To the Members of TECHNVISION VENTURES LIMITED
Report on the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying the Standalone Ind AS Financial Statements of TechNVision
Ventures Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2023, the Statement of and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date and a summary of significant accounting policies and other explanatory information
(herein after referred to as "Standalone Ind AS financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind AS financial statements give the information
required by the Companies Act, 2013, as amended ("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, 2022
and its loss, total 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 Ind AS Financial Statements in accordance with
the Standards on
Auditing (SAs) specified under section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Standalone Ind AS Financial Statements section of our report. We are
independent of the entity in accordance with the Code of Ethics issued by Institute of
Chartered
Accountants of India ("ICAI") together with the ethical requirements that are
relevant to our audit of the Standalone Ind AS Financial Statements under the provisions
the Act and Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with the 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 Ind AS 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 Ind AS financial statements of the current
period. These matters were addressed in the context of our audit of the standalone Ind AS
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. As per our opinion, there are no key audit matters
which are needed to be reported by us.
Information other than the Standalone Ind AS Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis; Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the Standalone Ind AS Financial Statements and our auditors report thereon.
Our opinion on the Standalone Ind AS Financial Statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS Financial Statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the Standalone
Ind AS Financial Statements or our knowledge obtained 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 Responsibility for the Standalone Ind AS Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section 134
(5) of the Act with respect to the preparation of these Standalone Ind AS Financial
Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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 implementation and maintenance of accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Ind AS financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Ind AS Financial Statements, 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 management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibility for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
Financial Statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone Ind AS financial statements.
As part of an audit in accordance with 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 Ind AS
Financial Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal financial controls relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion
on whether the company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Ind AS 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 Ind AS
Financial Statements, including the disclosures, and whether the Standalone Ind AS
Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Ind AS Financial
Statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Standalone Ind AS 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 Ind AS 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 Ind AS financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditors report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government India in terms of Sub- Section (11) of Section 143 of the
Act, based on our audit, we give in the "Annexure-A", a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, based on our audit 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,
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 standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules,
2015, as amended.
(e) On the basis of written representations received from the directors, as on March
31, 2023, taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report
in "Annexure-B". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
(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:
i. In our opinion and to the best of our information and according to the explanations
given to us, the remuneration has not been paid by the Company to its directors during the
year.
(h) With respect to the other matters to be included in 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 explanations given to us:
i. The Company has disclosed the details of pending litigations in its Standalone Ind
AS financial statements.
ii. The Company did not have any Long Term Contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (i) The management has represented that, to the best of its knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other
person or entity, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediaries shall,
whether, directly or indirectly lend or invest in other person or entity 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 no funds other than as disclosed in the notes
to the accounts 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;
(iii) Based on the audit procedures, we have considered reasonable and appropriate in
the circumstances that 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 neither declared nor paid any dividend during the year.
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 Ramu & Ravi
Chartered Accountants
ICAI FRN No. 006610S
K.V.R. Murthy
Partner
Membership No.200021
UDIN: 23200021BGWAIZ3823
Place: Hyderabad
Date: 30th May 2023
ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT
The "Annexure-A" referred to in clause 1 of "Report on Other Legal and
Regulatory Requirements" Paragraph of the Independent Auditors Report of even date
to the members of M/s TechNVision Ventures Limited on the Financial Statements for the
year ended March 31, 2023.
(i) In respect of its fixed assets:
A) The Company has maintained proper records showing full particulars, including
quantitative details and a. situation of Property, Plant and Equipment and relevant
details of right-of-use assets.
B) The company is maintaining proper records showing full particulars of intangible
assets; As explained to us, the management has physically verified all the fixed assets
during the year and in our opinion frequency of verification is reasonable having regard
to the size of the Company and the nature of its b. assets. No discrepancies were noticed verification
physical of fixed assets as compared to the books of account and records.
Since the Company is not having any immovable properties, reporting under clauses (i)
(c) of "the Order" is not c. applicable.
The Company has not revalued its Property, Plant and Equipment (including Right of Use
assets) or intangible d. assets or both during the year.
No proceedings have been initiated or are pending against the company as at March 31,
2023 for holding any e benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) & rules made there under.
(ii) In respect of its inventories:
The provisions of clause (ii) (a) of the Companies (Auditors Report) Order, 2020,
hereinafter referred to "the (a) Order" are not applicable to the Company, since
the Company is in the business of providing information technology services.
The Company has not obtained any loans from banks or financial institutions towards its
working capital.
(b)
Hence clause (ii) (b) Companies (Auditors Report) Order, 2020 is not applicable.
(iii) (a) During the year, the Company has provided loans to Entities, the details of
which are tabulated below.
|
(Amount in Lakhs) |
Particulars |
Loans |
| Aggregate amount granted / provided during the year - Related Parties |
5.80 |
| Balance Outstanding as at balance sheet date in respect of above cases -
Related Parties |
176.92 |
The terms and conditions of the loans granted, during the year are, in our opinion,
prima facie, not prejudicial to
(b) the Companys interest.
In respect of loans granted by the Company, the said loans are interest free loans and
schedule of repayment of
(c) principal has not been stipulated and repayment is not due during the year.
There are no amounts of loans and advances in the nature of loans granted to companies,
firms, limited liability
(d) partnerships or any other parties which are overdue for more than ninety days.
The Company had granted loans to companies which had fallen due during the year. The
Company had (e) renewed loans during the year to the respective parties to settle the dues
which had fallen due for the existing loans.
According to the information and explanations given to us, the Company has complied
with provisions of Section (iv) 185 and 186 of the Companies Act, 2013 in respect of
loans, investments and guarantees.
According to the information and explanations given to us, the Company has neither
accepted deposits from the public within the meaning of Section 73 to 76 or any other
relevant provisions of the Companies Act, 2013 (v) and the rules framed there under, nor
as per an order that has been passed by Company Law Board or National Company Law Tribunal
or Reserve Bank of India or any court or any other tribunal.
The Provisions of the clause (vi) of the Order related to maintaining of Cost records
are not applicable, (vi) Company is in the business of providing information technology
services.
(vii) In respect of Statutory dues:
The Company is regular in depositing with appropriate authorities, undisputed statutory
dues including provident fund, employees state insurance, income-tax, Goods & Service
Tax, duty of customs, cess and other statutory (a) dues applicable to it with the
appropriate authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were outstanding, at the year
end, for a period of more than six months from the date they became payable.
According to the information and explanations given to us by management, there are no
dues outstanding of (b) provident fund, employees state insurance income-tax, Goods &
service tax, duty of customs, cess and other statutory dues applicable to it that have not
been deposited on account of any dispute.
Based on the specified audit procedures followed by us and as per the information and
explanations given by the management, we are of the opinion that there are no transactions
not recorded in the books of account (viii) have been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
Based on the specified audit procedures followed by us and as per the information and
explanations given by (ix) the management, we are of the opinion that, the Company does
not have any Term loans or other borrowings from banks. There are no dues to financial
institutions or government.
Based on the specified audit procedures followed by us and as per the information and
explanations given by (a) the management, we are of the opinion that, the Company does not
have any Term loans or other borrowings from banks. There are no dues to financial
institutions or government.
The Company has not been declared wilful defaulter by any bank or financial institution
or government or any
(b) government authority.
(c) The Company has not taken any term loan during the year and hence Clause ix(c) is
not applicable.
The Company has not utilized any funds raised on short term basis for long term
purposes and hence Clause (d) ix(d) of the order is not applicable.
The company has not taken any funds from any entity or person on account of or to meet
the obligations of its (e) associates and hence Clause ix(e) is not applicable.
The company has not raised loans during the year on the pledge of securities held in
its associate companies (f) and hence clause 3(ix)(f) of the order is not applicable.
Based on the specified audit procedures followed by us and as per the information and
explanations given (x) (a) by the management, Company has not raised any monies by way of
initial public offer or further public offer
(including debt instruments). Hence reporting on clause 3(x)(a) of the Order is not
applicable.
Based on the specified audit procedures followed by us and as per the information and
explanations given by the management the company has not made any preferential allotment
or private placement of shares or
(b) convertible debentures during the year hence the requirements of Section 42 and
Section 62 of the Companies Act, 2013 are not applicable. Hence reporting on clause
3(x)(b) of the Order is not applicable.
Based on the specified audit procedures performed for the purpose of reporting the true
and fair view of the Financial Statements and as per the information and explanations
given by the
(xi) (a) management, we report that no fraud by the Company or on the Company has been
noticed or reported during the year.
Since there is no fraud committed by the Company or any fraud on the Company _ling of
report under sub-section (12) of section 143 of the Companies Act has by the Secretarial
auditors or by us
(b) in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government does not arise.
Based on the speci_ed audit procedures performed and as per the information and
explanations (c) given by the management, no whistle blower complaints were received
during the year by the Company.
Since the Company is not a Nidhi company, Nidhi Rules, 2014 are not applicable.
Accordingly clause (xii) ‘a ‘b
(xii) and ‘c of the Order are not applicable to the Company.
Based on the specified audit procedures followed by us and as per the information and
explanations given by the management, we report that all the transactions with the related
parties are in compliance with Section 188 (xiii) and 177 of Companies Act, 2013 and the
relevant/necessary particulars have been disclosed in the Financial Statements etc as
required by the Indian Accounting Standards and the Companies Act, 2013. (Refer Note 22
(A) of the Financial Statements). (xiv) In respect of Internal Audit:
In our opinion the Company has an adequate internal audit system commensurate with the
size and the nature
(a) of its business.
The internal audit reports of the Company issued till the date of the audit report, for
the period under audit have
(b) been considered by us in determining the nature, timing and extent of our audit
procedures
According to the information and explanations given to us and the records of the
Company examined by us, the
Company has not entered into any non-cash transactions with directors or persons
connected with them as per
(xv) the Provisions of Section 192 of Companies Act, 2013. Accordingly clause (xv) of
the Order is not applicable to the Company.
According to the information and explanations given to us and the records of the
Company examined by us, the (xvi) (a) Company is not 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.
In our opinion, there is no core investment company within the Group (as defined in the
Core Investment (b) Companies (Reserve Bank) Directions, 2016) and accordingly reporting
under clause 3(xvi)(d) of the Order is not applicable.
According to the information and explanations given to us and the records of the
Company examined by us the (xvii) company has not incurred the cash losses in the
financial year and in the immediately preceding financial year. There has been a change in
the of the statutory auditors of the Company during the year as per the provisions (xviii)
of ICAI/Companies Act and the outgoing auditor has not raised any issues, objections, or
concerns that needs to be considered by us during the course of our audit.
According to the information and explanations given to us and the records of the
Company examined by us, we are of the opinion that there is no existence of material
uncertainty as on the date of the audit report and in our opinion the company is 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
(xix) 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
(Refer Note- 28 (f) of the Financial Statements).
(xx) Since the Company is not required to comply with the CSR obligations, clause XX
‘a and ‘b are not applicable. (xxi) Since the financial statements are
standalone financial statements, clause xxi is not applicable.
for Ramu & Ravi
Chartered Accountants
ICAI FRN No. 006610S
K.V.R. Murthy
Partner
Membership No.200021
UDIN: 23200021BGWAIZ3823
Place: Hyderabad
Date: 30th May 2023
ANNEXURE-B TO THE INDEPENDENT AUDITORS REPORT
The "Annexure-B" referred to in clause 2(f) of "Report on Other Legal
and Regulatory Requirements"
Paragraph of the Independent Auditors Report of even date to the members of M/s
TechNVision Ventures Limited on the Standalone Financial Statements for the year ended
March 31, 2023.
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the Internal Financial Controls over Financial Reporting of M/s
TechNVision Ventures 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.
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, issued by ICAI and deemed to be prescribed under section
143(10) of the Act, 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 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 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: a. pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;
b. provide reasonable assurance that transactions are 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 authorizations of management and directors of the company; and
c. 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 financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate Internal
Financial Controls system over Financial Reporting and such Internal Financial Controls
over Financial Reporting were operating effectively as at 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 Reporting issued by the Institute of Chartered
Accountants of India.
for Ramu & Ravi
Chartered Accountants
ICAI FRN No. 006610S
K.V.R. Murthy
Partner
Membership No.200021
UDIN: 23200021BGWAIZ3823
Place: Hyderabad
Date: 30th May 2023
+91-9892691696
