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Sibar Auto Parts Ltd.

BSE: 520141 Sector: Auto
NSE: N.A. ISIN Code: INE441C01014
BSE 12:40 | 08 Feb 8.79 0.31
(3.66%)
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8.48

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8.89

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8.06

NSE 05:30 | 01 Jan Sibar Auto Parts Ltd
OPEN 8.48
PREVIOUS CLOSE 8.48
VOLUME 1918
52-Week high 13.79
52-Week low 6.85
P/E 15.70
Mkt Cap.(Rs cr) 15
Buy Price 8.09
Buy Qty 50.00
Sell Price 8.79
Sell Qty 791.00
OPEN 8.48
CLOSE 8.48
VOLUME 1918
52-Week high 13.79
52-Week low 6.85
P/E 15.70
Mkt Cap.(Rs cr) 15
Buy Price 8.09
Buy Qty 50.00
Sell Price 8.79
Sell Qty 791.00

Sibar Auto Parts Ltd. (SIBARAUTOPARTS) - Auditors Report

Company auditors report

To

The Members

Sibar Auto Parts Limited

Report on the Audit of Standalone Financial Statements Opinion

We have audited the Standalone financial statements of Sibar Auto PartsLimited ("the Company") which comprise the balance sheet as at 31st March 2022and the statement of profit and loss (including other comprehensive income) statement ofchanges in equity and statement of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Companies Act 2013 (the Act) in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the companies (Indian AccountingStandards) Rules 2015 and other accounting principles generally accepted in India ofState of Affairs of the company as 31st March2022 its profits including othercomprehensive income its cash flows and changes in equity for the year ended on thatdate.

Basis for Opinion

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

KEY AUDIT MATTERS

Key Audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone financial statements of thecurrent period . These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters.

We have determined the matter described below to be the key auditmatter to be communicated in our audit report

Key Audit Matter How the matter was dealt with by the auditor
The company has requested for reschedule of loans availed from A.P. State Financial Corporation which were due during the financial year 2021-2022. The APSFC has rescheduled the loans which fall due from August 2022. Unable to make its principal repayments obligations we consider this is to be a key audit matter Our procedures include obtaining an understanding the process and the controls over preparation of profit forecast.
Ministry of Corporate affairs as per notification dated 24.03.2021 has revised Schedule III and become applicable on the Company with effect from April 1 2021 which prescribes detailed guidance for various elements of financial statement line items and requires detailed disclosures as prescribed under the newly applicable Schedule III. We assessed management's assumptions by comparing them to current viewings trends and current operating information including comparing previous estimates of viewing patterns to actual results.
We also performed sensitivity analysis to evaluate the potential changes that could result from changes in the assumptions
We further reviewed the inputs and assumptions used in the forecast to meet repayment obligations and improve further financial ratios.
The application of new schedule III involves certain key disclosures and interpretations relating to identification of separate ratios and other elements. Accordingly the matter has been identified as KAM.
The procedures performed by us and other validations includes following:
• Assessed the process followed by the management to identify the impact of adoption of revised Schedule III;
• Evaluated the appropriateness of the disclosures provided under the new Schedule III and assessed the completeness and mathematical accuracy of the relevant disclosures.
Read and assessed the disclosure made in the financial statements for assessing compliance with disclosure requirements. Our procedures did not identify any material exceptions.

Management?s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. 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 implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the 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 concern basis of accountingunless management either intends to liquidate the company or to cease operations or hasno realistic alternative but to do so. Those Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Information other than the Financial Statements and Auditor?sReport thereon

The Company's Board of Directors are responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the standalone financial statements and our auditor's reportthereon. The Annual Report is expected to be made available to us after the date of thisauditor's report.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The accompanying standalone financial statements have been approved bythe Company's Board of Directors. The Company's Board of Directors are responsible for thematters stated in section 134(5) of the Act with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive incomechanges in equity and cash flows of the Company in accordance with the Ind AS specifiedunder section 133 of the Act and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the

preparation and presentation of the financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the 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 the Board of Directors either intend to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

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

Auditor?s Responsibilities for the Audit of the FinancialStatements

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

As part of an audit in accordance with Standards on Auditing specifiedunder section 143(10) of the Act we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the 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 the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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

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

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the 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

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the Annexure "A "astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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

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

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books ;

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Cash Flows and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account

d) In our opinion the aforesaid Standalone Ind AS Financial Statementscomply with the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B" . Our report expresses an un modifiedreport on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting

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

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

i. The Company has no pending litigations on its financial position inits Ind AS Financial Statements as on 31st March 2022;

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

iii. There are no funds which were required to be transferred to theInvestor Education and Protection Fund by the Company.

i) a) The Management has represented that to the best of it'sknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

b) The Management has represented that to the best of it's knowledgeand belief no funds have been received by the Company from any person(s) or entity(ies)including foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries.

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

Annexure - A to the Auditors? Report

The Annexure referred to in Report on the Audit of Sibar Auto PartsLimited Ind AS Financial Statements for the year ended 31st March 2022 we report that:

i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipment.

(b) The Company does not have any intangible assets. Accordingly theprovisions of clause 3(i)(a)(B) of the Order are not applicable

(c) The Property Plant and Equipment have been physically verified bythe management during the year and according to the information and explanation given tous no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the Property Plant and Equipment is reasonable having regardto the size of the Company and the nature of its assets.

(d) According to the information and explanations given to us and basedon the examination of the registered sale deed provided to us we report that the titledeeds of all the immovable properties are held in the name of the Company.

(e) The Company has not revalued its Property Plant and Equipmentduring the year. Accordingly the provisions of clause 3(i)(d) of the Order are notapplicable.

(f) There are no proceedings which have been initiated or are pendingagainst the Company for holding benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) (as amended in 2016) and rules made thereunder.Accordingly the provisions of clause 3(i)(e) of the Order are not applicable.

ii. (a) The management has conducted physical verification of inventoryat reasonable intervals. According to the information and explanations given to us andbased on the audit procedures performed by us we are of the opinion the coverage andprocedure of such verification by the management is appropriate and no materialdiscrepancies of 10% or more in the aggregate for each class of inventory were noticed.

(b) According to the information and explanations given to us duringthe year the Company has not been sanctioned any working capital limits in excess of ? 5crores in aggregate from financial institutions on the basis of security of currentassets. Accordingly the provisions of clause 3(ii) (b) of the Order are not applicable.

iii. In our opinion and according to the information and explanationsgiven to us the Company has not made investments in provided any guarantee or securityor granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships (LLPs) or any other parties. Accordinglythe provisions of clause 3(iii)(a) to (f) of the Order are not applicable.

iv. In our opinion and according to the information and explanationsgiven to us the Company has not entered into any transaction covered under Sections 185and 186 of the Act. Accordingly the provisions of clause 3(iv) of the Order are notapplicable.

v. In our opinion and according to the information and explanationsgiven to us the Company has neither accepted any deposits nor the amounts which aredeemed to be deposits during the year Accordingly the provisions of clause 3(v) of theOrder are not applicable.

vi. According to the information and explanations given to us theCentral Government has not specified maintenance of cost records under sub-section (1) ofSection 148 of the Act in respect of Company's products/ services Accordingly theprovisions of clause 3(vi) of the Order are not applicable.

vii. In our opinion and according to the information and explanationsgiven to us the Company is regular in depositing undisputed statutory dues includinggoods and services tax provident fund employees' state insurance income- tax duty ofcustoms duty of excise value added tax cess and other material statutory dues asapplicable to the appropriate authorities. Further no undisputed amounts payable inrespect thereof were outstanding at the year- end for a period of more than six monthsfrom the date they become payable.

viii. In our opinion and according to the information and explanationsgiven to us there were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961). Accordingly the provisions of clause 3(viii) of theOrder are not applicable.

ix. (a) In our opinion and according to the information andexplanations given to us the Company has not defaulted in the payment of interest forloans availed from Andhra Pradesh State Financial Corporation (APSFC) during the year.However the APSFC has rescheduled the repayment programme vide its letterNo.aFc/TPT/DISD/2021-22/1147 dated 27.09.2021. Accordingly as per said letter repaymentperiod not yet commenced.

(b) In our opinion and according to the information and explanationsgiven to us we report that the Company has not been declared willful defaulter by anybank or financial institution or government or any government authority

(c) In our opinion and according to the information and explanationsgiven to us the Company has applied the term loans during the year for the purposes forwhich they were obtained

(d) In our opinion and according to the information and explanationsgiven to us and on an overall examination of the financial statements of the Company wereport that no funds raised on short-term basis have been used for long-term purposes bythe Company.

(e) In our opinion and according to the information and explanationsgiven to us the Company does not have any subsidiary associate or joint venture.Accordingly the provisions of clause 3(ix)(e) of the Order are not applicable.

(f) In our opinion and according to the information and explanationsgiven to us the Company does not have any subsidiary associate or joint venture duringthe year. Accordingly the provisions of clause 3(ix)(f) of the Order are not applicable

x. (a) In our opinion and according to the information and explanationsgiven to us the Company did not raise

moneys by way of initial public offer or further public offer includingdebt instruments during the year. Accordingly the provisions of clause 3(x)(a) of theOrder are not applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully partially oroptionally). Accordingly provisions of clause 3 (x)(b) of the order are not applicable.

xi. (a) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company or on the Company has been noticedor reported during the period covered by our audit.

(b) No report under sub-section (12) of Section 143 of the Act has beenfiled in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules2014 (as amended) with the Central Government during the year and up to the date of thisreport

(c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year

xii. According to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3(xii)(a)to(c) ofthe Order are not applicable

xiii. In our opinion and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with Section 188of the Act where applicable and the requisite details have been disclosed in thefinancial statements etc. as required by the applicable accounting standards.

xiv. (a) In our opinion and according to the information andexplanations given to us the Company has an internal audit system commensurate with thesize and nature of its business.

(b) We have considered the internal audit reports of the Company issuedtill date for the period under audit.

xv. In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with the directorsor persons connected with them covered under Section 192 of the Act. Accordinglyprovisions of clause 3 (xv) of the order are not applicable.

xvi. The Company is not required to be registered under Section 45-IAof the RBI Act 1934. Accordingly provisions of clause 3 (xvi) (a-d) of the order are notapplicable

xvii. The Company has incurred cash losses of Rs.15628980 during theimmediately preceding financial year however it has not incurred any cash losses duringthe current financial year.

xviii. There has been no resignation of the statutory auditors duringthe year. Accordingly provisions of clause 3 (xviii) of the order are not applicable.

xix. According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting assumptions nothing has come to our attention whichcauses us to believe that materiality uncertainty exists as on the date of the auditreport that company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the date balance sheet date will getdischarged by the company as and when they fall due.

xx. Since the provisions of Section 135 of the Act are not applicableto the Company. Accordingly provisions of clause 3 (xx) (a) and (b) of the order are notapplicable.

Annexure - B to the Auditors? Report

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

We have audited the internal financial controls over financialreporting of Sibar Auto Parts Limited ("the Company") as of 31 March 2022 inconjunction with our audit of Ind AS Financial Statements of the Company for the yearended on that date.

Management?s Responsibility for Internal Financial Controls

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

Auditors? Responsibility

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

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS Financial Statements whether due to fraud orerror. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

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

Inherent Limitations of Internal Financial Controls over FinancialReporting

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

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2022 based onthe internal control 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.

For MMGS & ASSOCIATES Chartered Accountants
FRN: 010613S
-Sd/- CA M M GOPALACHARI
Place: Tirupathi Date: 28.05.2022 Partner MRN: 025376 UDIN :22025376AJTZDJ4570

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