To the Members of
Kovai Medical Center and Hospital Limited
Report on the Audit of the Financial Statements Opinion
We have audited the accompanying Ind AS financial statements of Kovai Medical Center
and Hospital Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended
and notes to the Ind AS financial statements including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as "Financial
Statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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
including the Indian Accounting Standards ("Ind AS"), of the state of affairs of
the Company as at March 31, 2023, its profit including 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 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 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 ("ICAI") together with the ethical requirements that are relevant to our
audit of the Financial Statements under the provisions of the Act and Rules thereunder and
we have fulfilled our other ethical responsibilities in accordance with these 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. We have
determined that there are no key audit matters to communicate in our Audit Report.
Information other than the Financial Statements and Auditors report thereon
The Companys Management and the Board of Directors are responsible for the preparation
of the other information. The other information comprises the information included in the
annual report for example, Directors report and Management analysis including annexures
thereon but does not include the Financial Statements and our auditors report thereon.
The other information is expected to be made available to us after the date of this
auditors report. Our opinion on the 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 Financial Statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the Financial
Statements, or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated. When we read the other information, as stated above, which is
expected to be received after the date of our audit report, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged
with governance and take necessary actions, as applicable
Managements and Board of Directors Responsibilities for
The Companys Management and the Board of Directors are responsible for the matters
stated in section 134(5) of the Act with respect to the preparation and presentation of
these Financial Statements that give a true and fair view of the financial position,
financial performance 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, read with relevant rules issued thereunder. 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 Financial Statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, the Board of Directors are 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
Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
The Management and the Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the 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 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,
intentionalomissions, 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 the management and the Board of
Directors.
Conclude on the appropriateness of the Board of Directors 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 g
theCompanytoceasetocontinueasa
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.
Materiality is the magnitude of misstatements in the Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work and (ii) evaluating the effect of any
identified misstatements in the Financial Statements.
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.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Financial Statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or 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
A. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government of India in terms of section 143(11) of the Act, we give
in "Annexure 1", a statement on the matters specified in paragraphs 3 and 4 of
the Order.
1.
(A) As required by Section 143
(3) of the Act, we report
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 the Statement of Cash Flows dealt with by
this report are in agreement with the books of account;
d. In our opinion, the aforesaid Financial Statements comply with the Accounting
Standards specified under section 133 of the Act read with relevant rules issued
thereunder;
e. On the basis of the written representations received from the directors as on March
31, 2023, and taken on record by the Board of Directors, none of the directors is
disqualifiedas 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
Financial Statements of the Company and the operating effectiveness of such controls, we
give our separate report in "Annexure 2".
(B) 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, 2021, 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 as on March 31, 2023 on
its financial position in its Financial Statements Refer Note no. 42 on Contingent
Liabilities and to the Financial Statements; i
i. The Company did not have any long-term contracts including derivative contracts.
Hence, the question of any material foreseeable losses does not arise; ii
i. 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, as stated in note no. 56
(iii) to the financial statement, 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 persons or entities,including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall: directly or indirectly lend or
investinotherpersonsorentitiesidentified in any manner whatsoever by or on behalf of the
Company ("Ultimate 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, as stated in note no. 56
(iii) of the financial statement, 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: entities
directlyorindirectly,lendorinvestinotherpersonsor or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
c. The Management has represented, that, to the best of its knowledge and
belief, as stated in note no. 56
(iii) of the financial statement, 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:
v. The final dividend proposed with respect to previous year, declared and
paid by the company during the year in compliance with section 123 of the Companies Act
2013 as As stated in note no. 52 to the Financial Statements, the Board of Directors of
the Company have proposed final dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting. The amount of dividend proposed is in
accordance with section 123 of the Act, as
(C) With respect to the other matter 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 explanationsgiven to us, the remuneration paid /provided
by the Company to its directors during the year is in accordance with the provisions of
Section 197 of the Act. The remuneration paid/provided to any director is not in excess of
the limit laid down under Section 197 of the Companies Act.
For VKS Aiyer & Co.
Chartered Accountants
ICAI Firm Registration No.: 000066S
Sd/-
C S Sathyanarayanan
Partner
Membership No. 028328
Place : Coimbatore
Date : 29.05.2023
UDIN : 23028328BGUEXM3146
ANNEXURE 1 TO THE INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors
Report of even date to the members of Kovai Medical Center and Hospital Limited on the
audit of financialstatement for the year ended 31-03-2023]
In our opinion and to the best of knowledge and belief, the books of accounts and
records examined by us and according to the information and explanations given to us, we
report that, (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 has maintainedproperrecordsshowingfullparticulars of Intangible assets.
(b) The Company has a regular program of verification of property, plant and equipment,
by which all the property, plant and equipment are verified in a phased manner over a
period of three years. This periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. Material discrepancies
noticed on such verification have been properly dealt with in the books of account. (c)
The title deeds of all the immovable properties, recorded as property, plant and equipment
(other than immovable properties where the Company is the lessee and the lease agreements
are duly executed in favour of the Company) are held in the name of the Company except for
the following:
Description of immovable properties |
Gross Carrying Value As at 31-03-2023 |
Held in the Name of |
Whether promoter, director or their relative or employee |
Period held (Indicate Range wherever appropriate) |
Reason for not being held in name of Company |
Land |
5,490.00 |
The Karur Vysya Bank Limited |
No |
6 Months |
The property was purchased on auction for which the registration
formalities are pending. |
ROU- Leasehold Building |
4,167.44 |
7 No. of cases |
No |
Various period |
Registration of Lease Agreement is pending |
ROU- Leasehold land |
50.51 |
1 No. of cases |
No |
Various period |
Registration of Lease Agreement is pending |
(d) The Company has not revalued any of its property, plant and equipment and
intangible assets during the year.
(e) There were no proceedings initiated or pending against the Company for holding any
benami property under Prohibition of Benami Property Transactions Act, 1988 (as amended
in.thereunder 2016)andrules made
(ii)
(a) The inventories were physically verified during the year by the management at
reasonable intervals. The coverage and procedure of such verification by the Management is
appropriate having regard to the size of the Company and the nature of its operations. No
Discrepancies were noticed on physical verification between physical stock and the book
records that were 10% or more in the aggregate for each class of inventory.
(b) The Company has been sanctioned working capital limits in excess of 5 crores, in
aggregate, from banks or financial institutions on the basis of security of current
assets. As per specific terms of working capital sanction, the company is not required to
file any current assets statement with the bank. Hence, reporting on the quarterly returns
or statements filed by the Company with such banks or financial institutions is not
applicable.
(iii) The Company has made investments in companies during the year, but did not
provided any guarantee or security, and granted any loans or advances in the nature of
loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any
other parties during the year.
(a) The Company has 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 (iii)(a), (c),(d), (e) and (f) of the Order are not applicable.
(b) The investments made are not prejudicial to the Companys interests.
(iv) The Company has complied with the provisions of Sections 185 and 186
of the Companies Act, 2013, as applicable.
(v) The Company has not accepted any deposit or amounts which are deemed
to be deposits. Hence, reporting under clause
(v) of the Order is not applicable.
(vi) The maintenance of cost records has been specified by the Central
Government under section148
(1) of the Companies Act, 2013. We have broadly reviewed the books of
account maintained by the Company pursuant to the Companies (Cost Records and Audit)
Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost
records under Section 148
(1) of the Companies Act, 2013, and are of the opinion that, prima facie,
the prescribed cost records have been made and maintained by the Company. We have,
however, not made a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
(vii)In respect of statutory dues:
(a) Undisputed statutory dues, including Goods and Service tax, Employees
State Insurance, Income-tax, duty of Custom, cess and other material statutory dues
applicable to the Company have generally been regularly there has been a delay in respect
of remittance of depositedbyitwiththeappropriateauthorities Provident Fund, however, delay
in deposit has not been serious.
(b) There were no undisputed amounts payable in respect of Goods and
Service tax, Provident Fund, Employees State Insurance, Income-tax, duty of Custom, cess
and other material statutory dues in arrears as at March 31, 2023 for a period of more
than six months from the date they became payable.
(c) Details of statutory dues referred to in sub-clause
(a) above which have not been deposited as on March 31, 2023 on account of
disputes are given below:
Name of Statute |
Nature of dues |
Amount ( Lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
Remarks/Amount paid under protest |
Customs Act,1962 |
Customs Duty |
189.46 |
1999-2000 & 2000- 2001 |
Madras High Court, Chennai |
- |
Income Tax Act, 1961 |
Income Tax |
0.80 |
2015-16 |
Commissioner of Income Tax (Appeals-1), Coimbatore |
- |
Employees Provident Fund Act,1952 |
Provident Fund |
337.71 |
2016-2019 |
The Central Government Industrial, Tribunal- Cum-Labour Court, Chennai, |
168.85 Lakhs |
Income Tax Act, 1961 |
Income Tax |
487.82 |
AY 2016-17 |
Commissioner Of Income Tax (National Faceless Appeals Centre), Delhi |
243.11 lakhs |
(viii)There were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
(43 of 1961) during the year.
(ix)(a) In our opinion, the Company has not defaulted in the repayment of loans or
other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared willful defaulter by any bank or financial
institution or government or any government authority.
(c) The Company has not taken any term loan during the year and there are no unutilized
term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the
Order is not applicable. (d) On an overall examination of the of the Company, funds raised
on short-term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(e) The Company did not have any subsidiary or associate or joint venture during the
year and hence, reporting under clause (ix)(e) & (f) of the Order is not applicable.
(x) (a) The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) during the year and hence reporting under clause (x)(a)
of the (b) During the year the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause (x)(b) of the Order is not applicable to the Company.
(xi)(a) No fraud by the Company and no material fraud on the Company has been noticed
or reported during the year. No fraud by the Company has been noticed or reported during
the year, nor have we been informed of any such case by the Management. Companies Act has
been filed in Form ADT-4 as prescribed (b)Noreportundersub-section under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year
and upto the date of this report. (c) There were no whistle blower complaints received by
the Company during the year.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the
Order is not and 188 of (xiii)TheCompanyisincompliancewithSection the Companies Act, where
applicable, for all transactions party transactionshave been disclosed in the financial
statement withtherelatedparties etc. as required by the applicable accounting standards.
(xiv)(a) The Company has an adequate internal audit system commensurate with the size
and the nature of its business.
(b) We have considered, the draft internal audit reports issued to the Company during
the year and covering the period April 2022 to March 2023.
(xv) The Company has not entered into any non-cash transactions with its directors or
persons connected with its directors and hence,reporting Order is not applicable.
underclause(xv) ofthe (xvi)(a) The Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934.
. Hence,reporting underclause(xvi)(a) &(b) ofthe
(b) The Company is not a Core Investment Company as defined in the regulation made by
RBI and hence reporting under clause (xvi)(c) of the Order is not applicable (c) The Group
does not have any CIC as part of the group and accordingly reporting under clause (xvi)(d)
of the Order is not applicable.
(xvii)The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year. (xviii)Therehasbeennoresignation of
the Company during the year. ofthe (xix)On the basis of the financial ratios, ageing and
expected dates of realization of financial assets and payment of financial liabilities,
(Asset Liability Maturity (ALM) pattern) other information accompanying the and our
knowledge of the Board of Directors and Management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report
indicatingthatCompany liabilitiesexisting at the date notcapableofmeetingits 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)In respect of other than ongoing projects, the Company is yet to transfer the
unspent Corporate Social Responsibility (CSR) amount as at the Balance Sheet date and the
time period for such transfer i.e., six months from the expiry of the financial year, has
not elapsed till the date In respect of ongoing projects, the Company has transferred
unspent Corporate Social Responsibility (CSR) amount, to a Unspent CSR account within a
period of 30 days from the end of the financial year and is in compliance with the
provision of section 135(6) of the Act.
For VKS Aiyer & Co.
Chartered Accountants
ICAIFirmRegistration No:
Sd/-
C S Sathyanarayanan
Partner
Membership No. 028328
Place : Coimbatore
Date : 29.05.2023
UDIN :23028328BGUEXM3146
ANNEXURE 2 TO THE INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements in the Independent
Auditors Report of even date to the members of Kovai Medical Center and Hospital
Limited on the audit of financial statements for the year ended March 31,2023] Report on
the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section
the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Kovai
Medical Center and Hospital Limited ("the Company") as of March 31, 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
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 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 (the "Guidance Note").
Reportingissued
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 essentialcomponents of internal control stated
in the Guidance Note. These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operatingeffectively 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 2013. financial
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 on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing specified under section
143(10) of the Act to the extent applicable to an audit of internal financial controls,
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 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 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 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 reflectthe transactionsand dispositions
of the assets of the company;(2) provide reasonable assurance that transactionsare
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
timelydetection dispositionof the companys assets that
unauthorisedacquisition,use,or 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.
For VKS Aiyer & Co.
Chartered Accountants
ICAI Firm Registration No.: 000066S
Sd/-
C S Sathyanarayanan
Partner
Membership No. 028328
Place : Coimbatore
Date : 29.05.2023
UDIN :23028328BGUEXM3146
+91-9892691696
