To The Board of Directors of
DANLAW TECHNOLOGIES INDIA LIMITED
Report on the Audit of the Standalone Annual Financial Results Opinion
We have audited the accompanying standalone annual financial results of DANLAWTECHNOLOGIES INDIA LIMITED (hereinafter referred to as the "Company") for yearended 31 March 2020 attached herewith being submitted by the company pursuant to therequirements of Regulation 33 of the SEB (Listing Obligations and Disclosure Requirements)Regulation2015 as amended (the "Listing Regulations")
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial results:
a) are presented in accordance with requirements of Regulation 33 of the ListingRegulations in this regard; and
b) gives a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable Indian Accounting Standard and other accountingprinciples generally accepted in India of the net profit/(Loss) and comprehensive incomeand other financial information for the year ended March 31 2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under section 143(10) of the Companies Act 2013("the Act"). Ourresponsibilities under those SAs are further described in the Auditor's Responsibilitiesfor the Audit of the Standalone Annual Financial Results section of our report. We areindependent of the company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the 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 on theStandalone annual financial results.
Management's and Board of Directors Responsibilities for the Standalone AnnualFinancial Results
The Company's Management and the Board of Directors are responsible for the preparationand presentation of these standalone annual financial results that give a true and fairview of the net profit/loss and other comprehensive income and other financial informationin accordance with the recognition and measurement principles laid down in IndianAccounting Standards prescribed under section 133 of the Act and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone annual financial results that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
In preparing the standalone annual financial results the Management and Board ofDirectors are 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.
The Board of Directors is responsible for overseeing the company's financial reportingprocess.
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annualfinancial results as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone annualfinancial results whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion through aseparate report on the complete set of financial statements on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the standalone financial results madeby the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone annual financial results 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.
Evaluate the overall presentation structure and content of the standaloneannual financial results including the disclosures and whether the Separate Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
The Standalone annual financial results include the results for the quarter ended 31March 2020 being the balancing figure between the audited figures in respect of the fullyfinancial year and the published unaudited year to date figures up to the third quarter ofthe current financial year which were subject to limited review by us.