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Ashram Online.com Ltd.

BSE: 526187 Sector: Infrastructure
NSE: TATIASKYLN ISIN Code: INE293C01019
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VOLUME 158
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OPEN 5.50
CLOSE 5.35
VOLUME 158
52-Week high 10.08
52-Week low 3.80
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ashram Online.com Ltd. (TATIASKYLN) - Auditors Report

Company auditors report

To

The Members of

Ashram Online.com Limited

Opinion

We have audited the accompanying standalone financial statements of Ashram Online.comLimited Chennai which comprise the Balance Sheet as at March 31 2022 and the Statementof Profit and Loss (including Other Comprehensive Income) the Statement of Changes inEquity and the Statement of Cash Flows for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the companyas at March 31 2022; and its Profit Total Comprehensive Income the changes in Equityand Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Sl. No Key Audit Matter Auditors' Response
1 Ind-AS 109 (Financial Instruments) requires the Company to recognise interest income by applying the effective interest rate (EIR) method. While estimating future cash receipts for the purpose of determining the EIR factors including expected behaviour life cycle of the financial asset probable fluctuation in collateral value which may have an impact on the EIR are to be considered We have evaluated the management's process in estimation of future cash receipts for the purpose of determination of EIR including identification of factors like expected behaviour life cycle of the financial asset and probable fluctuation in collateral value. We tested the accuracy of key data inputs and calculations used in this regard.
2 Completeness in identification accounting and disclosure of related party transactions in accordance with the applicable laws and financial reporting framework We have assessed the systems and processes laid down by the company to appropriately identify account and disclose all material related party transactions in accordance with applicable laws and financial reporting framework. We have designed and performed audit procedures in accordance with the guidelines laid down by ICAI in the Standard on Auditing (SA 550) to identify assess and respond to the risks of material misstatement arising from the entity's failure to appropriately account for or disclose material related party transactions which includes obtaining necessary approvals at appropriate stages of such transactions as mandated by applicable laws and regulations.
3 Compliance and disclosure requirements under the applicable Indian Accounting Standards RBI Guidelines and other applicable statutory regulatory and financial reporting framework. We have assessed the systems and processes laid down by the company to appropriately ensure compliance and disclosures as per the applicable Indian Accounting Standards RBI Guidelines and other applicable statutory regulatory and financial reporting framework. We have designed and performed audit procedures to assess the completeness and correctness of the details disclosed having regard to the assumptions made by the management in relation to the applicability and extent of disclosure requirements; and have relied on internal records of the company and external confirmations wherever necessary.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sreport Management discussion and analysis and Report on corporate governance but doesnot include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained 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 no materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with6 the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

Paragraph 40(b) of this SA explains that the shaded material below can be located in anAppendix to the auditor's report. Paragraph 40(c) explains that when law regulation orapplicable auditing standards expressly permit reference can be made to a website of anappropriate authority that contains the description of the auditor's responsibilitiesrather than including this material in the auditor's report provided that the descriptionon the website addresses and is not inconsistent with the description of the auditor'sresponsibilities below.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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 auditor'sreport.

However future events or conditions may cause the Company to cease to continue as agoing concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

(1) 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 bestof 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 theCompany so far as it appears from our examination of those;

c) the Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.

e) On the basis of written representations received from the directors as on March 312022 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalonefinancial statements.

ii. The Company has made provision as required under the applicable law and Accountingstandards for material foreseeable losses if any on long-term contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe investor's education and protection fund by the Company.

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe 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 not declared or paid any dividend during the year hence compliancewith provision of section 123 is not applicable for the year.

(2) As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

"Annexure A" to Independent Auditors' Report

(Referred to in Paragraph 2 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date on the accounts of AshramOnline.com Limited ("the Company")for the year ended March 31 2022)

i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its Property Plant and Equipment (PPE).

(b) According to the information and explanations given to us physical verification ofPPE is being conducted in a phased manner by the management under a programme designed tocover all the PPE over a period of three years which in our opinion is reasonablehaving regard to the size of the Company and nature of its business. Pursuant to theprogram a portion of the PPE has been physically verified by the management during theyear and no material discrepancies between the books records and the physical PPE havebeen noticed.

(c) There are no immovable properties in the name of the company.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

(e) Based on the information and explanations furnished to us No proceedings have beeninitiated during the year or are pending against the Company as at March 31 2022 forholding any Benami property under the Benami Transactions (Prohibition) Act 1988 (asamended in 2016) and rules made thereunder.

ii) (a) The management has conducted the physical verification of inventory atreasonable intervals during the year. We are informed that management has not discovereddiscrepancies of 10% or more in the aggregate for each class of inventory on verificationbetween the physical stock and book records.

In our opinion and according to the information and explanations given to us theprocedures for physical verification of inventory followed by the management werereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(b) The company has not been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets.

iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has made investments granted loansand advances in the nature of loans secured or unsecured to companies limited liabilitypartnership and other parties in respect of which the requisite information is as below.The Company has not provided any guarantee or security to companies limited liabilitypartnership or any other parties during the year.

(a) Based on the audit procedures carried on by us and as per the information andexplanations given to us the Company has provided loans to any other entity as below

Particulars Guarantees Security Loans Advances in the nature of Loans
Aggregate amount during the year
- Subsidiaries - - - -
- Joint Ventures - - - -
- Associates - - 9316587 -
- Others - - - -
Balance outstanding as at balance sheet date
- Subsidiaries - - - -
- Joint Ventures - - - -
- Associates - - 14554958 -
- Others - - 22961251 -

(b) In our opinion the investments made and the terms and conditions of the grant ofloans during the year are prima facie not prejudicial to the Company's interest.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in the case of unsecured loans given in ouropinion the repayment of principal and payment of interest has not been stipulated whichis repayable on demand. As informed to us the Company has not demanded repayment of theloan during the year. Thus there has been no default on the part of the party to whom themoney has been lent. The payment of interest has been regular. Further the Company hasnot given any advance in the nature of loan to any party during the year.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no overdue amount for more thanninety days in respect of loans given. Further the Company has not given any advances inthe nature of loans to any party during the year.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no loan or advance in the nature ofloan granted falling due during the year which has been renewed or extended or freshloans granted to settle the over dues of existing loans given to same parties.

(f) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in our opinion the Company has not grantedloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment except for the following loans or advances in the natureof loans to its Promoters and related parties as defined in clause (76) of section 2 ofthe Companies Act 2013 ("the Act"):

Particulars All parties Promoters Related Parties Other Parties
Aggregate of Loans / Advances of Loans - - - -
- Repayable on demand (A) - - - 22961251
- Agreement does not specify any terms or period of Repayment (B) - - 14554958 -
Total (A+B) - - 14554958 22961251
Percentage of loans / advances in nature of loan to the total loans - - 38.80% 61.20%

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and subsection (1) of Section 186of the Act in respect of the loans and investments made and guarantees and securityprovided by it.

v) The Company has not accepted any deposits from public during the year hence thedirectives issued by RBI and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2015 are not applicable.

vi) The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for maintenance of Cost Records under sub-section (1) of section148 of the Act.

vii) (a) According to the information and explanations given to us and the

records of the Company examined by us in our opinion the Company is regular indepositing the undisputed statutory dues including goods and services tax providentfund employees' state insurance income tax sales tax service tax value added taxcess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income Tax Sales TaxService Tax duty of Customs duty of Excise Value Added Tax Cess and any otherstatutory dues were outstanding as at March 31 2022 for a period of more than six monthsfrom the date they became payable.

(c) According to the information and explanations given to us the following are theDetails of Taxes which have not been deposited on account of dispute:-

Name of the Statute Nature of Dues Year Demand In Rs. Amount Deposited Forum where dispute is pending
Income Tax Act Income Tax and Interest 1994 - 95 10585880 2546652 Madras High Court
Income Tax Act Income Tax and Interest 1995 - 96 8332167 1129000 Madras High Court

viii) According to the information and explanations given to us and the records of theCompany examined by us there are no transactions in the books of account that has beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 that has not been recorded in the books of account.

ix) (a) Based on our audit procedures and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or borrowings to afinancial institution bank or dues to debenture holders.

(b) According to the information and explanations given to us and on the basis of ouraudit procedures we report that the Company has not been declared willful defaulter byany bank or financial institution or government or any government authority.

(c) According to the information and explanations given to us and on overallexamination of the financial statements of the Company funds raised on short-term basishave prima facie not been used during the year for long-term purposes by the Company.

(d) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company the Company has not taken anyfunds from any entity or person on account of or to meet the obligations of itssubsidiaries.

(e) The company has not raised loans on the pledge of securities held in subsidiariesjoint ventures and associates.

x) (a) The Company has not raised any money by way of initial public offer or

further public offer (including debt instruments) during the year. Accordingly thereporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment of equity shares warrants andcompulsorily convertible preference shares during the year hence reporting under clause3(x)(b) of the Order is not applicable.

xi) (a) During the course of our examination of the books and records of the

Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company noticed orreported during the year nor have we been informed of any such case by the Management.

(b) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us a report under Section 143(12)of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 was not required to be filed with the Central

Government. Accordingly the reporting under clause 3(xi)(b) of the Order is notapplicable to the Company.

(c) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us the Company has not receivedany whistle-blower complaints during the year which have been considered by us for anybearing on our audit and reporting.

xii) In our Opinion the company is not a Nidhi Company and the Nidhi Rules 2014 arenot applicable to it. Therefore clause 3 (xii) of the Companies (Auditor's Report) Orderis not applicable to the Company.

xiii) The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under IndianAccounting Standard 24 "Related Party Disclosures specified under Section 133 of theAct.

xiv) (a) In our opinion and according to the information and explanation given

to us the Company has an internal audit system commensurate with the size and natureof its business.

(b) The reports of the Internal Auditor for the period under audit have been consideredby us.

xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors. And henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi) (a) In our opinion and according to the information and explanations given to usthe Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia Act 1934.

(b) The Company has not conducted non-banking financial activities during the yearhence it's not required to hold a valid Certificate of Registration from the Reserve Bankof India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly the reporting under clause 3(xvi)(c) ofthe Order is not applicable to the Company.

xvii) The Company has incurred cash losses of Rs.39978/- during the financial yearcovered by our audit; the company has not incurred cash losses in the immediatelypreceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatCompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the Company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by the Companyas and when they fall due.

xx) Reporting on CSR: Provisions of Section 135 Corporate Social

Responsibility (CSR) are not applicable to the company. Accordingly reporting underclause 3(xx)(a) and (b) of the Order is not applicable for the year.

xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect ofaudit of Standalone Financial Statements. Accordingly no comment in respect of the saidclause has been included in this report.

"ANNEXURE B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of Ashram Online.com Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s AshramOnline.com Limited ("the Company") as of March 31 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's 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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India and jointly controlled companies which are companies incorporated inIndia as of that date.

For M/s JV Ramanujam &Co.

Chartered Accountants

(Firm Registration Number - 002947S)

Sd/-

Sri Narayana Jakhotia

Partner

Membership Number - 233192)

UDIN: 22233192AOAPZK4991

Place: Chennai

Date: 30.05.2022

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