You are here » Home » Companies » Company Overview » Adani Enterprises Ltd

Adani Enterprises Ltd.

BSE: 512599 Sector: Others
NSE: ADANIENT ISIN Code: INE423A01024
BSE 00:00 | 18 Oct 175.20 12.60
(7.75%)
OPEN

172.50

HIGH

175.80

LOW

165.20

NSE 00:00 | 18 Oct 175.10 12.55
(7.72%)
OPEN

174.90

HIGH

175.80

LOW

165.10

OPEN 172.50
PREVIOUS CLOSE 162.60
VOLUME 1588003
52-Week high 180.70
52-Week low 113.00
P/E 24.92
Mkt Cap.(Rs cr) 19,269
Buy Price 174.10
Buy Qty 500.00
Sell Price 175.00
Sell Qty 1100.00
OPEN 172.50
CLOSE 162.60
VOLUME 1588003
52-Week high 180.70
52-Week low 113.00
P/E 24.92
Mkt Cap.(Rs cr) 19,269
Buy Price 174.10
Buy Qty 500.00
Sell Price 175.00
Sell Qty 1100.00

Adani Enterprises Ltd. (ADANIENT) - Auditors Report

Company auditors report

To the Members of Adani Enterprises Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofAdani Enterprises Limited ("the Company") which comprise the balance sheet asat 31st March 2019 the statement of profit and loss (including other comprehensiveincome) the statement of cash flows and the statement of changes in equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (herein after referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act2013("theAct")in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2019 the profit and total comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Standalone 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 standalone financial statementsunder the provisions of the Act and the Rules made there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI'sCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone FinancialStatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Financial Statements of thecurrent year. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matters Procedures Performed / Auditor's Response:
1 Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115"Revenue from Contracts with Customers" (new revenue accounting standard) We have assessed the Company's process to identify the impact of adoption of the new revenue accounting standard. The Company has taken the help of industry experts to assess the impact of Ind AS 115 and the accounting and reporting differences in revenue recognition principles between Ind AS 18 and Ind AS 115.
The application of the new revenue accounting standard involves identifying accounting and reporting differences in revenue recognition principles between Ind AS 18 and Ind AS 115 taking certain key judgements relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue recognized over a period. We have reviewed the exhaustive reports issued by the experts covering all material revenue transactions done by the Company and have relied upon the same.
The reports state that there is no material impact of the new revenue accounting standard and the company can continue with the existing accounting practices.
2 Evaluation of pending tax litigations We have obtained details of tax litigations under various statutes for the year ended 31st March 2019 from the management.
The Company has pending litigation for demand in dispute under various tax statutes which involves significant judgment to determine the possible outcome of these disputes. We have reviewed the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes. We have also reviewed the legal precedence and other rulings provided for review by the management in evaluating its position in various matters.
We have also reviewed the assumptions made by the management as at 31st March 2018 and evaluated whether any change was required on account of information and updates made available during the year.
3 Evaluation of litigations under arbitration or various court forums We have obtained details of litigations pending under arbitration and various forums of court for the year ended 31st March 2019 from the management.
The Company has pending litigation with various parties pending under arbitration and various forums of court which involves significant judgment to determine the possible outcome of these disputes. We have reviewed basis of assumptions made by the management in relation to the ongoing proceedings. We have had verbal discussions with internal and external legal experts of the Company and evaluated whether the stands taken by the management required any change.
4 Appropriateness of Current- Non-current classification For the purpose of current/non-current classification of assets and liabilities the Company has ascertained its normal operating cycle as twelve months. This is based on the nature of services and the time between the acquisition of assets or inventories for processing and their realization in cash and cash equivalents.
The classification of assets and liabilities has been done on the basis of documentary evidences. Where conclusive evidences are not available the classification has been done on the basis of management's best estimate of the period in which the assets would be realised or the liabilities would be settled. We have evaluated the reasonability of the management's estimates.

Information other than the Standalone Financial Statements andAuditor's Report thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theCompany's annual report but does not include the Standalone Financial Statements andour auditors' report thereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation and presentation of these Standalone Financial Statements that give a trueand fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the applicable IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 Standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

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

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

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

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the Standalone Financial Statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the StandaloneFinancial Statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the Standalone FinancialStatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the Standalone FinancialStatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements of the current year and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matter

The attached Standalone Financial Statements include Company'sshare of net assets of र 94.43 Crores in one unincorporated Joint Venture notoperated by the Company the unaudited accounts of which have been certified by themanagement which we have relied upon.

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 of the Companies Act 2013 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including othercomprehensive income the Statement of Cash Flows and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Standalone Financial Statements complywith the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors of the Company as on 31st March 2019 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2019 from being appointed as adirector in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Standalone Financial Statements disclose the impact ofpending litigations on the standalone financial position of the Company

– Refer note 41 to the Standalone Financial Statements;

ii. Provision has been made in the Standalone Financial Statements asrequired under the applicable law or Ind AS for material foreseeable losses if any onlong term contracts including derivative contracts- Refer note 40 to the StandaloneFinancial Statements.

iii. There has been no delay in transferring the amounts required tobe transferred to the Investor Education and Protection Fund by the Company.

3. With respect to the matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

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

ForSHAH DHANDHARIA & CO.
Chartered Accountants
Firm's Registration No. 118707W
Ankit Ajmera
Place : Ahmedabad Partner
Date : 29th May 2019 Membership No.434347

Annexure – A to the Independent Auditor's Report

RE: Adani Enterprises Limited

(Referred to in Paragrapर 1 under ‘Report on Other Legal andRegulatory Requirements' section of our Report of even date)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) As explained to us fixed assets according to the practice of theCompany are physically verified by the management at reasonable intervals in a phasedverification programme which in our opinion is reasonable looking to the size of theCompany and the nature of its business.

(c) The title deeds of immovable properties as disclosed in note 3 onProperty Plant and Equipment to the standalone financial statements are held in thename of the Company except for leasehold land and immovable assets acquired pursuant tothe composite scheme of arrangement having a carrying value of र 2.84 Crores as at31st March 2019.

(ii) The inventory other than stocks lying with third parties hasbeen physically verified by the management during the year. In our opinion the frequencyof verification is reasonable. In respect of stocks lying with third parties at theyear-end written confirmations have been obtained. The discrepancies noticed onverification between the physical stocks and the book records were not material and havebeen properly dealt with in the books of account.

(iii) (a) The Company has granted unsecured loans to parties covered inthe register maintained under section 189 of the Act. According to the information andexplanation given to us and the records produced to us the terms and conditions of thegrant of such loan are not prejudicial to the interest of the Company.

(b) The schedule of repayment of principal and payment of interest hasbeen stipulated and repayments or receipts of principal amounts and interest have beenregular as per stipulations.

(c) There are no amounts of loan granted to such parties covered in theregister maintained under section 189 of the Act which are overdue for more than ninetydays.

(iv) In our opinion and according to information and explanations givento us and representations made by the Management the Company has complied with provisionsof Section 185 and 186 of the Act in respect of grant of loans investments made andguarantees and securities provided by it.

(v) According to information and explanations given to us the Companyhas not accepted any deposits from the public within the meaning of the directives issuedby the Reserve Bank of India provisions of section 73 to 76 of the Act any otherrelevant provisions of the Act and the relevant rules framed thereunder. Accordingly theprovisions of clause 3(v) of the Order are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by theCompany pursuant to the Companies (Cost Records and Audit) Rules 2014 prescribed by theCentral Government under section 148(1) of the Companies Act 2013 in respect of theCompany's products/ services to which the said rules are made applicable and are ofthe opinion that prima facie the prescribed cost records have been made and maintained.However we have not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted/ accruedin the books of account in respect of undisputed statutory dues including Provident FundEmployees State Insurance Income Tax Sales Tax Service Tax Customs Duty Excise DutyValue Added Tax Goods and Service Tax cess and other material statutory dues havegenerally been deposited regularly during the year by the Company with the appropriateauthorities.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of applicable statutory dues as referred to abovewere in arrears as at 31st March 2019 for a period of more than six months from the datethey became payable.

(c) According to the information and explanations given to us thereare no material dues of wealth tax which have not been deposited with the appropriateauthorities on account of any dispute. However according to information and explanationsgiven to us the following dues of Customs Duty cess Income Tax Sales Tax/ Value AddedTax Service Tax Excise Duty Stamp Duty and FEMA/ FERA have not been deposited by theCompany on account of disputes.

Name of Statute Nature of the dues Forum where dispute is pending Amount (*) (र in Crores) Amount paid under protest (र in Crores) Period to which the amount relates
Income Tax Act Income Tax Appellate Authority upto Commissioner's Level 34.28 2008-09 & 2014-15
Appellate Tribunal 2.52 2.33 2008-09 & 2010-11
High Court 47.62 12.90 2001-02 & 2006-07 to 2009-10
Finance Act 1994 Service Tax Appellate Tribunal 33.41 17.95 2004-05 2006-07 to 2009-10
Sales Tax Acts Sales Tax Appellate Authority upto Commissioner's Level 171.09 10.48 1999-2000 2002-03 to 2014-15 2016-17 & 2017-18
Appellate Tribunal 26.78 5.53 2001-02 2004-05 2012-13 to 2014-15
High Court 32.49 4.32 2005-06 to 2010-11 & 2014-15
Excise Act Excise Duty High Court 0.61 0.15 1998-99 1999-2000
Foreign Exchange Management Act Penalty Appellate Tribunal 4.10 2000-01
Foreign Exchange Regulation Act Penalty Appellate Authority upto Commissioner's Level 0.16 1997-98
Bombay Stamp Duty Act Stamp Duty Chief Controlling Revenue Authority 75.00 18.75 2015-16
Customs Act Customs Duty Assessing Authority 189.5 98.6 1994-96 1997-98 1999-2000 to 2008-09 2012-13 & 2013-14
Appellate Tribunal 795.62 282.13 1992-93 1993-94 2005-06 to 2007-08 2011-12 & 2012-13
High Court 1.47 0.87 1992-93 to 1993-94 & 1996-97
Jt. Secretary Ministry of Finance 0.83 2006-07 to 2009-10
Supreme Court 1.04 1997-98 & 1999-2000

* Amount as per Demand orders including interest and penalty whereverfigures available.

(viii) According to the information and explanations given to us and onthe basis of our examination of the records of the Company it has not defaulted inrepayment of loans or borrowings from Banks and Financial Institutions or dues todebenture holders. The Company has not taken any loan from government.

(ix) Based upon the audit procedures performed the Company has notraised moneys by way of initial public offer or further public offer. In our opinion andas per the information and explanations given by the management the Funds raised throughdebt instruments and term loans have been applied for the purpose for which they wereraised.

(x) During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practice inIndia and according to the information and explanation given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year.

(xi) According to the information and explanations given to us and onthe basis of our examination of the records of the Company managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V of the Act.

(xii) In our opinion the Company is not a nidhi Company. Accordinglythe provisions of Clauses 3 (xii) of the Order are not applicable.

(xiii) As per information and explanations given to us and on the basisof our examination of the records of the Company all the transaction with related partiesare in compliance with section 177 and 188 of Companies Act 2013 and all the details havebeen disclosed in Standalone Financial Statements as required by the applicable IndianAccounting Standards.

(xiv) According to the information and explanations given to us and onthe basis of our examination of the records the Company has not made any preferentialallotment or private placement or not issued any fully or partly convertible debentureduring the year under review. Accordingly the provisions of paragrapर 3(xiv) of theOrder are not applicable.

(xv) According to the information and explanations given to us and onthe basis of our examination of the records Company has not entered into any non-cashtransactions with any director or any person connected with him. Accordingly theprovisions of Clauses 3(xv) of the Order are not applicable to the Company.

(xvi) In our opinion the Company is not required to be registeredunder section 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisionsof clause 3(xvi) of the Order are not applicable.

ForSHAH DHANDHARIA & CO.
Chartered Accountants
Firm's Registration No. 118707W
Ankit Ajmera
Place : Ahmedabad Partner
Date : 29th May 2019 Membership No.434347

Annexure – B to the Independent Auditor's Report

RE: Adani Enterprises Limited

(Referred to in paragrapर 2 (f) under ‘Report on Other Legaland Regulatory Requirements' section of our Report of even date)

Report on the Internal Financial Controls under Clause i of sub-section3 of section 143 of the Companies Act 2013 (the Act).

Opinion

We have audited the internal financial controls over financialreporting of the Company as of 31st March 2019 in conjunction with our audit of theStandalone Financial Statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2019 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

Management's Responsibilities for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls 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. 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 the 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 Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI anddeemed to be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS Financial Statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assetsthat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

ForSHAH DHANDHARIA & CO.
Chartered Accountants
Firm's Registration No. 118707W
Ankit Ajmera
Place : Ahmedabad Partner
Date : 29th May 2019 Membership No.434347