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Pokarna Ltd.

BSE: 532486 Sector: Others
NSE: POKARNA ISIN Code: INE637C01025
BSE 00:00 | 18 Oct 555.40 17.45
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NSE 00:00 | 18 Oct 556.25 20.30
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OPEN 535.50
PREVIOUS CLOSE 537.95
VOLUME 14172
52-Week high 564.75
52-Week low 131.00
P/E 201.23
Mkt Cap.(Rs cr) 1,722
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 535.50
CLOSE 537.95
VOLUME 14172
52-Week high 564.75
52-Week low 131.00
P/E 201.23
Mkt Cap.(Rs cr) 1,722
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pokarna Ltd. (POKARNA) - Auditors Report

Company auditors report

To

The Members of Pokarna Limited

Report on the Audit of the Standalone financial statements

Opinion

We have audited accompanying standalone financial statements of Pokarna Limited(‘the Company') which comprise of the balance sheet as at March 31 2021 thestatement of Profit and Loss (including other comprehensive income) statement of changesin equity and statement of cash flows for the year ended on that date and notes to thestandalone financial statements including a summary of significant accounting policiesand other explanatory information (hereafter referred to as "the audited standalonefinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby The Companies Act 2013 ("The Act") in the manner so required and give a trueand fair view in conformity with the Indian accounting standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 its profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone financial statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the independent requirementthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the rules made there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on standalone financial statements.

Emphasis of Matter

We draw attention to Note No. 38 of the standalone financial statements as regards tothe management's evaluation of COVID – 19 impact on the future performance of theCompany. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report:

S No. Key Audit Matter Auditors Response
1 Contingent Liabilities and Commitments: Principal Audit Procedures :
The Company is exposed to a variety of different laws regulations and interpretations thereof which encompasses taxation and legal matters. In the normal course of business provisions and contingent liabilities may arise from legal proceedings including regulatory and other Governmental proceedings constructive obligations and commercial claims. Based on the nature of regulatory and legal cases management applies significant judgment when considering whether and how much to provide for the potential exposure of each matter. These estimates could change substantially over time as new facts emerge as each legal case or matters progresses. Given the different views possible basis of the interpretations complexity and the magnitude of the potential exposures and the judgment necessary to determine required disclosures this is a key audit matter. Our audit procedures included the following:
We understood the processes evaluated the design and implementation of controls and tested the operating effectiveness of the Company's controls over the recording and re-assessment of uncertain legal positions claims and contingent liabilities;
We held discussions with the person responsible for legal and compliance to obtain an understanding of the factors considered in classification of the matter as ‘probable' and ‘possible'
We read the correspondence from competent authorities and considered legal opinion obtained by the Company from external law firms to challenge the basis used for provisions recognised or the disclosures made in the standalone financial statements;
For those matters where Company concluded that no provision should be recorded we also considered the adequacy and completeness of the Company's disclosures made in relation to contingent liabilities.
2 Inventory of raw material Work in Progress and Finished Goods (Valuation) – With respect to the net realisable value:
Finished goods inventory are valued at lower of cost and net realizable value (estimated selling price less estimated cost to sell). Considering the nature of finished goods consisting of raw blocks granite slabs etc. which is dependent upon various market conditions and evaluating possible impact of quality class size and ageing determination of the net realizable value for goods involves significant management judgement and therefore has been considered as a key audit matter. • Obtained an understanding of the determination of the net realizable values of raw blocks granites cut slabs and assessed and tested the reasonableness of the significant judgements applied by the management.
• Evaluated the design of internal controls relating to the valuation of finished goods/work in progress and finished goods and also tested the operating effectiveness of the aforesaid controls.
• To assess the reasonableness of the net realisable value considering the market condition and evaluating possible impact of quality class size and ageing that was estimated and considered by the management.
• Compared the actual costs incurred to sell based on the latest sale transactions to assess the reasonableness of the cost to sell that was estimated and considered by the management.
• Compared the cost of the finished goods with the estimated net realisable value and checked if the finished goods were recorded at net realisable value where the cost was higher than the net realisable value.
• Tested the appropriateness of the disclosure in the financial statements in accordance with the applicable financial reporting framework.

3. IT systems and controls over financial reporting

We identified IT systems and controls over financial reporting as a key audit matterfor the Company because its financial accounting and reporting systems are fundamentallyreliant on IT systems and IT controls to process significant transaction volumesspecifically with respect to revenue and raw material consumption. Also due to such largetransaction volumes and the increasing challenge to protect the integrity of the Company'ssystems and data cyber security has become more significant.

Automated accounting procedures and IT environment controls which include ITgovernance IT general controls over program development and changes access to programand data and IT operations IT application controls and interfaces between IT applicationsare required to be designed and to operate effectively to ensure accurate financialreporting.

Our procedures included and were not limited to the following:

Assessed the complexity of the IT environment by engaging IT specialists and throughdiscussion with the head of IT and internal audit and identified IT applications that arerelevant to our audit.

Assessed the design and evaluation of the operating effectiveness of IT generalcontrols over program development and changes access to program and data and IToperations by engaging IT specialists.

Performed inquiry procedures in respect of the overall security architecture and anykey threats addressed by the Company in the current year.

Assessed the design and evaluation of the operating effectiveness of IT applicationcontrols in the key processes impacting financial reporting of the Company by engaging ITspecialists.

Information other than financial statements and Auditor's report thereon

The company's Board of Directors are responsible for the preparation of the otherinformation. The other information comprises of the information included in the Board'sReport including Annexures to Boards Report Management Discussion and Analysis Report andBusiness Responsibility Report but does not include the financial statements and ourauditor's report thereon. Our opinion on financial statements does not cover the otherinformation and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financial statement our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statement or other informationobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone financial statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance total comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the accounting Standards specified under section 133 of the Act. 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are responsible for overseeingthe Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone financial statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 standalone 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 standalonefinancial 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 not detecting 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 financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls with reference to thefinancial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

• Materiality is the magnitude of misstatements in the standalone financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the standalone financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the standalone financialstatements.

• We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant de_ciencies in internal control that we identify during ouraudit.

• We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

• From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable. As required by Section143(3) of the Act based on our audit we report to the extent applicable 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 other comprehensiveincome the statement of change in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act; e) On the basis of thewritten representations received from the directors as on March 31 2021 taken on recordby the Board of Directors none of the directors is disqualified as on March 31 2021 frombeing appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of Section 197 of the Act.

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

h) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amendedinour 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 33;

ii. The Company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any on long term contracts. The Companyneither entered into any derivative contract during the year nor have any outstandingderivative contract at the end of the year;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312021.

For K.C. Bhattacharjee & Paul.
Chartered Accountants
(ICAI FRN: 303026E)
(Manoj Kumar Bihani)
Partner
Place: Hyderabad Membership No. 234629
Date: 21.06.2021 UDIN No. 21234629AAAADD7721

Annexure - A to the Independent Auditors' Report

Referred to in Report on Other Legal and Regulatory Requirements of the IndependentAuditors' Report of even date to the members of Pokarna Limited on the standalone Ind ASfinancial statements as of and for the year ended March 31 2021

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

(b) The Company has a regular programme of physical verification of its Property Plantand Equipment by which all assets are verified in a phased manner over a period of oneyear. In accordance with this programme the Property Plant and Equipment have beenphysically verified by the management during the year and no material discrepancies havebeen noticed on such verification. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets.

(c) According to the information and explanations given to us and the records examinedby us we report that the title deeds comprising of immovable properties of Land andBuilding which are freehold are held in the name of the company as on the Balance sheetdate except for the following:

Particulars of land Gross Block as at March 31 2021 (March 312020) Net Block as at March 312021 (March 31 2020) Remarks
(in lakhs) (in lakhs)
Freehold land to the extent of 41.94 acres (Py. 44.22 44.22 The title deeds are pending for execution in favour of the Company.
41.94 acres) at various locations (44.22) (44.22)

In respect of immovable properties of Land and Building that have been taken on Leaseand disclosed as Property Plant and Equipment in the financial statements the leaseagreements are in the name of the Company where the company is the Lessee in theagreement.

ii. The inventory except goods-in-transit has been physically verified by themanagement at reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable. The discrepancies noticed on verification between the physicalstocks and the book records were not material.

iii. According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Act.Accordingly paragraph 3 (iii) of the Order is not applicable to the Company.

iv. In our opinion and according to information and explanations given to us theCompany has complied with the provision of section 185 and 186 of the Companies Act 2013in respect of providing Corporate Guarantee and securities (to its subsidiary PokarnaEngineered Stone Limited) as applicable.

v. According to information and explanations given to us the Company has not acceptedany deposits from the public within the meaning of the directives issued by the ReserveBank of India provisions of section 73 to 76 of the Act any other relevant provisions ofthe Act and the relevant rules framed there under and hence reporting under clause 3(v) ofthe Order is not applicable.

vi. We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the Central Government of India the maintenance of cost recordsspecified under sub-section (1) of Section 148 of the Act and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however made a detailed examination of the records with a view to determine whetherthey are accurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees state insurance income taxgoods and service tax duty of customs cess professional tax and other materialstatutory dues as applicable with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund employees state insurance income tax goods and service tax duty ofcustoms cess professional tax and other material statutory dues were in arrears as at 31March 2021 for a period of more than six months from the date they became payable exceptadvance income tax of Rs 26.07 lakhs (Prev. Year NIL).

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax value added tax service tax goods and service tax duty ofcustoms duty of excise which have not been deposited with the appropriate authorities onaccount of dispute other than those mentioned here in below:

Rs in Lakhs

Sl. No. Name of the Statute Nature of dues Amount H In lakhs Period to which the amount relates Forum where dispute is pending Remarks if any Paid under dispute Rs in Lakhs
1 Finance Act1994 Service Tax 247.50 2007-2017 Customs Excise & Service 23.06
(247.50) Tax appellate tribunal and Superintendent of Service Tax (5.57)
2 Central Excise Act1944 Excise Duty 148.89 2007-16 Customs Excise & Service Nil
(148.84) Tax appellate tribunal and Addl. Commissioner of Central Excise
3 Customs Act 1962 Customs Duty 75.91 2003-11 Customs Excise & Service Tax Appellate tribunal Nil
(75.91)
4 Income Tax Act1961 Income Tax 151.12 2000-01 to High Court of Andhra 1.85
(159.58) 2002-03 & 2005-06 2006-17 2017-18 2018-19 Pradesh & Commissioner of Income Tax Nil
5 AP Vat Act 2005 & Central Sales Tax Act1956 VAT & CST 266.05 2011-12 2013-14 2014-15 & 2017-18 Deputy Commissioner of 34.97
(266.05) Commercial Taxes (34.97)
Total 889.47 59.88
(897.88) (40.54)

(Previous year figures are in brackets)

viii. According to the information and explanations given to us and records of thecompany examined by us the company has not defaulted in repayment of loans or borrowingsto banks as at the Balance Sheet date. The Company has not taken any loans or borrowingsfrom financial institutions and government. The Company has not issued any debentures.

ix. On the basis of our review of utilization of funds pertaining to term loans onoverall basis and related information and explanations as made available to us the termloans taken by the company has been utilized for the purpose of which they were obtained.The company has not raised moneys by way of initial public offers or further public offersduring the year.

x. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have we been informed by any such case by themanagement.

xi. According to the information and explanations given to us and based on ourexamination of the records the Company has paid or provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the Act.

xii. The Company is not a Nidhi company and hence paragraph 3 (xii) of the Order is notapplicable to the Company.

xiii. In our Opinion and according to the information and explanations given to us andbased on our examinations of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable. Thedetails of such related party transactions have been disclosed in the standalone financialstatements as required by applicable Indian Accounting Standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year and hencereporting under paragraph 3(xiv) of the Order is not applicable to the Company

xv. In our opinion and according to the information and explanations given to us andbased on our examination of the records the Company has not entered into non-cashtransactions with directors or persons connected with him and hence reporting underparagraph 3 (xv) of the Order is not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and hence reporting under paragraph 3 (xvi) of the Order is notapplicable to the Company.

For K.C. Bhattacharjee & Paul.
Chartered Accountants
(ICAI FRN: 303026E)
(Manoj Kumar Bihani)
Place: Hyderabad Partner
Date: 21.06.2021 Membership No. 234629

Annexure - B to the Independent Auditors' Report

Report on the Internal Financial Controls with reference to the financial statementsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls with reference to the financialstatements of Pokarna Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on 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 financial controls with reference to thefinancial statements over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany'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.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Control over financial reportingissued by ICAI and the Standards on Auditing prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsover financial reporting. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial reportingwas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of such internal financial controls assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on assessed risk. The procedures selected dependon the auditor's judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over financial reporting:

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over financial reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to best of our information and according to explanation given to usthe Company has in all material respects an adequate internal financial control systemover financial reporting and such internal financial controls were operating effectivelyas at March 31 2021 based on the internal financial control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For K.C. Bhattacharjee & Paul.
Chartered Accountants
(ICAI FRN: 303026E)
(Manoj Kumar Bihani)
Place: Hyderabad Partner
Date: 21.06.2021 Membership No. 234629

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