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Bajaj Finance Ltd.

BSE: 500034 Sector: Financials
NSE: BAJFINANCE ISIN Code: INE296A01024
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OPEN 5700.00
PREVIOUS CLOSE 5588.00
VOLUME 63552
52-Week high 8043.50
52-Week low 5235.60
P/E 53.70
Mkt Cap.(Rs cr) 341,017
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5700.00
CLOSE 5588.00
VOLUME 63552
52-Week high 8043.50
52-Week low 5235.60
P/E 53.70
Mkt Cap.(Rs cr) 341,017
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bajaj Finance Ltd. (BAJFINANCE) - Auditors Report

Company auditors report

To the Members of Bajaj Finance Ltd.

Opinion

We have audited the accompanying standalone financial statements ofBajaj Finance Ltd. ('the Company') which comprise the Balance Sheet as at 31 March 2021the Statement of Profit and Loss including the Statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand notes to the standalone 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 theexplanations given to us the aforesaid standalone financial statements give theinformation required 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 31 March 2021its profit including other 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 (SAs) as specified under section 143(10) of theAct. Our responsibilities under those standards are further described in the 'Auditor'sresponsibilities for the audit of the standalone financial statements' section of ourreport. We are independent of the Company in accordance with the 'Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Emphasis of matter

We draw attention to note 2.1 to the standalone financial statementswhich describes the uncertainty caused by the continuing COVID-19 pandemic and the relatedprobable events which could impact the Company's estimates of impairment of loans tocustomers. Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsfor the financial year ended 31 March 2021. These matters were addressed in the context ofour audit of the standalone 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 financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone financial statements. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying standalone financial statements.

Key audit matters How our audit addressed the key audit matter
(a) Impairment of financial assets as at balance sheet date (expected credit losses)
(as described in note 9 of the standalone financial statements)
Ind AS 109 requires the Company to provide for impairment of its loan receivables (designated at amortised cost and fair value through other comprehensive income) using the expected credit loss (ECL) approach. ECL involves an estimation of probability weighted loss on financial instruments over their life considering reasonable and supportable information about past events current conditions and forecasts of future economic conditions which could impact the credit quality of the Company's loans and advances. Read and assessed the Company's accounting policies for impairment of financial assets and their compliance with Ind AS 109 and the governance framework approved by the Board of Directors pursuant to Reserve Bank of India guidelines issued on 13 March 2020.
Read and assessed the Company's policy with respect to one-time restructuring offered to customers pursuant to the 'Resolution Framework for COVID-19-related Stress' issued by RBI on 6 August 2020 and tested the implementation of such policy on a sample basis.
In the process a significant degree of judgement has been applied by the Management for:
• Staging of loans [i.e. classification in 'significant increase in credit risk' ('SICR') and 'default' categories]; Evaluated the reasonableness of the Management estimates by understanding the process of ECL estimation and related assumptions and tested the controls around data extraction and validation.
Grouping of borrowers based on homogeneity by using appropriate statistical techniques;
• Estimation of behavioral life; Assessed the criteria for staging of loans based on their past- due status to check compliance with requirement of Ind AS 109. Tested a sample of performing (stage 1) loans to assess whether any SICR or loss indicators were present requiring them to be classified under higher stages.
Determining macro-economic factors impacting credit quality of receivables;
• Estimation of losses for loan products with no/ minimal historical defaults.
Assessed the additional considerations applied by the Management for staging of loans as SICR or default categories in view of Company's policy on one-time restructuring.
Additional considerations on account of COVID-19
Considering the evolving nature of the COVID-19 pandemic which has continued to impact the Company's business operations resulting in higher loan losses the Company has maintained a Management overlay of Rs. 672 crore as part of its ECL to reflect among other things the increased risk of deterioration in macroeconomic factors. Given the unique nature of the pandemic and the extent of its economic impact which depends on future developments including governmental and regulatory measures and the Company's responses thereto the actual credit loss can be different than that being estimated. Tested the ECL model including assumptions and underlying computation. Assessed the floor/ minimum rates of provisioning applied by the Company for loan products with inadequate historical defaults.
Tested assumptions used by the Management in determining the overlay for macro-economic factors (including COVID-19 pandemic).
Assessed disclosures included in the standalone financial statements in respect of expected credit losses including the specific disclosures made with regards to the impact of COVID-19 on ECL estimation.
In view of such high degree of Management's judgement involved in estimation of ECL accentuated by the COVID-19 pandemic and related events it is a key audit matter.
(b) IT systems and controls
Financial accounting and reporting processes especially in the financial services sector are fundamentally reliant on IT systems and IT controls to process significant transaction volumes hence we identified IT systems and controls over financial reporting as a key audit matter for the Company. We tested the design and operating effectiveness of the Company's IT access controls over the information systems that are important to financial reporting and various interfaces configuration and other identified application controls.
We tested IT general controls (logical access changes management and aspects of IT operational controls). This included testing requests for access to systems were reviewed and authorized.
Automated accounting procedures and IT environment controls
which include IT governance general IT controls over program development and changes access to programs and data and IT operations are required to be designed and to operate effectively to ensure reliable financial reporting.
We tested the Company's periodic review of access rights. We also tested requests of changes to systems for approval and authorization.
In addition to the above we tested the design and operating effectiveness of certain automated controls that were considered as key internal controls over financial reporting.

Other information

The other information comprises the information included in the Annualreport but does not include the standalone financial statements and our auditor's reportthereon. The Company's Board of Directors is responsible for the other information.

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 whethersuch other 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 and those charged with governance forthe standalone 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 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 judgements 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements Management 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 charged with governance are also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities for the audit of the Standalone FinancialStatements

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 professionaljudgement and maintain professional skepticism 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 control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements 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 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 financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves 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 standalonefinancial statements for the financial year ended 31 March 2021 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on other legal and regulatory requirements

(1) As required by the Companies (Auditor's Report) Order 2016 ('theOrder') issued by the Central Government of India in terms of sub-section (11) of section143 of the 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 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 financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on 31 March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2021 from being appointed as a director in termsof Section 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controlswith reference to these standalone financial statements and the operating effectiveness ofsuch controls refer to our separate Report in 'Annexure 2' to this report;

(g) In our opinion the managerial remuneration for the year ended 31March 2021 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 financial statements - Refer note 42 to thestandalone 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 - Refer note 7 to the standalone financialstatements;

(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 Vaibhav Kumar Gupta

Partner

Membership number: 213935

UDIN: 21213935AAAABX9196

Pune: 27 April 2021

Annexure 1 to Independent Auditors' Report

Annexure 1 referred to in paragraph (1) under the heading 'Report onother legal and regulatory requirements' of our report of even date

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

(b) Fixed assets have been physically verified by the Management duringthe year and no material discrepancies were identified 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.

(2) The Company's business does not involve inventories andaccordingly the requirements under clause 3(ii) of the Order are not applicable to theCompany and hence not commented upon.

(3) (a) The Company has granted loans to parties covered in theregister maintained under section 189 of the Act. In our opinion and according to theinformation and explanations given to us the terms and conditions of the grant of suchloans are not prejudicial to the Company's interest.

(b) The Company has granted loans to parties covered in the registermaintained under section 189 of the Act. The schedule of repayment of principal andpayment of interest has been stipulated for the loans granted and the repayment/receiptsare regular.

(c) There are no amounts of loans granted to companies firms or otherparties listed in the register maintained under section 189 of the Act which are overduefor more than ninety days.

(4) In our opinion and according to the information and explanationsgiven to us there are no loans investments guarantees and securities granted inrespect of which provisions of section 185 and 186 of the Act are applicable and hence notcommented upon.

(5) In our opinion and according to the information and explanationsgiven to us the Company being a non-banking financial company registered with the ReserveBank of India the provisions of sections 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposits) Rules 2014 as amended with regard to thedeposits accepted are not applicable to the Company. We are informed by the Managementthat no order has been passed by the Company Law Board National Company Law Tribunal orReserve Bank of India or any Court or any other Tribunal on the Company in respect of theaforesaid deposits.

(6) To the best of our knowledge and as explained the CentralGovernment has not specified the maintenance of cost records under section 148(1) of theAct for the services of the Company.

(7) (a) Undisputed statutory dues including provident fund employees'state insurance income tax goods and service tax duty of custom duty of excise valueadded tax cess and other statutory dues applicable to the Company have generally beenregularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome tax goods and service tax duty of custom duty of excise value added tax cessand other statutory dues applicable to the Company were outstanding at the year end fora period 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 goods andservices tax and cess which have not been deposited on account of any dispute are asfollows:

Name of the statute Nature of disputed dues Amount under dispute Amount paid* Period to which the amount relates (' In Crore) Forum where dispute is pending
Employees State Insurance Act 1948 ESIC contribution 4.46 Nil FY 1999-2000 to FY 2006-07 Employees State Insurance Court
Employees State Insurance Act 1948 ESIC contribution 0.68 Nil FY 1991-92 to FY 2002-03 Deputy Director Employee State Insurance Corporation
Income Tax Act 1961 Income Tax 22.84 Nil FY 2015-16 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 7.81 Nil FY 1996-97 to FY 2002-03 FY 2005-06 FY 2011-12 and FY 2012-13 FY 2013-14 Income Tax Appellate Tribunal (Pune)
Income Tax Act 1961 Income Tax 15.49 Nil FY 1995-96 to FY 2010-11 Mumbai High Court
Finance Act 1994 Service Tax 1905.44" 10.00 FY 2010-11 to September 2016 Customs Excise and Service Tax Appellate Tribunal
Finance Act 1994 Service Tax 237.25" 7.06 July 2012 to June 2016 Customs Excise and Service Tax Appellate Tribunal
Finance Act 1994 Service Tax 2.53 0.18 FY 2007-08 to September 2016 Customs Excise and Service Tax Appellate Tribunal
Finance Act 1994 Service Tax 3.46" 0.10 July 2012 to June 2016 Additional Commissioner
Finance Act 1994 Service Tax 188.37 Nil October 2014 to June 2017 Commissioner of Central Excise and CGST Pune
Goods and Service Tax Act 2017 Goods and Service Tax 0.13 Nil July 2017 Assis. Commissioner of Central GST Pune
Goods and Service Tax Act 2017 Goods and Service Tax 0.30 Nil July 2017 Joint Commissioner (Appeals) GST Commissionerate Pune
West Bengal Value Added Tax Act 2003 Value Added Tax 0.86 Nil FY 2005-06 to FY 2008-09 Additional Commissioner Sales Tax
Rajasthan Value Added Tax Act 2003 Value Added Tax 3.28 1.29 FY 2008-09 to July 2014 Supreme Court of India
Rajasthan Value Added Tax Act 2003 Value Added Tax 0.15 0.06 July 2014 to March 2017 VAT Appellate Tribunal

* paid under protest ** Includes interest and penalty

(8) In our opinion and according to the information and explanationsgiven by the Management the Company has not defaulted in repayment of loans or borrowingsto a financial institution or bank or dues to debenture holders.

(9) According to the information and explanations given by theManagement the Company has not raised any money by way of initial public offer or furtherpublic offer.

Further monies raised by the Company by way of term loans were appliedfor the purpose for which those were raised though idle/surplus funds which were notrequired for immediate utilization were gainfully invested in liquid assets payable ondemand.

(10) Based upon the audit procedures performed for the purpose ofreporting on 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 material fraud on the Company by the officers and employees of the Companyhas been noticed or reported during the year.

(11) 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.

(12) In our opinion the Company is not a nidhi company. Therefore theprovisions of clause 3(xii) of the Order are not applicable to the Company and hence notcommented upon.

(13) 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.

(14) 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.

(15) According to the information and explanations given by theManagement the Company has not entered into any noncash transactions with directors orpersons connected with him as referred to in section 192 of the Act.

(16) According to the information and explanations given to us wereport that the Company has registered as required under section 45-IA of the ReserveBank of India Act 1934.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm registration number: 324982E/E300003

per Vaibhav Kumar Gupta

Partner

Membership number: 213935

UDIN: 21213935AAAABX9196

Pune: 27 April 2021

Annexure 2 to Independent Auditors' Report

Annexure 2 referred to in paragraph 2(f) under the heading 'Report onother legal and regulatory requirements' of our report of even date

Report on Internal Financial Controls under Clause (i) of sub-section 3of section 143 of the Companies Act 2013 (the 'Act')

We have audited the internal financial controls with reference tostandalone financial statements of Bajaj Finance Ltd. (the 'Company') as of 31 March 2021in conjunction with our audit of the standalone financial statements of the Company forthe 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 ('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 internalfinancial controls with reference to these standalone 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 Act to the extent applicable to anaudit of internal financial controls both issued by the ICAI. Those Standards and theGuidance 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 financial statements was established and maintained andif such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to these standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to standalone financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone financialstatements 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 judgement including the assessment of therisks of material misstatement of the financial statements whether due to 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 Company's internal financialcontrols with reference to these standalone financial statements.

Meaning of internal financial controls with reference to thesestandalone financial statements

A Company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A Company'sinternal financial controls with reference to standalone financial statements includesthose 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 authorisations of Management and Directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent limitations of internal financial controls with reference tostandalone financial statements

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper Management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls with reference to standalone financial statements wereoperating effectively as at 31 March 2021 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note issued by the ICAI.

For S R B C & CO LLP Chartered Accountants

ICAI Firm registration number: 324982E/E300003

per Vaibhav Kumar Gupta Partner

Membership number: 213935 UDIN: 21213935AAAABX9196

Pune: 27 April 2021

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