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Triveni Engineering and Industries Ltd.

BSE: 532356 Sector: Agri and agri inputs
NSE: TRIVENI ISIN Code: INE256C01024
BSE 00:00 | 07 Oct 273.15 2.20
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271.90

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274.15

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268.65

NSE 00:00 | 07 Oct 273.20 2.15
(0.79%)
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270.50

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274.40

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OPEN 271.90
PREVIOUS CLOSE 270.95
VOLUME 46471
52-Week high 374.00
52-Week low 181.25
P/E 18.22
Mkt Cap.(Rs cr) 6,605
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 271.90
CLOSE 270.95
VOLUME 46471
52-Week high 374.00
52-Week low 181.25
P/E 18.22
Mkt Cap.(Rs cr) 6,605
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Triveni Engineering and Industries Ltd. (TRIVENI) - Auditors Report

Company auditors report

To the members of

Triveni Engineering & Industries Limited

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the Standalone financial statements of TRIVENIENGINEERING & INDUSTRIES LIMITED ("the Company") which comprise theStandalone Balance Sheet as at 31 March 2022 and the Standalone Statement of Profit andLoss (including other comprehensive income) Standalone Statement of Changes in Equity andStandalone Statement of Cash Flows for the year then ended and notes to the Standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as "Standalone FinancialStatements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 31 March 2022 and profit (including othercomprehensive 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) specified under section 143(10) of the Act. 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 ("ICAI") read together with the ethical requirements that are relevant toour audit of the Standalone financial statements under the provisions of the Act and theRules thereunder 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 audit opinion on theStandalone Financial Statements.

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 Standalonefinancial statements as 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:

Sr. No. Key Audit Matters Auditor?s Response
1 Recognition of Subsidies: Our audit procedures included the following:
We identified recognition of subsidies as the key audit matter as it involves significant management judgement. • Obtaining policy from the Company defining the management perspective and basis for recognition of Government subsidies in the books of accounts.
The area of management judgement includes management risk assessment with respect to recognition of subsidies based on substantive compliance of the conditions and reasonable certainty of receipt of subsidy. • Obtaining an understanding of internal controls over recognition and recoverability of subsidy claims and testing on a sample basis their design implementation and operating effectiveness.
(Refer Note no. 43 of the standalone financial statements) • Considered the relevant circulars/notification issued by various authorities.
• Evaluated the management's assessment regarding the reasonable certainty for complying with the relevant conditions as specified in circulars/notification issued by various authorities.
Sr. No. Key Audit Matters Auditor?s Response
2 Appropriateness of cost to complete the project: Our audit procedures included the following:
The Company recognizes revenue from long-duration construction & supply contracts on percentage of completion method as specified in Indian Accounting Standards (Ind AS) 115- Revenue from Contract with Customers. (Refer Accounting policy Note no. 1(b)(iii)) • Obtaining an understanding of internal controls over estimation of cost of completion of projects and testing on a sample basis their design implementation and operating effectiveness.
We identified this matter as a Key Audit matter as it involves significant judgement by the management in estimation of cost to complete the project and any variation may have consequential impact on revenue. • Agreed the total project revenue estimates to contracts with customers.
• Obtained computation of estimated costs to complete and the percentage of project completion and verified the same against the contracts on sample basis and also checked arithmetic accuracy of the same.
• Performed the walkthrough procedure and verified the invoices purchase orders etc. for actual cost incurred till the year end.
• Compared the management estimates revised during the year with the estimate made in earlier years and obtained reasons/approval for such revision.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS ANDAUDITOR?S REPORT THEREON

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theannual report but does not include the Consolidated Financial Statements Standalonefinancial statements and our auditor's reports thereon.

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 during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

MANAGEMENT?S RESPONSIBILITY FOR STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is 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 financial position financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian accounting Standards (Ind AS) specified under section 133 of the Act. 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 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 isresponsible 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 thecompany's financial reporting process.

AUDITOR?S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONEFINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether theStandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system with reference to thestandalone financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone financial statements including the disclosures and whether the Standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the Standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the 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 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 Standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would 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 Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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) I n our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

c) The Standalone Balance Sheet the Standalone Statement of Profit andLoss (including Other Comprehensive Income) Standalone Statement of Changes in Equity andthe Standalone Statement of Cash Flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid Standalone financial statements complywith the Indian Accounting Standards (Ind AS) specified under section 133 of the

Act read with Rule 7 of the Companies (Accounts) Rules 2015 asamended from time to time.

e) On the basis of the written representations received from thedirectors as on 31 March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 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 with reference to standalone financial statements of the Company andthe operating effectiveness of such controls refer to our separate Report in"Annexure B".

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:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations as at 31March 2022 on its financial position in its Standalone financial statements - Refer Noteno. 46 to the Standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long- termcontracts including long term derivative contracts.

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

iv. 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 or entity including foreign entities ("Intermediaries")with the understanding whether recorded in writing or otherwise that the Intermediaryshall whether directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate 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 or entityincluding foreign entity ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries.

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

v. As stated in note 15(vii) to the Standalone Financial Statements

a. The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

b. The interim dividend declared and paid by the Company during theyear and until the date of this report is in compliance with Section 123 of the Act.

c. The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with section 123 of the Act asapplicable.

ANNEXURE A" TO THE INDEPENDENT AUDITORS? REPORT

The Annexure as referred in paragraph (1) ‘Report on Other Legaland Regulatory Requirements of our Independent Auditors' Report to the members of TRIVENIENGINEERING & INDUSTRIES LIMITED on the standalone financial statements for the yearended 31 March 2022 we report that:

i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment. The Company has also maintained proper records showing full particulars ofintangible assets.

(b) The Company has a regular program of physical verification of itsProperty Plant and Equipment which in our opinion is reasonable having regard to thesize of the Company and the nature of its Property Plant and Equipment. In accordancewith this program all major items of Property Plant and Equipment were physicallyverified by the management during the year and no material discrepancies were noticed onsuch verification as compared to the books of accounts.

(c) According to the information and explanation given to us and on thebasis of examination of title deeds / sale deeds / transfer deeds / conveyance deeds /possession letters / allotment letters and other relevant records evidencing title/possession provided we report that the title deeds of the immovable properties are heldin the name of the Company as at the balance sheet date except for below cases asmentioned in note 48 to the Standalone Financial Statements:

Description of Property Gross Carrying Value (Rs in lakhs) Held in name of Whether promoter director or their relative or employee Period held - indicate range where appropriate Reason for not being held in name of Company
Land 8.27 Horam Singh No July 2005 Transfer of land in the name of the Company could not be completed on account of certain technicalities/ documentary deficiencies which the Company is trying to resolve to the extent feasible
Land 4.08 Shyam Bhadur No July 2005 Transfer of land in the name of the Company could not be completed on account of certain technicalities/ documentary deficiencies which the Company is trying to resolve to the extent feasible
Total 12.35

(d) According to the information and explanations given to us theCompany has not revalued its Property Plant and Equipment (including Right of Use assets)or intangible assets during the year ended March 312022.

(e) According to the information and explanations given to us noproceedings have been initiated during the year or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made thereunder.

ii. (a) The physical verification of the inventory has been conductedat reasonable intervals by the management during the year. As far as we could ascertainand according to information

and explanations given to us no material discrepancies were noticedbetween the physical stock and the book records.

(b) The Company has been sanctioned working capital limits in excess of' five crores in aggregate from banks and/or financial institutions during the year on thebasis of security of current assets of the Company. As disclosed in note 19 (ii) to thestandalone financial statements the quarterly returns/statements filed by the Companywith such banks and/or financial institutions are in agreement with the books of accountsof the Company.

iii. (a) According to the information and explanations given to us andbased on examination of books of the Company during the year the Company has providedloans advances in the nature of loans guarantee and security as follows:

(Rs in lakhs)

Particulars Guarantees Security Loans Advances in nature of loans
Aggregate amount granted/ provided during the year
(i) Subsidiaries -- 100 -
(ii) Joint Ventures -- --
(iii) Associates -- --
(iv) Other entities -- --
Balance outstanding as at balance sheet date in respect of above cases
(i) Subsidiaries 10000* - 2000* -
(ii) Joint Ventures -- --
(iii) Associates -- --
(iv) Other entities - - - -

(b) I n respect of investments made and grant of all loans during theyear the terms and conditions are prima facie not prejudicial to the Company's interest.

(c) In respect of loans granted the schedule of repayment of principaland payment of interest has been stipulated and the repayment of principal amounts andreceipts of interest has been regular as per stipulation.

(d) There are no amounts which are overdue for more than ninety days inrespect of above-mentioned loans granted.

(e) There were no loans granted which was fallen due during the yearthat have been renewed or extended or fresh loans granted to settle the overdue ofexisting loans given to the same parties.

(f) The Company has not granted any loans either repayable on demand orwithout specifying any terms or period of repayment to during the year.

iv. According to the information and explanations given to us and onthe basis of our examination of the records the Company has not granted any loans orprovided any guarantees or securities to parties which are covered under section 185 ofthe Act. The Company has complied with the provisions of section 186 of the Act in respectof grant of loans making investments and providing guarantees and securities asapplicable.

v. According to the information and explanations given to us theCompany has not accepted any deposits from the public or deemed deposits within themeaning of sections 73 to 76 of the Companies Act 2013 and the rules framed there under.Accordingly the provisions of clause 3 (v) of the Order are not applicable to theCompany.

vi. We have broadly reviewed the books of account maintained by theCompany pursuant to the rules prescribed by the Central Government of India for themaintenance of cost records under sub-section 1 of section 148 of the Companies Act 2013and are of the opinion that prima facie the prescribed records and accounts have beenmade and maintained. However we have not carried out a detailed examination of suchrecords with a view to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us andon the basis of examination of the records of the Company the Company is generallyregular in depositing undisputed statutory dues including Goods and Services TaxProvident Fund Employees' State Insurance Sales Tax Income Tax Service Tax CustomsDuty Excise Duty Value Added Tax Cess and other material statutory dues with theappropriate authorities to the extent applicable.

(b) According to the information and explanations given to us and onthe basis of examination of the records of the Company there are no undisputed aforesaidstatutory dues payable as at 31 March 2022 for a period of more than six months from thedate they became payable.

(c) According to the records and information and explanations given tous there are no dues in respect of statutory dues referred to in vii (a) above which havenot been deposited on account of any dispute except as given below:

Name of Statute Nature of Dues Period (F.Y.) to which the amount relates Amount Demanded (Excluding interest) (Rs in lakhs) Amount paid (Rs in lakhs) Forum where dispute is pending
The Central Excise Act1944 Excise Duty 1998 to 2004-05 2009-10 to 2013-14 116.11 13.82 High Court
The Central Excise Act1944 Penalty 2002-03 to 2004-05 269.30 266.00 High Court
The Central Excise Act1944 Excise Duty 1995-96 to 1996-97 and 2015-16 26.61 4.11 Custom Excise and Service Tax Appellate Tribunal
The Central Excise Act1944 Penalty 1995- 96 to 1996- 97 0.07 0.07 Custom Excise and Service Tax Appellate Tribunal
The Central Excise Act1944 Excise Duty 2009-10 to 2010- 112015-16 to 2017-18(Q1) 373.21 3.37 Commissioner (Appeal)
The Central Excise Act1944 Excise Duty 2015-16 187.62 - Commissioner (Appeal)
The Custom Act 1962 Penalty 2004-05 19.93 6.19 Custom Excise and Service Tax Appellate Tribunal
Central Sales Tax Act 1956 & State VAT Act Sales Tax 1993-94 and 2010-11 to 2012-13 57.28 16.34 High Court
Central Sales Tax Act 1956 & State VAT Act Sales Tax 2013-14 2016-17 to 2017-18(Q1) 46.03 6.07 Commissioner (Appeals)
Central Sales Tax Act 1956 & State VAT Act Sales Tax 2013-14 and 2015-16 265.44 73.54 Tribunal
Central Sales Tax Act 1956 & State VAT Act Penalty 2016-17 to 2017-18 (Q1) 14.64 Commissioner (Appeals)
Central Sales Tax Act 1956 & State VAT Act Penalty 2015-16 1.04 Tribunal
The UP Sugarcane (Purchase Tax) Act 1961 Purchase Tax 2016-17 to 2017-18 (Q1) 476.61 High Court
Orissa Sales Tax Act1947 Sales Tax 1991-95 9.21 2.00 Assistant Commissioner Sales Tax Range 2 Cuttack Orissa
Orissa Sales Tax Act1947 Sales Tax 1987-88 0.44 0.32 Sales Tax Tribunal-Orissa Cuttack
The Income Tax Act 1961 Income Tax 2004-05 2006-07 & 2009-10 2636.20 455.94 Income Tax Appellate Tribunal
The Income Tax Act 1961 Income Tax 2003- 04 and 2004- 05 15.97 15.97 CIT(A)

viii. The Company has not surrendered or disclosed any transaction asincome previously unrecorded in the books of account in the tax assessments under theIncome Tax Act 1961 during the year.

ix. (a) I n our opinion on the basis of audit procedures and accordingto the information and explanations given to us the Company has not defaulted inrepayment of loans or borrowings or in the payment of interest to any lender during theyear.

(b) According to the information and explanations given to us theCompany has not been declared wilful defaulter by any bank or financial institution orother lenders.

(c) According to the information and explanations given to us and onexamination of the books of the Company the term loans have been applied for the purposefor which they were obtained.

(d) On overall examination of the financial statements of the Companyfunds raised on short term basis have prima facie not been utilised during the year forlong term purposes by the Company.

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

(f) According to the information and explanations given to us theCompany has not raised loans during the year on the pledge of securities held in itssubsidiaries or associate.

x. (a) According to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) during the year. Hence the requirement to report on clause(x)(a) of the Order is not applicable to the company.

(b) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Hence the requirement to report on clause (x)(b) of the Orderis not applicable to the Company.

xi. (a) During the course of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practices inIndia we have neither come across any instance of fraud by the Company or on the Companybeing noticed or reported during the year nor have we been informed of such case by themanagement.

(b) According to the information and explanations given to us noreport under sub-section (12) of section 143 of the Companies Act 2013 has been filed inForm ADT-4 as prescribed under Rule 1 3 of Companies (Audit and Auditors) Rules 2014 withthe Central Government during the year and upto the date of this report.

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

xii. The Company is not a Nidhi Company as per the provisions of theCompanies Act 201 3. Therefore the requirement to report on clause 3(xii) of the Order isnot applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with section 177 and 188 of the Companies Act 2013 whereapplicable and details of such transactions have been disclosed in the Standalonefinancial statements as required under Indian Accounting Standard (Ind AS) 24 RelatedParty Disclosures specified under section 133 of the Companies Act 2013.

xiv. (a) I n 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) The internal audit reports of the Company issued during the yearand till the date of this report for the period under audit have been considered by usin determining the nature timing and extent of our audit procedures.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with its directors.

xvi. (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934 (2 of 1934). Accordingly the requirement toreport under clause 3(xvi) (b) and (c) of the Order is not applicable to the Company.

(b) The Group has two Core Investment Companies as a part of the Group.

xvii. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not incurred cashlosses either in the current financial year or in the immediately preceding financialyear.

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

xix. On the basis of the financial ratios disclosed in Note 49 to thestandalone financial statements ageing and expected dates of realisation 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 the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that Company is not capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date. We however state that this is not an assurance as to the future viability ofthe Company. We further state that our reporting is based on the facts up to the date ofthe audit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

xx. (a) In respect of other than ongoing projects there are no unspentamounts that are required to be transferred to a Fund specified in Schedule VII to theCompanies Act 2013 in compliance with second proviso to sub- section (5) of section 135of the said Act. Accordingly reporting under clause 3(xx)(a) of the Order is notapplicable for the year.

(b) According to the information and explanation provided to us theCompany has not undertaken any ongoing project during the year. Accordingly reportingunder clause 3(xx)(b) of the Order is not applicable for the year.

"ANNEXURE B" TO THE INDEPENDENT AUDITOR?S

Report of even date on the Standalone Financial Statements of TRIVENIENGINEERING & INDUSTRIES LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT") AS REFERREDTO IN PARAGRAPH 2(F) OF ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS? Wehave audited the internal financial controls over financial reporting of TRIVENIENGINEERING & INDUSTRIES LIMITED ("the Company") as of 31 March 2022 inconjunction with our audit of the Standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT?S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal controls with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate 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 with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting (the "Guidance Note") issued by the Institute ofChartered Accountants of India and the Standards on Auditing prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system with reference to financial statements of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS

A company's internal financial control with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TOFINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system with reference to financial statements and suchinternal financial controls with reference to financial statements were operatingeffectively as at 31 March 2022 based on the internal 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 S S KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Partner
Place: New Delhi Membership No.:093214
Date: May 14 2022 UDIN: 22093214AIZKIY9811

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