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Ramco Industries Ltd.

BSE: 532369 Sector: Industrials
NSE: RAMCOIND ISIN Code: INE614A01028
BSE 00:00 | 16 May 193.90 1.20
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NSE 00:00 | 16 May 191.45
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OPEN 200.00
PREVIOUS CLOSE 192.70
VOLUME 4553
52-Week high 366.00
52-Week low 184.95
P/E 14.39
Mkt Cap.(Rs cr) 1,681
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 200.00
CLOSE 192.70
VOLUME 4553
52-Week high 366.00
52-Week low 184.95
P/E 14.39
Mkt Cap.(Rs cr) 1,681
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ramco Industries Ltd. (RAMCOIND) - Auditors Report

Company auditors report

To the Members of RAMCO INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone financial statements of RAMCO INDUSTRIES LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2021 and theStatement of Profit and Loss the Statement of changes in Equity and the Statement of cashflows for the year ended on that date and notes to the financial statements including asummary of significant accounting policies and other explanatory information (herein afterreferred to as "the Standalone Financial 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 accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2021 and the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

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

Emphasis of Matter

We draw attention to Note No. 49 to the Standalone financial statement which describesthe uncertainties and the impact of the COVID-19 pandemic on the company's operations andresults as assessed by the management. The Management has assessed that there is nomaterial impact on the financial statements due to lockdown and related restrictionsimposed towards controlling the COVID 19 pandemic. Our opinion is not modified in respectof this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone financial statements of the current period.These matters were addressed in the context of our audit of the Standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

S. No. Key Audit Matter Auditor's Response
1 Recognition and measurement of deferred taxes Principal Audit Procedures
The recognition and measurement of deferred tax items requires determination of differences between the recognition and the measurement of assets liabilities income and expenses in accordance with the Income Tax Act and other applicable tax laws including application of ICDS and financial reporting in accordance with Ind AS. The key matter was addressed by performing audit procedures which involved assessment of underlying process and evaluation of internal financial controls with respect to measurement of deferred tax and assessment of the items leading to recognition of deferred tax in light of prevailing tax laws and applicable financial reporting standards.
Assessment of Deferred Tax Assets is done by the management at the close of each financial year taking into account forecasts of future taxable results. Furthermore we assessed the adequacy and appropriateness of the disclosures in the Standalone financial statements.
We have considered the assessment of deferred tax liabilities and assets as a key matter due to the importance of management's estimation and judgment and the materiality of amounts.
(Refer to Note No. 4.4.4 4.4.5 and 4.4.6 to the Standalone Financial Statements)
Principal Audit Procedures
2 Evaluation of uncertain Tax Position/ Other contingent liabilities The Audit addressed this Key Audit Matter by assessing the adequacy of tax Provisions by reviewing the management's underlying assumptions in estimating the tax provisions and the possible outcome of the disputes.
The Company has material uncertain tax position in respect of possible or actual taxation disputes litigations and claims. The provisions are estimated using a significant degree of management judgment in interpreting the various relevant rules regulations and practices and in considering precedents in various legal forums. (Refer to Note No. 38 to the Standalone Financial Statements)
We reviewed the significant litigations and claims and discussed with the Company's legal counsel external advisors about their views regarding the likely outcome and magnitude of and exposure to relevant litigation and claims.
We also reviewed the relevant judgements and the opinions given by the company's advisers which were relied on by the management for such claims.
Furthermore we assessed the adequacy and appropriateness of the disclosures in the Standalone financial statements.
3 Existence and impairment of Trade Receivables Principal Audit Procedures:
Trade Receivables are significant to the Company's financial statements. The Collectability of trade receivables is a key element of the company's working capital management which is managed on an ongoing basis by its management. Due to the nature of the Business the requirements of customers and various contract terms are in place there is a risk that the carrying values may not reflective of their recoverable amounts as at the reporting date which would require an impairment provision. Where there are indicators of impairment the company undertakes assessment of the recoverability of the amounts. Given the magnitude and inherent uncertainty involved in the judgement in estimating impairment assessment of trade receivables we have identified this as a key audit matter. We performed audit procedures on the assessment of trade receivables which included substantive testing of revenue transactions obtaining trade receivable external confirmations and testing the subsequent payments received. Assessing the impact of impairment on trade receivables requires judgement and we evaluated management's assumptions in determining the provision for impairment of trade receivables by analyzing the ageing of receivables assessing significant overdue individual trade receivables and specific local risks combined with the legal documentations where applicable.
We also reviewed the system of obtaining monthly confirmation from the customers which are kept in electronic mode by the company. We tested the timing of revenue and trade receivables recognition based on the terms agreed with the customers. We also reviewed on a sample basis terms of the contract with the customers invoices raised etc. as a part of our audit procedures.
(Refer to Note No. 12 to the Standalone Financial Statements) Furthermore we assessed the adequacy and appropriateness of the disclosures in the Standalone financial statements.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report Board's Report including Annexure to Board's Report BusinessResponsibility Report Corporate Governance and Report on CSR activities and Shareholdersinformation but does not include the Standalone financial statements and our auditor'sreport thereon.

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

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

If based on the work we have performed we conclude that there is 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 Management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone financialstatements that give a true and fair view of the state of affairs profit or lossincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 ofCompanies Act 2013 read with relevant rules issued there under and accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions

of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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 Standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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

Those Board of Directors are also responsible for overseeing the Company's financialreporting 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 controls relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls with reference to Standalonefinancial 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 financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the Standalone financial statements.

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

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

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

Other Matters

The Standalone Financial Statements includes financial performance of a foreign branchwhich reflects total assets of Rs 185.53 Lakhs total revenue of Rs Nil and net cashoutflow amounting to Rs 6.03 Lakhs for the year ended on 31st March 2021 which wasaudited by independent auditors in accordance with the regulations of that country andwhose report has been furnished to us and has been considered in the Standalone financialstatements solely based on such audited financial statements.

Our attendance at the physical inventory verification done by the management wasimpracticable under the current lockdown restrictions imposed by the government.Consequently we have performed alternative procedures to audit on the existence andcondition of inventory at year end as per the guidance provided in SA-501 "AuditEvidence - Specific considerations for selected items" and have obtained sufficientaudit evidence to issue our un-modified opinion on these Standalone financial results.

Our opinion is not modified in respect of these matters.

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 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) I n 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 reports on the accounts of the branch offices of the Company audited underSection 143(8) of the Act by branch auditors have been sent to us and have been properlydealt with by us in preparing this report.

(d) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of changes in equity and the statement of Cash Flow dealt with bythis Report are in agreement with the books of account.

(e) I n our opinion the aforesaid Standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

(f) On the basis of the written representations received from the directors as on31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164 (2) 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial control overfinancial reporting.

(h) 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 opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the details of the pending litigations and its impact onthe financial position in its Standalone financial statements have been disclosed in NoteNo. 38.2.1 to 38.2.10 of the Disclosures forming part of the Standalone FinancialStatements for the year ended 31st March 2021;

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

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

For M/s. S.R.S.V. & Associates For M/s. Ramakrishna Raja and Co.
Chartered Accountants Chartered Accountants
Firm Registration No.: 015041S Firm Registration No.: 005333S
G. CHELLA KRISHNA C. KESAVAN
Partner Partner
Membership No.: 210474 Membership No.: 227833
UDIN: 21210474AAAABK8753 UDIN: 21227833AAAAMR7497
Place: Chennai
Date: 24th May 2021

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT

With reference to the Annexure A referred to in the Independent Auditor's Report to themembers of company on the Standalone financial statements for the year ended 31st March2021 we report the following:

i. Fixed Assets

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. According to the informationand explanations given to us no material discrepancies were noticed on such physicalverification.

c) According to the information and explanation given to us and on the basis of theverification of the records of the companythe title deeds of immovable properties of theCompany are held in the name of the Company.

In respect of immovable properties taken on lease and disclosed as right of use assetsin the Standalone financial statements the lease agreements are in the name of company.

ii. Inventory

a) The management has conducted the physical verification of inventory at reasonableintervals.

b) The discrepancies noticed on verification between the physical stocks and the booksrecords were properly dealt with in the books of accounts and were not material.

iii. The company has granted loan to a party listed in the register maintained underSection 189 of the Act. The maximum outstanding at any time during the year was Rs 298.72Lakhs (Prev'ous year Rs 421.99 Lakhs) and the amount outstanding as on 31st March 2021 isRs 217.78 Lakhs (Prev'ous year Rs 281.77 Lakhs)

a) In our opinion the terms and conditions on which the loan has been granted to theparty listed in the register maintained under section 189 of the Act are not prejudicialto the interest of the Company.

b) The payment of the principal and the interest wherever applicable are regular.

c) There are no overdue amounts in respect of the loan granted to a party listed in theregister maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

v. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits during the year. Accordingly reporting under thisclause does not arise.

vi. The Company is maintaining the cost records which have been specified by theCentral Government under section 148 (1) of the Companies Act 2013.

vii. Undisputed and disputed taxes and duties

a) According to the records of the Company and information and explanations given tous the company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax duty of customs goods and services taxcess and any other statutory dues with the appropriate authorities. No undisputed amountspayable in respect of the above were in arrear as at 31st March 2021 for a period of morethan six months from the date they become payable.

b) As at 31st March 2021 according to the records of the Company the following are theparticulars of the disputed dues on account of sales tax income tax customs duty wealthtax service tax and cess which have not been deposited on account of dispute:

(Rs in lakhs)

Sl. No Name of the Statute Forum where dispute is pending As at 31-03-2021 As at 31-03-2020
1 Income Tax Act Deputy Commissioner 550.43 372.47
Commissioner Appeal 816.61 803.88
High Court 944.06 944.06
2 Sales Tax
CST Assistant/Deputy/Joint Commissioner Appeal 37.66 11.31
Entry Tax Assistant/Deputy/Joint Commissioner Appeal 11.82 9.41
Sales Tax Act Appellate Authority 178.70 175.46
VAT Act Assistant/Deputy/Joint Commissioner Appeal 18.47 59.87
3 Electricity Act High Court 501.86 491.92
Total 3059.61 2868.37

viii. Based on our audit procedures and according to the information and explanationsgiven to us by the management we are of the opinion that the company has not defaulted inrepayment of loans or borrowings to a financial institution bank Government or debentureholders.

ix. The company has not raised money by way of initial public offer or further publicoffer during the Current year. The Company has raised term loans from banks/institutionsduring the year and the proceeds have been applied for the purposes for which they wereraised. The Company has not issued any debenture during the year.

x. In our opinion and according to the information and explanations given to us wereport that no fraud by the company or on the company by its officers or employees hasbeen noticed or reported during the year.

xi. In our opinion the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Companies Act 2013.

xii. In our opinion the Company is not a Nidhi Company. Accordingly clause (xii) ofPara 3 of the Order 2016 is not applicable to the Company.

xiii. In our opinion and according to the information and explanation given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the StandaloneFinancial Statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has notmade a preferential allotment or private placement shares or fully or partly convertibledebentures during the year under review. Accordingly the provisions of clause (xiv) ofPara 3 of the Order are not applicable to the Company.

xv. ln our opinion and according to the information and explanations given to us theCompany has not entered into any non - cash transactions with directors or personsconnected with the Directors. Accordingly provisions of clause (xv) of Para 3 of theOrder are not applicable to the Company.

xvi. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly the provision of clause (xvi) of Para 3 of the Order 2016 is notapplicable to the Company.

For M/s. S.R.S.V. & Associates For M/s. Ramakrishna Raja and Co.
Chartered Accountants Chartered Accountants
Firm Registration No.: 015041S Firm Registration No.: 005333S
G. CHELLA KRISHNA C. KESAVAN
Partner Partner
Membership No.: 210474 Membership No.: 227833
UDIN: 21210474AAAABK8753 UDIN: 21227833AAAAMR7497
Place: Chennai
Date: 24th May 2021

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE INDIAN ACCOUNTINGSTANDARDS OF RAMCO INDUSTRIES LIMITED.

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

We have audited the internal financial controls over financial reporting of M/s. RAMCOINDUSTRIES LIMITED ("the Company") as of March 31 2021 in conjunction with ouraudit of the Standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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.

Auditors' Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's 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 Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

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

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31st 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s. S.R.S.V. & Associates For M/s. Ramakrishna Raja and Co.
Chartered Accountants Chartered Accountants
Firm Registration No.: 015041S Firm Registration No.: 005333S
G. CHELLA KRISHNA C. KESAVAN
Partner Partner
Membership No.: 210474 Membership No.: 227833
UDIN: 21210474AAAABK8753 UDIN: 21227833AAAAMR7497
Place: Chennai
Date: 24th May 2021

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