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KSE Ltd.

BSE: 519421 Sector: Agri and agri inputs
NSE: KSE ISIN Code: INE953E01014
BSE 00:00 | 19 Aug 1961.55 -2.45
(-0.12%)
OPEN

1969.95

HIGH

2005.00

LOW

1955.00

NSE 05:30 | 01 Jan KSE Ltd
OPEN 1969.95
PREVIOUS CLOSE 1964.00
VOLUME 423
52-Week high 2499.95
52-Week low 1850.00
P/E
Mkt Cap.(Rs cr) 628
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1969.95
CLOSE 1964.00
VOLUME 423
52-Week high 2499.95
52-Week low 1850.00
P/E
Mkt Cap.(Rs cr) 628
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KSE Ltd. (KSE) - Auditors Report

Company auditors report

To the Members of KSE Limited Irinjalakuda Kerala - 680121

Report on the Audit of the Standalone Ind AS Financial Statements

OPINION

We have audited the accompanying Ind AS financial statements of KSELimited (CIN:L15331KL1963PLC002028) ("the Company") which comprise the BalanceSheet as at 31st March 2022 the Statement of Profit and Loss(including OtherComprehensive Income)the Statement of changes in Equity and the Statement of Cash Flowsfor the year then ended and notes to the Ind AS financial statements including a summaryof significant accounting policies and other explanatory information(hereinafter referredto as "Ind AS financial statements") which we have signed under reference tothis report.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Companies Act 2013 (the "Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2022 itsprofit total comprehensive income the changes in equity and its cash flows for the yearended 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 thoseStandards are further described in the Auditor's Responsibilities for the Audit of the IndAS financial 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 the Ind ASfinancial statements under the provisions of the Act and the Rules there under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the Ind AS financial statements.

EMPHASIS OF MATTER

We draw attention to the matters detailed below. Our opinion is notmodified in respect of these matters.

a. Note No 21.2 in the Ind AS financial statements : As stated in thenote the classification of trade payables as covered under the Micro Small & MediumEnterprises Development (MSMED) Act 2006 and others is as carried out by the companybased on the information available with it.

b. Note No 35.11 in the Ind AS financial statements : The company hasstated in this note that it has a system of obtaining confirmations of balances. Howeverbalances in the accounts except balances with banks and a few trade receivables aresubject to confirmation.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Ind AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the Ind AS financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Information technology (IT) systems used in financial reportingprocess.

Key Audit Matter Description

The Company's key financial accounting and reporting processes arehighly dependent on information systems including automated controls in systems such thatthere exists a risk that gaps in the IT control environment could result in the financialaccounting and reporting records being misstated. Also the company is using an ERPSolution developed in house and it has yet to be evolved into a full fledged end to endsolution necessitating manual interventions at various levels while the system ishandling large transaction volumes at multiple locations. We have identified 'IT systemsand controls' as key audit matter because of the manual interventions and the untestedenvironment of an evolving ERP.

 

How the Key Audit Matter Was Addressed in the Audit

We focused on user access management change management segregation ofduties system reconciliation controls and system application controls over key financialaccounting and reporting systems.

We tested a sample of key controls operating over the informationtechnology in relation to financial accounting and reporting systems design and operatingeffectiveness of key controls over user access management and preventive controls designedto enforce segregation of duties. For a selected group of key controls over financial andreporting systems we independently performed procedures to determine that these controlremained unchanged during the year or were changed following the standard changemanagement process. Other areas that were assessed included security configurationssystem interface controls controls over changes to applications and databases andcontrols to ensure that developers and production support did not have access to changingapplications the operating system or databases in the production environment.

We have identified the manual intervention areas and evaluated thedesign implementation and effectiveness of the controls over the manual interventions. Wehave tested samples in key areas of manual interventions to ensure the effectiveness ofthe control system in force.

INFORMATION OTHER THAN THE IND AS FINANCIAL STATEMENTS AND AUDITOR'SREPORT THEREON

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the Directors Report including the annexuresto Directors' Report Secretarial audit Report Management Discussion & AnalysisReport and Corporate Governance Report included in the Annual report but does not includethe Ind AS financial statements and our auditor's report thereon. The Annual Report isexpected to be made available to us after the date of this auditor's report.

Our opinion on the Ind AS financial statements does not cover the otherinformation and we will not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Ind AS financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FORTHE IND AS FINANCIAL STATEMENTS

The Company's Management and Board of Directors are responsible for thematters stated in section 134(5) of the Act with respect to the preparation of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and change inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards(Ind AS) specified under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Ind AS financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting 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 FOR THE AUDIT OF THE IND AS FINANCIALSTATEMENTS

Our objectives are to obtain reasonable assurance about whether the IndAS financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Ind AS 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 theInd AS 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 control relevant to the auditin order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to thefinancial statement in place 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 Ind AS 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 theInd AS financial statements including the disclosures and whether the Ind AS financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 Ind ASfinancial statements of the year ended 31st March 2022 and are therefore thekey audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act based on our audit wereport to the extent applicable that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have beenkept 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 theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended by Companies (Indian AccountingStandards) Amendment Rules 2018.

e) On the basis of written representations received from the directorsas on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as adirector in terms of Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A" to this report. Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of Section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its directors during the year is in accordancewith the provisions of Section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport 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:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Ind AS financial statements- Refer Note 35.3 to the Ind ASfinancial statements;

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

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentities including foreign entities ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the Company("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries.

b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen 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 other personsor entities 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 has been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

i) With respect to the other matters to be included in the Auditor'sReport 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: The final dividend proposed in the previous year declared and paid by the Companyduring the year is in accordance with Section 123 of the Act as applicable.

As stated in Note 17.1 to the financial statements the Board ofDirectors of the Company have proposed final dividend for the year which is subject to theapproval of the members at the ensuing Annual General Meeting. The amount of dividendproposed is in accordance with Section 123 of the Act as applicable.

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 of the Act we give in "Annexure B" a statement on thematters specified in paragraphs 3 and 4 of the Order.

For SRIDHAR & CO.
Chartered Accountants
Thiruvananthapuram
(Firm No. 003978S)
Sd/-
CA. I. Jayasindhu F. C. A.
Irinjalakuda (M. No. 205660) Partner
May 30 2022 UDIN: 22205660AJXERF2367

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under "Report on Other Legal andRegulatory Requirements" section of our report of even date)

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

We have audited the internal financial controls over financialreporting of M/s KSE Limited (CIN:L15331KL1963PLC002028) ("the Company") as of31st March 2022 in conjunction with our audit of the Ind AS financialstatements of the Company for the year ended on that date.

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 (the"Guidance Note"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We have conducted ouraudit in accordance with the Guidance Note and the Standards on Auditing as specifiedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 Ind AS financial statements whether due to fraud orerror.

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

Meaning of Internal F inancial Controls Over F inancial Reporting WithReference to these Ind AS financial statements

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 Ind AS financial statements for external purposes inaccordance with generally accepted accounting principles. A Company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the Ind ASfinancial 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.

Opinion

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 March2022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For SRIDHAR & CO.
Chartered Accountants
Thiruvananthapuram
(Firm No. 003978S)
Sd/-
CA. I. Jayasindhu F. C. A.
Irinjalakuda (M. No. 205660) Partner
May 30 2022
UDIN: 22205660AJXERF2367

ANNEXURE - "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i. In respect of the Company's fixed assets :

a) A. The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant andequipment capital work-in-progress and relevant details of right-of-use assets. Thesoftware in respect of register of fixed assets is under upgradation.

B. The Company has maintained proper records showing full particularsof intangible assets. The software in respect of register of fixed assets is underupgradation.

b) The fixed assets of the company have been physically verified by themanagement during the year and no material discrepancies between the book records and thephysical inventory have been noticed on such verification. In our opinion the frequencyof verification is reasonable and the process of physical verification is to be improved.

c) In our opinion and according to the information and explanationsgiven to us the title deeds of immovable properties are held in the name of the Company.

d) The Company has not revalued any of its property plant andequipment and intangible assets during the year.

e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. a) We are informed that the physical verification of inventory hasbeen conducted by the management at reasonable intervals. In our opinion the procedures ofphysical verification of inventory followed by management are reasonable and adequate inrelation to size of the company and the nature of its business. The Company is maintainingproper records of inventory. According to the information furnished to us no discrepanciesof 10% or more in aggregate for each class of inventory were noticed on such verificationbetween the physical stock and the book records.

b) According to the information and explanations given to us theCompany has been sanctioned working capital limits in excess of Rs. 5 crores inaggregate during the year from banks on the basis of security of current assets. In ouropinion and according to the information and explanations given to us the quarterlyreturns or statements comprising stock statements book debt statements statements onageing analysis of the debtors and other stipulated financial information filed by theCompany with such banks are in agreement with the unaudited books of account of theCompany of the respective quarters and no material discrepancies have been observed.

iii. The company has not granted loan or advances in the nature ofloans to any companies firms limited liability partnerships or other parties covered inthe register maintained under section 189 of the Act. Except the loans to employees whichare recovered through payroll on a regular basis and interest free advance to employeeswhich are being repaid as stipulated no other loans have been given by the company. Soclause iii (a) to (f) are not applicable to the company.

iv. In our opinion and according to the information and explanationsgiven to us in respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

v. In respect of deposits accepted by the Company from public thedirectives issued by the Reserve Bank of India and the provisions of Section 73 to 76 orany other relevant provisions of the Companies Act 2013 and the Rules framed there underwherever applicable have been complied with.

vi. We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment under Section 148 (1) of the Companies Act 2013 and are of the opinion thatprimafacie the prescribed cost records have been maintained. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.

vii. According to the information and explanations furnished to us andaccording to our examination of the records of the Company in respect of the Statutorydues:

a) Undisputed statutory dues including Goods and Service taxProvident Fund Employees' State Insurance Income-tax Sales Tax duty of Custom duty ofExcise Value Added Tax cess and other material statutory dues applicable to the Companyhave generally been regularly deposited by it with the appropriate authorities in allcases during the year.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Employees' State Insurance Income-tax and other materialstatutory dues in arrears as at March 31 2022 for a period of more than six months fromthe date they became payable

b) Details of dues of sale tax income tax customs duty goods andservice tax wealth tax excise duty and cess which have not been deposited on account ofany dispute are as shown below :

Name of the statute Nature of the dues Period to which the amount relates to Amount (Rs. in lakhs) Forum where dispute is pending
Kerala General Sales Tax Act 1963 Sales tax Financial year 2000-01 25.40 Deputy Commissioner (Appeals) - remanded to Assistant Commissioner (Assessment)
Central Sales Tax Act 1956 Central Sales Tax Financial year 2015-16 1.63 Deputy Commissioner of sales tax SGST Special Circle Thrissur issued an order under CST
Customs Act 1962 Customs duty Financial year 2008-09 and 2009-10 66.31* The Company has filed appeals before the Honourable High Court of Kerala.
Goods and Service Tax Act 2017 Goods and Service Tax Financial year 2020-21 3.55 The case is pending at the Kerala State GST Department Mattanchery

^interest amount as computed and provided for by the company

viii. There were no transactions relating to previously unrecordedincome that were surrendered or disclosed as income in the tax assessments under theIncome Tax Act 1961 (43 of 1961) during the year.

ix. a) According to the information and explanations given to us and asper the records of the Company verified by us the Company has not defaulted in repaymentof loans or borrowings to the banks and financial institutions. The company has neithertaken any loans nor borrowings from government nor has any dues to debenture holders.

b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any government authority.

c) To the best of our knowledge and belief in our opinion the companyhas not availed any term loans and hence reporting under this clause is not applicable.

d) On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company.

e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries or associate.

f) The Company does not have any subsidiaries or associate company sothe relevant clause is not applicable to the company.

x. a) The Company has not issued any of its securities (including debtinstruments) during the year and hence reporting under clause (x)(a) of the Order is notapplicable.

b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under clause (x)(b) of the order is not applicable to the Company.

xi. a) To the best of our knowledge no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the year.

b) To the best of our knowledge no report under sub- section (12) ofsection 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13of Companies (Audit and Auditors) Rules 2014 with the Central Government during the yearand up to the date of this report.

c) As represented to us by the management there were no whistle blowercomplaints received by the company during the year.

xii. The Company is not a Nidhi Company and hence reporting underclause(xii) of the order is not applicable.

xiii. According to the information and explanations given to us and therecords of the Company examined by us all transactions with the related parties are incompliance with Sections 177 and 188 of the Companies Act 2013 where applicable and thedetails as required by the applicable Ind AS have been disclosed by the management in NoteNo. 35.16 of the Notes forming part the Ind AS financial statements.

xiv. a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

b) We have considered the internal audit reports issued to the Companyduring the year and covering the period up to 31st March 2022.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with them. Accordingly paragraph(xv) of the Order is not applicable.

xvi. a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b)of the Order is not applicable.

b) The company is not part of any group and accordingly reporting underclause (xvi)(c) and (d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. a) The Company has fully spent the required amount towardsCorporate Social Responsibility (CSR) and there are no unspent CSR amount for the yearrequiring a transfer to a Fund specified in Schedule VII to the Companies Act or specialaccount in compliance with the provision of sub-section (6) of section 135 of the saidAct. Accordingly reporting under clause (xx) (a) of the Order is not applicable for theyear.

b) In respect of ongoing projects the company does not have anyunspent corporate social responsibility (CSR) amount as at the end of the previousfinancial year and also at the end of the current financial year. Hence reporting underthis clause is not applicable for the year.

For SRIDHAR & CO.
Chartered Accountants
Thiruvananthapuram
(Firm No. 003978S)
Sd/-
CA. I. Jayasindhu F. C. A.
Irinjalakuda (M. No. 205660)
Partner
May 30 2022 UDIN: 22205660AJXERF2367

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