 there under, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters 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 Matters |
Auditors Response |
| 1. As at 31 March 2023, the Company has total investments of Rs. 198.94 Cr (Net of
impairment) which are classified as financial assets in the financial statements. Out of
which the Company has an investment of Rs. 0.1 Cr in the equity and instruments entirely
equity in nature of various Subsidiaries of the Company and Rs, 198.84 Cr in the equity,
optionally convertible debentures and instruments entirely equity in nature of Jointly
controlled entities of the Company, |
1. In respect of the impairment indicator assessment for the investments in
subsidiaries/joint ventures, our audit procedures included and were not limited to the
following: - |
|
• Obtained and read the financial statements of subsidiaries/joint ventures to
identify if any disclosure is made for impairment of assets in its standalone financial
statements. |
| The management regularly reviews whether there are any indicators of impairment on
unquoted investments made by the company. |
• Obtained the impairment indicator assessment performed by the management
considering internal/external sources of information. |
| As per Ind AS 36 - ‘Impairment of Assets the standard is applicable to financial
assets classified as Investments in subsidiaries, associates and joint ventures.
Accordingly, in assessing whether there is any indication that an asset may be impaired,
an entity shall consider as a minimum, the external and internal sources of information,
any other indications or evidences from internal reporting that indicates that the assets
may be impaired. |
• We have obtained the managements understanding with regard to impairment of
the investments made in loss making subsidiary companies/joint ventures. |
|
• We have obtained the companys management opinion in estimating the realizable
value of the investments made by the subsidiary companies/ joint ventures. |
| This assessment involves significant judgment especially in relation to determination
of expected future economic benefits. Accordingly the evaluation of impairment of
investments in subsidiaries/joint ventures was determined to be a key audit matter. |
|
| 2. The Company has been incurring operating losses during the past few years and the
current liabilities of the Company exceed its current assets. |
2. We have evaluated the assumptions and forecasts made by management. We have
specifically devoted attention to the assumptions made with respect to the future value
added, the results and the cash flows in order to assess the companys ability to continue
meeting its payment obligations and its obligations under the financing covenants in the
year ahead |
| The Company financial statements were prepared on a going concern basis. |
|
| Managements statement in respect of going concern is set out in Note 36 of the
financial statements. |
|
Emphasis of Matter
We draw attention to Note 13(vi) to the financial statements which stated that interest
on outstanding loan to IL&FS Financial Services Limited (IFIN) was recognized only on
the principal amount, as the company has not received any balance confirmation from IFIN.
The final amount payable to IFIN may vary from the interest amount that was already
provided in the financial statements of the Company.
Our opinion is not modified in respect of this matter.
Information Other than the Ind AS 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 Annual Report
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
during the course of our 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.
Responsibility of Management and Those Charged with Governance for the 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, 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 for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Standalone Ind AS financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys 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 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 it is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the 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.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
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-section (11) of section 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 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, 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 standalone Ind AS 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 31
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2023 from being appointed as a director in terms of Section
164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
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 does not have any pending litigations which would impact its financial
position except those disclosed in financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were 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 their 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
entity, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities 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 their knowledge and belief, no
funds have been received by the Company to or in any other person or entity, including
foreign entities ("Funding Parties"), with the understanding, whether recorded
in writing or otherwise, that the Company shall, whether, directly or indirectly lend or
invest in other person or entity 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; and
c) based on our audit procedures that were considered reasonable and appropriate in the
circumstances, nothing has come to our notice that that has caused us to believe that the
representations under above sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company only w.e.f.
April 1, 2023, reporting under this clause is not applicable.
| For PRSV & Co. LLP |
| Chartered Accountants |
| Firms Registration No.: S200016 |
| Y. Venkateswarlu |
| Partner |
| Membership No: 222068 |
| Place: Hyderabad |
| Date: 29 May 2023 |
| UDIN: 23222068BGTVWH9426 |
Annexure ‘A to the Independent Auditors Report of GAYATRI HIGHWAYS LIMITED for
the Year ended as on 31 March 2023
Annexure referred to in paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report on even date: -
(i) (a) A. The Company has maintained proper records showing full particulars,
including quantitative details and situation of property, plant and equipment.
B. The Company does not hold any intangible assets during the year.
b. The property, plant and equipment have been physically verified by the Management at
regular Intervals and no material discrepancies were noticed on such verification.
c. The company has no immovable property hence paragraph 3(i)(c) of the Order is not
applicable to the company.
d. The Company has not revalued its property, plant and equipment (including Right of
use assets) during the year ended 31March 2023.
e. There are no proceedings initiated or are pending against the Company for holding
any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.
ii. As the company is engaged in the business of infrastructure development, operations
and its maintenance, the Company business does not involve inventories. Accordingly, the
requirements to report on clause 3(ii) of the Order is not applicable to the company.
iii. During the year, the Company has not made any investments. During the year the
Company has not provided any loans, advances in the nature of loans, stood guarantee or
provided security to companies, firms, Limited Liability Partnerships or any other
parties. Accordingly, the provisions of clause 3(iii) of the Order is not applicable to
the company.
iv. The Company has not entered into any transaction in respect of loans, investments,
guarantee and securities, which attracts compliance to the provisions of sections 185 and
186 of the Companies Act, 2013. Accordingly, the requirement to report on clause 3(iv) of
the Order is not applicable to the company.
v. The Company has neither accepted any deposits from the public nor accepted any
amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Act
and rules made thereunder, to the extent applicable. Accordingly, the requirement to
report on clause 3(v) of the Order is not applicable to the Company.
vi. The maintenance of cost records specified by the Central Government under
sub-section 148(1) of the Companies Act, 2013 are not applicable to the Company.
Accordingly, the requirement to report on clause 3(vi) of the order is not applicable to
the Company.
vii. a. According to the information and explanations given to us and on the basis of
our examination of the books of accounts, the company is regular in depositing with the
appropriate authorities undisputed statutory dues including provident fund, employee state
insurance, income tax, duty of customs, goods and services tax and other statutory dues
applicable to it. The provisions relating to sales tax, duty of excise, value added tax
and cess are not applicable to the Company. According to the information and explanations
given to us, no undisputed amounts payable in respect of 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 and other statutory dues were outstanding, at the year
end, for a period of more than six months from the date they became payable.
b. According to the information and explanation given to us, there are no dues of
income tax, goods and service tax, sales tax, provided fund, employee state insurance,
duty of customs, cess and other statutory dues which have not been deposited on account of
dispute.
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) During the year the Company has defaulted in repayment of term loans and
interest thereon to the financial institution:
| S.No. Nature of the Borrowing 1 Term Loan |
Name of the Lender IL&FS Financial Services Limited |
Amount not paid on due date Rs50,15,86,084 |
Whether Principal or Interest Principal and Interest |
No. of days delay or unpaid 25 months |
Remarks |
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 to us, the term loans have been applied, on an
overall basis, for the purposes 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 purposes by the Company.
e) On an overall examination of the 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 subsidiaries, associates or joint ventures.
f) The Company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies. Hence, the requirement to report
on clause (ix) (f) of the Order is not applicable to the Company.
x. a) The Company has not raised any monies during the year by way of initial public
offer in the nature of equity shares.
b) The Company has not made any preferential allotment or private placement of shares
/fully or partially or optionally convertible debentures during the year under audit.
Accordingly, the requirement to report on clause 3(x)(b) of the Order is not applicable to
the Company.
xi. a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, considering the principles of materiality
outlined in Standards on Auditing, we report that no fraud by the Company or on the
Company has been noticed or reported during the course of the audit.
b) 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) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.
xii. The Company is not a Nidhi Company and hence clause 3 (xii) of the Companies
(Auditors Report) Order 2020 is not applicable.
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, 2013 where applicable and
the details of such transactions have been disclosed in the Standalone Ind AS financial
statements as required by the applicable accounting standards.
xiv. a) The Company has an internal audit system commensurate with the size and nature
of its business. b) The internal audit reports of the Company issued till the date of the
audit report, for the period under audit have been considered by us.
xv. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into any non-cash
transactions with directors or persons connected with him. Accordingly, the requirements
to report on clause 3(xv) of the Order is not applicable.
xvi. a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of
1934) are not applicable to the Company. Accordingly, the requirement to report on clause
(xvi)(a) of the Order is not applicable to the Company.
b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities during the year. Accordingly, the requirement to report on clause 3(xvi)(b) of
the Order is not applicable to the Company.
c) The Company is not a Core Investment Company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
Order is not applicable to the Company. 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 incurred cash loss during the current year Rs.6.96 Cr and in the
preceding financial year Rs.15.04 Cr.
xviii. There has been no resignation of the statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the
Company.
xix. On the basis of the financial ratios disclosed in note no. 32 to 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 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) The provisions of section 135 of the Companies Act are not applicable to the
Company. Accordingly, the requirement to report under clause 3(xx) of the order is not
applicable to the Company.
xxi. There are qualifications by the respective auditors in the Companies (Auditors
Report) Order (CARO) reports of the companies included in the consolidated financial
statements. The following are the details regarding them:
| S.No. Name of the Company |
Paragraph no. in the respective CARO reports |
Remarks |
| 1 Sai Maatarini Tollways Limited |
vii(b), ix(a), xvii and xix |
Regarding statutory dues have not been deposited on account of dispute, default in the
repayment of loans or other borrowings or payment of interest thereon to banks and
financial institutions, cash losses in the financial year and in the immediately preceding
financial year, material uncertainty exists as on the date of the audit report indicating
that that the Company is not capable of meeting its liabilities existing at the date of
the balance sheet as when they fall due within a period of one year from the balance
sheet. |
| 2 Indore Dewas Tollways Limited |
vii(b), ix(a), xvii and xix |
Regarding statutory dues have not been deposited on account of dispute, default in the
repayment of loans or other borrowings or payment of interest thereon to banks and
financial institutions, cash losses in the financial year and in the immediately preceding
financial year, material uncertainty exists as on the date of the audit report indicating
that that the Company is not capable of meeting its liabilities existing at the date of
the balance sheet as when they fall due within a period of one year from the balance
sheet. |
| For PRSV & Co. LLP |
| Chartered Accountants |
| Firms Registration No.: S200016 |
| Y. Venkateswarlu |
| Partner |
| Membership No: 222068 |
| Place : Hyderabad |
| Date : 29 May 2023 |
| UDIN: 23222068BGTVWH9426 |
ANNEXURE - B TO THE INDEPENDENT AUDITORS REPORT (Referred to in 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 Gayatri
Highways Limited ("the Company") as of 31st March 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
issued by the Institute of Chartered Accountants of India (the "Guidance Note").
These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the Standalone Ind AS financial statements, whether due to fraud
or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Standalone Ind AS 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 Standalone
Ind AS financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the companys assets that could have a material effect on the Standalone
Ind AS 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, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 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 PRSV & Co. LLP |
| Chartered Accountants |
| Firms Registration No.: S200016 |
| Y Venkateswarlu |
| Partner |
| Membership No: 222068 |
| Place: Hyderabad |
| Date: 29 May 2023 |
| UDIN: 23222068BGTVWH9426 |
+91-9892691696
