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Berger Paints India Ltd.

BSE: 509480 Sector: Consumer
NSE: BERGEPAINT ISIN Code: INE463A01038
BSE 00:00 | 23 Jul 854.40 -1.35
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NSE 00:00 | 23 Jul 854.25 -1.45
(-0.17%)
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855.70

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OPEN 861.70
PREVIOUS CLOSE 855.75
VOLUME 40345
52-Week high 872.00
52-Week low 496.80
P/E 120.00
Mkt Cap.(Rs cr) 82,988
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 861.70
CLOSE 855.75
VOLUME 40345
52-Week high 872.00
52-Week low 496.80
P/E 120.00
Mkt Cap.(Rs cr) 82,988
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Berger Paints India Ltd. (BERGEPAINT) - Auditors Report

Company auditors report

TO THE MEMBERS OF BERGER PAINTS INDIA LIMITED Report on the Audit ofthe Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statementsof Berger Paints India Limited ("the Company") which comprise the Balance Sheetas at March 31 2020 the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the standalone Ind AS financial statements including a summary ofsignificant 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 March31 2020 its profit 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 accordancewith the ‘Code of Ethics' issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone Ind AS financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone 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 March 31 2020. These matters were addressed in the context ofour audit of the standalone Ind AS financial statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. For eachmatter below our description of how our audit addressed the matter is provided in thatcontext.

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 matter
Recognition of revenue from sale of goods (as described in Note 3.4 of the Standalone IndASfinancialstatements)
The Company recognizes revenues when control of the goods is transferred to the customer at an amount that reflects the net consideration which the Company expects to receive for those goods from customers. In determining the sales price the Company considers the effects of rebates and discounts (variable consideration). Our audit procedures included among others the following:
1. We read and evaluated the Company's revenue recognition policy and assessed its compliance in terms of Ind AS 115 ‘Revenue from contracts with customers'.
The terms of sales arrangements including the timing of transfer of control based on the terms of relevant contract and nature of discount and rebates arrangements create complexities that require judgment in determining sales revenues. 2. We assessed the design and tested the operating effectiveness of internal controls related to sales and applicable rebates/discounts.
Considering the above factors and the risk associated with revenue recognition we have determined the same to be a key audit matter. 3. We performed test for a sample of individual sales transaction by comparing the underlying sales invoices sales orders and dispatch documents to assess that revenue is recognized on transfer of control over those goods to the customer.
4. We tested on a sample basis rebates and discount schemes as approved by the management to assess its accounting. For the samples selected we also compared that the actual rebates and discounts recognized in respect of particular schemes do not exceed their approved amounts.
5. We tested on a sample basis sales transactions made prior to year-end and post-year end and checked the period of revenue recognition with reference to underlying documents including customer's confirmation.
6. We read and assessed the relevant disclosures made in the
standalone IndASfinancialstatements.
Assessment of impairment of Investments in subsidiaries and joint ventures (as described in Note 28 of the standalone Ind AS financial statements)
The carrying values of the Company's investments in subsidiaries and joint ventures are assessed annually by management for potential indicators of impairment by reference to the requirements under Ind AS 36 "Impairment of Assets". Accordingly management has identified impairment indicators in respect of one joint venture and certain subsidiaries. As a result an impairment assessment was required to be performed by the Company by comparing the carrying value of these investments to their recoverable amount to determine whether an impairment was required to be recognised. Our audit procedures included among others the following:
For the purpose of the above impairment testing management has determined the value in use and the fair value less costs to sell as applicable. Value in use has been determined by forecasting and discounting future cash flows. Furthermore the value in use is sensitive to changes in some of the inputs used for forecasting the future cash flows. 1. We have obtained and discussed with management and evaluated the key judgements/assumptions underlying management's assessment of potential indicators of impairment.
2. Where potential indicators of impairment were identified we evaluated management's impairment assessments and assumptions around the key drivers of the cash flow forecasts discount rates expected growth rates and terminal growth rates used by comparison with available financial information including considerations of the audited consolidated financial statements of the subsidiary.
3. We evaluated management estimates used in determination of fair value less costs to sell by consideration of available market and financial information.
Accordingly we identified the assessment of potential impairment of investments in subsidiaries and joint ventures as a key audit matter because impairment assessmentinvolvessignificantdegree of management judgement in determining the key assumptions. 4. We also performed sensitivity analysis to determine the impact of changes in the key assumptions both individually and in aggregate.
5. We involved valuation specialists where considered necessary to independently assess the assumptions and methodologies used by the Company in computing the recoverable amount. In making this assessment we also assessed the objectivity independence and competency of the valuation specialists.
6. We read and assessed the relevant disclosures made in the standalone Ind AS financial statements.

Information Other than the Financial Statements and Auditor'sReport thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises of the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Informationbut does not include the standalone Ind AS financial statements and our auditor'sreport thereon. Our opinion on the Standalone Ind AS financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standaloneInd AS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due 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.

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

Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial 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 ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted 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 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 theCompany to 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 withgovernance regarding among other matters the planned scope and timing of the audit andsignificant audit findings including any significant deficiencies in internal controlthat we identify during our audit.

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 March 31 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 have been kept bythe Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account; (d) In our opinion theaforesaid standalone Ind AS financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended; (e) On the basis of the written representations received from thedirectors as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2020 from being appointed as a director in termsof Section 164(2) of the Act; (f) With respect to the adequacy of the internal financialcontrols over 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 themanagerial remuneration for the year ended March 31 2020 has been paid/provided by theCompany to its directors in accordance with the provisions of section 197 read withSchedule V to the Act; (h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its standalone Ind AS financialstatements – Refer Note 33 to the standalone Ind AS financial statements; ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany.

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Partner
Membership No.: 055596
UDIN: 20055596AAAABR8060
Place: Kolkata
Date: June 23 2020

ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 OF THE SECTION ON "REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE ON THE STANDALONEIND AS FINANCIAL STATEMENTS OF BERGER PAINTS INDIA LIMITED

TO THE MEMBERS OF BERGER PAINTS INDIA LIMITED (‘THE COMPANY')

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant andequipment.

(b) All property plant and equipment were physically verified by themanagement during the year in accordance with a planned programme of verifying all of themonce in three years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given by themanagement the title deeds of immovable properties included in property plant andequipment/right of use assets are held in the name of the Company except for certainimmovable properties aggregating Rs1.80 Crores as at March 31 2020 acquired throughschemes of amalgamation/arrangements as set out in Note 4(a)(v) and Note 32 (a) (i) to thestandalone Ind AS financial statements.

(ii) The inventory has been physically verified by the managementduring the year. In our opinion the frequency of verification is reasonable. No materialdiscrepancies were noticed on such physical verification. Inventories lying with thirdparties have been confirmed by them as at the year end and no material discrepancies werenoticed 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 Companies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and(c) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has not advanced loans to directors/to a company in whichthe Director is interested to which provisions of section 185 of the Companies Act 2013apply and hence not commented upon. Provisions of section 186 of the Companies Act 2013in respect of loans and advances given investments made and guarantees and securitiesgiven have been complied with by the 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 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable andhence not commented upon.

(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 ofCompany's products and are of the opinion that prima facie the specified accountsand records have been made and maintained. We have not however made a detailedexamination of the same.

(vii) (a) Undisputed statutory dues including provident fundemployees' state insurance income-tax duty of custom goods and service tax cessand other material statutory dues applicable to the Company have generally been regularlydeposited with the appropriate authorities though there has been a slight delay in a fewcases.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' stateinsurance income-tax duty of custom goods and service tax cess and other materialstatutory dues applicable to the Company 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 dues of income taxsales-tax service tax duty of custom duty of excise value added tax and cess that havenot been deposited till the year end on account of any dispute are as follows:

Name of the statute Nature of dues Amount (Rsin Crore) Period to which the amount relates (Financial Year) Forum where dispute is pending
The Central Excise Act 1944 Finance Act 1994 and Customs Act 1962 Excise Duty/Service Tax/Customs 0.90 April 2003 to December 2004 2007-08 2012-13 March 2013 to February 2014 & April 2015 to June 2017 Adjudicating Authority
0.49 2004-05 & April 2013 to June 2017 Commissioner (Appeals)
16.26 April 2003 to January 2010 April 2011 to December 2014 & 2006-07 to 2015-16 Customs Excise Service Tax Appellate Tribunal (CESTAT)
The Central Sales Tax Act Sales Tax/ 3.47 2011-12 & 2012-13 Deputy Commissioner
1956 and The Value Added Value added Tax (VAT Assessment)
Tax Act 2005 11.79 1996-97 1999-00 to 2001-02 & 2003-04 to 2005-06 Appellate and Revisional Board
26.60 1983-84 1984-85 1988-89 1989-90 1991-92 to 1993-94 1995-96 1996-97 1999-00 2000-01 & 2002-03 to 2017-18 Appellate Authority
2.32 1998-99 1999-00 2001-02 2003-04 2007-08 & 2011-12 Taxation Tribunal
1.01 1994-95 1996-97 1997-98 2003-04 2005-06 to 2007-08 2009-10 2012-13 & 2013-14 High Court
Income Tax Act 1961 Income Tax 3.49 2015-16 Commissioner of Income Tax (Appeals)

(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 or bank. The Company did not have any dues to government ordebenture holders during the year.

(ix) According to the information and explanations given by themanagement the Company has not raised any money by way of initial public offer/furtherpublic offer/debt instruments and term loans during the year. Therefore the provision ofclause (ix) of the Order are not applicable and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the Ind AS 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.

(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 theCompanies Act 2013.

(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 Sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in thenotes to the Ind AS financial statements as required by the applicable accountingstandards.

(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. Therefore reporting requirements under clause 3(xiv) are notapplicable to the Company and hence 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 them as referred to in section 192 of Companies Act 2013.

(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. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Partner
Membership Number: 055596
UDIN: 20055596AAAABR8060
Place: Kolkata
Date: June 23 2020

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE IND AS FINANCIAL STATEMENTS OF BERGER PAINTS INDIA LIMITED

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 Berger Paints India Limited ("the Company") as of March 312020 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for 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 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 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 Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting with reference to these standalone Ind ASfinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements and their operating effectiveness. Our auditof internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements 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 internal financial controlsover financial reporting with reference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls Over Financial Reporting withReference to these Standalone Ind AS Financial Statements

A company's internal financial control over financial reporting withreference to these standalone Ind AS 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 Ind AS 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 Ind AS Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these standalone Ind AS financial statementsincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingwith reference to these standalone Ind AS financial statements to future periods aresubject to the risk that the internal financial control over financial reporting withreference to these standalone Ind AS financial statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these standaloneInd AS financial statements and such internal financial controls over financial reportingwith reference to these standalone Ind AS financial statements were operating effectivelyas at March 31 2020 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India.

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Partner
Membership Number: 055596
UDIN: 20055596AAAABR8060
Place: Kolkata
Date: June 23 2020

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