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Crompton Greaves Consumer Electricals Ltd.

BSE: 539876 Sector: Engineering
NSE: CROMPTON ISIN Code: INE299U01018
BSE 15:07 | 30 Nov 447.55 2.80
(0.63%)
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447.70

HIGH

461.85

LOW

439.65

NSE 14:59 | 30 Nov 445.25 1.95
(0.44%)
OPEN

444.40

HIGH

462.15

LOW

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OPEN 447.70
PREVIOUS CLOSE 444.75
VOLUME 62307
52-Week high 512.05
52-Week low 302.65
P/E 42.75
Mkt Cap.(Rs cr) 28,108
Buy Price 446.75
Buy Qty 39.00
Sell Price 447.55
Sell Qty 1.00
OPEN 447.70
CLOSE 444.75
VOLUME 62307
52-Week high 512.05
52-Week low 302.65
P/E 42.75
Mkt Cap.(Rs cr) 28,108
Buy Price 446.75
Buy Qty 39.00
Sell Price 447.55
Sell Qty 1.00

Crompton Greaves Consumer Electricals Ltd. (CROMPTON) - Auditors Report

Company auditors report

To the Members of Crompton Greaves Consumer Electricals Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Crompton GreavesConsumer Electricals Limited (the ‘Company') which comprise the Balance Sheet as at31st March 2021 and the Statement of Profit and Loss the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes tothe standalone financial statements including a summary of the significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the ‘Act') in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India of the state of affairs of the Company as at 31st March2021 and its profit changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

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 ofthe Standalone 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 (ICAI) together with ethical requirements that are relevant to ouraudit of the standalone financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those that in our professional judgement wereof most significance in our audit of the standalone financial statements of the currentyear. These

matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined the matters described below to be the key auditmatters to be communicated in our report..

1. Goodwill (Refer Notes 2 and 38 to the standalone financialstatements)

On the demerger of the Consumer Business from Crompton Greaves Limited(CGL) (now CG Power and Industrial Solutions Limited) and in terms of ‘Scheme ofArrangement' the assets and liabilities of the Consumer Business along with certain brandusage rights were transferred to Crompton Greaves Consumer Electricals Limited (CGCEL).The excess of liabilities over net assets based on fair value and the share capitalamounting to Rs. 779.41 crore was recorded as Goodwill in the books of CGCEL. The Companyhas adopted the policy of amortising the goodwill in the books of account on the outcomeof impairment test if there is an indication of impairment as at the reporting date. Basedon the valuation done by the management's consultant the value of the goodwill is morethan book value of goodwill as at 31 st March 2021 and hence there is noindication of impairment.

We draw attention to Note 45 to the standalone financial statements.Due to the inherent uncertainty involved in forecasting and discounting future cash flowsdetermination of discount and terminal growth rates which are the basis for computing thevalue of goodwill and the assessment of recoverability these are the key judgement areas.In view of the above the Company has carried out an impairment assessment of goodwillusing the value-in-use model which is based on the net present value of the forecastearnings of the cash generating units. The computation involved using certain assumptionsaround discount rates growth rates and cash flow forecasts. Accordingly this isconsidered as the key audit matter.

Principal Audit Procedures

We have performed the audit procedures in the circumstances as statedabove including:

a) Critically reviewing the Company's assumptions pertaining toexternally derived data in relation to key inputs such as long-term growth rates anddiscount rates;

b) Assessed the appropriateness of the forecasted cash flows based onour understanding of the business and sector experience;

c) Recalculated the weighted average cost of capital (WACC) used todiscount the cash flows and assessed those rates to be reasonable based on knowledge ofthe economic environment and the risk premium associated with respective industries andcountries.

d) Compared the cash flow forecasts used in the impairment assessmentprepared by management consultant with the budgeted numbers to the extent available;

e) Evaluated the reasonableness of the forecasts made by the managementby comparing past forecasts to historical results where this was available and bycomparing to the current year results of the Company;

f) Subjected related key assumptions to sensitivity analysis;

g) Evaluated whether the Company's disclosures concerning thesensitivity of the impairment assessment to changes in key assumptions reasonablyreflected the risks inherent in the valuation of goodwill;

h) Skeptically reviewed management's assumptions judgement and theappropriateness of the valuation model used;

i) Tested the mathematical accuracy of management's calculations.

Our audit procedures did not reveal material variations.

2. Ongoing tax matters including provision for tax

The Company's unsettled tax position includes matters under disputewhich involves significant judgment to determine the possible outcome of these disputes.These provisions are estimated using a significant degree of management judgement ininterpreting the various relevant rules regulations and practices.

Provision for tax is also based on the presumption of significantestimates and assumptions on the allowability / disallowablilty of claims at theassessment level. Accordingly this is considered as the key audit matter.

Principal Audit Procedures

We have performed audit procedures which including:

a) Obtained understanding of the key uncertain tax provisions and alsoobtained information of completed tax assessments and demands / refunds received by theCompany during the financial year 2020-21;

b) Critically reviewed the processes and controls in place over taxassessments and demands / refunds through discussions with the management's internalexperts / external consultants and reviewed the communications with those charged withgovernance pertaining to this issue;

c) Involved our tax team to discuss with the appropriate management tocritically evaluate the key assumptions in estimating the tax provisions and assessed thepossible outcome of the assessment / demands of the disputed claims. Our tax teamconsidered past precedence and other rulings in evaluating Company's position on theseuncertain tax positions.

d) Assessed whether the Company's disclosures in Note 31 to thestandalone financial statements - Contingent liabilities and commitments adequatelydisclose the relevant facts and circumstances and potential liabilities of the Company.

e) Further considered the effect of all the information in respect ofuncertain tax positions as at 1st April 2020 and provision for tax to evaluatewhether any review was necessary to Company's position on these uncertainties.

Our audit procedures did not reveal any negative observations in thematter.

3. Estimates - Provision for warranty

Computation of provision for warranties and returns involves criticalevaluation of historical data with respect to the nature of repair and returns andestimation of costs in respect of future warranty claims and refunds. In view of theestimates being based on facts and circumstances that can change from period to periodthis is considered to be a significant management

judgement. Accordingly this is considered as the key audit matter.

Principal Audit Procedures

We have performed audit procedures in the circumstances as statedabove which includes:

a) Reviewed management's contract risk assessments by enquiriesinspection of minutes of meeting and review of correspondence with customers whereavailable. As we have the knowledge gained through field involvement and feedback onreview of the operation contract and project reviews we also assessed the justificationfor and the accuracy of provisions;

b) Reviewed the recognition and appropriateness of provisions byre-computing the amounts obtaining management statements evidence and supportingdocuments such as correspondence with clients or legal assessments of internal sourceswhere available;

c) Considered the historical accuracy of estimates made by managementthrough reviews of actual facts. In order to gain a complete and clear understandingadditionally performed enquiry procedures and reviewed relevant documents.

Our audit procedures did not reveal any observations of any materialdifferences.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

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 financial statements and our auditor's reportthereon.

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

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.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards prescribed under Section 133 of the Act. 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 design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board ofDirectors is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

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 aggregate they could reasonably be expected to influence the economicdecisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of thefinancial 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 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 system in place and theoperating 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 financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern; and

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

We communicate with those charged with governance regarding 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.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current year and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso 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 Section 143(11) ofthe Act we give in the Annexure ‘A' a Statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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

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

(b) in our opinion proper books of account as required by law 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 the Statementof Changes in Equity and the Statement of Cash Flows dealt with by this Report are inagreement with the books of account;

(d) in our opinion the aforesaid standalone financial statementscomply with the Indian Accounting Standards specified under Section 133 of the Act;

(e) on the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2021 from beingappointed as a director in terms of Section 164 (2) of the Act;

(f) with respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure ‘B';

(g) with respect to the other matters to be included in the AuditorsReport in accordance with the requirements of Section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its directors is in accordance with theprovisions of Section 197 of the Act; and

(h) 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:

(1) the Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements - (Refer Note 31 to thestandalone financial statements);

(2) the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; and

(3) the requirements to transfer amounts to the Investor Education andProtection Fund is not presently applicable to the Company.

SHARP & TANNAN
Chartered Accountants
Firm's Registration No.109982W
by the hand of
Edwin P. Augustine
Partner
Membership No. 043385
Mumbai 21st May 2021 UDIN: 21043385AAAADQ3996

Annexure 'A' to the Independent Auditor's Report

(Referred to in paragraph 1 of our report of even date)

(i) (a) The Company has maintained proper records

showing full particulars including quantitative details and situationof fixed assets.

(b) The Company has a regular programme of physical verification of itsfixed assets by which all fixed assets are verified in a phased manner over a period ofthree years. In accordance with this programme a portion of the fixed assets has beenphysically verified by the management during the year and no material discrepancies havebeen noticed on such verification. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. (Refer Note 2 to the standalone financial statements).

(c) According to the information and explanations given to us thetitle deeds of immovable properties are in the name of the Company except in one case offreehold land acquired consequent to the ‘Scheme of Arrangement' with gross and netcarrying amounts of Rs. 0.34 crore and Rs.0.34 crore respectively - (Refer Note 2 to thestandalone financial statements) in respect of which the deeds of conveyance is yet to becompleted. The Company is in the process of complying and basis completion thereof toobtain the right of ownership thereon.

(ii) As explained to us inventories have been physically verified bythe management during the year. In our opinion the frequency of such verification isreasonable. No material discrepancies were noticed on verification between the physicalstocks and the book records.

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

(iv) According to the information and explanations given to us theCompany has not granted any loan or given any guarantees or provided any security to theparties covered under Section 185 of the Act. Further the Company has not made anyinvestment or given any loan or given any guarantee or provided any security within themeaning of Section 186 of the Act. Accordingly the Paragraph 3(iv) of the Order is notapplicable to the Company.

(v) The Company has not accepted any deposits from the public duringthe year to which the directives issued by the Reserve Bank of India and the provisions ofSections 73 to 76 and other relevant provisions of the Act and the rules framed thereunderapply.

(vi) The maintenance of cost records has been specified by the CentralGovernment under Section 148(1) of the Act. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under Section 148(1) of the Act and areof the opinion that prima facie the prescribed accounts and records have been made andmaintained. We have however not made a detailed examination of these accounts andrecords with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to usthe Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income tax duty of customs goods andservices tax cess and any other statutory dues where applicable to the appropriateauthorities. According to the information and explanations given to us there are noarrears of outstanding statutory dues as at the last day of the financial year for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us and therecords examined by us the particulars of income tax sales tax service tax duty ofcustoms duty of excise and value added tax as at 31st March 2021 which havenot been deposited on account of a dispute pending are as under:

Name of the Statute Nature of the disputed dues Amount (Rs crore)* Period to which the amount relates Forum where disputes are Pending
The Income Tax Act 1961 Tax Interest and Penalty 10.38 2010-112011-12 2013-14 and 2014-15 Commissionerate (Appeals)
The Central Sales Tax Tax Interest and 0.06 1999-2000 High Court
Act 1956 Local Sales Tax Acts and Works Contract Penalty 126.17 1998-99 to 2001-02 2003-04 to 2017-18 Commissionerate (Appeals)
Tax Act and Value Added Tax Acts 4.40 1996-97 2000-01 2002-03 to 2008-09 2010-11 and 2011-12 Tribunal
The Customs Act1962 Duty Interest and Penalty 0.34 2019-20 and 2020-21 Commissionerate (Appeals)
The Integrated Goods and Services Tax Act 2017 Tax and Penalty 0.15 2020-21 Commissionerate (Appeals)

(*net of pre-deposit paid in getting the stay / appeal admitted)

(viii) According to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to financial institutionsand banks or dues to debenture holders. The Company has not taken any loans or borrowingsfrom the Government.

(ix) According to the information and explanations given to us theCompany has not raised monies by way of initial public offer or further public offer(including debt instruments). In our opinion and according to the information andexplanations given to us on an overall basis the term loan has been applied for thepurpose for which the term loan was obtained.

(x) During the course of our examination of the books and records ofthe Company carried out in accordance with generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any fraud by the Company or any fraud on

the Company by its officers or employees noticed or reported during theyear nor have we been informed of such case by management.

(xi) According to the information and explanations given to us themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) According to the information and explanations given to us theCompany is not a Nidhi company. Accordingly the Paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) According to the information and explanations given to us allthe transactions with the related parties are in compliance with Sections 177 and 188 ofthe Act where applicable. The relevant details of such related party transactions havebeen disclosed in the standalone financial statements etc. as required

under Indian Accounting Standard (Ind AS) 24 Related Party Disclosuresspecified under Section 133 of the Act.

(xiv) According to the information and explanations given to us theCompany had not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year. Accordingly the Paragraph 3(xiv) of theOrder is not applicable to the Company.

(xv) According to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him during the year. Accordingly the Paragraph 3 (xv) of the Order is not applicableto the Company.

(xvi) According to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934

SHARP & TANNAN
Chartered Accountants
Firm's Registration No.109982W
by the hand of
Edwin P. Augustine
Partner
Membership No. 043385
Mumbai 21st May 2021 UDIN: 21043385AAAADQ3996

Annexure 'B' to the Independent Auditor's Report

(Referred to in paragraph 2(f) of our report of even date)

Report on the Internal Financial Controls under Section 143(3)(i) ofthe Companies Act 2013 (the ‘Act')

We have audited the internal financial controls over financialreporting of Crompton Greaves Consumer

Electricals Limited (the ‘Company') as of 31st March2021 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the ‘Guidance Note') issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including

adherence to 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

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Act to the extent applicable to an auditof internal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial

controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting 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 standalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that: (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions 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 the standalonefinancial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as of 31st March 2021based 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.

SHARP & TANNAN
Chartered Accountants
Firm's Registration No.109982W
by the hand of
Edwin P. Augustine
Partner
Membership No. 043385
Mumbai 21st May 2021 UDIN: 21043385AAAADQ3996

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