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VTM Ltd.

BSE: 532893 Sector: Industrials
NSE: VTMLTD ISIN Code: INE222F01029
BSE 16:01 | 01 Dec 52.10 0.65
(1.26%)
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52.25

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NSE 05:30 | 01 Jan VTM Ltd
OPEN 52.25
PREVIOUS CLOSE 51.45
VOLUME 7347
52-Week high 65.00
52-Week low 33.10
P/E 15.65
Mkt Cap.(Rs cr) 209
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 52.25
CLOSE 51.45
VOLUME 7347
52-Week high 65.00
52-Week low 33.10
P/E 15.65
Mkt Cap.(Rs cr) 209
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

VTM Ltd. (VTMLTD) - Auditors Report

Company auditors report

Report on the audit of the Financial Statements

Opinion

We have audited the financial statements of VTM Limited ("the Company")which comprise the balance sheet as at March 312022 and the statement of profit and loss(including other comprehensive income) the statement of changes in equity and thestatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and its profits total comprehensiveincome the changes in equity and its cash flows for the year ended as on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the auditor's responsibilities for the audit of the financial statementssection of our report. We are independent of the Company in accordance with the code ofethics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's code of ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

In our opinion and based on the information and explanations given to us we havedetermined the matters described below to be the key audit matters to be communicated inour report:

Presentation and disclosure of additional information pursuant to the amendments toSchedule III to the Companies Act 2013

With a view to facilitate enhanced disclosures and transparency in operations bycompanies in India the Ministry of Corporate Affairs (MCA) has issued a batch ofamendments to the Schedule III to the Companies Act 2013 relating to presentation anddisclosures in the financial statements. The Company has evaluated the requirements andmade the relevant disclosures including restatement of the disclosures made in thecomparative period.

Principal audit procedures

• We assessed the Company's process to identify assess and respond to risks ofmaterial misstatement in the disclosure requirements pursuant to the aforesaid amendmentsto Schedule III to the Companies Act 2013.

• As part of the evaluation of whether sufficient appropriate audit evidence hasbeen obtained we have evaluated the appropriateness of our initial risk assessments andrevised previous risk assessments for certain financial statement areas including thespecific disclosures required by the amendments.

• We have designed performed additional procedures including verification of thesource and completeness of data used by the management for making proper disclosures asrequired by the Act.

• We have audited the management's estimates used in the disclosures by checkingthe reasonableness of underlying assumptions in making those key estimates.

• We have considered the basis of management judgment in making the disclosurestaking into consideration the date of the financial statements the facts andcircumstances pertaining to the entity and the conditions that existed at or aroseafter that date. We have considered all subsequent events and transactions tosubstantiate our conclusions on the appropriateness of management's disclosures inaccordance with the requirements of the amendments.

• We have carried out a detailed analysis of data and performed additionalanalytical procedures for validating the management's disclosures.

Information other than the financial statements and auditors'report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate

Governance and Shareholder's Information but does not include the financial statementsand our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring 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 financial statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules 2015 as amended from time to time andother accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process. Auditors'responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these 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 financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• 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 system in place and the operatingeffectiveness 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the 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 them allrelationships 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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.

Report on other legal and regulatory requirements

1. 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 Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The balance sheet the statement of profit and loss including other comprehensiveincome statement of changes in equity and the statement of cash flows dealt with by thisreport are in agreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act;

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312022 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls 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 controls overfinancial reporting;

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

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

a. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 45 to the financial statements;

b. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

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

d. The management has represented that to the best of its knowledge and belief otherthan as disclosed in the notes to the accounts

i. no funds have been advanced or loaned or invested (either from borrowed funds orshare premium or any other sources or kind of funds) by the company to or in any otherperson(s) or entity(ies) including foreign entities ‘Intermediaries' with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ‘Ultimate Beneficiaries' orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries; and

ii. 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 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.

iii. Based on audit procedures carried out by us that we have considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused usbelieve that the representations under sub-clause

(i) and (ii) contain any material misstatement.

e. In our opinion and according to the information and explanations given to us thedividend declared or paid during the year by the company is in compliance with section 123of the Companies Act 2013.

For CNGSN & ASSOCIATES LLP

Chartered Accountants Firm's Registration No. 004915S/ S200036

Sd/- (CHINNSAMY GANESAN)

Partner Membership No. 027501

UDIN: 22027501AHSRZX5634

Place: Chennai

Date: April 252022

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1 under ‘Report on other legal and regulatoryrequirements' section of our report to the members of VTM Limited of even date)

1. (a) In our opinion and according to the information and explanations given to usthe Company is maintaining proper records showing full particulars including quantitativedetails and situation of property plant and equipment. The Company does not have anyintangible assets.

(b) The Company has a program of verification to cover all the items of property plantand equipment in a phased manner over a period of three years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets.Pursuantto the program certain property plant and equipment were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to usandbased on the examination of the conveyance deeds provided to us we report that the titledeeds comprising all the immovable properties of land and buildings which are freeholdare held in the name of the Company as at the balance sheet date. In respect of immovableproperties of land and building that have been taken on lease and disclosed as propertyplant and equipment in the financial statements the lease agreements are in the name ofthe Company.

(d) The Company has not revalued its property plant and equipment (including right ofuse asset) during the year. Accordingly paragraph 3 (i)(d) of the Order is notapplicable.

(e) In our opinion and according to the information and explanations given to us thereare no proceedings initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder. Accordingly paragraph 3 (i)(e) of the Order is not applicable.

2. (a) The inventories have been physically verified by the management during the year.In our opinion the coverage and procedure of such verification by the management isappropriate and no discrepancies of 10% or more in the aggregate for each class ofinventory were noticed on such verification.

(b) The Company has a sanctioned working capital limit in excess of five crore rupeesin aggregate from banks or financial institutions on the basis of security of currentassets. However the Company has not drawn any amount from the aforesaid limit sanctionedand accordingly we were informed that it is not bound to file quarterly returns orstatements with such banks or financial institutions. Accordingly paragraph 3 (ii)(b) ofthe Order is not applicable.

3. In our opinion and according to information and explanation given to us the Companyhas not made investments in/provided any guarantee or security/granted any loans oradvances in the nature of loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties. Accordingly paragraph 3 (iii)of the Order is notapplicable.

4. In our opinion and according to information and explanation given to us the Companyhas not granted any loans or provided any guarantees or given any security to which theprovisions of section 185 of the Act are applicable. In respect of investments made by theCompany and loans given to parties other than those covered in Section 185 of the Act theCompany had complied with the provisions of section 186 of the Act.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits or amounts which are deemed to be depositsduring theyear. Accordingly paragraph 3 (v) of the Order is not applicable.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148 of the Act and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not carried out a detailedexamination of the same.

7. In our opinion and according to the information and explanations given to us:

(a) Amounts deducted/ accrued in the books of account in respect of undisputedstatutory dues including goods and services tax provident fund employees' stateinsurance income- tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have been generally regularly depositedby the Company with the appropriate authorities. No undisputed amounts payable in respectof goods and services tax provident fund employees' state insurance income-taxsales-tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues were in arrears as at March 31 2022 for a period of more than sixmonths from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) which have not beendeposited on account of dispute are given below:

Statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where the dispute is pending
Income tax Income Tax* 26013380/- 2017-18 CIT (Appeal) Madurai

* Net of taxes paid under protest

8. In our opinion and according to the information and explanations given to us thereare no transactions not recorded in the books of account that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961). Accordingly paragraph 3 (viii) of the Order is not applicable.

9. (a) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or other borrowings or in the paymentof interest thereon to any lender during the year.

(b) In our opinion and according to the information and explanations given to us theCompany is not declared as a wilful defaulter by any bank or financial institution orother lender.

(c) In our opinion and according to the information and explanations given to us theterm loans obtained during the year were applied for the purpose for which they wereavailed.

(d) In our opinion and according to the information and explanations given to us fundsraised on short term basis have not been utilised for long term purposes.

(e) The Company does not have any subsidiaries/associates/joint-ventures andaccordingly paragraphs 3 (ix)(e) and 3 (ix)(f) of the Order are not applicable.

10. (a) In our opinion and according to the information and explanations given to usthe Company has not raised any money by way of initial public offer or further publicoffer (including debt instruments) during the year. Accordingly paragraph 3 (x) (a) ofthe Order is not applicable.

(b) In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares orconvertible debentures (fully partially or optionally convertible) during the year.Accordingly paragraph 3 (x) (b) of the Order is not applicable.

11. (a) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by any person hasbeen noticed or reported during the year. Accordingly paragraphs 3 (xi) (a) and (b) ofthe Order are not applicable.

(b) To the best of our knowledge and according to the information and explanationsgiven to us no whistle-blower complaints have been received by the Company during theyear.

12. The Company is not a Nidhi Company and accordingly Paragraphs 3(xii) of the Orderis not applicable.

13. In our opinion and according to the information and explanations given to us thetransactions with the related parties are in compliance with section 177 and 188 of theAct. Where applicable the details of such transactions have been disclosed in thefinancial statements as required by the applicable accounting standards.

14. (a) In our opinion and according to the information and explanations given to usthe Company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) The reports of the internal auditors for the year under audit were considered by usas part of our audit procedures.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into non-cash transactions with directors or persons connectedwith them. Accordingly paragraph 3(xv) of the Order is not applicable.

16. (a) In our opinion and according to the information and explanations given to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

(b) In our opinion and according to the information and explanations given to us theCompany has not conducted any Non-Banking Financial or Housing Finance activities withouta valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934.

(c) In our opinion and according to the information and explanations given to us theCompany is not a Core Investment Company (CIC) as defined in the regulations made by theReserve Bank of India. Accordingly paragraph 3 (xvi) (c) of the Order is not applicable.

(d) In our opinion and according to the information and explanations given to us theCompany is not a Core Investment Company (CIC) and it does not have any other companies inthe Group. Accordingly paragraph 3 (xvi) (d) of the Order is not applicable.

17. The Company has not incurred cash losses in the financial year and in theimmediately preceding financial year.

18. There has been no resignation of the statutory auditors during the year.Accordingly paragraph 3(xviii) of the Order is not applicable.

19. In our opinion and according to the information and explanations given to us and onthe basis of the financial ratios 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 there are nomaterial uncertainty exists as on the date of the audit report that Company is capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date.

20. (a) In our opinion and according to the information and explanations given to usin respect of other than ongoing projects there are no unspent amounts to be transferredto a fund specified in Schedule VII to the Act.

(b) In our opinion and according to the information and explanations given to us thereare no amount remaining unspent under sub-section (5) of section 135 of the Act pursuantto any ongoing project to be transferred to special account in compliance with theprovision of sub-section (6) of section 135 of the said Act.

21. In our opinion and according to the information and explanations given to us theCompany does not have investments in subsidiaries/ associates or joint venture companies.Accordingly paragraph 3(xxi) of the Order is not applicable.

For CNGSN & ASSOCIATES LLP

Chartered Accountants

Firm Registration No.004915S/ S200036

Sd/-

(CHINNSAMY GANESAN) Partner Membership No. 027501 UDIN: 22027501AHSRZX5634

Place: Chennai

Date:April 252022

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatoryrequirements' section of our report to the Members of VTM Limited of even date)

Report on the internal financial controls over financial reporting under clause (i) ofsub- section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of VTM Limited("the Company") as at March 31 2022 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the standards on auditing prescribed under Section 143 (10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. Thosestandards and the guidance note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting wasestablished and maintained and if suchcontrols 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 in 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 control 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 (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) 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 authorisations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 of 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 according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2022 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.

For CNGSN & ASSOCIATES LLP

Chartered Accountants FirmRegistrationNo.004915S/ S200036

Sd/-

(CHINNSAMY GANESAN)

Partner Membership No. 027501

UDIN :22027501AHSRZX5634

Place: Chennai

Date: April 252022

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