You are here » Home » Companies » Company Overview » AXISCADES Technologies Ltd

AXISCADES Technologies Ltd.

BSE: 532395 Sector: IT
NSE: AXISCADES ISIN Code: INE555B01013
BSE 00:00 | 10 Aug 135.80 10.25
(8.16%)
OPEN

124.45

HIGH

137.40

LOW

123.10

NSE 00:00 | 10 Aug 136.20 11.15
(8.92%)
OPEN

127.50

HIGH

137.55

LOW

124.25

OPEN 124.45
PREVIOUS CLOSE 125.55
VOLUME 20801
52-Week high 177.50
52-Week low 66.55
P/E
Mkt Cap.(Rs cr) 516
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 124.45
CLOSE 125.55
VOLUME 20801
52-Week high 177.50
52-Week low 66.55
P/E
Mkt Cap.(Rs cr) 516
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

AXISCADES Technologies Ltd. (AXISCADES) - Auditors Report

Company auditors report

To the Members of AXISCADES Technologies Limited (formerly AXISCADES EngineeringTechnologies Limited)

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone Ind AS financial statements of AXISCADESTechnologies Limited (formerly AXISCADES

Engineering Technologies Limited) ("the Company") which comprise the Balancesheet as at March 31 2021 the Statement of Profit and Loss including the statement ofOther Comprehensive Income the

Cash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the standalone Ind AS financial statements including a summary of significantaccounting 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 Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021its loss including other comprehensive loss its cash flows and the changes in equity forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' Section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.

Emphasis of Matter i. We draw attention to Note 43 of the accompanying standaloneInd AS financial statements which describes the Management's assessment of the impact ofuncertainties caused by COVID 19 pandemic and its consequential impact it may have on theoperations of the Company. Our opinion is not modified in respect of this matter. ii. Wedraw attention to Note 6(b)(ii) of the accompanying standalone Ind AS financial statementsin respect of dispute between the Company and Shareholders of Mistral Solutions PrivateLimited in relation to the implementation of the Share Purchase Agreement("SPA") dated 1 December 2017. The matter is pending before the ArbitralTribunal and the final outcome of the matter is not known currently. Our opinion is notmodified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2021. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context. We havedetermined the matters described below to be the key audit matters to be communicated inour report. We have fulfilled the responsibilities described in the Auditor'sresponsibilities for the audit of the standalone Ind AS financial statements Section ofour report including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the standalone

Ind AS financial statements. The results of our audit procedures including theprocedures performed to address the matters below provide the basis for our audit opinionon the accompanying standalone Ind AS financial statements.

Key audit matters How our audit addressed the key audit matter
(a) Valuation of Contingent consideration payable for business acquisition (as described in Note 2(i)(b) and 6(b)(i) of the standalone Ind AS financial statements)
The Company entered into a Share Purchase Agreement (‘SPA') effective December 1 2017 to acquire 100% of the paid-up share capital of Mistral Solutions Private Limited (MSPL) in a phased manner over a period specified in the SPA. Our audit procedures included the following:
As at March 31 2021 the Company has contingent consideration payable of Rs. 3416.47 lakhs. The said consideration is remeasured at fair value at each Balance Sheet date and is affected by changes in the estimation of post-acquisition performance of the MSPL and its subsidiaries ("MSPL Group"). Any resulting gain or loss is recognized in the statement of profit and loss. • We understood evaluated and tested Management's controls over the determination of the contingent consideration payable
; • We assessed the Company's valuation methodology applied in determining the value of contingent consideration payable. In making this assessment we also evaluated the objectivity and independence of Company's expert involved in the process;
The determination of value of contingent consideration payable made by the Management involved judgment in relation to the post acquisition performance of the MSPL Group impact of COVID 19 and discount rates applied in determining the fair value of contingent consideration payable. Accordingly we have determined this area to be a key audit matter in our audit of the Standalone Ind AS financial statements. • We evaluated performance forecasts used in the computation of contingent consideration payable and we engaged expert to assess the assumptions adopted by the Management with reference to MSPL Group's business plan and historical results to assess the quality of MSPL Group's financial projection including assumptions related to discount rates impact of COVID 19 and growth rates;
• We tested the mathematical accuracy of the underlying computation of contingent consideration payable and validated as per the terms of the SPA; and
• We have assessed the disclosures in the Ind AS financial statements as per the relevant accounting standards.
(b) Assessment of impairment of investments in MSPL (as described in Note 2(i)(l) and Note 6(b)(i) of the standalone Ind AS financial statements)
During the current year impairment indicators were identified by the Management on the carrying value of investment in Mistral Solutions Private Limited (‘MSPL'). The carrying value of the investment in MSPL aggregated Rs. 17604.20 lakhs. As a result an impairment assessment was required to be performed by the Company by comparing the carrying value of the investment to their recoverable amount to determine whether an impairment was required to be recognised. Our audit procedures included the following:
• We understood evaluated and tested Management's key controls over the impairment assessment process;
• We assessed the Company's valuation methodology applied in determining the recoverable amount. In making this assessment we also evaluated the objectivity and independence of Company's expert involved in the process;
For the purpose of the above impairment testing recoverable amount has been determined by forecasting and discounting future cash flows. Furthermore the recoverable amount is based on Management's assumptions of variables and market conditions such as volume growth rates impact of COVID 19 future operating expenditure discount rates and long term growth rates. • We engaged expert to assess the assumptions around the key drivers of the cash flow forecasts including discount rates expected growth rates impact of COVID-19 and terminal growth rates and methodologies used by the Management to determine the recoverable amount;
• We tested the arithmetical accuracy of the impairment testing model and
Determination of the recoverable amount of the investment in MSPL involved judgment due to inherent uncertainty in the assumptions supporting the recoverable amount of the investment and accordingly the impairment of investment in MSPL was determined to be a key audit matter in our audit of the standalone Ind AS financial statements. • We have assessed the disclosures in the Ind AS financial statements as per accounting the relevant standards.

We have determined that there are no other key audit matters to communicate in ourreport.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone Ind AS financial statements and our auditor's report thereon. Our opinionon the standalone Ind AS financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management for the Standalone Ind AS

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 Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation 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 Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS 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 unless

Management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the

Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind

AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a 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 identify 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 Ind AS 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 standalone Ind ASfinancial 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 control relevant to the audit in order todesign 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 statementsin place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone Ind AS financial statements for the financial year endedMarch 31 2021 and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub section (11) of Section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

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

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

Profit (c) The Balance Sheet the Statement and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 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 with reference tostandalone Ind AS financial statements and the operating effectiveness of such controlsrefer to our separate Report in "Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2021 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofSection 197 read with Schedule V to the Act; (h) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to the bestof our information and according to the explanations given to us: i. The Company hasdisclosed the impact of pending litigations on its financial position in its standaloneInd AS financial statements Refer Note 46 to the standalone Ind AS financial statements;ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses; iii. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
Sd/-
per Sunil Gaggar
Partner
Place of Signature: Bengaluru Membership Number: 104315
Date: June 11 2021 UDIN: 21104315AAAABK5650

Annexure - 1 to the Auditor's Report

Annexure 1 referred to paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date

Re: AXISCADES Technologies Limited (formerly AXISCADES

Engineering Technologies Limited) (‘the Company')

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) All property plant and equipment have not been physically verified by theManagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification

(c) According to the information and explanations given by the Management the titledeeds of immovable properties included in property plant and equipment are held in thename of the Company.

(ii) The Company's business does not involve inventories and accordingly therequirements under clause 3(ii) of the Order are not applicable to the Company.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013.

(b) The Company has granted loan to a company covered in the register maintained underSection 189 of the Companies Act 2013 in the previous year. The schedule of repayment ofprincipal and payment of interest has been stipulated for the loan granted and therepayment/ receipts are regular. The loan has been fully repaid during the year.

(c) There are no amounts out of the loan granted to company listed in the registermaintained under Section 189 of the Companies Act 2013 which were overdue for more thanninety days.

(iv) In our opinion and according to the information and explanations given to usprovisions of Section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of Clause 3(v) of the Order are not applicable.

. (vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the services of the Company.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been slight delay in a fewcases.

(b) According to the information and given to us no undisputed amounts payable inrespect of provident fund employees' state insurance income tax service tax sales taxduty of custom duty of excise value added tax goods and service tax cess and otherstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable.

(c) According to the records of the Company and the information and explanations givento us there are no dues of sales tax duty of custom duty of excise value added taxgoods and service tax and cess on account of any dispute except the disputed dues onaccount of service tax and income tax are as follows:

Period to which the amount
Name of the statute Nature of the dues Amount (Rs ) Amount paid under protest (Rs) relates Forum where the dispute is pending
The Finance Act 1994 Service Tax 95638624 8554596 April 2006 to September Customs Excise and Service Tax Appellate Tribunal
2010 Bangalore
The Income Tax Act 1961 Income Tax 19442731 4000000 Financial Year 2015 16 Commissioner of Income Tax (Appeals)

(viii) In our opinion and according to the information and explanations given by theManagement the Company has not defaulted in repayment of loans or borrowing to banks.

The Company did not have any loans or borrowing from the government or dues todebenture holders during the year.

(ix) According to the information and explanations given by the Management the Companyhas not raised any money way of initial public offer / further public offer / debtinstruments. In our opinion and according to the information and explanations given by theManagement the Company has utilized the monies raised by way of term loans for thepurpose for which it was obtained.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the Ind AS financial statements and according to the information andexplanations given by the Management we report that no fraud by the Company or no fraudon the Company by the officers and employees of the Company has been noticed or reportedduring the year. transactions (xi) According to the information and explanations given bythe Management the managerial remuneration has been paid / provided in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Companies Act 2013.

(xii) In our opinion the Company is not a nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.(xiii) According to the information and explanations given by the Management with therelated parties are in compliance with Sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the notes to Standalone Ind AS financialstatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe Company and hence not commented upon.

(xv) According to the information and explanations given by the Management the Companyhas not entered into any non cash with directors or persons connected with him as referredto in Section 192 of Companies Act 2013. (xvi) According to the information andexplanations given to us the provisions of Section 45 IA of the Reserve Bank of IndiaAct 1934 are not applicable to the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
Sd/-
per Sunil Gaggar
Partner
Place of Signature: Bengaluru Membership Number: 104315
Date: June 11 2021 UDIN: 21104315AAAABK5650

Annexure - 2 to the Auditor's Report

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE IND ASFINANCIAL STATEMENTS OF AXISCADES TECHNOLOGIES LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER

CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THEACT")

We have audited the internal financial controls with reference to standalone Ind ASfinancial statements of AXISCADES Technologies

Limited (formerly AXISCADES Engineering Technologies Limited)

("the Company") as of March 31 2021 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the

Guidance Note on Audit of Internal Financial Controls Over Financial

Reporting issued by the Institute of Chartered Accountants of India ("ICAI").These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct 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.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial

Controls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing as specified under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both issued by ICAI. ThoseStandards and the

Guidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to these standalone Ind AS financial statements was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these standalone Ind AS financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone Ind ASfinancial statements assessing the risk that a material weakness exists and testing andthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the

Company's internal financial controls with reference to these standalone Ind ASfinancial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE IND ASFINANCIAL STATEMENTS

A Company's internal financial controls with reference to standalone Ind AS financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone Ind AS financial statements forexternal purposes in accordance with generally accepted accounting principles. A Company'sinternal financial controls with reference to standalone Ind AS financial statementsincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of standalone Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of Management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the standaloneInd AS financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE IND ASFINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference tostandalone Ind AS financial statements including the possibility of collusion or improperManagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone Ind AS financial statements to future periods aresubject to the risk that the internal financial control with reference to standalone IndAS financial statements may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone Ind AS financial statements and such internalfinancial controls with reference to standalone Ind AS financial statements were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the ICAI.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
Sd/-
per Sunil Gaggar
Partner
Place of Signature: Bengaluru Membership Number: 104315
Date: June 11 2021 UDIN: 21104315AAAABK5650

.