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Cineline India Ltd.

BSE: 532807 Sector: Media
NSE: CINELINE ISIN Code: INE704H01022
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VOLUME 4032
52-Week high 174.75
52-Week low 82.10
P/E
Mkt Cap.(Rs cr) 351
Buy Price 0.00
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Sell Price 0.00
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OPEN 116.90
CLOSE 113.15
VOLUME 4032
52-Week high 174.75
52-Week low 82.10
P/E
Mkt Cap.(Rs cr) 351
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cineline India Ltd. (CINELINE) - Auditors Report

Company auditors report

To

The Members of

Cineline India Limited

Report on the audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone Ind AS financialstatements of Cineline India Limited (the Company) which comprise the standalone balancesheet as at 31 March 2022 and the standalone statement of profit and loss (includingother comprehensive income) standalone statement of changes in equity and standalonestatement of cash flows for the year then ended and notes to the standalone financialstatements including a summary of significant accounting policies and other explanatoryinformation ("the Standalone Financial Statement").

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 (Act) in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at 31 March 2022 and its loss and othercomprehensive loss 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 those SAs arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of theStandalone Financial Statements under the provisions of the Act and the rules thereunderand 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 and appropriate to provide a basis for our opinion on the Standalone FinancialStatements.

Key Audit Matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the Standalone Financial Statements ofthe current year. We have determined that there are no key audit matters to communicatedin our report.

Other Information

5. The Company's Board of Directors are responsible for the otherinformation. The other information comprises the information included in theCompany's annual report but does not include the Standalone Financial Statements andour auditors' report thereon.

6. Our opinion on the Standalone Financial Statements does not coverthe other information and we do not express any form of assurance conclusion thereon.

7. In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Management's responsibility for the Standalone FinancialStatements

8. 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 StandaloneFinancial Statements that give a true and fair view of the state of affairs loss andother comprehensive loss changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the Indianaccounting standards (Ind AS) specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting sufficient records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting 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 FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

9. In preparing the Standalone Financial Statements the 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 the management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

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

Auditor's responsibilities for the audit of the StandaloneFinancial Statements

11. Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.

12. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional skepticism throughout the deficiencies ininternal control that audit. We also:

12.1. Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficientandopinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.

12.2. Obtain an understanding of internal control relevant to the auditin order to design audit procedures that are appropriate in the circumstances. Undersection 143(3) (i) the Act we are also responsible for expressing our opinion on whetherthe Company has adequate internal financial controls with reference to StandaloneFinancial Statements in place and the operating effectiveness of such controls.

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

12.4.Conclude on the appropriateness of the management's use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the Standalone Financial Statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

12.5. Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

13. We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding we any significant identify during our audit.

14. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicateappropriatetoprovide with them all relationshipsbasisforour andother matters that may reasonably be thought to bear on our independence and whereapplicable related safeguards.

15. From the matters communicated with those charged with governancewe determine those matters that were of most Statements of the current year and aretherefore the key audit matters. We describe these matters in our auditor's reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

16. As required by the Companies (Auditor's Report) Order 2020(the Order) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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

17.1. 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.

17.2.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.

17.3.The standalone balance sheet the standalone statement of profitand loss including other comprehensive income the statement of changes in equity and thestandalone cash flow statement dealt with by this Report are in agreement with the booksof account.

17.4.In our opinion the aforesaid Standalone Financial Statementscomply with the Ind AS specified under Section 133 of the Act.

17.5.On the basis of the written representations received from thedirectors as on 31 March 2022 taken on record by the Board of Directors none of thedirectors is disqualified on 31 March 2022 from being appointed as a director in terms ofSection 164(2) of the Act.

17.6.With respect to the adequacy of the internal financial controlswith reference to Standalone Financial Statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in Annexure B.

17.7.In our opinion and according to the information and explanationsgiven to us the remuneration paid by the Company to its directors during the current yearis in accordance with the provisions of Section 197 of the Act. The remuneration paid toany director is not in excess of the limit laid down under Section 197 of the Act.

18. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

18.1.The Company does not have any pending litigations which wouldimpact its financial position.

18.2.The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

18.3.There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

18.4.The management has represented to us to the best of theirknowledge that no funds have been advanced or loaned or invested (either from borrowedfunds or share premium or any other sources or kind of funds) by the Company to or in anyother person(s) or entity(ies) including foreign entities (Intermediaries) with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries. Based onreasonable audit procedures adopted by us nothing has come to our notice that suchrepresentation contains any material misstatement.

18.5.The management has represented to us to the best of theirknowledge that no funds have been received by the Company from any person(s) orentity(ies) including foreign entities (Funding Parties) with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identifiedin any manner whatsoever by or onbehalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries. Based on reasonable audit proceduresadopted by us nothing has come to our notice that such representation contains anymaterial misstatement.

18.6. In our opinion and according to the information and explanationsgiven to us there are no dividend declared or paid during the year.

Annexure A to the Independent Auditor's Report on the StandaloneFinancial Statements of Cineline India Limited for the year ended 31 March 2022

(Referred to in paragraph 16 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipment(PPE).

The Company does not have any intangible assets.

(b) The Company has a regular programme of physical verification of itsPPE by which all PPE are verified at regular intervals. In our opinion the periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records of the Company the titledeeds of all the immovable properties (other than properties where the Company is thelessee and the lease agreements are duly executed in favour of the lessee) disclosed inthe financial statements are held in the name of the Company.

(d) In our opinion and according to the information and explanationsgiven to us the Company has not revalued its PPE (including Right of Use assets) orintangible assets or both during the year.

(e) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records of the Company noproceedings have been initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder.

ii. (a) The Company does not have any inventory. Accordingly paragraph3(ii)(a) of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records of the Company the Companyhas been sanctioned working capital limits in excess of rupees five crore in aggregatefrom financial institutions on the basis of security of current assets. The company is notrequired to file the quarterly returns or statements with the bank or financialinstitutions.

iii. (a) In our opinion and according to the information andexplanations given to us the Company has made not investments in provided any guaranteeor security secured or unsecured to companies firms Limited

Liability Partnerships or any other parties. During the year underreport the Company has granted unsecured loans and advance in nature of loans and thedetails are mentioned in the following table:

Particulars Loans
Aggregate amount granted/ provided during the year
Subsidiaries Rs. 3497.46 Lakhs
Others Rs. 2490.00 Lakhs
Balance outstanding as at balance sheet date in respect of above cases
Subsidiaries Rs. 12909.68 Lakhs
Others Rs. 1090.94 Lakhs

(b) In our opinion and according to the information and explanationsgiven to us the Company has not made any investments or provided any guarantees orsecurities or granted any advances in nature of loans and in respect of loans granted theterms and conditions are not prejudicial to the Company's interest.

(c) In our opinion and according to the information and explanationsgiven to us in respect of loans and advances in the nature of loans the schedule ofrepayment of principal and payment of interest has been stipulated and the repayments orreceipts are regular during the year.

(d) In our opinion and according to the information and explanationsgiven to us no amount is overdue in respect of loans and advances in the nature of loans.

(e) In our opinion and according to the information and explanationsgiven to us neither loans or advances in nature of loans have been renewed or extendednor any fresh loans have been granted to settle the overdue of existing loans.

(f) In our opinion and according to the information and explanationsgiven to us the Company has granted loans or advances in the nature of loans to RelatedParties (as defined in section 2(76) of the Act) which are repayable on demand and thedetails are mentioned below:

All Parties Promoters Related Parties
Aggregate amount of loans/ advances in nature of loans
- Repayable on demand (A) Rs. 14000.62 Lakhs - Rs. 14000.62 Lakhs
- Agreement does not specify any terms or period of repayment (B) Rs. NIL - Rs. NIL
Total (A+B) Rs. 14000.62 Lakhs - Rs. 14000.62 Lakhs
Percentage of loans/ advances in nature of loans to the total loans 100% - 100%

iv. In our opinion and according to the information and explanationsgiven to us the Company has not made provided any guarantees and security covered undersection 185 and 186 of the Act and in respect of loans given and investment made by theCompany the provisions of sections 185 and 186 of the Act have been complied with.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits or amounts which are deemed to bedeposits from the public during the year in terms of directives issued by the Reserve Bankof India or the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the rules framed there under. Accordingly paragraph 3(v) of the Order is notapplicable to the Company.

vi. The maintenance of cost records has not been specified by theCentral Government under sub-section (1) of section 148 of the Companies Act 2013.paragraph 3(vi) of the Order is not applicable to the Company.

vii. (a) In our opinion and according to the information andexplanations given to us amounts deducted/accrued in the books of account in respect ofundisputed statutory dues including Goods and Services Tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs dutyof excise value added tax cess and any other statutory dues have generally beenregularly deposited by the Company with the appropriate authorities.

According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax Goods and Services Tax duty of customs cess and other material statutorydues were in arrears as at 31 March 2022 for a period of more than six months from thedate they became payable.

(b) We confirm that there are no dues of Goods and Services Taxprovident fund employees' state insurance income-tax sales-tax service tax dutyof customs duty of excise value added tax cess and any other statutory dues which havenot been deposited to/with the appropriate authority on account of any dispute.

viii. In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records of the Company we confirmthat we have not come across any transactions not recorded in the books of account whichhave been surrendered or disclosed as income during the year in the tax assessments underthe Income Tax Act 1961.

ix. (a) In our opinion the Company has not defaulted in repayment ofloans or in the payment of interest thereon to the financial institution. The Company hasnot taken any loans or other borrowings from any banks government debenture holders orany other lender.

(b) According to the information and explanations given to us and onthe basis of our audit procedures we report that the Company has not been declared wilfuldefaulter by any bank or financial institution government or any government authority orany other lender.

(c) In our opinion and according to the information and explanationsgiven to us the Company has utilized the money obtained by way of term loans during theyear for the purposes for which they were obtained.

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the financial statements ofthe Company the company has not raised funds on short-term basis. Accordingly paragraph3(ix)(d) is not appliable.

(e) According to the information and explanations given to us and on anoverall examination of the financial statements of the Company we report that the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries joint ventures or associatecompanies.

x. (a) The Company did not raise money by way of initial public offeror further public offer (including debt instruments) during the year.

(b) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 42 and 62 of the Actin connection with the funds raised through private placement of shares and the same havebeen utilised for the purposes for which they were raised.

xi. (a) In our opinion and according to the information andexplanations given to us there has been no fraud by the Company or any fraud on theCompany that has been noticed or reported during the year.

(b) In our opinion and according to the information and explanationsgiven to us no report under sub-section (12) of section 143 of the Act has been filed bythe auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with Sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

xiv. (a) In our opinion and based on our examination the Company hasan internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issuedtill date for the period under audit.

xv. According to the information and explanations given to us in ouropinion during the year the Company has not entered into any non-cash transactions withits directors or persons connected with its directors. Accordingly paragraph 3(xv) of theOrder is not applicable to the Company.

xvi. (a) In our opinion the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi)of the Order is not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or HousingFinance activities without obtaining a valid Certificate of Registration (CoR) from theReserve Bank of India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by Reserve Bank of India.

(d) The Group has no CIC as a part of the Group.

xvii. The Company has not incurred any cash losses in the financialyear and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors duringthe year. Accordingly paragraph 3(xviii) of the Order is not applicable.

xix. According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that the Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due. as

xx. (a) According to information and explanations given to us and basedon our examination of the records of the Company the Company is not required to transferany unspent amount pertaining to the year under report to a Fund specified in Schedule VIIthe Companies Act 2013 in compliance with second proviso to sub-section (5) of section135 of the Act.

(b) There are no ongoing projects towards Corporate SocialResponsibility during the year. Accordingly paragraph 3(xx)(b) of the Order is notapplicable to the Company.

xxi. Reporting under paragraph 3(xxi) of the Order is not applicable atthe standalone level of reporting.

Annexure ‘B' to the Independent Auditors' report on theStandalone Financial Statements of Cineline India Limited for the year ended 31 March 2022

(Referred to in paragraph 17.6 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls with reference to theaforesaid Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143of the Companies Act 2013.

Opinion

1. We have audited the internal financial controls with reference tothe Standalone Financial Statements of Cineline India Limited (the Company) as at 31 March2022 in conjunction with our audit of the Standalone Financial Statements of the Companyfor the year ended on that date.

2. In our opinion the Company has in all material respects anadequate internal financial controls with reference to the Standalone Financial Statementsand such internal at 31 financial controls were operating effectively March 2022 based onthe internal controls over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India (the Guidance Note).

Management's responsibility for Internal Financial Controls

3. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal controls over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note. These responsibilities include the designimplementation and maintenance of adequate internal forfinancial controls that wereoperating effectively ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's responsibility

4. OurresponsibilityistoexpressanopinionontheCompany's internalfinancial controls with reference to the Standalone Financial Statements based on ouraudit. We conducted our audit in accordance with the Guidance Note and the Standards onAuditing (SA) prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls with reference to the Standalone FinancialStatements. Those SAs and the Guidance Note require that we comply with the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls with reference to the Standalone Financial Statementswere established and maintained and whether such controls operated effectively in allmaterial respects.

5. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to theStandalone Financial Statements and their operating effectiveness. Our audit internalfinancial controls with reference to the Standalone Financial Statements includedobtaining an understanding of internal financial controls with reference to the StandaloneFinancial Statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based the assessedrisk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the Standalone Financial Statementswhether due to fraud or error.

6. 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 with reference to the Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to the StandaloneFinancial Statements

7. A company's internal financial controls with reference to theStandalone Financial Statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of StandaloneFinancial Statements for external purposes in accordance with generally acceptedaccounting principles.

A company's internal financial controls with reference to theStandalone Financial Statements include those policies and procedures that (1) pertain tothe maintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on theStandalone Financial Statements.

Inherent Limitations of Internal Financial Controls with reference tothe Standalone Financial Statements

8. Because of the inherent limitations of internal financial controlswith reference to the Standalone Financial Statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls with reference to the Standalone Financial Statements tofuture periods are subject to the risk that the internal financial controls with referenceto the Standalone Financial Statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

For KKC & Associates LLP
Chartered Accountants
(Formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621
Hasmukh B. Dedhia
Partner
ICAI Membership No: 033494
UDIN: 22033494AJSVWJ3656
Place: Mumbai
Date: 27 May 2022

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