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Centum Electronics Ltd.

BSE: 517544 Sector: Engineering
NSE: CENTUM ISIN Code: INE320B01020
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VOLUME 1613
52-Week high 490.00
52-Week low 237.00
P/E 19.26
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 425.50
CLOSE 428.50
VOLUME 1613
52-Week high 490.00
52-Week low 237.00
P/E 19.26
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Centum Electronics Ltd. (CENTUM) - Auditors Report

Company auditors report

To the Members of

Centum Electronics Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of CentumElectronics statements for the Limited ("the Company") year ended Marchwhich comprise the Balance sheet as at March 31 2020 the Statement of Profit andLoss including the statement of Other Comprehensive

Income the Cash Flow Statement and the Statement of Changes in Equity for the yearthen ended and notes to the standalone Ind AS financial statements including a summaryof significant 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 Ind AS financial statements give the informationrequired by the Companies

Act 2013 as amended ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of as at March 31 2020 its profit including other comprehensive income itscash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those

Standards are further described in the ‘Auditor's Responsibilities for the Auditof the Standalone Ind AS Financial Statements' section of our report. We are independentof the Company in accordance with the ‘Code of Ethics' issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our audit opinion on the standaloneInd AS financial statements.

Emphasis of Matter

We draw attention to the note no 57 to the accompanying Ind 2020 which AS financialdescribes the uncertainties and management assessment of the financial impact of theoutbreak of Corona virus (COVID-19) on the business operations and financial position ofthe Company. In view of the highly uncertain economic environment a definitive assessmentof the aforesaid impact on the subsequent periods is dependent upon circumstances as theyevolve.

Our opinion is not modified in

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31

2020. These matters were addressed in the context of our audit of the standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. For each matter below our description of how ouraudit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS 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 Ind AS financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Allowance for inventory obsolescence
The Company held an inventory balance of Rs.2204.06 million as at March 31 2020 as disclosed in Note 11 and is a material balance for the Company. Inventory obsolescence allowance is determined using policies/ methodologies that the Company deems appropriate to the business. Significant judgement is exercised by the management in identifying the slow-moving and obsolete inventories and in assessing whether provision for obsolescence for slow moving excess or obsolete inventory items should be recognized considering the production plan forecast inventory usage committed and expected orders alternative usage etc. Considering that the aforesaid assessment process is complex and involves significant estimates and judgements and the balance of inventory is material we have identified this as a key audit matter. Our procedures in relation to evaluate the allowance of inventories included:
• We obtained an understanding of how the management identifies the slow- moving and obsolete inventories and assesses the amount of allowance for inventories;
• We assessed and tested the design and operating effectiveness of the Company's internal financial controls over the allowance for inventory obsolescence;
• We observed the inventory count performed by management and assessed the physical condition of the inventories;
• We also assessed the allowance policy based on historical sales performance of the products in their life cycle;
• We further tested the ageing of the inventories and the computation of the obsolescence level on a sample basis;
• We have tested a sample of inventory items at significant components to assess the cost basis and net realisable value of inventory on a sample basis;
• We also assessed the Company's disclosures concerning this in Note 42 on significant accounting estimates and judgements and Note 11 on Inventories to the standalone Ind AS financial statements.
Impairment testing of investments in a subsidiary
As at March 31 2020 the carrying amount of investment in Centum Electronics UK Limited a subsidiary of the Company is Rs. 474.44 million which has underlying investment in Adetel Group SA ('Adetel'). Our procedures in relation to evaluate the impairment of investment included:
Adetel has incurred losses in the earlier years whereby the carrying value of the investment in Adetel as at March 31 2020 is higher than Adetel's net worth. The determination of recoverable amounts of the Company's investments in Centum Electronics UK Limited relies on management's estimates of future cash flows and their judgment with respect to the Adetel's performance. Significant judgements are required to determine the key assumptions used in the discounted cash flow models such as revenue growth price terminal value and discount rates. Due to the uncertainty of forecasting and discounting future cash flows being inherently subjective the level of management's judgement involved and the significance of the Company's investment as at March 31 2020 we have considered this as a key audit matter. • We assessed whether the Company's accounting policy with respect to impairment is in accordance with Ind AS 36 "Impairment of assets.
• We have carried out assessment of forecasts of future cash flows prepared by the management evaluating the assumptions and comparing the estimates to externally available industry economic and financial data;
• We have also assessed the valuation methodology and the key assumptions adopted in the cash flow forecasts with the support of our in-house valuation experts;
• We also assessed the recoverable value headroom by performing sensitivity testing of key assumptions used.
• We discussed potential changes in key drivers as compared to previous year / actual performance with management to evaluate whether the inputs and assumptions used in the cash flow forecasts were suitable.
• We tested the arithmetical accuracy of the financial projection model;
The basis of impairment of investment in subsidiary is presented in the accounting policies in Note 2.2(l) to the standalone Ind AS financial statements. • We assessed the Company's disclosures concerning this in Note 42 on significant accounting estimates and judgements and Note 5 pertaining to the disclosures of investment in subsidiary to the standalone Ind AS financial statements.

Information Other than the Standalone Ind AS Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone

Ind AS financial statements and our auditor's report thereon. Our opinion on thestandalone Ind AS financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether such other information is materially inconsistent withthe standalone Ind AS financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. The other information is expected to be madeavailable to us after the date of this auditor's report. We have nothing to report in thisregard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting

Standards (Ind AS) specified under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating the accuracyand completeness of the accounting records relevant to the preparation and presentationof the standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's process.

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

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence decisions of users taken on thebasis of these standalone Ind AS financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company 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 made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone Ind AS 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 the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies 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 statements for the audit of the standaloneInd AS financial year ended March 31 2020 and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

(e) The matter described in Emphasis of Matter above in our opinion may have anadverse effect on the functioning of the Company;

(f) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) of theAct;

(g) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;

(h) In our opinion the managerial remuneration for the year ended March 31 2020 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

(i) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements – Refer Note 46(c) to thestandalone Ind AS financial statements;

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

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

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sandeep Karnani
Partner
Membership Number: 061207
Place : Bengaluru UDIN: 20061207AAAADC9998
Date: July 28 2020

Annexure 1 referred to in clause 1 of paragraph on the ‘Report on Other Legal andRegulatory Requirements' of our report of even date

Re: Centum Electronics Limited (‘the Company')

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

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

(c) According to the information and explanations given to us by the management of theCompany the title deeds of immovable properties included in property plant andequipment's are pledged with the banks in connection with the borrowings and not availablewith the Company. The same has not been independently confirmed by the bank and hence weare unable to comment on the same.

(ii) The inventory except goods in transit has been physically verified by themanagement during the year. In our opinion the frequency of verification is reasonable.No material discrepancies were noticed on such physical verification.

(iii) According to the information and explanations given to us by the management ofthe Company the Company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013 (‘the Act'). Accordingly the provisionsof clause 3(iii)(a) (b) and (c) of the Order are not applicable to the Company and hencenot commented upon.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 of the Act in respect of loans and advances to directorsincluding entities in which they are interested is not applicable. In our opinion andaccording to the information and explanations given to us provisions of section 186 ofthe Act in respect of investments made and guarantees and securities given have beencomplied with by the Company.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Act and are of the opinion that prima which facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax duty of customs goods and service tax cess and other materialstatutory dues as applicable to the Company have generally been regularly deposited withthe appropriate authorities though there has been slight delays in a few cases.

(b) According to the information and explanations given to us undisputed dues inrespect of provident fund which were outstanding at the year end for a period of morethan six months from the date they became payable are as follows. Statement of arrears ofstatutory dues outstanding for more than six months:

Name of the statute Nature of the dues Amount (in Rs. million) Period to which the amount relates Due Date Date of Pay- ment
The Employees Provident Funds and Miscellaneous Provisions Act 1952 Provident fund 3.33 February 2019 – April 2019 Various dates Not paid

(c) According to the records of the Company the dues outstanding of income-taxsales-tax service tax duty of customs duty of excise value added tax goods andservice tax and cess on account of any dispute are as follows:

Name of the statute Nature of the dues Amount (in Rs. million) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Disallowance of exemptions 1.89 Financial year 2007-2008 Commissioner of Income Tax (Appeals) - Bangalore
Income Tax Act 1961 Disallowance of exemptions 46.44 Financial year 2016-2017 Commissioner of Income Tax (Appeals) - Bangalore
Central Excise Act 1944 Non-payment of service tax 52.52 (3.54)* Financial year 2009-2010 to 2014-2015 Customs Excise and Service Tax Appellate Tribunal (‘CESTAT') Bangalore
Customs Act 1962 Non-payment of customs duty 1.00 Financial year 2006-2007 and 2007-2008 CESTAT Bangalore
Central Excise Act 1944 Disallowance of CENVAT Credit availed 9.99 Financial year 2004-2005 to 2005-2006 Commissioner of Central Excise Bangalore
Central Excise Act 1944 Disallowance of CENVAT Credit availed 22.26 Financial year 2010-2011 to 2012-2013 CESTAT Bangalore
The Karnataka Stamp Act 1957 Stamp duty 16.28 Financial year 2007-08 The District Registrar Gandhinagar Registration District
Karnataka Value Added Tax 2003 Commercial Tax 6.49 (1.95)* Financial year 2013-2014 Deputy Commissioner of Commercial Taxes Bangalore

* Amount in parenthesis represents the payment made under protest.

(viii) According to the information and explanations given by the management theCompany has delayed in repayment of loans or borrowings to banks during the year to theextent of Rs. 490.87 million (the delay in such repayments ranges from 1-7 days) and Rs.500.91 million (the delay in such repayments ranges from 8-48 days) which have been madegood as at the balance sheet date. The Company did not have any outstanding loans orborrowing dues in respect to government or dues to debenture holders during the year.

(ix) According to the information and explanations given to us by the management of theCompany the Company has not raised any money way of initial public offer offer / debtinstruments. In our opinion and according to the information and explanations given to usby the management of the Company the Company has utilized the monies raised by way ofterm loans for the purposes for which they were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the standalone Ind AS financial statements and according to the informationand explanations given to us by the management of the Company we report that no fraud bythe Company or no fraud on the Company by the officers and employees of the Company hasbeen noticed or reported during the year.

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

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given to us by the management ofthe Company 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 thestandalone Ind AS financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orfurther public private placement of shares or fully or partly convertible debenturesduring the year under review and hence reporting requirements under clause 3(xiv) of theOrder are not applicable to the Company and not commented upon.

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

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

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Sandeep Karnani

Partner

Membership Number: 061207

Place: Bengaluru

Date : July 28 2020

Annexure 2 to the Independent Auditor's Report of even date on the Standalone Ind ASFinancial Statements of Centum Electronics Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of CentumElectronics Limited ("the Company") as of March 31 2020 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the‘Guidance Note') issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to the Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference these standalone Ind AS financialstatements based on our audit.

We conducted our audit in accordance with 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 and 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 controlsover financial reporting with reference to these standalone Ind AS financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

An audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standaloneInd AS financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the standalone Ind AS financialstatements whether due to fraud or error. sufficient We believe that the audit evidencewe have obtained is and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseStandalone Ind AS Financial Statements

A company's internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation of thestandalone Ind AS financial statements for external purposes in accordance with generallyaccepted accounting principles.

A company's internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements includes 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 ofstandalone

Ind AS financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone Ind AS financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financialcontrols over financial reporting with referenceto these standalone Ind AS financial statements to future periods ely as at are subject tothe risk that the internal financial control over financial reporting with reference tothese standalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these standalone IndAS financial statements and such internal financial controls over financial reporting withreference to these standalone Ind AS financial statements March were operating 31 2020based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sandeep Karnani
Place: Bengaluru Partner
Date: July 28 2020 Membership number: 061207

.