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Bajaj Electricals Ltd.

BSE: 500031 Sector: Consumer
NSE: BAJAJELEC ISIN Code: INE193E01025
BSE 00:00 | 13 Apr 1058.45 12.10
(1.16%)
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1050.00

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1070.05

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1025.30

NSE 00:00 | 13 Apr 1059.15 9.90
(0.94%)
OPEN

1058.00

HIGH

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1024.45

OPEN 1050.00
PREVIOUS CLOSE 1046.35
VOLUME 3305
52-Week high 1123.70
52-Week low 272.40
P/E 106.59
Mkt Cap.(Rs cr) 12,125
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1050.00
CLOSE 1046.35
VOLUME 3305
52-Week high 1123.70
52-Week low 272.40
P/E 106.59
Mkt Cap.(Rs cr) 12,125
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bajaj Electricals Ltd. (BAJAJELEC) - Auditors Report

Company auditors report

To the Members of Bajaj Electricals Limited

Report on the Audit of the Standalone Ind ASFinancial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statementsof Bajaj Electricals Limited (“the Company") which comprise the Balance sheetas at 31 March 2020 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the standalone Ind AS financial statements including asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended (“the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2020 its loss including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Standalone Ind AS FinancialStatements' section of our report. We are independent of the Company in accordance withthe ‘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.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone Ind AS financial statements forthe financial year ended 31 March 2020. These matters were addressed in the context of ouraudit of the standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the standalone Ind AS financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone Ind AS financial statements. The resultsof our audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matters
A. Cost to complete estimates in the EPC business segment (Refer Note 1D(3) of the standalone Ind AS financial statements)
Revenue from construction contracts is recognised based on the stage of completion determined with reference to the actual costs incurred up to reporting date on the construction contract and the estimated cost to complete the project. Cost estimates involves judgments including those relating to cost escalations; assessment of technical political regulatory and other related contract risks and their financial estimation; scope of deliveries and services required for fulfilling the contractually defined obligations and expected delays if any. Our audit procedures included the following:
• Performed procedures to test the design and operating effectiveness of controls relating to cost estimation;
• Selected projects by applying audit sampling techniques and examined whether the cost estimates for these projects are in line with the supplier quotations obtained by the management and other internal estimates where latest supplier quotations are not available.
• Examined whether the future supply quantities are in line with the contractual BOQ / survey conducted by the management. Further also performed audit tests in respect of erection and other overhead costs considered in the project.
Accordingly cost to complete estimates have been considered as a key audit matter.
• Examined the contingencies identified by the management in these projects and corroborated the same with internal / external evidence available with the management.
• Examined project contractual terms and customer correspondences to determine any adjustments to be considered to the project margins.
• Evaluated management impact on account of COVID-19 on potential delays and cost increases.

B. Impairment allowance on trade receivables pertaining tooperationally closed projects in Power Distribution (PD) and Transmission Line Tower (TLT)business (Refer Note 1D(2) and Note 6 of the standalone Ind AS financial statements)

As at 31 March 2020 trade receivables of Rs 18580 lakhs (net of impairment allowance of Rs 5727 lakhs) related to amounts collectible in respect of operationally closed projects in the PD and TLT business. Our audit procedures included the following
• Examined management basis for identification of amounts which are ‘overdue' and ‘not due' for operationally closed projects where the receivables were material. For these samples assessed whether the rationale behind the management's judgment in determining the impairment provisions are adequate.
In determining whether an impairment allowance is required the management takes into consideration the ageing status and likelihood of collection based on contractual terms past experience customer correspondences etc. Based on such assessment specific allowances are made for receivables that are unlikely to be collected.
• Examined the provisions made for these receivables by evaluating the overdue balances through customer correspondences material reconciliations (where done during the year) and post year-end payments. Additionally we also examined corroborative evidence including correspondence supporting any disputes between the parties involved.
Due to the involvement of high level of management judgement and materiality of the amounts involved we have considered the same as a key audit matter.
Key audit matters How our audit addressed the key audit matters

 

C. Recoverability of advances to joint venture and recognition of liability for guarantee given for loans taken by the joint venture (Refer Notes 5.1 5.2 7 10 14 and 40a(ix) of the standalone Ind AS financial statements)
As at 31 March 2020 the Company has the following exposure in respect of Starlite Lighting Limited (‘SLL') other than those provided for in the books: - Our audit procedures included the following:
• Obtained management's future cash flow forecasts (including COVID 19 considerations) along with the discounted cash flow working for SLL and tested the mathematical accuracy of the underlying calculations.
• Trade advances of Rs 5215 lakhs
• Financial guarantee given by the Company for loans taken by SLL from the banks
(outstanding balance of such loans taken by SLL is Rs 21665 lakhs as on 31 March 2020) • Compared historical actual results to those budgeted and inquired with management on the reasons for significant deviations to assess the quality of management's forecasts.
SLL has been making losses over the past several years. Management has performed a fair value assessment by forecasting and discounting future cash flows which involve significant estimates and judgment and determined that: -
• Assessed the key assumptions used in the fair value assessment comprising sales growth rates with reference to the contractual arrangements with SLL gross profit margin net profit margin perpetual growth rate and discount rates.
a) No further impairment is required to be recorded for the year ended 31 March 2020.
b) No liability is probable on the financial guarantee given by the Company for loans taken by SLL. • Examined the valuation report obtained by the management from external valuation specialists. Also examined the independence and objectivity of the specialists involved.
Accordingly it has been determined as a key audit matter.
• Assessed the headroom calculation by reviewing the sensitivity analysis of key assumptions used including management assessment on the impact on change in assumptions.

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the business responsibility report corporategovernance report and management discussion and analysis but does not include thestandalone Ind AS financial statements and our auditor's report thereon which we obtainedprior to the date of this auditor's report and the message from chairman and directors'report which is expected to be made available to us after that date.

Our opinion on the standalone Ind AS financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially 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.

Responsibilities of Management for the StandaloneInd AS Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone Ind ASfinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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; andthe design implementation and maintenance of adequate internal financial controls thatwere operating 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 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. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit ofthe Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an 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 Ind AS financialstatements.

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

• Identify and assess the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate 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 control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone Ind AS financial statements including the disclosures and whether thestandalone Ind AS financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

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 standalone IndAS financial statements for the financial year ended 31 March 2020 and are therefore thekey audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest 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 of the Act we give in the “Annexure 1" a statement on thematters specified in paragraphs 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 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 havebeen kept 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 theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on 31 March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2020 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these standalone Ind ASfinancial statements and the operating effectiveness of such controls refer to ourseparate Report in “Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended 31March 2020 has been paid / provided by the Company to its directors in accordance with theprovisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements - Refer Note 40 to thestandalone Ind AS financial statements;

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts;

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

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Vikram Mehta
Partner
Membership Number: 105938
UDIN: 20105938AAAACQ6983
Place of Signature: Mumbai
Date: 19 June 2020

Annexure 1 referred to in Paragraph 1 under the heading “Report onOther Legal and Regulatory Requirements” 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) All fixed assets 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 themanagement the title deeds of immovable properties included in property plant andequipment/fixed assets are held in the name of the Company.

(ii) The management has conducted physical verification of inventory atreasonable intervals during the year and no material discrepancies were noticed on suchphysical verification. Inventories lying with third parties have been confirmed by them asat year end and no material discrepancies were noticed in respect of such confirmations.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of the Orderare not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanationsgiven to us provisions of section 185 and 186 of the Act in respect of loans to directorsincluding entities in which they are interested and in respect of loans and advancesgiven investments made and guarantees and securities given have been complied with bythe Company.

(v) The Company has not accepted any deposits within the meaning ofSections 73 to 76 of 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) We have broadly reviewed the books of account maintained by theCompany pursuant to the rules made by the Central Government for the maintenance of costrecords under section 148(1) of the Companies Act 2013 related to the manufacture itsproducts and are of the opinion that prima facie the specified accounts and records havebeen made and maintained. We have not however made a detailed examination of the same.

(vii) (a) The Company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income-tax sales- tax service tax duty of custom duty of excisevalue added tax goods and service tax cess and other statutory dues applicable to it.The payment of Goods and Services Tax amounting to Rs 642.44 lakhs for the month of March2020 has been paid subsequent to due date without any interest in accordance toNotification Nos.31/2020 and 32/2020 dated 03.04.2020 issued by the Govt. of IndiaMinistry of Revenue (Department of Revenue) Central Board of Indirect Taxes and Customs.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax service tax sales-tax duty of custom duty of excise value added tax goodsand service tax cess and other statutory dues were outstanding at the year end for aperiod of more than six months from the date they became payable.

(c) According to the records of the Company the dues of income-taxsales-tax service tax duty of custom duty of excise value added tax and cess onaccount of any dispute are as follows:

Matter Year

Forum where dispute is pending

Dy. Commissioner / Commissioner / Jt. Commissioner Appeals Appellate/ Revision Tribunal High court Total
Entry Tax 2010-13 1.15 - - - 1.15
2015-16 1.70 - - - 1.70
Sales tax 2005-07 37.80 - 8.39 - 46.19
2007-10 27.08 - 2.81 - 29.89
2010-12 19.60 - - 6.40 26.00
2012-14 473.25 - 1114.81 41.96 1630.02
2014-15 85.33 3.50 19.38 - 108.21
2015-17 7271.83 83.98 10.79 - 7366.60
Service Tax 2005-10 139.14 - - - 139.14
Customs 2016-17 - - 15.49 - 15.49
Grand total 8056.88 87.48 1171.67 48.36 9364.39

(viii) In our opinion and according to the information and explanationsgiven by the management the Company has not defaulted in repayment of loans or borrowingto a financial institution bank or dues to debenture holders. The Company did not haveany outstanding loans or borrowing dues to government during the year.

(ix) In our opinion and according to the information and explanationsgiven by the management the Company has utilised the monies raised by way of furtherpublic offer (Rights Issue) for the purposes for which they were raised. The Company hasnot raised any money way of debt instruments and term loans.

(x) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and according to theinformation and explanations given by the management we report that no fraud by theCompany or no fraud / material fraud on the Company by the officers and employees of theCompany has been noticed or reported during the year.

(xi) According to the information and explanations given by themanagement the managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

(xii) In our opinion the Company is not a nidhi Company. Thereforethe provisions of clause 3(xii) of the order are not applicable to the Company and hencenot commented upon.

(xiii) According to the information and explanations given by themanagement transactions with the related parties are in compliance with section 177 and188 of the Act where applicable and the details have been disclosed in the notes to thefinancial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and onan overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(xiv) are notapplicable to the Company and not commented upon.

(xv) According to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with directors orpersons connected with him as referred to in section 192 of the Act.

(xvi) According to the information and explanations given to us theprovisions of section 45-IA of the Reserve Bank of India Act 1934 are not applicable tothe Company.

For S R B C & CO LLP
Chartered Accountants
ICAI Registration number: 324982E/E300003
per Vikram Mehta
Partner
Membership Number: 105938
UDIN: 20105938AAAACQ6983
Place of Signature: Mumbai
Date: 19 June 2020

Annexure 2 referred to in Paragraph 2(f) under the heading “Reporton Other Legal and Regulatory Requirements” of our report of even date

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financialreporting of Bajaj Electricals Limited (“the Company") as of 31 March 2020 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility 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 the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting with reference to these standalone Ind ASfinancial statements based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the“Guidance Note") and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to these standalone financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese standalone financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlsover financial reporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls Over Financial Reporting WithReference to these Financial Statements

A Company's internal financial control over financial reporting withreference to these standalone financial statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's internal financial control over financial reportingwith reference to these standalone financial statements includes those policies andprocedures 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 as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting With Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these standalonefinancial statements and such internal financial controls over financial reporting withreference to these standalone financial statements were operating effectively as at 31March 2020 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For S R B C & CO LLP
Chartered Accountants
ICAI Registration number: 324982E/E300003
per Vikram Mehta
Partner
Membership No.: 105938
UDIN: 20105938AAAACQ6983
Place: Mumbai
Date: 19 June 2020

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