The Members Of SOUTHERN INFOSYS LIMTED
Report on the Audit of the Standalone Financial Statements Qualified Opinion
We have audited the standalone financial statements of SOUTHERN INFOSYS LIMTED
("the Company"), which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss, Statement of Changes in Equity and the Statement of Cash
Flows for the year then ended and notes to the standalone financial statements, including
a summary of significant accounting policies and other explanatory information
(hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, except for the possible effects of the matters described in the Basis for
Qualified Opinion paragraph and Emphasis of Matter paragraph, 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 March 31, 2023 and its profit and total comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Qualified Opinion
Gratuity Provision is required in respect of employees as required under Payment of
Gratuity Act, 1972 by following independent actuarial valuations as at the balance sheet
date by using the project unit cost method as mandated by Ind AS 19, "Employee
Benefits" prescribed under Companies (Indian Accounting Standards) Rules, 2015. The
Company has not made any provision for Gratuity and the same is in contravention of Ind AS
19, Employee Benefits. We are unable to ascertain the financial implication of the same.
The net profit for the year and cumulative net profits are overstated and the provisions
are understated to that extent.
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 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 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 we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Emphasis of Matter
We draw your attention to the responsibility of the Company to arrange balance
confirmations in respect of Accounts Receivable, Accounts Payable and other
receivables/payables. Balance confirmations have not been received from the said parties
up to the date of signing of financials. The balances of such parties have been
incorporated in the financial statements at the value as per the books of account. The
company, to the extent stated, has considered them as good and no provisions have been
made in respect of debtors/ advances. Accordingly, Accounts Receivables and Payables
balances and other receivables/ payables are subject to confirmation and reconciliation.
To that extent, we are unable to ascertain financial implication of same in the financial
statements. Our report is not modified in respect of the matter.
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 that there are no key matters to be
communicated in our report.
Information Other than the Standalone financial statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises Boards Report including Annexure to Boards
Report, but does not include the standalone 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 conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone 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.
Managements Responsibilities 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, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the 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, the Board of Directors 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 the Board of Directors 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 financial statements
Our objectives are to obtain reasonable assurance about whether the 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. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone 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 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,
forger), intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order
to design audit procedures that arc 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 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 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.
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 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
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.
(2) As required by section 143 (3) of the Act, based on our audit we report that:
a. Except for the possible effects of the matters described in the Basis for Qualified
Opinion paragraph and Emphasis of Matter Paragraph, we have sought and obtained all the
information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit;
b. Except for the possible effects of the matters described in the Basis for Qualified
Opinion paragraph and Emphasis of Matter Paragraph, in our opinion, proper books of
account as required by law have been kept by tire Company so far as appears from our
examination of those books;
c. Except for the possible effects of the matters described in the Basis for Qualified
Opinion paragraph and Emphasis of Matter Paragraph, the Balance Sheet, the Statement of
Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and
the Cash Flow Statement dealt with by this Report are in agreement with the books of
account;
d. Except for the possible effects of the matters described in the Basis for Qualified
Opinion paragraph and Emphasis of Matter Paragraph, in our opinion, the aforesaid
standalone financial statements comply with the Indian Accounting Standards prescribed
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rule 2015,
as amended.
e. On the basis of written representations received from the directors as on March 31,
2023, and taken on record by the Board of Directors, none of the directors are
disqualified as on March 31, 2023, from being appointed as a director in terms of section
164(2) of the Act.
f. With respect to the adequacy of the internal financial controls 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 director during the year is in
accordance with the provisions of section 197 of the Act read with Schedule V to 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 as at March 31, 2023 which would
impact its financial position.
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 its knowledge and belief,
no funds (which arc material cither individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee*, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.
v. The company has neither declared nor paid any dividend during the year ending March
31, 2023. Also, no dividend has been proposed by the Board for the year ending March 31,
2023. Accordingly, reporting under Rule Tl(f) is not applicable.
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 March 31, 2023.
For V Sahai Tripathi & Co.
Chartered Accountants FRN -000262N
Vishwas Tripathi Partner
Membership No. 086897
Place: New Delhi Date: 30th Mav, 2023
ANNEXURE A TO INDEPENDENT AUDITORS REPORT
Referred to in paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date
i. In respect of Property, Plant and Equipment and Intangible Assets:
(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 no intangible assets. Accordingly, reporting under clause
3(i)(a)(B) of the Order is not applicable is not applicable.
(b) The company has a phased program of physical verification of its Property, Plant
and Equipment which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. In accordance with such program, the management has
physically verified its Property, Plant and Equipment, during the year and according to
the information and explanations given to us, no material discrepancies were noticed on
such verification.
(c) The company does not have any immovable properties. Accordingly, reporting under
clause 3(i)(c) of the Order is not applicable.
(d) The Company has not revalued any of its Property, Plant and Equipment during the
year.
(e) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988, as amended, and rules made thereunder.
ii. (a) The company does not have any inventory and hence reporting under clause
3(ii)(a) of the order is not applicable.
(b) The company has not been sanctioned any working capital limits in excess of Rs. 5
crores, in aggregate, at any points of time during the year, from banks or financial
institutions on the basis of security of current assets and hence reporting under clause
3(ii)(b) of the Order is not applicable.
iii. The Company has made investments in, but not provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships or any other parties, during the year.
(a) The company has not provided any loans or advances in the nature of loans or
provided any guarantee or security to any other entities during the year. Accordingly,
reporting under clause 3(iii)(a) of the Order is not applicable.
(b) In our opinion, the investments made by the company during the year and loans
granted by the Company in earlier years are, prima facie, not prejudicial to the Companys
interest.
(c) In respect of loans granted by the Company in earlier years, the schedule of
repayment of principal and payment of interest has been stipulated and as per the
information and explanations provided and on the basis of records examined by us, the
repayments of principal and interests have been regular.
(d) In respect of loans granted by the Company in earlier years, there is no overdue
amount remaining outstanding as at the balance sheet date.
(e) No loans granted by the Company which has fallen due during the current year, has
been renewed or extended or fresh loans granted to settle the overdues of existing loans
given to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under clause 3(iii)(f) of the Order is not applicable.
iv. The Company has not made any transactions in respect of loans, investments,
guarantees and securities covered under section 185 of the Act during the year. In respect
of investments covered under section 186 of the Companies Act, 2013, the provisions of the
said section 186 have been duly complied with.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits
during the year. Hence, reporting under clause 3(v) of the Order is not applicable.
vi. The maintenance of cost records has not been specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013 for the activities carried
out by the Company. Hence, reporting under clause 3(vi) of the Order is not applicable to
the Company.
vii. In respect of statu tor)dues:
(a) In our opinion, the Company has generally been regular in depositing undisputed
statutory dues applicable to it with the appropriate authorities.
There were no undisputed amounts payable in respect of statutory dues that are in
arrears as at March 31, 2023 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the records of the
company examined by us, there were no statutory dues which have not been deposited on
account of any dispute as at March 31, 2023.
viii. There were no transactions relating to previously unrecorded income that have
been surrendered crdisclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.
ix. In respect of loans and borrowings:
(a) The company has not taken any loans or borrowings from any lender and hence
reporting under clause 3(ix)(a) of the Order is not applicable.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution orgovernment or any government authority.
(c) The Company has not taken any term loan during the year and hence, reporting under
clause 3(ix)(c) of the Order is not applicable.
(d) Oil an overall examination of the standalone financial statements of the Company,
no funds have been raised on short term basis by the company during the year and hence,
reporting under clause 3(ix)(d) of the Order is not applicable.
(e) On an overall examination of the standalone financial statements of the Company,
the Company has not taken any funds from any entity or person during the year on account
of or to meet the obligations of its associate.
(f) 1he company has not raised any loans during the year on the pledge of securities
held in its associates and hence reporting under clause 3(ix)(f) of the Order is not
applicable.
x. In respect of IPO / FPO and Private Placement / Preferential Allotment:
(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
3(x)(a) of the Order is not applicable.
(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 underclause 3(x)(b) of the Order is not applicable.
xi. In respect of fraud and whistle blower complaints:
(a) No fraud by the Company and no fraud on the Company has been noticed or reported
during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and up to the date of this report.
(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 reporting under clause 3(xii) of the
Order is not applicable.
xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act 2013, to the extent applicable, with respect to applicable transactions with
the related parties and the details of related part) transactions have been disclosed in
the standalone financial statements as required by the applicable Indian Accounting
Standards.
xiv. In respect of Internal Audit System:
(a) In our opinion and based on our examination, the company does not have an internal
audit system though the company is required to have an internal audit system as per
section 138 of the Companies Act, 2013.
(b) The company did not have an internal audit system for the year covered under audit.
xv. In our opinion, during the year the Company has not entered into any non-cash
transactions with its Directors or persons connected with them and hence provisions of
section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. In respect of registration with RBI and reporting for Core Investment Company:
(a) In our opinion, the Company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c)
of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting
under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our
audit and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during
the vear.
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 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 indicating 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. In our opinion, section 135 of the Companies Act 2013 is not applicable to the
company. Accordingly, reporting under clause 3(xx)(a) and 3(xx)(b) of the Order is not
applicable.
For V Sahai Tripathi & Co.
Chartered Accountants FRN -000262N
Vishwas Tripathi
Partner
Membership No. 086897
Place: New Delhi
Date: 30* May, 2023
ANNEXURE- "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory
Requirements section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
subsection 3 of Section 143 of the Companies Act, 2013 (the "Act")
We have audited the internal financial controls over financial reporting of SOUTHERN
INFOSYS LIMTED (the "Company") as of March 31, 2023 in conjunction with our
audit of standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Management of the Company 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 "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") issued by ICAI and the Standards on Auditing, 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 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 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
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 and 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, to the best of our information and according to the explanations given
to us, the Company has in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 2023, based on the criteria for
internal financial control over financial reporting 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 ICAL
For V Sahai Tripathi & Co.
Chartered Accountants FRN -000262N
Vishwas Tripathi Partner
Membership No. 086897
Date: 30* May, 2023
UDIN no.: 23086897BGXRZQ6835
Place: New Delhi
+91-9892691696
