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Savera Industries Ltd. — Annual Report 2021
Jun 28, 2021
63069_rns_2021-06-28_85d55597-e582-4c1b-98ad-44774d2dfa6e.pdf
Annual Report
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==> picture [94 x 37] intentionally omitted <==
----- Start of picture text -----
THE
SAVER�
OUR BUSINESS IS YOU
----- End of picture text -----
28'" June. 2021
Bombay Stock Exchange Ltd. Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001
Dear Sirs,
I
Pursuant to Regulation 52 (3) (a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we are enclosing herewith the Audited financial results for the year ended 31" March, 2021 which were approved by the Board of Directors of our company at its meeting held on today i.e 28[1h ] June, 2021, together with the Audit Report issued by the Statutory Auditors of the company ..
The Board Meeting commenced at 4.00 PM and concluded at 4- · 31 PM
Please take on record the above documents.
Thanking you,
Yours faithfully, For Savera Industries Limited
w�
any Secretary.
Savera Industries Ltd., 146, Dr. Radhaknshnan Road, Chennai - 600 004. CI N : L55101TN1969PLC005768
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DECLARATION
Sub : Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) (Amendments) Regulations, 2016 and SEBI Circular No.CIR/CFD/CMD/56/2016.
'
In compliance with Regulation 33 (d) of the SEBI (Listing Obligations and Disclosure Requirements) (Amendments) Regulations, 2016 and SEBI Circular No.CIR/CFD/CMD/56/2016 dated May, 27, 2016, I hereby declare that Mis. S.Venkatram & Co., LLP, Chartered Accountants, (ICAI Firm Regn. No.0046568 Statutory Auditors of our company have issued an Audit Report with unmodified opinion on the Audited Financial Results of the company for the quarter ended and year ended 31.3.2021.
This declaration is for your records.
Date : 28.6.2021 Place: Chennai.
for Savera Industries Limited
. \a.� iUVV- o-\ CH Mahesh Kumar Chief Financial Officer.
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Savera Industries ltd., 146, Dr. Radhakrishnan Road, Chennai • 600 004. C IN : LS5101TN1969PLC005768 Tel.: 91-44-28114700
SAY[RA 1:->ousn11p; I IMIU'll OUR BUSINESS IS fOtJ " llrg<I om�•: 146, Dr. 11.a,JhJ.ri.. . - shnnn Ro•d, Myl•p<1rc, Chrnnai - 600 004 Id..fu: 91-44-21 r 4700. Fu: 912811 347S. [!!141.l: info@sa>tnho1rl.com �: I I rNl9691 · .MilO '1..C00576!1 �: .. -..w.sa, cr11hotcl.com
SJ,\J[\l. ... E:->. . J Of Al. .. . . .Jl. ll .. . I U> •·1N,\NClAL . -B[SI· -·IIJI\ --FOii Tflt·" -QUARHK ---·ANP l'EAR · · -F;Nprn --- 31� MARC- 2021
| -·-· |
-·-- |
--···- |
-- |
- |
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|---|---|---|---|---|---|---|---|
| S No ParlculAn |
For Jl.O.2021 (,\uditcd) |
thoQuarltr ende Jl.03.20io (Au,itc) |
Jl.ll.1020 (Unaudite) |
For tht Year 31,03.1021 (Au,ita) |
"JLk ) ' ' •ndcd Jl.O.2020 (,\u,itr) |
||
| ' " |
K"·rnut rrm Op,rtlnu Otl,rrlnrmt |
H05.6 41.76 |
1,494.S 26.6 |
S.JI 21.24 |
1,%2.7 114.2 |
6,721A6 61.6 |
|
| "' | Tmallnrnmc(ItII) |
847.44 | 1,21.22 | 6.62 | 2,076.69 | 6,7. |
|
| rv | ElJ |
||||||
| ,, Cllof�Uunol,co• ,umc, (II) Chant•,ni11>011lor orlto,1-hHrde (1)[mplo)n H•arr1•:•11·n> (iv) Finance Cost MDtpr,alion&Amurlll�lion (,·I)lro,ision ForDub1fulIJcht (vii)01huOprting andGcn•r�I u1in= |
IJ.9 12.01 247.15 1471 91.8 (IJ.7S) 314.60 |
234.9 "" Sl4.98 10.12 115.10 (6.21) "- |
SS.O .,, 19S.62 "' "-" (1.74) 261.40 |
293.9 20.4S 815.0 44.92 371.77 10.49 931.71 |
1,0S.5 102.S9 2,0S.7S 55.44 458.17 '- 2,46].7) |
||
| Total[•1in-(IV) | ' | 8.59 | 1,479.45 | 65.1 | 2.487.77 | 677.0 | |
| v | rrft{lo1Jbfor cut1nioaali1cmsud tu (111-1\' | 4.85 | 41.77 | (36.21) | (411,0) | 612.97 | |
| vr | •-><1,tlunal 1,�m, | {42.69) | (22.59) | . | (42.69) | (22.59) | |
| VII | lrft{I.) bdorcI��(V-\I) | 4.16 | 19.18 | (36.21) | (45.77) | S9.8 | |
| VI IX |
[1troriuarhtm• l'rftbfortTu (\'II-VIII) |
. 4.16 |
- 19.18 |
. (36.21) |
. (45.7) |
ssa | |
| x | Tut,pn. | ||||||
| (i)Currnt Tn (,i)ldcrrt r� (iii)Fullu\'tarTu |
. (25.59) . |
1695 (17.07) . |
(1.42) | . (4J.97) |
212.4� (49.81) |
||
| - | |||||||
| xr | Prnt/(Los)forlhtpnoco11hnumg oµrlwn(IX·X) | 29.75 | 19.O | (27,79) | (4.8) | 417.74 | |
| XII | Oll1nCom11rthtn1htlnromr | ||||||
| A.(I)llcmJthat,;u not brlnMifcd tol'rflorlos: | |||||||
| -Rem••1urn,t11tor ,rf11<d bntfT pl�ns -Euitln1tnmrnt11hrough 01herC0111prhensktIncome (li)lntomt1n rlating co it,1 that.mnuthrl•nlf«toprftor •• |
(37.S) 22.80 . |
,,, (4J.51) II.OS |
7611 27.28 |
44.05 91.77 . |
346 (6. ) 639 |
||
| '- U(i)lttmsthat "111hreda,<if(i,)Inometurtlating10ir•n•sthat"ill notb rlaslft to proftor\ 0f> |
. - |
. . |
. - |
. . |
- . |
||
| (15.0l) | (310) | lOJ.9 | IJS.2 | (18.9) | |||
| Xl | Tol IComprheni\tln<0111<fortht pro (l:+X) | 14.72 | (11.8) | 7S.6 | (173.98) | 40.75 | |
| :IV | Paid-uptuitsh.rtca1m•I (Fon valut RIO- each) |
l92.80 | 1,192.80 | l,192.8 | 1,192.8 | 1.192.80 | |
| xv | Rnnt udSurplu (uclu,rn� R<>aluationR,•• nc) | . | . | . | 4,6� | 4.2.62 | |
| XVI | hm,ngPtr Shr(ln Rs) | ||||||
| (i) Dasie (ii)Di hole |
0.25 0.25 |
0.16 0.16 |
(0,23) (0.23) |
(34) (3.44) |
J.59 J9 |
Savera Industries ltd.,
146, Dr. Radhaknshnan Road, Chennai - 600 004. CIN : l55101TN1969PLC005768 MSME: UDYAM-TN-02-0029972 Tel.: 91-44-28114700.
E-mail : [email protected]:www.saverahotel.com
F6, ' ·E� -, l (/\ K:: >\ ( u 1..:·· .( L - •··-"--. _, -·-�---'
SAVE RP OUR l!US1NE5S 15 mu
STAII\MI\I',. OF ASSns ANO 1,1,\QIUJIFS
| • ·, In1.1,) |
||||||
|---|---|---|---|---|---|---|
| l'ariwbn | AIU ..0..2021 |
""' ll.03.2020 |
||||
| ASSETS | ||||||
| I | Non.ar1 A1wto | |||||
| (•) | l,1"&E.p.i | S,318.38 | S.62461 | |||
| 0) | R1g1eru. . •• . | 16S.IO | 24101 | |||
| (<) | Ca�I Wo" 1'1"< |
. | . | |||
| (d) | 11\"Jt | . | ||||
| ,, 10 |
Oh huauwbl"A�t, f-··h� |
2.2 | '" | |||
| •ln>l | 242.17 | U0l9 | ||||
| .L." | lll.44 | 1128 | ||||
| •OFu1.lA, | 144.76 | 220 | ||||
| 10 | 0" N-uMAS> | . | ||||
| S,\IO | 6S.18 | |||||
| ' | c••• ,.,A !•I lmenue |
22.14 | 26]J | |||
| \b) | fmaoialADl | |||||
| -ln,�m1ns | . | |||||
| •Tre ro.bl | 62 71' | 10.74 | ||||
| •Cu,and Cashlu,.alc1>1, | 132.48 | 25.7 | ||||
| · D�{o 1h b,c) ."' -OhfinW1Ass |
' | 48.14 43 48 2S.9S |
,i,,24 76.0J 49 IO |
|||
| ,, 1,1 |
c' A,{'c) Other Ccmlsstu |
J2.6 648 |
"' 87.43 |
|||
| rn | c�,- | 1.15 | HI | |||
| 11&U | l,IJ.IJ | |||||
| Tu1al,i, | 6,.29 | 7,3UI | ||||
| [QUIT\'ASOL!AUlUTJ•:s | ||||||
| •:QUIT| | ||||||
| <•I | ES� Ca | 1.19I | 1,192.8 | |||
| (b) | OhEuii | 4,68 6 | 4,882.62 | |||
| S,1•. | 67S4Z | |||||
| LIADILIT1E | ||||||
| I | Non·CUIt li��ilit� |
|||||
| (•) | Fm,i1M,I �hm: | |||||
| -B . mp • Le L1ab1luic |
'" 11063 |
22.30 191.42 |
||||
| \bl (<|-Ohfman,lL1ahh11e ,_ DfmoIJX t,ab,ltlle(n�,) |
3S.8 95.0 . |
"-" '"' 097 |
||||
| (d) | OI-Cnl l,lht> | . | . | |||
| 247.74 | 39.34 | |||||
| ' | CurrnllHabi1ia (•) Fin Lllii |
|||||
| -Bmg | 29.42 | 14.19 | ||||
| -Tre payable | ||||||
| • TOI Oain� ""�of�lic EteaSl Ecs -TOa O5a1 �dl ofCri1o 0h1hanMic En1csandS1nlEn1cs |
3.74 89.93 |
"' 11692 |
||||
| - LLibiluie -Ohful,lobhoe |
'"' 201.53 |
"" 2S.0 |
||||
| (b) | CweIli1bdi11c (1< | . | . | |||
| (d) | Oh<ttl11h,liue | S.21 | 91.1 | |||
| (<) en |
Co Lbllili Pvs |
"-" SI22 |
lS372 7S46 |
|||
| 81.ll | 118.S | |||||
| Total EouilfndLiabltin | 6,29 | 7.8.I |
==> picture [187 x 68] intentionally omitted <==
Savera Industries Ltd., 146, Or. Radhakrishnan Road, Chennai - 600 004. CIN : L55101TN1969PLC005768 MSME : UOYAM-TN-02-0029972
OUFl BUSINESS IS YOU
STAT[M[NJ Qt (OSI! fl.OWS
| Panleuln Cahn.r,Op.un;M•k lt> |
\farfade 1,•••1.1�. |
Jl,O,2021 R1. l•W, |
"' •Lk, YHr,md. JI.O.OlO R••Liu R1ioLU, |
"' •Lk, YHr,md. JI.O.OlO R••Liu R1ioLU, |
|
|---|---|---|---|---|---|
| Nepo,1l,et,.,..p,o:ond..udma 1tc (.01.,neOI) AddOhcCpOn.,,eloo bf<e,., N«p,1bro•W ...'uonaudc,tod,1""'(,nh.,hn1 OI) �1:,u,cpl oe,,.•,.,nall<n< NrlOflboforI"�fcrcscep,oIa"''"odm",,..,. (L1"l.m1 O[) AdJ•'-nt/. |
(411 07) us82 (27S 2S) (42.6) |
()17.9) | 612 97 (2Sl7/ S87.6 (25) |
SSOI | |
| (Pr�f,c)o �. or r,�oas, AlwU<o RornCo�r o lo,,.,.F.D"blulDeb1S --· GonoFoi,VoU1ooDp"" OonolTo1noon (G•m) o FauVauioofln,emrt, lntacEx . lntacO1Lo,J.1,es [,.,dalraeln D,a,aAm,.o hp1 |
(044) "� (480) !O49 '" (4S) (J22) (9177) "" 2302 (344) 371 77 |
29 81 | (0S2) 247 (4!6) "' "" (17') �� 21 01 J443 (30.42) 4S8.11 |
5S1SJ | |
| Opntin1pr1bfo, "nrn�capiUlAd"-n /"Clumµi�A,,mand/.//,t\ ([nr}e "h>•<OIOU<S ([n.)e 1nTrae R«cvlc, (ln�,nL,1Curcnt) (lno�mOhfm,n,,aAs(NoC=t) (lnu)e,nl!'oCue,) (lne� inOhe r"Cur, A., |
' | '"' ,ow 32SS (122S6) '"' |
(?l.ll) | (SO) 28U (129) M» >,o . |
l,lll. |
| (lnro�mOheCurre,As, (lroYre,nCotrAss ln0),n Co,.,L,a"11> lru0ru)mOaFn>,,a L1aohUO(onCur) |
22Sl (49) (663) ,� |
26 77 ,� (48l) |
|||
| lnrc-O�),nOeFma,o La,htic (Cur) ln�),nTro P/ale (C.url) lnroDrca),n Omlummt L1alme l,,1.0 ) '" Loi T<mPo..o, JnOu),nSt1le,mProm,o, c •••. 1.r .Opooin• ln"(p�efoo 1<<••bfn01.ll•1Aw,,,,,, |
(995) (2S88) (159) (2 42) (24.2S) |
()28 82) (339 128) (37"1 |
{742) (89) "� (17.88) ,m |
�"' 1U.S7 (21031) 978.6 |
|
| c.�n. lo, .liA�,(j"o\je | |||||
| Puc of,.tA=• lrholntg,bl•A. »eorF,!A=s CatWo,n!<" |
(276) "" |
(1316) (236 rn |
|||
| (In.�,n OhtF1n>•oA.,..,(Cur<t) (ln,. Yre,nOh.u. D.t, D,vlnle lneR«"t |
23IS 26.0 3442 |
31sa (30841) 3042 |
|||
| N<(Jn.Y�- mro,Curet !n,emet> | |||||
| No<uul inlo,ohng,ctn,1i."' Cnhfwr. F••••i•BA<1i,i1io· |
S.U | (J20.) | |||
| P,frB,�(N<l | . | . | |||
| R<tolwni P�m,ofiLo,lu,es ln1et oLL.b,htoc D.,dpad Inttep,pd Ne•••� u.inr... c1,1"'"',,,(C) |
(1497) (21 9) (2302) . (21.9) |
(SI8S) | (2S2S) (541) (443) (20!31) (21.01) |
(59.() | |
| N<in«-io,uhondcash<q,molt,(Af+(0)+(C c.•Hd otbnonlna ofch<Jro Cu•Hdcu """""•" "1 ,ndoflb<pti |
(402J) 24S9 16�4 |
(,H 178 )5 l-.59 |
|||
| Co,h HdC>h Eq•lol••b | |||||
| �------------ -, -bl > . _1 l'arkulH� CaaCaEuiv<1'"'""'ofbac""h bkoCaoc"""'""inludernthcnow sctsct,,hfoll°' ,JO!31..1021 ,JOl JI..2020 - In CunntAnt(.,chSheulelak,) 1,nllh, 1in blu 47.32 21928 |
|||||
| •CoH •(I wtht$n""""of 1 .1h 3 mt, |
"' 77 SS |
18 38 1713 |
|||
| ·O'a | 1242) | (1419) | |||
| Total | {1�1.9) | 2-.59 |
==> picture [189 x 45] intentionally omitted <==
Savera Hotel (A unit of Savera Industries Ltd.,) 146, Dr. Radhaknshnan Road, Chennai - 600 004. CIN L55101TN1969PLC005768
THE SAVE RA OUR OLISIN€SS IS YOU
:· 1n tv pyhli,h\'\I Krul!•;
I) The •IMl•·e A11dl!NI Flnnd. Mt: 11� (a, I"'' K1"¥11latlo11 Jl ur tbt SERI (l.ls1ing Obli,:. i<>M .Ind Di>doi.ure kequlremenu) Rrg11lation1) lu,t bttn uv�"N by lht Audit CommiUtt anli •ulw..'quently 11p11rn,·e.l by the J\6.lrd of Uirec1or, at ib medill; htlll 1 lll"' June lC L. The Jlllutory .1uditor, ba,t audit,:d the finandal rt: Lt1 for !ht Quarter 111d \'tar to dace eu,!fl\l Jht M..r"h 1021 u required undu Rc,:ul. ion 3J of the Si:BI (Li>tinr,: Oblir,:utionJ ud D�lO tt Requittn,uls) M.1'¥ulatlonJ 2015 ud !ht rdaltd rrporl doa &QC have .1ny imp.1cl om tht 1bo1e A11diu,d •·1nmnd1I R�h• ull n<lles lhUHn.
- 2) ln �le"· of 11u111n.lily of the -,or, the finandal =uh5 fur the Quar1erl ptriod ue not indkatiH of the full )Ur'1 nptttcd �rforn,ance. Any pt"rioo.lic coniµ.rison sho11ld take thi1 inu1 eonsid•r•tion.
3) The Comp1ny hu only one openiri\·c w,1.n,cnt ,·i;r_, hotdicr,ng and h•n« M1;mtnt rcpor1ing does not •pply to !ht company.
- 4) EPS is not •nnu•liud ror Qnrtcr JI� \l�rth 2021. JI'' March 2020 & JI� O«tmb 2020.
5) The..e fin1nci1I raulu h1,·c brcn prtparc,I in 1cconlancc .,;11, th• recognition ud mcuurement principles or lndi•n Accounting St1ndard1 (Mind AS�) prff(Cribed under S ion IJJ or the Companies At!, 2013 rud with the rcle,unt ruin i'"ucd thereunder and 1hc other 1ccoun1i11g princi11les gene nilly accepttd In India.
6) Tht figures for the lhrtt mootbl tnded 31,1 March 2021 ond thrtt mo11th1 ended Jl,1 ,\brch 2020 ire 1rri•td 11 as the difference beh•ttn 1ud1ted figure.in rapttl ortbe full fin111ci1l year and tbt publUbnl unaudi1ed figures up to nine months erme rtlcunr finoncoul yrar. I
7) The bu.inas 1111 brc• i111pac1td during the period 011 1ccoun1 or covm .. 19. The Com111ny "itn� son er mrt1wa due lo the locktlown impMW by the g0>erninc1 With the un1oc,l,Jmg or restrktioms in I ph1Kd manner. 1hr Company e�pttts lhe busin•n to gradually impro>t. The Company hH rn,ured the liquidily po<itio• nd t..ku tlep, to mttl its .. o,king upital rcquircmuts. fur1hrr. s1,·p, for cost 011timiHlion at 011tnUional le,tl� hu,·c been implcmcntnl. Accordingly, the financi•l roulls or the Company h1,e been prtparrd on a golni: concern bHls.
The Company hu •• so usasc-d the P'"'•bk- 11npacl of COVll).19 in prtp11nition or lht fiinancU rCJults, including but not liinited to ib 1-...ent or liquidity ind goi•g ronurn usumption, rcco,enible values or its financial ind noo-fiunci•I US<:U ind lmp1c1 on rc,rnun 1od r.Hlt. BIUC4 on the current <'3tim.ua, the Company does nol e,pec,1 uy sigoific1n1 im1>act on the c•r()ing ,·1lun or Its assi;:t,. The Impact of Co,id-19 may br different from that rilim&led H •t the d1tt of11>1>ro,1l of lheK financial r�ults and the Company "'II con1inue to cl....,ly monitor 1ny m11tri�l ch:1nga to future economic condition'!.
8) The company hH nedited, Rs.7.31 la�h, a11d Rs.48.07 la�hs for lht Quarter 1nd )Ur tndcd n" ,\brch 2021 respecli>ely, bring rent concc...ions recri,td, lo Other Income. This is in 1ccordanc; "ith p1ngraph 46A ind �68 of l�O AS 116.. notified by MCA ,ide its 11otiric1hon dated 2-4• July 2020.
9) The Indian Puli1mtnt h111p1>ro•ed th� Co,Je on Sndul 1«11ri1y 2020 "hich "nuld imp•ct 1he ronlrobutions by the Company tow1rds Providtnl fund ud Gra111ily. The draft rules for the same "tre rtleased in No,·embcr 2020 and !hr Co,t hn invited sugi:estions rrom the stakeholders, 1nd these ere under the acti.-c ro11sider1tion or the Mini.try or llbour 1nd Employmtnl. Tht Go,·crainent his no"· dtfrrrtd th• implcmtntllion or the Coda. br)ond Apr I, 2021. Tht Company .,;11 useu the imp1ct ind its e..-.luJlion once tbt rules arr nohfitd and "ill m1U &fll'CUII()' pr0> •• ion for the imp1ct in the period in "hich the Code becomes effecti>e •nd rtla!rd rules are publuhnl.
10) Eaccptional items for the }Hr tndcd 31'1 M1rch 2021 indudn Rs. 42.69 lal.hs rrluing to u .. 1 wriuen off on account or cl03ure or brucbes
11) Tht Board or Dir or. of the Comp�n� ha>e not recommended 1ny di,·idcnd for tht year ended JI� ,\l&rth 2021.
12) Figures or prc.ious periods ba>t been rr-�roupnllrttla.»ified "herr>tr ne ry to ronform to the current period dusifie1tion
Place: Cbenn&i
Datt: 2ir' June 2021
for ud 01 beh1lrorthe Board or Director. � l (u\ A. M.ni�umar Keddy J\hn1ging Director
Savera Industries ltd.,
146, Dr. Radhakrishnan Road, Chennai - 600 004. CIN: LSS101TN1969PLCOOS768 T-1 . n1 • • ' " 1 """''"'
218, T.T.K. Road, Alwarpet, Chennai - 600 018. Ph. No.: 2499 21 55 I 56 I 57 E.mail : [email protected]
Chartered Accountants "Formerly known as S. Venkatram & Co." (Regn No: 722) Converted and registered as LLP vide LLP!N AAM-3179/27.03.20! 8 with Limited Liability
S. Venkatram & Co. LLP
Independent Auditors' Report on Audited Annual Financial Results of Savera Industries Limited pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To the Board of Directors of
Savera Industries Limited
Report on the audit of the Annual Financial Results
Opinion
We have audited the accompanying annual financial results of Mis. SA VERA INDUSTRIES LIMITED (hereinafter referred to as the "Company") for the year ended 31" March 2021, attached herewith, being submitted by the Company pursuant to requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("Listing Regulation").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid a ual ancial resul : nn fin ts
-
a. are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and
-
b. give a true and fair view in conformity in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the year ended 31" March 2021.
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. (the Act). Our responsibilities under those SAs are further described in the Auditor's Respor.sibilities for the Audit. of the Annual Financial Results section of our report. We are ir.dependent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial
==> picture [79 x 79] intentionally omitted <==
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on annual financial results.
Emphasis of Matter
We draw your attention to Note no. 7 to the annual financial results, which describes the possible effect of uncertainties relating to COVID-19 pandemic on the Company's financial performance as assessed by the management.
Our opinion is not modified in respect of this matter.
Management's and Board of Director's Responsibilities for the Annual Financial Results
These annual financial results have been prepared on the basis of annual financial statements. The Company's Management and the Board of Directors are responsible for the preparation and presentation of these annual financial results that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
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Auditor's Responsibilities for the Audit of the Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the annual financial results as a whole are free from material misstatement, whether due 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 audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are c?nsidered material if, individually or in the aggregate, they could reasonably be on results. expected to influence the economic decisions of users taken the basis of these annual financial
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
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Identify and a ess the risks of material misstatement of the annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions , misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
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Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results 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's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The annual financial results include the results for the quarter ended 31" March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For S. Venkatram & Co. LLP
Place: Chennai Date: 28th June 2021
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Chartered Accountants
FRN: 004656S/S200095 � 1��' R Vaidy�than / Partner
M. No.18953
UDIN: 21018953AAAABM9873