R.

GOVINDAN & CO
( li rr..ral r\..oufuf

rNr)l f r:Nrr:NI AUDII Ol\S t(rf(rd

lorl e II.n'r,... uf \v..\rr,,,,,,., I i,riJ r'i\.'.. tI n'r,il

Irrpo4 on rh( E nitr!iil \rrrctrrrnrs

lfc hrvo rudir.i lh. r..omF.ninrlj tnr.rn.Dl srrl.n.nrs of \1/s ,\1Hl|,\r (:tiSr\ tNDt/\
PRIV]\TE l.rN,flirr) (dr. c:()nrl,iny ), nti.h.on\rnc rh. titrn.!sho.r I rr 3l{ \hr.h 2023 inlt
thc strrrn.nr 01 r,rofit !r Loss for rh. r.rf rh.n .nltrd, inn I su,.nruy of s rtrfi.ifL .r..ornting
polni.s and.rlE.\f ra..tror! inJornrtnll

\rrn,A..r,1r.R,,pu',.i|'li'J forrh.,,,,,1 lir.!nrri.

Tho Co'ntan!! Bo.ml oI Dn(ntrs ,s r.sf.nsibl. td tho mrrtcrs strr{ ii n.rioi 13r(1 ol tho
C.nr|'nies A.t, 2013 ('thc A.f') rvith rpsf..1 1o lhr FroFirrhon aDd tf.s.fl. rn of rhcsc
srr .n.ne lrrr.riit n.{rnrrnts tlur ll\..r ru. rf(t tit vir( ()f r|l.rtrni..n N!ifon, tnrtrri.rl
pcnornran...fd.i:tr fkNs ot dr. c.'nFnl i,r r..ordrn.r rvilh rh.i.an,rLnt trirriFlos
ltcD.rrlly r.pfl.Ll iil l'nii', nalu!lnrt r|t ,^..oL n ri,\t sl.rxl.trlls spo.rani ufJ.rs..rion t3l of th.
A.r, tr.rJ \!i|l, Rrt. 7 ot ltrc cfnlFfrs (,\...rn1t jtrt.s, 20!. Thrs ,'sltnnbiljlv .ts. ituhkl.s
n,ainipf.n.c oI rdrgurto n..ounti'r!,dnis i,r.(onl.rn.! lviih lln, fr.rnnlrs ol rhf A.t ntr
sin,|utrding rlr! iss.rs fl rhr Conrfrn) in(r (n ttullntnrlt iDJ n.d1i'r1t lnn s nnlt oitrcr
r'.tul.rillcs,srhrtion.nnlrplrli.rrnlr.f .l)tn iile &..unlint t.lnns; nritnrSj gmmrsrnJ
r{iin.rl.s ll\.it.'tu r..$onrbl{ rtul fn(l.nt; d dosign, nnfl,nrn:Lor idd nrLnncnrnn,ol
ad.!!.1! n\tuml finrn.irl ..nh.ls, rhil \.rc .*r.rinrj otfrriv.lv lLn.nsrrilg thr i..un.l, rnJ
.o'ntrlclorss oI thr .(ounti'rt nary(l!, { lvint tu rh. tqfr.rior .iid frr\rnftnr oi thp
Ji'un.i.lsl.ittdcnrsth.rrl!.. inn .rnl r.nvr$ .tr .nfrr.tf.Dr n rr it nrtssrrrlnrort, whorhy

Ardiroi's Rcstonsibility
(Jur (EFo.sililitv n n, o\Frtss .nr .|i'r.i on lhrst n.Nlil.n. rftlrirl nitu .nts LisoJ .n our
rldi w. hrle t.'ken nto &.oL'f t tlt fr.!trnr\ofrhr r\ct, rh.i..)t.nn! inn iu\tiinrg ndJinh
.n! n lc6 lrhi.fi arr rqunoJ b bp r.hd.Ll i'r th ruJir rerrr unJ.r tl'r tuisn,ns ff drc .r
i.\lLlr.ldri$ m c r|lr. unnrf

No ro.d!.tr!i our auJit nr a...r'lin.c yith rhr Slrndatuls or Ald'tnrg +rolifioll unJ.r so.riof
111(10)ofdrc,\.r Thos. SIinll.rr!s (!utr. th.rrr..om v(i1h.1hi.rtr.9r;o.rcnrsanJ flar ind
pc ornr rhf.nkirr b .br.rn (ison.n,tr .'s!nr.Nc ib.ur rlr.rh.r ll\. un,Rirt {it.Nnrs .rn, G.e

)'L ' lit r\ulr.\ | rn rr fri, r (! r \nn !! ,,1!!r rhl .n unr, .n Lltr-
ulrr. n Jq
,li\!, v tus n tln n. r n, n. I I
nl!rln!rhi i+snnr.lrh
fr!
'.1{.r sl\! ,icnI $!q{ \,rr!,, fl ! .rullru 5ltr! r; r
!!lL
llnr..i'l nit.m.nts, \l,.rllY
,lu r'1r..! r!ff,r Inmrl );r , r r., tra. Llir!l!b nrlrr.l rnr.L(L.n
f-l'
\a g
t€;-occg
 R.GOVINDAN & CO
{ h,rr.ril,\c.orDt.Dts

(,nrn r.h\rn Lr l|!, G,rtinr s frof.rr.inr.f rtlr tif .rd.r .Lir.mil\ lhil !t!! <r Lu.,n frir
L

rr.li'r.,J.f!)d.sign.tr\tiitnoJur.sthrtnturppr)fmn,,n0r.i..urrl.xr.rs,tutnotntrrh!
pury)n' .t eitresstiS an .pntun m LLh.thcr dn c.orFnv his nr tlr.. in .drqurlc inrrnrl
nn.D.irl.oDrnk svi.Dl o!.. tinr i.'l tuponnlainJ rho.p!riri'r8.tidLv.nrf oIsu.t.orrruls.
]\n drdit al$ rn.lud.s.v.nuarin! rht rpFn|riro..ss.f rh. a...unri,l8 pli.ns usrlt rnli drc
r.inDrbll,r's nl Lln r...unri'rg.sinnrr's ftrto L.l thoLtLlnFnrtDr{t!,!,isnr .Ffv.tluriinll
dro or.r.ll prnd.r lon .a rh. finan.i.l stntmrnrs.

lle trtlirvc dur th iuliipv cirr. r'c h.!! ouinul is mfti.L'i inJ rtfrol,r.r. rlr f,ovntrii biris
\' 1,r1,.., 1.. ri. l ,. i ..,
' "F

Audii.6 R.sponsibilily for thc ]\ndit of rnnriil strr.n'cirs

()!r.[,!.r'v's.tro os.nibr. 8suIn.. : Nni L r'r\( Ll'fr rlr lnu rirl d.r.nur .'s r rh.l.
to ()btnn
'

onr, \hcths Jlr n)fraudorcrior, ind lo nsu..n.uditu/srrtort

lhit ln.lultrs our ffinur. lt(rs.ribLi, rsnron.r is i hi!h llvrl ol issurD..,

thitarauJii..f(1,.1tu nr...oatrmewithS,\sr,llihLavsJ.rL{r. n,iloi.l
.\ist!. \lisn.hrn.ris . .i fi!. a,on a.ru!r or ('or uJ rr.($ reat.DtrrL.rIrti,rt,\!luilt\ornr
tlrittr.g.l., rl,.1.ould turnrribly b. crF.t.J r, nrlu.n.. tlrcNoronri. J.lnnDsflnscrs trt.n
on th b.r's ot tb.n |nan.i.n slillinf.ls

A5 prrt ol rn iudii i,r ..idrn.. \jlr, sA5, rle rxr(in pmt.snorrL ilJtlr.nr rn.t niiir*iin
prtn.ssnntrl skcf li.i ilnoughout th. ruJit. |\](, rLs.l

m.*r!n,nr f rlpnn.,, r.r ln ,r.,$l(rhcr

L1!. lo h&d or cror, J.s,t. and l).'fonn r!(1tr fn,..drr's rcnlDsive b ilnx. fisks, anll
.trta,n audir.vtrtu,.. lhrt i5 suffi.irni.n rppn)t'irr' 10 frov e i brsk I(r our opinnnr.
'fht risk ol not dcbrtn,t
i nft.rial,n$r.r.r.nl a,sultinS t.D triuJ is hittu rhrn ad of.
,.!,ll n1j l.nr fror,.\ ir.rl nr.ry ifr.Ll...llu!fr, 1!!gfil, irrfnrnmt oin+rr',
nli{oprs.nLir t or the .! tiinlr oI n,lom'l (nnrn
()btrin undr$ ,nlt ol ,nt.nil .ont.l r.l.!inr lo lhe nuJir in orJcr !r n.si8r audlr
tm!Ju'.sth,rr,Lll}tofriileinrh!.n!umnrn..s llnlLfrs..rior l,lr(3)(i)ot lhe A.r, w.
,r tn tununjNqI!frt!!rnl ,ur,,,r. ir !L .,nrNnt hi. rJ.qu.r'
ni, frll,i:n i . rr!l\.\.r m nft.\!.ntrhr
 R.GOVINDAN & CO
( hxrr..o{l l.c.fnrxir\

Evalunn, rfu .tf,ofn.it!n(55 ol {(u{ii,g foli.its us.n rnJ

r..oririrg onint.sand r.lar'd din1.su,.s nElL |\ nra..r8.n\ont.
Corlkn..n thp.rffofn.le,r.ss ol rl'nrgcmcnas us. oI tne f,nrj.on.rf h.rsis 01

r.r.urliirgrn!l,L.scllandrcruJitfvi!nnn,.btitrkl,drlr,.rndrrrri.nun!ontrftvcxnb
l'.,t.rr! r$t signiti..trt J.!bt (D tl](. C.nrFnr's .bililt r.
..nli,nrc is r gonrg lorlcn lf K .on.luJ. thir r n,ildiirl !f..rl.intv.\ists, *o arr
r&tun.J r) L:rf.rw iLr.nrn r rn.u'.n itois tup.rt r) dr rrht.J !irnlosu'.s n rh. nna.ctat
{al.Drnls or, il !,.h llis.l(xutus rr. inaJ.quare, b .ur ol)nii.r. orr .on.lusnrs
'noJilv
.tr! brs of tln,.,unl evnl.n.. obl.nnrLl ot Io tho Jrtr oI oLtr nuliinr's tr.t(nr Ho$.!.r,
1r[,.."qnr.,!q!liLilrD!r.r\!.,u5!LlLrc!!rr.rL\Lr1f.srtr](!LrtrLlfr\.r!!r!rurtrrrL

Eviluntr rhr.r.'.ll f,.n'ntari.f, srtu.tor( rll .ontdr of rhr finrn.irl nitrm.nh,

n udtr\j rri. (lis.L'!ms, ,nrJ (hotbor rhc fnrifdal {.r.nr.nh ..f({rl lh. lnt.rtlinA
ri.. lrril J.hi!!cs tun Frtsrnrari('r.

l{f (,n]nnD(re, uirh rh.n ,hir$ar (ilh ao\ennnr. rrltrlti'r, r'n.fr: .itu n !{s, rh.
flanf.d sroJ! inLl rnning of tb. rnnii.nll sirjnin.rnr iu!lir nr iIs, i|rh i,rg.nr\ signili.rnr
dcfi.ion.i$inrnr.nr,l..nlror rh.l N.ntrnlitrduringour.rudit

rv. rln) FrNnn, th.n..hrf8al r ilh !.!..r,,n.. rith. $Jt.nont tbrt (o h.vc..mdni lyirh
.rhic.n requnrinr.is regn nrU n (Ianlorn, Jd ro.o.nrrfl..l! \l0r thrm ill
'.lcv.rnL
rhtbnsh4rs and .rlu.ritr.f Iir nri! rfi!trrnnv bt th.!l!ht k, Licrr.n our itut.f.rdcn.e,
inn h4w. ., ftllr.nn., r.l,rt\ls.rn\juirll!

on {nh.r r.egrr Jnd R.gulitory RcquncDr.nrs:

As r.qund bv rlp crnnNnj.s (Ao(tiu,s Rcpon) ontrt 2020 (1h. onn{l isnni Lrv lrt
(enrral (:overnnront of Inllir in t!. .4 sur|$tion (ll) ol s..tion lli ol lh. Comprn$
attln.ll. fln lhrs.ont.nrv
4.t,20r3 $ n.r
c\ n,l, R rb\ \L.ri n rrr(rt t L \d $r trr t' r rf
.t r\t lrii s.rr,ti rnJ I L ,( I l l,. rnrlr rhlns rltr.h !, rh l,!5r!1
r,f l,r$t,tg(JnJL,tLcf su.iP., -,!
;lyid"T'
?\
 R.GOVINDAN & CO
Chdr.RI ..orfu '

ID.or opnrnfl pk+'.r b..ls,]l rf..uft.x,r\lulr((l L\ IN h.nr b{r Lcfr b! Llt

conrpanl s.Iar.s.fllis rr.drour cx.rmin.irioD of thon, b..ts;

'anc 8.tlnn.o shlpi, sLn.m.nt ol l}o(il. Lossand cstr ft.( sr.ld).nldfJlt withbv
dns nen.rl an nr.rgr.rd.nt rvidr tht bo.ks.l.(o!nr;

d) In our otniof, Ih. afutun,ili hnrncirl {adn.nLs.on\nt wilh rhr A...uDrnl

Sl.ndi s spo.ficd nDJ.r spni.n l3l ol lh. A.t, r. r'iih I{uLt 7 oJ th. coDfinnE
(^..ounh) Rulcs, 201.1;

f) olrh.bisnofrri||.nr.Fr.scnlir nsrtrcivodfrumrhpJr..1o6asorlt.(h]1,2023,
rnd likcnonr...r!i L)l tln So d.lr)t..1.6,ro..otthodn.(rtrsisJFqu.lilnalis.n
Ihr(h3l,20r,nonltFrnS.tf.irlcdrsrrlnt(rtrnrt.nnsoas.dioft6.1(2)otrh.A.r;

f) tlith 'csf(l10 tlr idcqui+ of tho intrral hnif..l ..ntr.]s ovdlnrn.i,rl tuportnrlj oa

thecontrnv anJ ihr opeiiti'ru eftu.1rli.ss ol n'!h..nrrns, rt,tur b our s.fii.rc

rcP.i i,r"Annerre A" .tn!l

r, wirb
'.sfc.l
to lhr.lhr mrrcrs b b. iNludld $ lrr! Audilf s Ropon nr n..o'Jan..
\!ith lho roltuncninLs 01si.r1o. rq7(16) ol rhe Art, N a'n.rrntl, iI n,|tn rh.ir rho
c.'rptrnvisn.l.ovrredtivlhepnv*xnr.fs..tidrltrtoilh.C.nrprri'sr\.r,20r3.

) wilh rf+,e.t t, ihc odrer nratrcrs to 1\. i,r.l1dcd in thr AuJr./s Rel).'r in i.cof'lan.c
rf,th ltrl. lL or r|rc Conr$ni.s (,\uJir rnn AuJilr$) Rutls, 2t1r .r .ntn!I.J, nr our
otinbnJlt t, th.l,.siol.ur i,lloirnilnri.n!lnlro inghdr,lrtlan:lonstiv.frous:

i) Thr.omr,rnrdo.s nothiv. in!

Jrnr.nri.rl sr.rcmonts.
'1s
 R.GOVINDAN & CO
Chxn.rcd lcc.ufufs

Tlrr..rfiry nD.s n.r hi!. inr r!ra.t!m .onur( rs rqrnnr! r fbf*nlr nn

nritrri.n fdcs olr blc loss.s.

lh..onpdr dors not hrv. rN rm.unts b 1r. Lr.nrsl.rt.d lo lhr

',!un.J
Inlonor Edu.rhon rnJ Pmt..rion ri!nd.

iv) Tho .onrpany nas not rJvan.pd .fy funds t. or nr iry othor Ftrsons or
enrii'es, n.l!dnt I.tui8r.ntiti.s ( 'Intrrftlliaric{'), {trh tfu und.sr.fdnrg,
whethcr r.oilicJ in srihnfl or rrh{aarn, Lhir lli. hncrnrdiu! sl[ll, whcrhcr,
llrrr.rly.r iMrn{rlv rnr.rnivN i,r .fhf Fr!,ns or l,nhtu ddrrJipd nr rn)
ftrnn.r $hntsorls bl or on bchrlf.f the.o'nFnv ('ull,mat. B.rcli.riiios,)
or trilrlp rtrr 8!rfrnl.., s(urit\ or thc lik. on bchalf of th. LrlriD.n.

v) Trr. .rrtD)r hi5 nrl rrrfiv.d ) rnr f.'nns .r .nrrn\,

luDlts tronr
nlduding torcign $titils ("FurJnrt P.r!.s")r'ilh llrufd.rsl.r ilg,\trc0rcr
r...rd! n rrltiiS.r otlrr!!i\., lhrt tlt comfrnr s|[ll, uldh.f, Jt..0v or
in1ln..tlt, ldnl .' n!.* nr oth.r rrs.ns or rntni.s nlontifi.d in nn] mmnor
rrhrLs.N.r LjJ !r.r Ljrhilf oI th. Funltnrg P.,nl. ('L:lrinrr' B.n.ai.ir,i.{ or
ptuvnl. antr lutrnrna., nruriry.r lhc titc on t{htrtt of dlt ujtimi(,

vi) lhc.orlpinyhrsnol J!.l.trrJ orpiidmydiv .ndlunn8lh.y.ir.

,)
DINDICUL ,rx,b;;\ii!; 8.s..,r.c.^)
D]\TE P:4r.r (M.Nol0l1)ll)
32orq93 8cr
^B\<Y96ol
 R.GOVINDAN & CO
a hrrrnal cc.f rih

ANNIXURf -,\IO INDL- N

Rcpon o. rhe Internal linm.ial Contols nnderClinsc (i)of Sub scdion 3 of sc.ti.n 143 ofthe
conrprnics Act,20:13 ("in.
^d")
l!. havc rultreJ ln riil tuponing of arhnai cr$ irdia
dp i'n.nr:r li,ranfiir ..nkoh.v.r
I'r;v:re ]idited (tlt conp.Nf)N.t j\lr.h llsi 202'l .-.njLn1nrl Iirh.rr dtr.1 rrre
fnrn.il nit.nrfnts of rh.conlFnr for th. y.irfn(l.n on thrt drl!.
Minaacf cnf s Responsibirity f or rnr!!nar [irun(iit conro]s

Thr Con+' !\ rtrtruricrknt i! n,sf,,nlibls f(tr.5trLnishing ind niinhinnlg ntcnrl finrn.irl

..ncDLs liscd .n n*.rrl .ontols ovtr hrfti,l rrpoft,nlt .rt{,a .{.nnish.J br rM andp.m!
.oNnlding thc ss.ntial c.Dt.n.nis ol i .mrl ..irr.l slal.d ii 11,c Cunl.r.r Not. or Audit fl
rin.'n.n ri|if.il Corlnl! O\or Fi'ur.i.,l Rrpo,lnrrj i*rd l,v th ln{ir!t .t Ch,,i.al
A..onnturt\ of Inllir (Ic,u) r'hpn'rpstr'silnltri,\ in.l!|. th. a!sig., in\n( .n[lnrr rnll
n1.ri'n.rii.. oJ.!1.!uil. n,ttmrl InrRi,l.ontols thrt (dc.trntn,t.aa..riv.lr r.' dni,ii,g the
oklrrlv rnJ .fl,..nt .on(l!.t .4 ,s bnsnrcss, nr.l nrll rdhrrcD.c () .onrFnv's f.l,.ns, rh.
iflt drtrh.n oa tuauds rnJ.r.'s, rh...fun.v.,nl
s.lqtu.rtling or ils,rssr'ls, th! prcvenli(rr
.onrd.r.ncss .f rh. .rRrunri,\t re.ods, inll lh. rim.tl prpnn'tnD o1 rrli.tbt. tinar.Dl
innnn ion, as tutL,itud lnLlcr thfCompinLs cr,20ll

udilors' Responsibility
Orr (+\rsiL,ili(r n (, frtrss.u opi'n.n.n rh ComFnvs Ncnril ftNnrL ..iLtuls lvrr
l,nan.,aLnponint bis.n .n .,,r .udn. !\r.ondu.t{lour rulht nr.,...r(l.nr. r'ith i|[ Cullin..
Nore on AuJir oI lnnnil Fi,mn.i.n ('.nL.h.v.r |inrn.i,l R.Nr$,N th. "aiunt.nla Noro'l .n
th. StandailG on Ariili'\], $nt.(r b! JCAI inll dlrm&l t) br pror,iLa\t urJ.r s..tn l li(10) ol
tho Cfmprnics ,\.t, 2013, b iln .!r,,t rfrrli.nlrl. tlr .n dudit ol intur lnlui,tl rontruls, bodr
.fth..hle ro.n audit.l I'n.rn.n Fin.tn.i.,l Conhfls in!I, boii issud b! d In{irut .tCharlcrod
A..ountrntsol InJia Thos.Srtrn(l:fdsini 0rcuillrn.. Norc requnf thrr wc.onplt withcthrrt
rr.quncm..ls i.d pl.u rnJ pf orn tfic rudit t) ohr.i'r Rxonalrl{ isndin.. ib..l rrhrlhd

.u,r! r,t!,1!ff,.n\llt n.ll n.tr'Ll gt, l

'Lr15of
 R.GOVINDAN & CO
Chx{c:1d 1...uhnN

o!i' fult Dllhos torf.nnr' f'...ntrn,s L) .lit.,i,r iurliL f\nlurr ,rla,ur rhr rJ!u.r.l .a rlr
int.'n.,1 li'r.,.n.onlrols s!slr.r ov.r linmri,,l r.pfrtinrt rnJ th,n.|Iirin8.il..h\.nrss. Our
.rudir.a iir.i,r.l Inr.nr.i.,l..nt.is ovcr ti'rin.Ln,.|.'rn,t in.lu(l.n.bL,ri'rnrg Jn unJrbr.r nr|.1
nrra l finrn.ral.onrr.h over lrnrNit rrNrrnru, r$essnlt tl]. rhrr a m.i.riit ru\Nss
'isk
.lnk, ind 1$ltr8.nd cvnlurtinA tho llcsit]n rnJ .t.mrin8 .aturlivlr!$ ol nno il..ntrol Lras.J
on tlr! rs.$c!l nsk Th t,tFpJu(* s.1..1(l l9.r or drf nudit.r's tun)lnfnr, nr.lu(linl l1r.
isnsinpnl.r lh. risls of nr.tci.tl mi\nrr.nmr or rll, nnan.irl .l'ldr.rls, \!hrlher dur t() tind

ri..ruditcvnlrn(r {! h.,vr rbt.,inrd $ sutfi.n{t trnLl iffqri.n. to fiovnlr.! b.'sis

l^r. blln'v. th:t
lLtrour&ditopn rr o. t|l ( om|Drir n,ld.il Ii,u,.i.l .onrols sln.n ovof Irnrn.irl n ttrrnS

Mcrning of lnrcrnal lijn,.cirl co.trok ov.r Finan.irl Reporing

A.on+ul s nnc,nnl tim.i.L..n.ol n!!, ai,i.,n.L,l rtporfirg is r pn)..ss li.irBrl !) tnrlrlc
ninnlhr{.iss!hn..rc8i nrg 0rortti.rbilnr of hnJ.irt !}rrtrl8 rn! lh. F,r\nilnin ofunrn.il
s[nrnlrnrs l(tr crrfnrl tu]f.{\;r i..rltrd.r Nilh guenll rllrtrttrf.olrlnt nrn.i}n.s. A
..Drfrnr s inldi.n fin.trri.,l.ontol olcr inrin.hl llanrint i..l!Ll.s lh.s. Nlnics rnli p(,..!lur.s
th.t (l)t.tuin n, tll, DIi]n.fin...f rentrds tlrr, nr rcranitrbl. Jfrril, trnu'.n.lf.nd jri.lr ntl(t
lh. lri.nidnrns rtul liist.stnrns ol ih .rs.h.1 rl\'..nD.rr; (2) prf\nlo ru!,Iblc r$unN.
rllr rnf*1rn] rtr, r...(L\t $ n!\essril (, frnnit frfnr.{nt .f tiirn.nt shllrrrd( in
a...di.n Nith genrr.tllvilroFtrda...unrirt tri'r.idN,.ml ll,il rcrriFc rrllupcDJnurs ol ih,
..Df, r .n. bonrlj ,nrJ. onrl in i..o nf \irh irdurrrtn)rs ot D.nrrln..nr rfJ Llif(,.rrrs ot
1l'f..rll!rrl; JfJ (i) p,r\kl!.'..*.f.,Ur.,itr,.mr' ,(t1., \lng fro\!rrnrr or rirn.l\ Jtr\!.n .f
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Prrhr(lJ No:20193 r)

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