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Matrimony.com Ltd.

BSE: 540704 Sector: Others
NSE: MATRIMONY ISIN Code: INE866R01028
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OPEN 642.90
PREVIOUS CLOSE 640.35
VOLUME 319
52-Week high 1081.95
52-Week low 576.90
P/E 26.50
Mkt Cap.(Rs cr) 1,477
Buy Price 645.05
Buy Qty 10.00
Sell Price 645.50
Sell Qty 1.00
OPEN 642.90
CLOSE 640.35
VOLUME 319
52-Week high 1081.95
52-Week low 576.90
P/E 26.50
Mkt Cap.(Rs cr) 1,477
Buy Price 645.05
Buy Qty 10.00
Sell Price 645.50
Sell Qty 1.00

Matrimony.com Ltd. (MATRIMONY) - Auditors Report

Company auditors report

To the Members of Matrimony.com Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statements ofMatrimony.com Limited (“the Company”) which comprise the Balance sheet as atMarch 31 2022 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the Standalone Ind AS financial statements including asummary of significant accounting policies and other explanatory

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended (“the Act”) in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022its profit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS financialstatements Auditing(SAs) asaccordancewiththeStandardson specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further Responsibilities for the Audit of theStandalone Ind AS Financial Statements’ section of our report. We Company inaccordance with the ‘Code of Ethics’ issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules thereunder andwe have 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 audit opinion on the Standalone Ind ASfinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Ind AS financial statements for the financialyear ended March 31 2022. These audit of the Standalone Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. For each matter below our description of how our audit addressed thematter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor’s responsibilities for the audit of the Standalone Ind AS financial of ourreport including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying Standalone Ind AS financial statements.

Key audit matters How our audit addressed the key audit matter
Accuracy and completeness of Matchmaking Revenue (as described in Note 2.3(h) and Note 22 of the Standalone Ind AS financial statements)
Matchmaking services revenues of the Company for the year ended March 31 2022 constitutes a significant percentage of the total revenue and majority of such revenues are generated through online services. The Company has processes and controls many of them automated to ensure that transactions are processed and recorded appropriately. As an audit response to address this matter we performed a walkthrough to gain an understanding of the revenue process (including the compliance with revenue recognition requirements of Ind AS 115) to develop an appropriate audit strategy and performed following procedures:
Improper configuration of the IT systems or system generated reports could lead to material misstatement of revenues accordingly to verify the the afore said systems and performed recalculations we identified the above as a significant risk in our audit. Involved IT specialists to test relevant IT general controls application controls and appropriateness of system generated reports;
Therefore we considered this risk to be a key audit matter in our audit of the financial statements for year ended March 31 2022. Tested relevant manual and IT dependent controls relating to revenue process including the controls relating to data migration between the operational system and financial accounting system;
Tested the completeness and accuracy of the data extracted from appropriateness of revenue recognized (including cut off procedures) on a test basis;
Tests of details for the sample revenue transactions;
Assessed the reconciliation of unearned revenue and collections performed by the management and performed sample tests on the same;
Read the accounting policies for revenue recognition in the financial statements;
Performed analytical procedures over disaggregated data of revenue transactions during the audit period to identify any unusual trends / patterns warranting additional audit procedures; and
Read the disclosures made by the management in the financial statements.

We have determined that there are no other key audit matters to communicate in ourreport.

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

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual report but does notinclude the Standalone Ind AS financial statements and our auditor’s report thereon.

Our opinion on the Standalone Ind AS financialstatements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

of the Standalone Ind AS financial statements our responsibility is to read the otherinformation and In in doing so consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these Standalone Ind ASfinancialstatements that give a true and fair view of the financial position performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the records relevantto the preparation and presentation of the Standalone Ind AS financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the Standalone Ind AS financial statements management is responsible forassessing 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 realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany’sfinancialreportingprocess.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial 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. 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 Standalone Ind AS financial statements.

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 Standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of notdetecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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 theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the disclosures made bymanagement.

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 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as

Evaluate the overall presentation structure and content of the Standalone Ind ASfinancial statements including the disclosures and whether the Standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves 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

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 Standalone Ind AS financialstatements for the financial year ended March 31 2022 and are therefore the key auditmatters. We describe these matters in our auditor’s report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofSection 143 of theActwegiveinthe“Annexure 1” a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the 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 books;

(c) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on 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 with reference tothese StandaloneIndASfinancial statements and the operating effectiveness of suchcontrols refer to our separate Report in “Annexure 2” to this report;

(g) In our opinion the managerialremunerationfor the year ended March 31 2022 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofSection 197 read with Schedule V to the Act;

(h) 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 as amended 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 its financialposition in its Standalone Ind AS financial statements Refer Note 37 (c) to the StandaloneInd AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company; iv. a) The management has represented thatto the best of its knowledge and belief no funds have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by theCompany to or in any other person or entity including foreignentities(“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 guarantee security or the like onbehalf of the Ultimate Beneficiaries;

b) The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any person or entity including foreignentities(“Funding Parties”) with the understanding whether shall whetherdirectly orrecorded indirectlywriting lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party (“UltimateBeneficiaries”) provide any guarantee security or the like on behalf of the UltimateBeneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

v. The final dividend paid by the Company during the year in respect of the samedeclared for the previous year is in accordance with Section 123 of the Act to the extentit applies to payment of dividend.

statements the Board AsstatedinNote47 of Directors theStandaloneIndASfinancialof the Company have proposed final dividend for the year which is subject to the approvalof the members at the ensuing Annual General Meeting. The dividend declared is inaccordance with Section 123 of the Act to the extent it applies to

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Aravind K
Partner
Membership Number: 221268
UDIN: 22221268AIWCHA2363
Place of Signature: Chennai
Date: May 12 2022

AnnexuRe 1 ReFeRRed TO In pARAgRApH 1 OF THe SecTIOn On RepORT On OTHeR legAl AndRegulATORy RequIReMenTS In OuR RepORTOF even dATe

Re: Matrimony.com Limited (“the Company”)

In termsoftheinformationand explanations sought by us and given by the Company and thebooks of account and records examined by us in the normal course of audit and to the bestof our knowledge and belief we state that:

(i) (a) A. The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

B. The Company has maintained proper records showing full particulars of intangiblesassets.

(b) All Property Plant and Equipment were physically verified by the management in theprevious year in accordance with a planned program of verifying them once in three yearswhich is reasonable having regard to the size of the Company and the nature of its assets.

(c) The title deeds of all the immovable properties (other than properties where theCompany is the lessee and the lease agreements are duly executed in favor of the lessee)are held in the name of the Company.

(d) The Company has not revalued its Property Plant and Equipment (including Right ofuse assets) or intangible assets during the year ended March 31 2022.

(e) There are no proceedings initiated or are pending against the Company for holdingany benami property under the Prohibition of Benami Property Transactions Act 1988 andrules made thereunder.

(ii) (a) The Company’s business does not require maintenance of inventories andaccordingly the requirement to report on clause 3(ii)(a) of the Order is not applicableto the Company.

(b) The Company has not been sanctioned working capital limits in excess of Rs. fivecrores in aggregate from banks or ons during any point of time of the year on the basis ofsecurity of current assets. Accordingly the instituti financial requirement to report onclause 3(ii)(b) of the Order is not applicable to the Company.

(iii) (a) During the year the Company has provided loans advances in the nature ofloans to certain Subsidiaries and Associate as follows:

Amount (Rs. in Lakhs)
Aggregate amount granted/provided during the year
Subsidiaries 222.00
Associate 60.00
Balance outstanding as at balance sheet date in respect of above cases
Subsidiaries 222.00
Associate 60.00

(b) During the year the investmentsmadeguaranteesprovidedsecuritygivenandthetermsandconditionsof the grant of all loans andadvances in the nature of loans and guarantees to the Subsidiaries and Associates are notprejudicial to the Company’s interest.

(c) The Company has granted Loans during the year to Subsidiaries and Associates wherethe schedule of repayment of principal and payment of interest has been stipulated and therepayment or receipts are regular.

(d) There are no amounts of loans and advances in the nature of loans granted tocompanies firms limited liability partnerships or any other parties which are overduefor more than ninety days.

(e) There were no loans or advance in the nature of loan granted to subsidiaries andAssociates which had fallen due during the year.

(f) The Company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment to companiesfirms Limited Liability Partnerships or any other parties. Accordingly the requirementto report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) Loans investments guarantees and security in respect of which provisions ofSections 185 and 186 of the Companies Act 2013 are applicable have been complied with bythe Company.

(v) In our opinion and according to the information and explanations given to us theor amounts deemed to be deposits to which the provisions of Sections 73 to 76 of theCompanies Act 2013 and rules made there under applies.

(vi) The Company is not in the business of sale of any goods or provision of suchservices as prescribed. Accordingly the requirement to report on clause 3(vi) of theOrder is not applicable to the Company.

(vii) (a) Undisputed statutory dues including goods and services tax provident fundemployees’ state insurance income-tax sales-tax service tax duty of customs dutyof excise value added tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been delays of professionaltax and labour welfare fund dues. According to the information and explanations given tous and based on audit procedures performed by us no undisputed amounts payable in respectof these statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(b) The dues of goods and services tax provident fund employees’ stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax cess and other statutory dues have not been deposited on account of any dispute areas follows:

Name of Statute Nature of Dues Amount* (Rs. in lakhs) Period to which the amount relates Forum where the dispute is pending
The Income tax Act 1961 Income tax 319.18 FY 2007-08 & FY 2008-09 High Court of Madras
The Income tax Act 1961 Income tax 387.88 FY 2011-12 to FY 2014-15 Income tax appellate tribunal
The Income tax Act 1961 Income tax 62.80 FY2016-17 to FY 2018-19 Commissioner Income tax (Appeals)
The Finance Act 1994 Service tax 350.14 FY 2008-09 to FY 2012-13 Customs Excise and service tax Appellate tribunal

* Does not include interest and penalty

(viii) The Company has not surrendered or disclosed any transaction previouslyunrecorded in the books of account in the tax assessments under the Income Tax Act 1961as income during the year. Accordingly the requirement to report on clause 3(viii) of theOrder is not applicable to the Company.

(ix) (a) The Company did not have any outstanding loans or borrowings or interestthereon due to any lender during the year. Accordingly the requirement to report onclause ix(a) of the Order is not applicable to the Company.

(b) The Company has not been declared willful defaulter by any bank or financialinstitution government authority

(c) The Company has not obtained any term loans during the year hence the requirementto report on clause (ix)(c) of the Order is not applicable to the Company.

(d) The Company did not raise any funds during the year hence the requirement toreport on clause (ix)(d) of the Order is not applicable to the Company.

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries associates or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries joint ventures or associate companies. Hence the requirement toreport on clause (ix)(f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of initial publicoffer / further public offer (including debt instruments) hence the requirement to reporton clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement ofshares /fully or partially or optionally convertible debentures during the year underaudit and hence the requirement to report on clause 3(x)(b) of the Order is notapplicable to the Company.

(xi) (a) No fraud by the Company or no fraud on the Company has been noticed orreported during the year.

(b) During the year no report under sub-section (12) of Section 143 of the CompaniesAct 2013 secretarial auditor or by us in Form ADT 4 as prescribed under Rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government.

(c) As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) Transactions with the related parties are in compliance with Sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in thenotes to the financial statements as required by the applicable accounting standards.

(xiv) (a) The Company has an internal audit system commensurate with the size andnature of its business.

(b) The internal audit reports of the Company issued till the date of the audit reportconsidered by us.

(xv) According to the information and explanations given by the management and auditprocedures performed by us the Company has not entered into any non-cash transactionswith directors or persons connected with him as referred to in Section 192 of CompaniesAct 2013.

(xvi) (a) The provisions of Section 45-IA of the Reserve Bank of India Act 1934 (2 of1934) are not applicable to the Company. Accordingly the requirement to report on clause(xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities without obtained a valid Certificate of Registration (CoR) from the ReserveBank of India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company as defined in the regulations made byReserve Bank of India. Accordingly the requirement to report on clause 3(xvi) of theOrder is not applicable to the Company.

(d) The is no Core Investment Companies as part of the Group hence the requirement toreport on clause 3(xvi) of the Order is not applicable to the Company

(xvii) The Company has not incurred cash losses in the current year and in theimmediately preceding financial year respectively.

(xviii) There has been no resignation of the statutory auditors during the year andaccordingly requirement to report on Clause 3(xviii) of the Order is not applicable to theCompany.

(xix) On the basis of the financial ratios disclosed in Note 43 to the Standalone IndAS Financial Statements ageing and expected dates of realization of financial assets andpayment of financial liabilities other information accompanying the 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 sheet as and when they fall due within aperiod of one year from the balance sheet date. We however state that this is not anassurance as to the future viability of the Company. We further state that our reportingis based on the facts up to the date of the audit report and we neither give any guaranteenor any assurance that all liabilities of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects there are no unspent amounts thatare required to be transferred to a fund specified in Schedule VII of the Companies Act(the Act) in compliance with second proviso to sub section 5 of Section 135 of the Act.This matter has been disclosed in Note 44 to the Standalone Ind AS Financial Statements.

(b) There are no ongoing projects as specified in sub section (6) of Section 135 ofCompanies Act 2013 and hence reporting under this clause is not applicable for theCompany.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Aravind K
Partner
Membership Number: 221268
Place of Signature: Chennai
Date: May 12 2022

AnnexuRe 2 TO THe IndependenT AudITOR’S RepORT OF even dATe On THe STAndAlOne IndAS FInAncIAl STATeMenTS OF MATRIMOny.cOM lIMITed

Report on the Internal Financial controls under clause (i) of Sub-section 3 of Section143 of thecompanies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reportingofMatrimony.com Limited (“the Company”) as of March 31 2022 in conjunctionwithour audit of the Standalone Ind AS financial statements of the Company for the year endedon that date.

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 the Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting with reference to these Standalone Ind AS financialstatements based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the “GuidanceNote”) and the Standards on Auditing as specified under Section 143(10) of theCompanies Act 2013 to the extent 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 with reference to these Standalone Ind AS financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls financial reporting with reference to these Standalone IndAS financial statements and their operating effectiveness. Our internal financial controlsover financial reporting included obtaining an understanding of internal financialcontrols over reporting with reference to these Standalone Ind AS financial statementsassessing 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 judgement 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 internal financial controls over financialreporting with reference to these Standalone Ind AS financial statements.

Meaning of Internal Financial controls Over Financial Reporting with reference to theseFinancial Statements

A company’s internal financialcontrol over financial reporting with processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancialreporting with reference to these Standalone Ind AS financial statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositionsof theassets of the company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or dispositionof the company’s assets that could havea material effect on the financial statements.

Inherent limitations of Internal Financial controls Over Financial Reporting withreference to Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these Standalone Ind AS financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these Standalone Ind AS financial statements the internal financial control overfinancial reporting with reference to these inadequate because of changes in conditionsorthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialreference to these Standalone Ind AS financial statements and such internal financialcontrols over financial reporting with reference to these Standalone Ind AS financialstatements were operating effectively as at March 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Aravind K
Partner
Membership Number: 221268
Place of Signature: Chennai
Date: May 12 2022

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