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Bata India Ltd.

BSE: 500043 Sector: Others
NSE: BATAINDIA ISIN Code: INE176A01028
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OPEN 1635.00
CLOSE 1632.70
VOLUME 56413
52-Week high 1705.00
52-Week low 1215.00
P/E
Mkt Cap.(Rs cr) 20,976
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bata India Ltd. (BATAINDIA) - Auditors Report

Company auditors report

To the Members of Bata India Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Bata India Limited (“theCompany”) which comprises the standalone balance sheet as at 31 March 2020 and thestandalone statement of profit and loss (including other comprehensive income) standalonestatement of changes in equity and standalone statement of cash flows for the year thenended and notes to the standalone financial statements including a summary of thesignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (“Act”) in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and profit and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Description of Key Audit Matter

The key audit matter How the matter was addressed in our audit
Transition to Ind AS 116 ‘Leases' with effect from 1 April 2019 In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
See note 2.2.(l) and note 4d to the standalone financial statements
The Company as a lessee has entered into lease contracts mainly relating to the retail outlets office premises and warehouses of the Company with different lease terms including the options to extend or terminate the leases. A) Assessed the appropriateness of the accounting policy for leases as per relevant accounting standard with special reference to methodology of the selected transition approach to this standard.
Ind AS 116 Leases is applicable from 1 April 2019 and introduces a new lease accounting model wherein lessees are required to recognise a right-of-use (ROU) asset and a lease liability in their balance sheet in respect of contracts which qualify as a lease. B) Evaluated and tested Company's internal control processes in relation to lease identification assessment of the terms and conditions of lease contracts and the calculation of the related lease liability and ROU asset.
The Company has implemented IndAS 116 from 1 April 2019 and is required to disclose the impact of implementation Ind AS 116 in the standalone financial statements. C) Evaluated the reasonableness of Company's key judgements and estimates made in preparing the transition adjustments specifically in relation to the lease term and discount rate.
In implementing Ind AS 116 the Company has opted for the modified retrospective approach for transition to Ind AS 116. Therefore the cumulative effect of implementing Ind AS 116 upto 1 April 2019 is recognised as an adjustment to the opening balance of retained earnings as at that date without restating the comparative information. D) Testing the completeness and accuracy of underlying lease data and Ind AS 116 adjustments by checking its reconciliation with the number of operating lease contracts and relevant records of the Company.
The assessment of the impact of transition to Ind AS 116 is significant to our audit as it involves selection of the transition option and identification and processing all relevant data associated with the leases which is complex and voluminous. Significant judgement is required in the assumptions and estimates made in the measurement of the ROU asset and lease liability. Such assumptions and estimates include assessment of lease term including termination and renewal options and determination of appropriate discount rates. E) For samples selected using statistical sampling tested the accuracy and existence of the ROU asset and lease liability recognised on transition by examining the original lease agreements and re- performing the calculations after considering the impact of the variable lease payments if any.
In view of the above the adjustments arising from the first-time adoption of Ind AS 116 are material and are considered as a key audit matter. F) Assessed the adequacy of the disclosures included in the standalone financial statements.
Revenue recognition In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
See note 2.2(h) and note 18 to the standalone financial statements A) Assessed the appropriateness of the accounting policy for revenue recognition as per relevant accounting standard.
Revenue from the sale of goods is recognized when control is transferred to the customer. B) Evaluated the design and implementation of key internal financial controls with respect to the revenue recognition and tested the operating effectiveness of such controls including those related to the reconciliation of sales records to cash / credit card / online receipts preparation posting and approval of journal entries on the basis of selected transactions.
A substantial part of Company's revenue relates to retail sales through a large number of company owned outlets and comprises high volume of individually small transactions which increases the risk of revenue being recognised inappropriately and which highlights the criticality of sound internal processes of summarising and recording sales revenue to mitigate error and fraud risk. C) For samples selected using statistical sampling performed detailed testing of retail sale transactions during the year by examining the underlying documents and agreeing them with the cash / credit card / online receipts and deposit of cash amounts recorded in daily cash reports with bank deposits.
In view of the above and since revenue is a key performance indicator of the Company we have identified revenue recognition as a key audit matter. D) Tested on sample basis the periodic reconciliation of the retail sales recognised during the period with the underlying collections made by the Company and sales as per indirect tax records.
E) Performed cash counts on a test basis at selected stores and examined whether the cash balances are in agreement with the cash receipts reported in the daily collection report.
F) Tested sample journal entries affecting revenue recognised during the year selected based on specified risk-based criteria to identify unusual items.
Net realisable value (NRV) of Inventories of finished goods In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
See note 2.2(g) and note 8 to the standalone financial statements A) Assessed the appropriateness of the accounting policy for inventories as per relevant accounting standards.
The major part Company's inventory comprises finished goods which are geographically spread across multiple locations such as retail stores depots and factories. These inventories are counted by the Company on a cyclical basis and determination of NRV is made based on various estimates (including those related to

obsolescence of slow and non-moving inventory) by the Company as at end of reporting period.

B) Evaluated the design and implementation of key internal financial controls with respect to determination of NRV for slow and non-moving inventory as well as inventory with low or negative gross margins and tested the operating effectiveness of such controls on selected transactions.
The Company manufactures and sells goods which are subject to changing consumer demands and fashion trends. Significant degree of judgment is thereby required to assess the NRV of the inventories and appropriate write down of items which may be ultimately sold below their cost. Such judgment includes Company's expectations for future sale volumes inventory liquidation plans and future selling prices less cost to sell. C) On a sample basis assessed whether items in the inventory ageing report prepared by the Company were classified within the appropriate ageing bracket.
D) Assessed the methodology and assumptions adopted by the management including retrospective review of the write down of slow and non-moving inventory by comparing the selling prices of goods sold during the year with opening carrying values.
In view of the above assessment of NRV and its consequential impact if any on the carrying value of inventories of finished goods has been identified as a key audit matter. E) Assessed on a sample basis the net realisable value of slow- moving and obsolete inventories and inventories with low or negative gross margins as calculated by the Company by comparing the carrying value with their subsequent selling prices and costs to sell subsequent to the year-end.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditor's reportthereon.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's and Board of Directors' Responsibility for the Standalone FinancialStatements

The Company's Management and Board of Directors are 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 state of affairs profit/ loss and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act. 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 designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring accuracy and completeness of the accounting records relevant tothe preparation and presentation of the standalone financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Management and Board of Directorsare responsible 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 the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

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

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal 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 hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the standalone financial statementsmade by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

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

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 identify 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 with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 in terms of section 143 (11) of the Act we give in the“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2. (A) 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.

c) The standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in “Annexure B”.

(B) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2020 onits financial position in its standalone financial statements - Refer Note 30 to thestandalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

iv. The disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from 8 November 2016 to 30 December2016 have not been made in these financial statements since they do not pertain to thefinancial year ended 31 March 2020.

(C) With respect to the matter to be included in the Auditor's Report under section197(16):

In our opinion and according to the information and explanations given to us theremuneration paid by the company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 101248W/W-100022
Rajiv Goyal
Partner
Place : Gurugram Membership No.: 094549
Date : 25 May 2020 ICAI UDIN - 20094549AAAACV2627

Annexure A referred in the Independent Auditor's Report to the Members of Bata IndiaLimited on the standalone Ind AS financial statements for the year ended 31 March 2020

(i) (a) According to the information and explanations given to us the Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) According to the information and explanations given to us the Company has aregular programme of physical verification of its fixed assets by which all fixed assetsare verified by the management in a phased manner over a period of three years which inour opinion is reasonable having regard to the size of the Company and nature of itsfixed assets. Pursuant to the aforesaid programme a portion of the fixed assets has beenphysically verified by the management during the year. As informed to us no materialdiscrepancies were observed on such verification.

(c) According the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of the immovable propertiesincluded in the fixed assets are held in the name of the Company.

(ii) According to the information and explanations given to us the inventories(excluding stocks with third parties and goods-in-transit) have been physically verifiedby the management during the year. For goods in transit in respect of sale and purchaseall goods are substantially delivered or received until the date of issuance of thisreport or confirmed by third party in possession of these goods. In respect of otherinventories lying with third parties these have substantially been confirmed by them. Inour opinion the frequency of verification is reasonable. Further as informed thediscrepancies noticed on verification between the physical inventory and the book recordswere not material and have been properly dealt with in the books of account.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theAct. Accordingly paragraph 3(iii) of the Order is not applicable.

(iv) According to the information and explanations given to us the Company has notprovided any guarantee or security as specified under Section 185 and 186 of the CompaniesAct 2013. Further in respect of the loans given and investments made by the Companyrequirements of Section 185 and 186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanations given to us the Company has notaccepted any deposits covered under Section 73 to 76 of the Act. Accordingly paragraph3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us the Central Governmenthas not specified the maintenance of cost records under Section 148(1) of the CompaniesAct 2013 for the products of the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of customs duty of excise goods andservices tax ('GST') value added tax cess and any other material statutory dues to theextent applicable have generally been regularly deposited with the appropriateauthorities during the year. As explained to us the company did not have any dues onaccount of sales tax service tax duty of excise value added tax and cess. Also refer toNote 30A(b) of the standalone financial statements.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax GST salestax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues to the extent applicable were in arrears as at 31 March 2020 fora period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis of therecords of the company examined by us there are no dues of income-tax sales-tax servicetax duty of customs duty of excise value added tax and GST which have not beendeposited with the appropriate authorities on account of any dispute except as mentionedbelow:-

Name of the Statue Nature of dues Amount of demand (in INR millions)* Period to which the amount relates Forum where dispute is pending
Various state sales tax Acts Revenue recovery against non-payment of demand in assessment. 6.7 1994-1995

1998-1999

2000-2001

STAT Kerala
Central Excise Act1944 Duty demanded for sale of footwear at domestic tariff area. 3.35 1997-99 CESTAT

Chennai

Central Excise Act1944 Non-compliance of the condition of the notification for marking MRP on factory seconds cleared on payment of appropriate C.E. duty. 21.5 July 2004 to Jan 2008 CESTAT-

Kolkata

Finance Act 1994 Disallowance of service tax input credit on input service availed for outward transportation. 4.3 2006-2010 CESTAT-

Kolkata

Customs

Act1942

Wrong availment of concessional rate of customs duty etc. 81.24 1998-2003 CESTAT-

Kolkata

* Amount as per demand orders including interest and penalty wherever indicated in theorder and is net of amount deposited.

(viii) According to the information and explanations given to us the Company hasneither taken any loans from financial institutions or banks or government nor issued anydebentures therefore the provision of clause (viii) of the Order is not applicable.

(ix) According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer (including debtinstrument) and any term loans during the year. Accordingly paragraph 3 (ix) of the Orderis not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the managerial remuneration has been paid orprovided by the Company in accordance with the provisions of Section 197 read withSchedule V to the Act.

(xii) According to the information and explanations given to us the Company is not aNidhi Company. Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) According to information and explanations given to us and on the basis of ourexamination of the records of the Company all transactions with the related parties arein compliance with Section 177 and 188 of the Act where applicable and the details havebeen disclosed in the Ind AS financial statements as required by the applicableaccounting standard.

(xiv) According to information and explanations given to us and on the basis of ourexamination of the records of the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to information and explanations given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with him. Accordinglyparagraph 3(xv) of the Order is not applicable.

(xvi) According to information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 101248W/W-100022
Rajiv Goyal
Partner
Place : Gurugram Membership No.: 094549
Date : 25 May 2020 ICAI UDIN - 20094549AAAACV2627

Annexure B to the Independent Auditor's report on the standalone financial statementsof Bata India Limited for the year ended 31 March 2020

Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013

(Referred to in paragraph 2 (A) (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsof Bata India Limited (“the Company”) as of 31 March 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31 March 2020 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the “Guidance Note”).

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note. 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 company's policies the safeguarding ofits 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 Companies Act 2013 (hereinafter referred to as“the Act”).

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols with reference to financial statements. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements were established and maintained and whether such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 withreference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial 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 financialstatements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 101248W/W-100022
Rajiv Goyal
Partner
Place : Gurugram Membership No.: 094549
Date : 25 May 2020 ICAI UDIN - 20094549AAAACV2627