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Geekay Wires Ltd.

BSE: 535003 Sector: Engineering
NSE: GEEKAYWIRE ISIN Code: INE669X01016
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Geekay Wires Ltd. (GEEKAYWIRE) - Auditors Report

Company auditors report

To

The Members of

GEEKAY WIRES LIMITED

Hyderabad.

Report on the Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements ofGEEKAY WIRES LIMITED ("the Company")which comprise of the Balance Sheet as at31st March 2022the Statement of Profit and Loss Account the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements together with notes thereonand attached thereto give the information required by the Act in the matter so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India of the state of affairs of the Company as at March 31 2022 and itsprofit and its cash flows for the year ended 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 Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance 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 judgmentwere of most significance in our audit of the Standalone Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report

1. Evaluation of Contingent Liabilities:

Refer Note 11of Notes to accounts forming part of the StandaloneFinancial Statements Claims against the company not acknowledged as debts are disclosed inNotes to Accounts. The existence of the payments against these claims requires managementjudgment to ensure disclosure of most appropriate values of contingent liabilities.

Auditors Response:

Our audit procedures include among others assessing theappropriateness of the management's judgment in estimating the value of claims against thecompany not acknowledged as debts as given in the Note 11of Notes to accounts.

2. Evaluation of Contingent Assets:

Refer Note 11 (B) of Notes to accounts forming part of the StandaloneFinancial Statements. The company is having a pending case regarding recovery of Duesamounting to RS 11435087.00 from M/s Punjab State Forest Corporation. During the yearcompany has submitted certificate claiming interest amounting to Rs 10324331 to bereceived as per the provisions of Clause Number 16 of Chapter V of MSME Act 2006.The sameis not considered during the year as Contingent assets are not recognized in financialstatements since this may result in the recognition of income that may never be realized.However when the realization of income is virtually certain then the related asset isnot a contingent asset and its recognition is appropriate

Other Matter Para

1. Donation given to Company's trust was earlier shown as investmenthowever the same have been reclassified &charged to profit and loss due to which thereis change in profit of Rs 1 lakh as compared to results declared in Quarter 4. But sincethe amount is not material our opinion remains unmodified.

2. USA Department of commerce has initiated the Anti-dumping andAnti-subsidy case against the company on 11th feb'2022 alleging that the company hasexported goods in the USA at less than fair value. Company has responded to all thequestionnaires received from the US Department of commerce. The outcome of the same isawaited and hence we are unable to comment on its future impact on Export turnovers andprofits in near future and in long run.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis; Board's Report including Annexure to Board's ReportCorporate Governance Report but does not include the Standalone Financial Statements andour auditor's report thereon. Our opinion on the Standalone Financial Statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for Financial Statements

The Company's Board of Directors are responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatements whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act we report that:

01. As required by the Companies (Auditors Report) Order 2016("the order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in the"Annexure A"a statement on the matters specified inparagraph 3 and 4 of the said order.

02. As required by Section 143(3) of the Act we report that:

(i) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(ii) In our opinion proper books of accounts as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(iii) The Balance Sheet Profit and Loss Account and Cash flowStatement dealt with by this Report are in agreement with the books of account;

(iv) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(v) On the basis of written representations received from thedirectors as on 31st March 2022 and taken on record by the Board of Directors we reportthat none of the directors are disqualified as on 31st March 2022 from being appointed asa director in terms of section 164(2) of the Act.

(vi) With respect to the adequacy of the internal financial controlsover financial reporting of the company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B".

(vii) With respect to the other matters to be included in the Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

a. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements.

b. The Company did not have any long term contracts includingderivative contracts for which there were any material foreseeable losses;

c. There were no pending amounts which were required to be transferredto the Investor Education and Protection Fund by the Company.

d. (a) The Management has represented that to the best of theirknowledge and belief no funds (which are material either individually and in aggregate)have been advanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other person or entityincluding foreign entity ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall directly or indirectly lendor invest in other persons or entities identified in any manner whatsoever by or on behalfof the Company ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries.

(b) The management has represented that to the best of theirknowledge and belief no funds (Which are material either individually or in aggregate)have been received by the Company from any person or entity including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the FundingParty ("Ultimate Beneficiaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)as provided under (a) and (b) above contain any material misstatement.

e. The dividend declared and paid by the company during the year is inaccordance with section 123 of the Act.

ANNEXURE -A

COMPANIES AUDITORS'ORDER REPORT 2022

(Referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' of our Audit Report of even date to the members of M/s. GEEKAY WIRES LIMITEDon the Financial Statements of the Company for the year ended on 31st March 2022)

In terms of Companies (Auditor's Report) Order 2020 issued by theCentral Government of India in terms of section 143(11) of The Companies Act 2013 wefurther report on the matters specified in paragraph 3 and 4 of the said Order that :-

1) a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipmenton the basis of the information made available to us;

b) As explained to us these Property Plant and Equipment have beenphysically verified by the Management at reasonable intervals; and no materialdiscrepancies were found on such verification.

c) According to the information and explanations given to us and on thebasis of records examined by us the title deeds of the immovable properties are held inthe name of the Company.

d) The company has not revalued its Property Plant and equipment orIntangible assets during the year.

e) No proceedings have been initiated or pending against the companyfor holding any benami property under the Benami Transactions (Prohibition) Act 1988 (45of 1988) and rules made there under.

ITEM CATE GORY DESCRIPTI ON SURVEY NO COST AS PER SALES DEED GROSS CARRYING VALUE TITLE DEEDS IN THE NAME OF TITLE DEED HOLDER IS PROMO TER DIRECTO R OR RELATIV E OF PROMO TER / DIRECTO ROR EMPLOY EE OF PROMO TER/DIR ECTOR PROPERTY HELD SINCE WHICH DATE REASO N FOR NOT BEING HELD IN THE NAME OF COMPA NY (ALSO INDICA TE IF IN DISPUT E)
PPE LAND 1)MUPPIR EDDYPALL Y LAND TSIIC Plot No. E166 to E183 and E140 & E141 10536046 10536046 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 31.07.2018 NA
2) LAND- PATANCH ERU 300/A 70180 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 07-Dec-18 NA
PLOT NO 4 & 5 IN SY NO 286287 789620 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 03-Feb-17 NA
PLOT NO 1 IN SY NO 300/A 310500 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 03-Feb-17 NA
1170300 1170300
3)LAND AT 2882892 90300 AT SHANKAR AMPET 300/EE1/2290/A 2288/A1/2289/ AA290/A1/2291 /A1288/A2 Shankarampet 8560970 8560970 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 19-Jan-18 NA
4)LAND 297/A 297/AA & 296 Isnapoor Village PLOT NO 7 & 8 IN SY NO 286287 661500 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 14.02.2008 NA
PLOT NO 3 IN SY NO 286287 345000 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 08.03.2007 NA
PLOT NO 2 IN SY NO 286287 345000 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 16.06.2016 NA
SY NO 297 /A 297 AA 12000000 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 12.12.2012 NA
REVALUATION 2006-07 44246224 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED NA
57597724 57597724
TOTAL LAND VALUE 77865040 77865040
BUILD ING 1)OTHER FACTORY BUILDING CONSTRU CTED 83944283 83944283 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED
INVES TMEN T PROP ERTY BUILD ING 1) Divyashak ti Ameerpet FLAT NO 1-6106TH FLOOR 195000 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 25.01.1995 NA
FLAT NO 1-6096TH FLOOR 196000 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 25.01.1995 NA
REVALUATION- 2006-07 2893600 GEEKAY WIRES LIMITED GEEKAY WIRES LIMITED 25.01.1995 NA
3284600 3284600
TOTAL BUILDING VALUE 87228883 87228883
NON CURR ENTAS SETS HELD -NA- -NA -NA- -NA- -NA- -NA- -NA- -NA- -NA-
FOR SALE
OTHE RS -NA- -NA- -NA- -NA- -NA- -NA- -NA- -NA- -NA-

2) a) In our opinion the inventories have been physically verifiedduring the year by the Management at reasonable intervals and as explained to us nomaterial discrepancies were noticed on physical verification.

b) Quarterly returns or statements filed by the company with financialinstitutions or banks are in agreement with the books of account of the Company.

3) The Company has not made any investments in or provided anyguarantee or security or granted any loans or advances in the nature of loans unsecuredor secured to LLPs firms or companies or any other person. Therefore Paragraph 3(iii)(a)to 3(iii)(f) of the order is not applicable.

4) In our opinion and according to the information and explanationgiven to us the Company has not granted any loans nor made any investments and providedguarantees and securities as per the provisions of Section 185 and Section 186 of theCompanies Act 2013. Therefore Paragraph 3(iv) of the order is not applicable.

5) The Company has not accepted any deposits from the public during theyear. Hence Clause 3(v) of the Order is not applicable.

6) Maintenance of cost records has been specified by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act. However themanagement explained that the information relating to cost data is available from theexisting records maintained by the company.

7) (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is generallyregular in depositing the undisputed statutory dues including Goods and service taxprovident fund employees' state insurance income tax sales tax wealth tax servicetax duty of customs duty of excise value added tax Goods and Service Tax cess and anyother statutory dues as applicable with the appropriate authorities. There are no arrearsof undisputed statutory dues outstanding as at March 31 2022 for a period of more thansix months from the date they become payable.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are No dues of statutory dues referred to insub-clause (a) which have not been deposited on account of any dispute except Entry Tax

Statutory Due Amount Disputed Forum at which amount is disputed
Entry Tax (AY 2013-14) 917773/- Telangana High Court (Hyderabad)
Entry Tax (AY 2014-15) 627590/- Telangana High Court (Hyderabad)
Entry Tax (AY 2015-16) 1237602/- Telangana High Court (Hyderabad)
Entry Tax (AY 2016-17) 1698909/- Telangana High Court (Hyderabad)
Entry Tax (AY 2017-18) 437266/- Telangana High Court (Hyderabad)

8) There are no transactions which are not recorded in the accounts andhave been disclosed or surrendered before the tax authorities as income during the year.

9) a) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to any lender.

b) The company has not been declared a willful defaulter by any Bank orfinancial institution or any other lender.

c) Term loans been used for the object for which they were obtained.

d) The company has not used funds raised for a short term basis forlong term purposes

e) The company does not have associate or subsidiaries or jointventures hence the clause is not applicable.

f) The company does not have associate or subsidiaries or jointventures hence the clause is not applicable.

10) a) The company has not raised funds by way of Initial Public offeror Further Public offer (including debt Instruments) during the year and has been appliedfor the purpose of which those are raised.

b) The company has not made any private placement or preferentialallotment of shares or convertible debentures (fully partially or optionally convertible)during the year whether the same is in accordance with section 42 and section 62 of theCompanies Act 2013.

11) a) According to the information and explanations given to us nofraud by the Company or on the Company has been noticed or reported during the course ofour audit.

b) The auditors of the company have not filed a report in Form ADT- 4with the Central Government as prescribed under the Companies (Audit and Auditors) Rules2014. -

c) There is no receipt of whistle-blower complaints; hence the clauseis not applicable whether the complaints have been considered by the auditor.

12) In our opinion and according to the information and explanationgiven to us the Company is not a Nidhi Company. Accordingly Paragraph 3(xii) of theOrder is not applicable.

13) According to the information and explanations given to us based onour examination of the records of the Company transactions with the related parties arein compliance with Sections 177 & 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14) a) The company have an internal audit system in accordance with itssize and business activities.

b) The reports of the internal auditors have been considered by theStatutory auditor.

15) According to the information and explanations given to us and basedon the examination of the records of the Company the Company has not entered into non-cash transaction with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable

16) a) In our opinion and according to the information and explanationsprovided to us the Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is notapplicable.

b) the company has not carried on any Non-Banking Financial or HousingFinance activities (NBFC or HFC) without having a valid registration certificate from RBI.

c) The company is not a core Investment Company and hence clause is notapplicable

d) The company is not a core Investment Company and hence clause is notapplicable

17) The company has not incurred any cash losses in the financial yearand the immediately preceding financial year; hence the clause is not applicable.

18) There has been no resignation of statutory auditors during the yearhence the clause is not applicable.

19) There is no Existence of any material uncertainty on the date ofthe audit report on the basis of the ageing report financial ratios and expected dates ofrealization of financial assets and payment of financial liabilities any otherinformation accompanying the financial statements in the auditor's knowledge of the Boardof Directors and management plan and the company can meet its the liabilities which existas at the balance sheet date when such liabilities are due in the future.

20) (a) whether in respect of other than ongoing projects the companyhas transferred the unspent amount to a Fund specified in Schedule VII to the CompaniesAct within a period of 6 months from the expiry of the financial year in compliance withsecond proviso to subsection (5) of section 135 of the said act- no unspent amount henceclause is not applicable.

(b) Whether any amount which remains unspent under sub-section (5) ofsection 135 of the companies act pursuant to any ongoing project has been transferred toa special account in accordance with provisions of section 135 (6) of the Companies Act2013- no unspent amount on ongoing projects hence clause is not applicable.

ANNEXURE - B TO AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

Opinion:

We have audited the internal financial controls over financialreporting of GEEKAY WIRES LIMITED ("the Company") as of 31st March 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the Institute of Chartered Accountants of India.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ('ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting:

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate

22. Previous Year figures have been regrouped wherever necessary toconfirm to the current year classification and figure are presented to the nearest rupeevalue.

OUR REPORT OF EVEN DATE ATTACHED For M.M.PALOD& CO. Chartered Accountants FOR AND ON BEHALF OF THE BOARD
FRN.0060207S Sd/- Ghanshyam Dass
Chairman & Managing Director
Sd/- DIN:01539152
(Murali Manohar) Partner
M.No.200858 Sd/- Abhijit Patki
CFO
Place: Hyderabad
Date: 30/06/2022 Sd/- Sonu Kumar
Company Secretary & Compliance Officer

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