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Aban Offshore Ltd.

BSE: 523204 Sector: Oil & Gas
NSE: ABAN ISIN Code: INE421A01028
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VOLUME 42948
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OPEN 49.00
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VOLUME 42948
52-Week high 52.60
52-Week low 20.60
P/E
Mkt Cap.(Rs cr) 274
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aban Offshore Ltd. (ABAN) - Auditors Report

Company auditors report

To the Members of

ABAN OFFSHORE LIMITED

Report on the Ind AS Standalone Financial Statements

I. Opinion

We have audited the accompanying Ind AS Standalone Financial Statements of AbanOffshore Limited ("the company") which comprise the Balance Sheet as at 31stMarch 2020 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of changes in equity for the year then ended and asummary 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 standalone 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 Indian Accounting Standards prescribed under section133 of "the Act" read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2020 the loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

II. Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on the standalone financial statements.

III. Material uncertainty related to going Concern

We draw attention to Note 39 to the Standalone financial results - the Company hasincurred loss during the year current liabilities exceeded current assets and the Companyhas defaulted in respect of installments and payment of interest on term loans and dues onaccount of cash credits from Banks these indicate that material uncertainty exists thatmay cast a significant doubt on the Company's ability to continue as a going concern.However for the reasons described in the aforesaid notes the financials of the Companyhave been prepared as a going concern.

Our opinion is not modified in respect of this matter.

IV. Emphasis of Matter Paragraph

As disclosed in Note 40 to the Standalone financial statements " the COVID -19 mayimpact the financial performance and operating environment of "the Company" infinancial year 2020-21. The Company is also aware of the challenges posed by the events asa result of the pandemic. As the situation is still evolving and remains uncertain"the Company" is unable to quantify the full magnitude of the outbreak and hasnot considered the impact if any on the financial performance of the Company".

Our opinion is not modified in respect of this matter.

V. Key Audit Matters

Key audit matters are those matters significance that in our professional judgmentwere of most in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a 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 be the key audit matters to becommunicated in our report.

I. Impairment

i. Valuation and Impairment of Property Plant and equipment:

Refer note (3) to the Ind AS Standalone Financial statements - an impairment charge ofRs.11537.12 million has been recognized for the year 2019-20 in respect of Jack up rigsand Drillship as the carrying amounts of such assets exceeded its estimated value in usewhich is mainly due to slump in the oil and gas industry.

ii. Valuation and Impairment of Investments: Refer note 4(a) to the Ind ASStandalone Financial statements - an impairment charge of Rs.35317.32 million has beenrecognized for the year 2019-20 in respect of investments in wholly owned foreignsubsidiary "Aban Holdings Pte. Ltd Singapore" which is on account of erosion ofNet worth of such wholly owned subsidiary due to huge accumulated losses on account ofimpairment in the value of its rigs due to slump in the Oil and Gas industry.

iii. Impairment of Trade Receivables: Refer note 4(B) to the Ind AS StandaloneFinancial statements - the Company has charged for expected credit loss allowancefor trade receivables of Rs.75.31 million as per IND AS 109.

How our audit addressed the key audit matters

• Our procedures included but were not limited to the following:

• Calculation of impairment has been done by management and not by external expertagency.

• Obtained an understanding of management's process and evaluated design andtested operating effectiveness of control's around identification of indicators ofimpairment under Ind As.

• Assessed the appropriateness of methodology and valuation model used by themanagement to estimate the recoverable value of assets

• Assessed the reasonableness of assumptions relating to revenue growth rategross margins discount rates etc. based on historical results current developments andfuture plans of business estimated by management.

II. Evaluation of uncertain Tax Positions:

The company has material uncertain tax positions including matters under dispute asdisclosed contingent liabilities (Note no: 28) which involves significant judgement todetermine these possible outcome of these disputes.

How our audit addressed the key audit matters

We have obtained from the management the details of present status of completed/pending disputes and taken into consideration the effect of these in respect of uncertaintax provisions to evaluate the uncertainties at the year end.

VI. Information Other than the Standalone Financial Statements and Auditor's ReportThereon

• 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 Annexure to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report hereon.

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

• In connection with our audit of the standalone financial statements ourresponsibility 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 a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

VII. Management's Responsibility for the Standalone 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 standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding 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 is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.

VIII. Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone 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 standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany 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 re cant gnifi lated to events or conditions that may cast si 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 standalone financial statements orif such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the fin ancial 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 chargedwith governance regarding among other matters the planned scope and timing of the auditand efficiencies significant audit fin dings including any significant in internalcontrol that we identify during our audit. We also provide those charged with governancewith a statement that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when 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.

IX. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

1) As required by Section 143(3) of the Act based on our audit 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 Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section

133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.

e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 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: a. In ouropinion and to the best of information and according to the explanations given to us theremuneration paid by the company to two of its directors during the year is in excess ofthe remuneration payable as per provisions of Section 197 of "the Act"- Refer toNote no: 27 "Note on Managerial Remuneration"

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 as amended 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 on its financialposition in its standalone financial statements.

ii. The Company does not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

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

I. In respect of the Company's Property plant and equipment:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant and equipment on the basis ofavailable information.

b) As explained to us all the Property plant and equipment have been physicallyverified by the management in a phased periodic manner which in our opinion is reasonablehaving regard to the size of the company and natures of its assets. No physicaldiscrepancies were noticed on such physical verification.

c) According to the information and explanations given to us and verification ofdocuments provided to us we are of the opinion that the title deeds immovable propertiesare in the name of the Company.

II. In our opinion the inventories have been physically verified during the year by theManagement at reasonable intervals. verification The material discrepancies noticedbetween the physical stocks and the book records have been dealt within the books ofaccount.

III. The company has not granted any loans secured unsecured to companies firmslimited liability partnerships covered in the register maintained under section 189 ofthe Companies Act2013.

IV. The company has provided guarantees and invested in its wholly owned foreignsubsidiary and Indian subsidiaries the company has also invested in other companies. Basedon the information and explanations given to us we are of the opinion that the Companyhas complied with the provisions of Sections 185 and 186 of the Companies Act 2013 whereever applicable with respect to said transactions.

V. The Company has not accepted any deposits during the year from the public within themeaning of the provisions of section 73 of "the Act" and hence directives issuedby the reserve bank of India and the provisions of section 73 to 76 or any other relevantprovisions of "the Act" the Rules framed there under are not applicable to theCompany at present. VI. The maintenance of cost records has not been specified by theCentral Government under section 148(1) of "the Act" for the business activitiescarried out by the Company.

VII. According to the information and explanations given to us in respect of statutorydues:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCustoms Duty Cess and other material statutory dues applicable to it with the appropriateauthorities.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues in arrears as at March 31 2020 for a period of more than six months fromthe date they became payable.

c) Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 31 2020on account of dispute are givenbelow:

i. In respect of Income tax matters:

Name of the Statute Nature of dispute Disputed demand in Rs in millions Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Regular Assessment 556.43 2002-2006 High court of Madras
Income Tax Act 1961 Regular Assessment 396.17 2006-2008 Deputy Commissioner of Income Tax Corporate Circle Chennai
Income Tax Act 1961 Regular Assessment 418.38 2008-2009 High court of Madras
Income Tax Act 1961 Regular Assessment 812.00 2009-2010 High court of Madras
Income Tax Act 1961 Regular Assessment 702.40 2009-2010 Deputy Commissioner of Income Tax Corporate Circle Chennai
Income Tax Act 1961 Regular Assessment 1907.93 2010-2011 High court of Madras
Income Tax Act 1961 Regular Assessment 298.88 2010-2011 Income Tax Appellate Tribunal Chennai
Income Tax Act 1961 Regular Assessment 854.33 2011-2012 High court of Madras
Income Tax Act 1961 Regular Assessment 1081.23 2013-2014 Income Tax Appellate Tribunal Chennai
Income Tax Act 1961 Regular Assessment 846.82 2014-2015 Income Tax Appellate Tribunal Chennai

ii.In respect of Service Tax matters :

Name of the Statute Nature of dispute Disputed demand in Rs in millions Period to which the amount relates Forum where dispute is pending
Finance Act 1994 (Service Tax dues) Regular Assessment 17.36 2007 Supreme Court
Finance Act 1994 (Service Tax dues) Regular Assessment 78.72 2011 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 18.94 2011-2012 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 36.78 2012-2014 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 79.80 2014-2015 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 37.31 2005-2011 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 236.49 2012-2014 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 0.60 2015-2016 CESTAT Chennai
Finance Act 1994 (Service Tax dues) Regular Assessment 605.75 2008-2010 CESTAT Mumbai
Finance Act 1994 (Service Tax dues) Regular Assessment 166.89 2009-2012 CESTAT Mumbai
Finance Act 1994 (Service Tax dues) Regular Assessment 1.54 2013-2015 CESTAT Mumbai
Finance Act 1994 (Service Tax dues) Regular Assessment 0.23 2015-2016 CESTAT Mumbai
Finance Act 1994 (Service Tax dues) Regular Assessment 0.57 2016-2017 CESTAT Mumbai
Finance Act 1994 (Service Tax dues) Regular Assessment 46.01 2015-2017 CESTAT Mumbai

iii. In respect of Customs Duty matters :

Name of the Statute Nature of dispute Disputed demand Period to which Forum wheredispute is in Rs in millions the amount relates pending

Customs Act 1962 Regular Assessment 107.90 2015-2016 CESTAT Mumbai Customs Act 1962Regular Assessment 916.00 2016-2017 Mumbai High Court

iv. In respect of Value Added Tax :

Name of the Statute Nature of dispute Disputed demand in Rs in millions Period to which the amount relates Forum where dispute is pending
Maharashtra Value Added Tax Regular Assessment 984.90 2010-2011 Tribunal
Maharashtra Value Added Tax Regular Assessment 459.75 2012-2013 Tribunal
Maharashtra Value Added Tax Regular Assessment 587.29 2013-2014 Appellate Authority
Maharashtra Value Added Tax Regular Assessment 667.03 2014-2015 Hon'ble Mumbai High Court
Maharashtra Value Added Tax Regular Assessment 949.23 2015-16 Intending to file a writ petition in Hon'ble Mumbai High Court.

VIII. Based on our audit procedures and according to the information and explanationsgiven to us we have noted default in repayment of term loan installments and payment ofinterest to banks during the year. The unpaid overdue loan installments and interest as at31st March 2020 are as given below:

Name of the Lender Amount of default including interest payable as at the Balance Sheet Date in Rs. Million Period of Default
Punjab National Bank 4302.22 February 2017 to March 2020
Central Bank of India 1788.39 March 2017 to March 2020
IndusInd Bank 226.47 May 2017 to March 2020
IDBI Bank 332.64 April 2019 to March 2020
Lakshmi Vilas Bank 243.83 September 2018 to March 2020

The banks have issued notices recalling the dues except in the case of Lakshmi VilasBank. As such the company has classified the dues under term loans from Non-currentLiability to current liability refer note no 8(a) to the Standalone

Financial Statements.

The Company has no dues to Government during the year and has no dues to financialinstitutions and does not have any debentures.

IX. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans.

X. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

XI. In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to two of its directors during the yearis in excess of the remuneration payable as per provisions of section 197 of "theAct"- Refer to Note no: 27 "Note on Managerial Remuneration"

XII. The Company is not a Nidhi Company as per section 406 of "the Act".

XIII. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in note no: 27 to standalone financial statements asrequired by the applicable accounting standards.

XIV. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures.

XV. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors.

XVI.The Company is not required to be registered under section 45-IA of the ReserveBank of India Act1934

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 ABANOFFSHORE LIMITED ("the Company") as of March 31 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 including adherence to respective company's policies thesafeguarding 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 Act2013.

Auditor's 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

Financial Reporting (the "Guidance Note") issued by the Institute ofChartered Accountants of India and the Standards on Auditing prescribed underSection143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 judgment including the assessment of the risks ofmaterial misstatement of 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 internal financial controls system overfinancial reporting of the Company.

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 fi nancial 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

(1) pertain to the maintenance e of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2020 based on the internal controlover financial reporting 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.