To the members of
Salem Erode Investments Limited
Report on the Audit of the Standalone financial statements
Opinion
We have audited the accompanying Standalone financial statements of M/s. Salem Erode
Investments Limited ("the Company") which comprises the Balance Sheet as at 31st
March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes in Equity for the period then ended, and
a summary of the 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 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 Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31stMarch, 2023, its loss, other
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the Standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibility for the Audit of the Standalone 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 Standalone financial statements under the provisions
of the Companies Act 2013 and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the Standalone financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone financial statements of the current period.
These matters were addressed in the context of our audit of the Standalone 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.
| Serial No. |
Key Audit Matters |
Auditors Response |
| 1. |
Provision for Expected Credit Losses (ECL) |
We examined Board Policy approving methodologies for computation of ECL that address
policies, procedures and controls for assessing and measuring credit risk on all lending
exposures, commensurate with the size, complexity and risk profile specific to the
Company. We evaluated the design and operating effectiveness of controls across the
processes relevant to ECL |
|
|
We also tested assets in stage 1, 2 and 3 on sample basis to verify that they were
allocated to the appropriate stage. |
| 2. |
Due to the pervasive nature and complexity of the IT environment, we have ascertained
IT systems and controls as a key audit matter. |
We performed the following audit procedures: |
|
|
1. Tested the Companys periodic review of access rights. |
|
|
2. Considered the control environment relate to various interfaces, configuration and
other application layer controls identified as key to our audit. |
Information other than the financial statements and auditors report thereon.
The Companys Board of Directors is responsible for the other information. The other
information comprises of information included in the Companys Annual Report, but does not
include standalone financial statements, consolidated financial statements and our
auditors report thereon.
• Our opinion on the Standalone financial statements does not cover the other
information and we do not express any form of assurance.
• In connection with our audit of the Standalone financial statements, our
responsibility is to read the other information made available and, in doing so, consider
whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated.
Managements responsibility for the Standalone 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 financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the Indian Accounting Standard (Ind
AS) prescribed 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 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, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the standalone 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.
Auditors responsibility for the audit of the Standalone Financial Statements.
Our responsibilities are to design suitable audit procedure to obtain reasonable
assurance about whether the Ind AS Standalone 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. Misstatement can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic
decisions of the users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone
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 financial 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 the 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 standalone 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 standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone 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) to evaluate the effect of
any identified misstatements in the standalone financial statements.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone 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.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and 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 Section 143(11) of the Companies Act
2013, we give in "Annexure 1" 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 Other Comprehensive
Income), the Cash Flow Statement and Statement of Changes in Equity 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 Ind AS
specified under Section 133 of the Act read with the Companies (Indian Accounting
Standard) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as on March
31, 2022 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31st, 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
Report in "Annexure 2".
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, no
managerial remuneration has been paid or provided during the financial year.
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 financial statements (Refer note 31).
ii. The Company does not have any long-term contracts including derivative contracts
for which there were any foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (i) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, 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(s) or entity(ies), 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;
(ii) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by the
company from any person(s) or entity(ies), 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 persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(iii) Based on such 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 under sub-clause (i) and (ii) contain any material mis-statement.
v. The company has not declared or paid any dividend during the year in contravention
of the provisions of Section 123 of the Companies Act, 2013.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account 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 31st March 2023.
For Manikandan & Associates
Chartered Accountants
ICAI Firm Reg No: 008520S
|
Sd/- |
|
C K Manikandan |
|
[Partner] |
| Place: Chalakudy |
Membership No.208654 |
| Date: 29-05-2023 |
UDIN: 23208654BGSHVD5508 |
Annexure 1
TO THE AUDITORS REPORT
The Annexure 1 referred to in our Report to the members of SALEM ERODE INVESTMENTS
LIMITED (the Company) for the year ended on 31st March, 2023.
On the basis of such checks as we considered appropriate and according to the
information and explanation given to us during the course of our audit, 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 maintained proper records showing full particulars of intangible
assets;
b) All the Property, Plant and Equipment have not been physically verified by the
management during the period but there is a regular program of verification which, in our
opinion, is reasonable having regard to the size of the company and nature of its assets.
No material discrepancies were noticed on such verification;
c) The company does not hold any title deeds of immovable properties (other than
properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) in its name;
d) The company has not revalued its Property, Plant and Equipment (including Right of
use assets) or intangible assets or both during the year;
e) There have been no proceedings initiated or pending against the company for holding
any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder;
ii) a) The Company is a Non-Banking Financial Company engaged in the business of making
investments and providing loans and does not hold any type of physical inventories.
Therefore, the provisions of paragraph 3(ii)(a) of the Companies (Auditors Report) Order,
2020 are not applicable to the Company;
b) During any point of time of the year, the company has not been sanctioned working
capital limits from banks or financial institutions on the basis of security of current
assets; therefore, the provisions of paragraph 3(ii)(b) of the Companies (Auditors
Report) Order, 2020 are not applicable to the Company;
iii) During the year the Company has granted loans or advances in the nature of loans,
secured or unsecured, to companies, firms, Limited Liability Partnerships or any other
parties.
a) The Company is a Non- Banking Financial Company engaged in the principal business of
providing loans. Therefore, the provisions of paragraph 3(iii)(a) of the Companies
(Auditors Report) Order, 2020 are not applicable to the Company;
b) The terms and conditions of the grant of all loans and advances in the nature of
loans are not prejudicial to the companys interest; c)
| Type of Loan |
No of Loans |
Principal Overdue |
Interest Overdue |
Total Overdue |
Remarks |
| Gold Loan |
73 |
42,18,111 |
9,90,373 |
52,08,484 |
Since its a NBFC their principal business is to give loans. The loans for which
overdue for more than 90 days are treated as irregular and these cases are classified as
NPA as per RBI IRACP norms. The income recognition of the above has been done as per RBI
IRACP norms. |
| In respect of loans and advances in the nature of loans, the schedule of
repayment of principal and payment of interest has been stipulated and the company has
provided impairment allowance for expected credit losses on loans and advances where
repayments or receipts are irregular. In addition to that the company has created
impairment reserve as per Prudential Norms of RBI; |
d) Total amount overdue for more than ninety days is amounting to 52,08,484/- and
reasonable steps have been taken by the company for recovery of the principal and
interest;
| Type of Loan |
No of Loans |
Principal Overdue |
Interest Overdue |
Total Overdue |
Remarks |
| Gold Loan |
73 |
42,18,111 |
9,90,373 |
52,08,484 |
Since its a NBFC their principal business is to give loans. The loans for which
overdue for more than 90 days are treated as irregular and these cases are classified as
NPA as per RBI IRACP norms. The income recognition of the above has been done as per RBI
IRACP norms. |
e) The Company is a Non- Banking Financial Company engaged in the principal business of
providing loans. Therefore, the provisions of paragraph 3(iii) (e) of the Companies
(Auditors Report) Order, 2020 are not applicable to the Company;
f ) The company has granted loans which are repayable on demand to Promoters as defined
in clause (76) of section 2 of the Companies Act, 2013, which is provided below;
| Name of Borrower |
ICL Fincorp Ltd |
| Nature of Loan |
Inter-Corporate Deposit |
| Relationship |
Parent Company |
| Date of Loan granted |
18/02/2020 |
| Loan Amount granted |
20,65,00,000/- |
| Tenure |
5 years, Repayment to be made on issue of demand letter by the lender |
| Percentage to total loans granted |
52.20% |
| Loan Outstanding |
14,25,17,266/- |
| Percentage to total loans outstanding |
49.93% |
iv) \The Company has complied with the provisions of section 185 and 186 of the
Companies Act, 2013 in respect of loans, investments, guarantees, and securities made;
v) The Company has not accepted any Deposits from the public. Therefore the Directives
issued by the Reserve Bank Of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Companies Act, 2013 and the Rules framed there under are not
applicable to the Company. The Company has not received any order from the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal in this regard;
vi) Being a Non-Banking Finance Company, maintenance of cost records has not been
specified by the Central Government under section 148(1) of the Companies Act, 2013;
vii) a) The Company is regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Service tax, Goods and
Service Tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues with the appropriate authorities wherever applicable to it. There are no
arrears of statutory dues as at the last day of the financial year concerned for a period
of more than six months from the date on which they became payable;
b) There are no statutory dues of Income Tax, Sales tax, Service tax, Goods and Service
Tax or duty of customs or duty of excise or value added tax which have not been deposited
on account of any dispute;
viii) There are no transactions which were not recorded in the books of account which
have been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961 (43 of 1961);
ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender;
(b) The Company isnt a declared willful defaulter by any bank or financial institution
or other lender;
(c) The Company has not availed any term loan during the year;
(d) The company has not utilized the funds raised on short term basis for long term
purposes;
(e) 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 any loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies;
x) a) The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year;
b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year;
xi) (a) Any fraud by the Company or any fraud on the company has not been noticed or
reported during the course of our audit;
(b) There is no report under sub-section (12) of section 143 of the Companies Act that
is required to be filed by the auditors in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government;
(c) The company has not received any whistle-blower complaints during the year;
xii) The Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Companies
(Auditors Report) Order, 2020 are not applicable to the Company;
xiii) All transactions with the related parties are in compliance with the sections 177
and 188 of the Companies Act, 2013 and the details of such transactions have been
disclosed in the Standalone financial statements of the Company as required by the
applicable Ind AS;
xiv) a) The company has an internal audit system commensurate with the size and nature
of its business;
b) The reports of the Internal Auditors for the period under audit were considered by
the statutory auditor;
xv) The Company has not entered into any non-cash transactions with directors or
persons connected with them;
xvi) (a) The Company has obtained the required registration under section 45-IA of the
Reserve Bank of India Act, 1934 (2 of 1934);
(b) The Company has conducted Non-Banking Financial activities with a valid Certificate
of Registration (COR) from the Reserve Bank of India as per the Reserve Bank of India Act,
1934;
(c) The company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Hence paragraph 3(xvi)(c) & (d) of the Companies
(Auditors Report) Order, 2020 are not applicable to the Company;
xvii) The company has not incurred cash losses during the financial year and in the
immediately preceding financial year;
xviii) There has been resignation of the statutory auditors during the year. There were
no issues, objections or concerns raised by the outgoing auditors;
xix) 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
standalone financial statements, our knowledge of the Board of Directors and management
plans, we are of the opinion that no material uncertainty exists as on the date of the
audit report that company is capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due, with in a period of one year from the balance
sheet date;
xx) a) The company has no unspent amount to be transferred to the Fund specified in
Schedule VII to the Companies Act, 2013 in compliance with second proviso to Section
135(5) of said Act;
b) The company has no unspent amount under sub-section (5) of section 135 of the
Companies Act, 2013, pursuant to any ongoing project to be transferred to special account
in compliance with the provision of sub-section (6) of section 135 of the said Act;
xxi) Since the CARO Report of component company (ICL Fincorp Limited) has not been
issued till the date of this audit report, we are not in a position to comment on
Paragraph 3 (xxi) of the Companies (Auditors Report) Order, 2020.
For Manikandan & Associates
Chartered Accountants ICAI Firm Reg No: 008520S
|
Sd/- |
|
C K Manikandan |
|
[Partner] |
| Place: Chalakudy |
Membership No.208654 |
| Date: 29-05-2023 |
UDIN: 23208654BGSHVD5508 |
Annexure 2
Annexure 2 to the Independent Auditors Report of Salem Erode Investments Limited for
the period ended 31st March, 2023
Report on the Internal Financial Controls over Financial Reporting 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 Salem Erode Investments
Limited (‘the Company) as of 31st March, 2023 in conjunction with our audit of the
Ind AS Standalone financial statements of the Company for the period 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 (‘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;
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 (the ‘Standards) 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 Standalone 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 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 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 (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of Standalone
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 (iii) 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
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 over financial reporting and such internal financial controls over
financial reporting were operating effectively as at 31st 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 issued by the
ICAI.
For Manikandan & Associates
Chartered Accountants ICAI Firm Reg No: 008520S
|
Sd/- |
|
C K Manikandan |
|
[Partner] |
| Place: Chalakudy |
Membership No.208654 |
| Date: 29-05-2023 |
UDIN: 23208654BGSHVD5508 |
+91-9892691696
