To the Members of VTM Limited
Report on the audit of the Financial Statements
Opinion
We have audited the financial statements of VTM Limited ("the Company"),
which comprise the
balance sheet as at March 31, 2023, and the statement of profit and loss (including
other comprehensive income), the statement of changes in equity and the statement of cash
flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act 2013 ("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 3 1,2023, and its profits, total comprehensive
income, the changes in equity and its cash flows for the year ended as on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those STandards are further
described in the auditors responsibilities for the audit of the financial statements
section of our report. We are independent of the Company in accordance with the code of
ethics issued by the Institute of Chartered Accountants of India (lCAI) together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act 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 opinion.
Key audit matters
Key audit matters are those ma.: zrs that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
In our opinion and based on the information and explanations given to us, we have
determined the matters described below to be the key audit matters to be communicated in
our report:
Presentation and disclosure of additional information pursuant to the amendments to
Schedule III to the Companies Act, 2013
With a view to facilitate enhanced disclosures and transparency in operations by
companies in India, the Ministry of Corporate Affairs :MCA) has issued a batch of
amendments to the Schedule III to the Companies Act, 2013 relating to presentation and
disclosures in the financial statements. The Company has evaluated the requirements and
made the relevant disclosures, including restatement of the
disclosures made in the comparative period and current period. This being the second
year applicability of the amendments to Schedule III, more guidance was available on the
presentation and disclosure requirements based on the aforesaid amendments.
Principal audit procedures
• We assessed the Companys process to identify, assess, and respond to risks of
material misstatement in the disclosure requirements pursuant to the aforesaid amendments
to Schedule III to the Companies Act, 2013.
• As part of the evaluation of whether sufficient appropriate audit evidence has
been obtained, we have evaluated the appropriateness of our initial risk assessments and
revised previous risk assessments for certain financial statement areas, including the
specific disclosures required by the amendments.
• We have designed, performed additional procedures, including verification of the
source and completeness 0:" data used by the management for making proper
disclosures as required by the Act.
• We have audited the managements estimates used in the disclosures by checking
the reasonableness of underlying assumptions in making those key estimates.
• We have considered .he basis of management judgment in making the disclosures
taking into consideration the date of the financial statements, the facts and
circumstances pertaining to the entity, and the conditions that existed at, or arose
after, that date. We
have considered all subsequent events and transactions to substantiate our conclusions
on the appropriateness of managements disclosures in accordance with the requirements of
the amendments.
• We have carried out a detailed analysis of data and performed additional
analytical procedures for validating the managements disclosures.
Information other than the 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 Repcrt, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information 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 responsibility for the 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 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 Standards (Ind AS) prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and
other accounting principles generally accepted in India.
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 tree preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, 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.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably oe expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of materialmisstaterr.ent of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, 0:- the override of internal control.
• Obtain an understanding of internal 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 mace by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors report to the related
disclosures in the financial statements or, if such disclosures are ir.adequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditors report. However, future events or conditions may cause the Company to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated it. 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 inAnnexure "A" a statement on the matters
specified in paragraphs 3 and 4 ofthe Order.
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 .he 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 financial statements comply with the Indian
Accounting Standards specified .mder Section 133 of the Act;
(e) On the basis of the 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 be 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, in our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act; and
(h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11of 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:
a. The Company has disclosed the impact of pending litigations on its financial
position
in its financial statements - Refer Note 44 to the financial statements;
b. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts; and
c. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company d. The management has represented
that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts,
1. 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; and
ll. 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.
lll. Based on audit procedures carried out by us, that we have considered reasonable
and appropriate in the circumstances, nothir.g has come to our notice that has caused us
believe that the representations under sub-clause (i) and (ii) contain any material
misstatement.
e. In our opinion and according to the information and explanations given to us, the
dividend declared or paid during tie year by the company is in compliance with section 123
of the Companies Act, 20l3.
For CNGSN & ASSOCIATES LLP
Caartered Accountants
Firms Registration No. 004915S/ S200036
Sd/-
(CHINNSAMY GANESAN)
Partner
Membership No. 027501 UDIN: 2302750lBGWMVA8706
Place: Madurai
Date:May 3, 2023
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph I under Report on other legal and regulatory requirements
section of our
report to the members of VTM Limited of even date)
1. (a) In our opinion and according to the information and explanations given to us,
the Company
is maintaining proper records showing full particulars, including quantitative details
and situation of property, plant and equipment. The Company does not have any intangible
assets, other than right of use assets accounted in accordance with Ind AS 116.
(b) The Company has a program of verification to cover all the items of property,
plant and equipment in a phased manner over a period of three years, which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its
assets. Pursuant to the program, a portion of property, plant and equipment were
physically verified by the management during be year. According to the information and
explanations given to us, no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to usand
based on the examination of the conveyance deeds provided to us, we report that, the title
deeds, comprising all the immovable properties ofland and buildings which are freehold,
are held in the name of the Company as at the balance sheet date. In respect of immovable
properties of land and building that have been taken on lease and disclosed as property,
plant and equipment in the financial statements, the lease agreements are in the name of
the Company.
(d) The Company has not revalued its property, plant and equipment (including right of
use asset) during the year Accordingly, paragraph 3 (i)(d) of the Order is not applicable.
(e) In our opinion and according to the information and explanations given to us, there
are no proceedings initiated or are pending against the Company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder. Accordingly, paragraph 3 (i)(e) of the Order is not applicable.
2. (a) The inventories have been physically verified by the management during the year.
In our opinion, the coverage and procedure of such verification by the management is
appropriate and no discrepancies of 10% or more in the aggregate for each class of
inventory were noticed on such verification.
(b) The Company has a sanctioned working capital limit in excess of five crore rupees,
in aggregate, from banks or financial institutions on the basis of security of current
assets.
However, the Company has not drawn any amount from the aforesaid limit. However, the
quarterly returns or statements filed oy the company with such banks or financial
institutions are in agreement with the bOCKSof account of the Company.
3. In our opinion and according to information and explanation given to us, the Company
has not made investments in/provided any guarantee or security/granted any loans or
advances in the nature of loans, secured or unsecured to companies, firms, Limited
Liability Partnerships or other parties in which the directors are interested.
Accordingly, paragraph
3 (iii)of the Order is not applicable.
4. In our opinion and according to information and explanation given to us, the Company
has not granted any loans or provided any guarantees or given any security to which the
provisions of section 185 of the Act are apolicable. In respect of investments made by the
Company and loans given to parties other than those covered in Section 185 of the Act, the
Company had complied with the provisions of section 186 of the Act.
5. In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits or amounts which are deemed to be deposits during
the year. Accordingly, paragraph 3 (v) of the Order is not applicable.
6. We have broadly reviewed the books of account maintained by the Company pursuant to
the rules made by the Central Government for the maintenance of cost records under
section 148 of the Act, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. However, we have not carried out a
detailed examination of the same.
7. In our opinion and according to the information and explanations given to us:
(a) Amounts deducted! accrued in the books of account in respect of undisputed
statutory dues including goods and services tax, prov:dent fund, employees state
insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value
added tax, cess and other material statutory dues have been generally regularly deposited
by the Company
with the appropriate authorities. No undisputed amounts payable in respect of goods and
services tax, provi+ent fund, employees state insurance, income-tax, sales-tax, service
tax, duty of customs, duty of excise, value added tax, cess and other material statutory
dues were in arrears as at March 31, 2023 for a period of more than six months from the
date they became payable.
(b) Details of statutory oues referred to in sub-clause (a), which have not been
deposited on
account of dispute are given below:
| Statute |
Nature of dues |
Amount (INR in Lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
| Employees Provident Fund and Miscellaneous Provisions Act, 1952 |
Disputed PF contribution payable |
62.37 |
Various periods |
Honble Hight Court |
| Income Tax Act, 1961 |
Income Tax* |
43.36 |
2017-18 |
CIT (Appeals), Madurai |
* Net of taxes paid under protest and adjusted by the department against refund due for
other assessment years
8. In our opinion and according to the information and explanations given to us, there
are no transactions not recorded in the books of account that have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(43 of 1961). Accordingly, paragraph 3 (viii) of the Order is not applicable.
9. (a) In our opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of loans or other borrowings or in the payment
of interest
thereon to any lende- during the year.
(b) In our opinion and according to the information and explanations given to us, the
Company is not declared as a wilful defaulter by any bank or financial institution or
other lender.
(c) In our opinion and according to the information and explanations given to us, the
term loans obtained during the year were applied for the purpose for which they were
availed.
(d) In our opinion and according to the information and explanations given to us, funds
raised on short term basis have not been utilised for long term purposes.
(e) The Company does not have any subsidiaries/associates/joint-ventures and
accordingly, paragraphs 3 (ix)(e) and 3 (ix)(f) of the Order are not applicable.
10. (a) In our opinion and according to the information and explanations given to us,
the Company
has not raised any money by way of initial public offer or further public offer
(including debtinstruments) during the year. Accordingly, paragraph 3 (x) (a) of the Order
is not applicable.
(b) In our opinion and according to the information and explanations given to us, the
Company has not made any preferential allotment or private placement of shares or
convertible debentures (fully, partially or optionally convertible) during the year.
Accordingly, paragraph
3 (x) (b) of the Order is not applicable.
11. (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or no material fraud on the Company by any person has
been noticed or reported during the year. Accordingly, paragraphs 3 (xi) (a) and (b) of
the Order are not applicable.
(b) To the best of our knowledge and according to the information and explanations
given to us, no whistle-blower complaints, have been received by the Company during the
year.
12. The Company is not a Nidhi Company ani accordingly, Paragraphs 3(xii) of the Order
is not applicable.
13. Inouropinionandaccordingto the information and explanationsgivento us,the
transactions with the related parties are in compliance with section 177 and 188 of the
Act. Where applicable, the details of such transactions have been disclosed in the
financial statements as required by the applicable accounting standards,
14. (a) In our opinion and according to the information and explanations given to us,
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 year under audit were considered by
us, as
part of our audit procedures.
15. In our opinionand accordingto the informationand explanationsgivento us, the
Company has not entered into non-cash transactionswith directors or persons connected with
them.
Accordingly, paragraph 3(xv) of the Order is not applicable.
16. (a) In our opinionand accordingto the informationand explanationsgivento us, the
Company is not required to be registered under section 45-IA of the Reserve Bank of India
Act 1934.
(b) In our opinionand accordingto the informationandexplanationsgivento us, the Company
has not conducted any Non-Banking Financial or Housing Finance activities without a valid
Certificate of Registration (CoR) frem the Reserve Bank ofIndia as per the Reserve Bank of
India Act, 1934.
(c) In our opinionand accordingto the informationandexplanationsgivento us, the Company
is not a Core Investment Company (CIe) as defined in the regulations made by the Reserve
Bank ofIndia. Accordingly,paragraph 3 (xvi) (c) of the Order is not applicable.
(d) In our opinionand accordingto the informationand explanationsgivento us, the
Company is not a Core Investment Company (CIC) and it does not have any other companies in
the Group. Accordingly,paragraph 3 (xvi) (d of the Order is not applicable.
17. The Company has net incurred cash losses in the financial year and in the
immediately preceding financial year.
18. There has been no resignation of the statutory auditors during the year.
Accordingly, paragraph 3(xviii) of the Order is not applicable.
19. In our opinion and according to the information and explanations given to us and on
the basis of the financial ratios, ageing and expected dates of realisation of financial
assets
and payment of financ.al liabilities, other information accompanying the fmancial
statements, our knowledge of the board of directors and management plans, there are 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
within a period of one year from the balance sheet date.
20. (a) In our opinion and according to the information and explanations given to us,
in respect of other than ongoing projects, there are no unspent amounts to be transferred
to a fund specified in Schedule VII to the Act.
(b) In our opinion and according to the information and explanations given to us, there
are no amount remaining unspent under sub-section (5) of section 135 of the Act, 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.
21. In our opinion and according to the information and explanations given to us, the
Company
does not have investments in subsidiaries I associates or joint venture
companies.
Accordingly, paragraph 3(xxi) of the Order is not applicable.
For CNGSN & ASSOCIATES LLP
Chartered Accountants
Firm Registration NO.004915S1 S200036
Sd/-
(CHINNSAMY GANESAN)
Partner
Membership No. 027501
UDIN: 23027501BGWMVA8706
Place: Madurai
Date:May 3, 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 to the Members of VTM Limited of even date)
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 ofVTM Limited
("the Company") as at March 31,2023, in conjunction with our audit of be
financial statements of the Company for the year ended on that date.
Managements responsibility for Internal Financial Controls
The Board of Directors 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 ofIndia. 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, 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 internal financial controls over
financial reporting of the Company 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 the Institute of Chartered Accountants
of India and the standards on auditing prescribed under Section 143 (10) of the Companies
Act, 2013, to the extent appl.cable 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 wasestablished 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
ob.aining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, i.icluding the assessment of the risks of
material misstatement in 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 control system
over financial reporting.
Meaning of Internal Financial Controls over financial reporting
A companys internal financial comrol 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 (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 :hat 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 authorisations of management and directors of the company; and (iii)
provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisirion, 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 of 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 and according to the information and explanations given to us, the
Company has, in all material respects, an adequate internal financial control 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 ofInternal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.
For CNGSN & ASSOCIATES LLP
Chartered Accountants
Firm Registration NO.004915S/ S200036
SdI-
(CHINNSAMY GANESAN)
Partner
Membership No. 027501
UDIN:23027501BGWMVA8706
Place: Madurai
Date: May 3, 2023
+91-9892691696
