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Chambal Fertilisers & Chemicals Ltd.

BSE: 500085 Sector: Agri and agri inputs
NSE: CHAMBLFERT ISIN Code: INE085A01013
BSE 00:00 | 22 Jun 307.00 -4.45
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306.00

NSE 00:00 | 22 Jun 307.20 -4.30
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OPEN 314.70
PREVIOUS CLOSE 311.45
VOLUME 173294
52-Week high 320.80
52-Week low 133.35
P/E 9.49
Mkt Cap.(Rs cr) 12,778
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 314.70
CLOSE 311.45
VOLUME 173294
52-Week high 320.80
52-Week low 133.35
P/E 9.49
Mkt Cap.(Rs cr) 12,778
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Chambal Fertilisers & Chemicals Ltd. (CHAMBLFERT) - Auditors Report

Company auditors report

To the Members of Chambal Fertilisers andChemicals Limited

Report on the audit of the Standalone financial statements

Opinion

1. We have audited the accompanying standalone financial statements ofChambal Fertilisers and Chemicals Limited (“the Company") which comprise thebalance sheet as at March 31 2020 and the statement of Profit and Loss (including OtherComprehensive Income) Statement of changes in equity and Statement of cash flows for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as“Standalone Ind AS Financial Statements").

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Standalone Ind AS Financial Statements givethe information required by the Companies Act 2013 (“the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312020and total comprehensive income (comprising of profit and other comprehensive income)changes in equity and its cash flows for the year then ended.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Ind AS Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the Standalone Ind AS Financial Statements under the provisions of the Act and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the Standalone Ind AS FinancialStatements of the current period. These matters were addressed in the context of our auditof the Standalone Ind AS Financial Statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
4.1 Assessment of implications of government policies/ notifications on recognition of subsidy revenue and its recoverability Our procedures included the following:
• We understood and evaluated the design and tested the operating effectiveness of controls as established by management in recognition of subsidy revenue and assessment of the recoverability of outstanding subsidy.
[Refer to the accompanying notes 2(b)(xvi)(a) 8(B) 17 32 49 and 54(d) of the Standalone Ind AS Financial Statements.]
• We evaluated the management's assessment regarding reasonable certainty of complying with the relevant conditions as specified in the notifications/policies.
During the year the Company has recognised subsidy revenue amounting to Rs. 7729.30 Crore and the aggregate amount of subsidy receivable as at March 312020 was Rs. 5349.33 Crore. The amount of subsidy income and the balance receivable are significant to the Standalone Ind AS Financial Statements.
• We considered the relevant notifications/policies issued by various authorities to ascertain the appropriateness of the recognition of subsidy revenue and adjustments to subsidy already recognised in earlier years pursuant to changes in subsidy rates.
We focused on this area since the recognition of subsidy revenue and the assessment of recoverability of the related subsidy receivables is subject to significant judgements of the management. The areas of subjectivity and judgement include interpretation and satisfaction of conditions specified in the notifications/ policies in the estimation of timing and amount of recognition of subsidy revenue likelihood of recoverability and allowance in relation to the outstanding subsidy receivables.
• We also understood the basis of judgements that management has made in relation to the notifications/ policies including past precedence and subsequent evidence as applicable.
• We assessed the reasonableness of the recoverability of subsidy receivable by reviewing the management's analysis and information used to determine the recoverability of subsidy receivable ageing of receivables and historical collection trends.
• We evaluated adequacy of disclosures in the Standalone Ind AS Financial Statements.
Based on the above procedures performed the management's assessment of the implications of government notifications/ policies on recognition of subsidy revenue and its recoverability was considered to be reasonable.
4.2 Assessment of carrying amount of tax balances and impact of change in estimates. Our procedures in relation to the management's assessment
included the following:
[Refer to the accompanying notes 2.(b)(xviii) 37 39 and 54(b) of the Standalone Ind AS Financial Statements.] • We understood and evaluated the design and tested the operating effectiveness of controls as established by the management in relation to 'Taxes'.
Pursuant to the issuance of The Taxation Laws (Amendment) Act 2019 ('the Act) on December 112019 the management has carried out an assessment of their future taxable profits and consequential impact of the same on carrying amount of deferred tax balances including minimum alternate tax (MAT). The assessment has been carried out considering the amendments to the tax laws including the conditions prescribed therein specifically in relation to availment of certain exemptions/benefits. As a result of the assessment carried out the Company has reversed its deferred tax liability (DTL) (net) amounting to Rs. 343.97 Crore which is significant to the Standalone Ind AS Financial Statements.
• We evaluated the management's assessment of availing benefits and exemptions under the tax laws.
• We assessed the tax rate applied to forecasted future taxable profits in light of the tax laws.
• We have assessed with the assistance of our experts profit projections including assumptions used in such forecasts (including consideration of impact of COVID-19 refer note 37 to Standalone Ind AS Financial Statements) and have also considered historical performance vis-vis the budgets.
• We evaluated management's assessment on the sufficiency of the future taxable profits to support reversal of deferred tax /MAT balances as at year end.
We considered this a key audit matter because the reversal of deferred tax liability (net) is material to financial statements and it involves significant judgement. The areas of judgement includes estimation of future taxable profits as there are inherent uncertainties involved in forecasting such profits (including management's assessment on COVID-19) period over which MAT will be available for recovery and the expected year of adoption of the concessional tax rates.
• We evaluated the adequacy of disclosures [Note 39 and 54(b)] in the Standalone Ind AS financial statements.
Based on the above procedures performed the results of management's assessment were considered to be consistent with the outcome of our procedures.

Other Information

5. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annualreport but 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.

In connection with our audit of the Standalone Ind AS FinancialStatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the Standalone Ind ASFinancial Statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of management and those charged with governance forthe Standalone Ind AS Financial Statements

6. 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) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone Ind AS FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

7. In preparing the Standalone Ind AS Financial Statements managementis 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 management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the Standalone Ind ASFinancial Statements

8. Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect

a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone Ind AS Financial Statements.

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

• Identify and assess the risks of material misstatement of theStandalone Ind AS Financial Statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to StandaloneInd AS Financial Statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Ind AS Financial Statements or if such disclosuresare inadequate 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 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.

10. We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

11. We also provide those charged with governance with a statement thatwe have 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.

12. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the StandaloneInd AS Financial Statements of the current period 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

13. 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 A' a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and the Statement of CashFlows dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind AS FinancialStatements comply with the Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors as on March 312020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312020 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlswith reference to the financial statements of the Company and the operating effectivenessof such controls refer to our separate Report in “Annexure B".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 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 itsfinancial position in its Standalone Ind AS Financial Statements - Refer Note 26 to theStandalone Ind AS Financial Statements;

ii. The Company has long-term contracts including derivative contractsas at March 312020 for which there were no material forseeable losses.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended March 312020.

iv. The reporting on disclosures relating to Specified Bank Notes isnot applicable to the Company for the year ended March 31 2020.

15. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Place : New Delhi Pramit Agrawal
Date : May 23 2020 Partner
UDIN : 20099903AAAAET7103 Membership Number - 099903

Annexure A to Independent Auditors' Report

Referred to in paragraph 13 of the Independent Auditors' Report of evendate to the members of Chambal Fertilisers and Chemicals Limited on the Standalone Ind ASFinancial Statements as of and for the year ended March 312020

i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets of the Company have been physically verified bythe Management during the year based on a phased programme of verifying all the assetsover a period of two years which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. No material discrepancies have been noticedon such verification carried out during the year.

(c) The title deeds of immovable properties as disclosed in Note 3 onfixed assets to the Standalone Ind AS Financial Statements are held in the name of theCompany except for freehold land (Gross block - Rs. 0.01 crore and Net block - Rs. 0.01crore) and Leasehold land (Gross block - Rs. 0.44 crore and Net block - Rs. 0.31 crore)which are yet to be registered in the Company's name.

ii. The physical verification of inventory excluding stocks with thirdparties have been conducted at reasonable intervals by the Management during the year. Inrespect of inventory lying with third parties these have substantially been confirmed bythem. No material discrepancies were noticed on such physical verification of inventory ascompared to book records.

iii. The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii) (b) and (iii) (c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisons of Section 185 and 186 of theAct in respect of the loans and investments made and guarantess and security provided byit.

v. The Company has not accepted any deposits from the public within themeaning of Sections 73 74 75 and 76 of the Act and the Rules framed there under to theextent notified.

vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products.

We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the

Company is regular in depositing undisputed statutory dues includingincome tax provident fund employees' state insurance duty of customs professional taxgoods and services tax and other material statutory dues as applicable with theappropriate authorities. Also refer Note 50 to the Standalone Ind AS Financial Statementsregarding management's assessment on certain matters relating to provident fund.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of sales tax duty of customsvalue added tax and goods and service tax which have not been deposited on account of anydispute. The particulars of dues of income tax service tax and duty of excise as atMarch 312020 which have not been deposited on account of a dispute are as follows:

Name of Statute Nature of the dues Amount (Rs. Crore)* Period to which the amount relates Forum where dispute is pending
Finance Act 1994 Service tax demand (including penalty) raised in respect of service tax not paid on payments made in foreign currency to foreign parties 174.15 FY 2007-08 to FY 2011-12 CESTAT Kolkata
Finance Act 1994 Department appeal against the refund of service tax on downward revision of Transmission charges 2.75 November 2008 to June 2010 High Court Jabalpur (Madhya Pradesh)
Central Excise Act 1944 Wrong availment of proportionate cenvat credit on input services 1.98 August 2014 to March 2016 CESTAT New Delhi
Central Excise Act 1944 Wrong availment of proportionate cenvat credit on input services 0.93 FY 2016-17 CESTAT New Delhi
Central Excise Act 1944 Wrong availment of proportionate cenvat credit on input services 0.70 April 17 to June 17 CESTAT New Delhi
Income Tax Act 1961 Income tax on non-allowance of special survey and dry lock expenditure 20.55 FY 1997-98 High Court Kolkata
Income Tax Act 1961 Disallowances for various expenses 232.91 FY 1998-99 199900; and FY 2001-02 to 2008-09 Supreme Court of India
Income Tax Act 1961 Disallowances for various expenses 2.47 FY 2009-10 to 201011 High Court Rajasthan (Jaipur)
Income Tax Act 1961 Disallowances for various expenses 59.02 FY 2011-12 to 201314 Income Tax Appellate Tribunal Jaipur
Income Tax Act 1961 Disallowances for various expenses 23.19 FY 2009-10 to 201112 FY 2013-14 and FY 2015-16 to 201617 Commissioner (Appeals) Kota

* Amount under dispute is net of tax deposited if any.

viii. According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank as at the balance sheet date.Further the Company did not have any outstanding debentures and loan from governmentduring the year and as at the balance sheet date.

ix. In our opinion and according to the information and explanationsgiven to us the moneys raised by way of term loans have been applied for the purposes forwhich they were obtained. The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year.

x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

xi. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act. Also refer paragraph 15 of our main audit report.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the provisions of Clause 3(xii) of the Order are not applicableto the Company.

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of relatedparty transactions have been disclosed in the Standalone Ind AS financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Place : New Delhi Pramit Agrawal
Date : May 23 2020 Partner
UDIN : 20099903AAAAET7103 Membership Number - 099903

Annexure B to Independent Auditors' Report

Referred to in paragraph 14(f) of the Independent Auditors' Report ofeven date to the members of Chambal Fertilsers and Chemicals Limited on the Standalone IndAS Financial Statements for the year ended March 312020

Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference tofinancial statements of Chambal Fertilisers and Chemicals Limited (“theCompany") as of March 312020 in conjunction with our audit of the Standalone Ind ASFinancial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to 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 Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to Standalone Ind AS Financial Statements basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the “Guidance Note") andthe Standards on Auditing deemed to be prescribed under section 143(10) of the Act to theextent applicable to an audit of internal financial controls both applicable to an auditof 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 controlswith reference to financial statements was established and maintained and if such controlsoperated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

6. A company's internal financial controls with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to 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 FinancialControls with reference to financial statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 312020 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Place : New Delhi Pramit Agrawal
Date : May 23 2020 Partner
UDIN : 20099903AAAAET7103 Membership Number - 099903