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Esaar (India) Ltd.

BSE: 531502 Sector: Financials
NSE: N.A. ISIN Code: INE404L01039
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NSE 05:30 | 01 Jan Esaar (India) Ltd
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VOLUME 7853
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P/E 1.83
Mkt Cap.(Rs cr) 5
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Sell Price 0.00
Sell Qty 0.00
OPEN 2.33
CLOSE 2.29
VOLUME 7853
52-Week high 3.82
52-Week low 0.86
P/E 1.83
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Esaar (India) Ltd. (ESAARINDIA) - Auditors Report

Company auditors report

TO

THE MEMBERS OF ESAAR (INDIA) LIMITED Report on the Audit of the FinancialStatements

Opinion

We have audited the accompanying financial statements of ESAAR (INDIA) LIMITED("the Company") which comprise the Balance Sheet as at March 31 2020 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and a summaryof the significant accounting policies and other explanatory information (hereinafterreferred to as "the financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act') in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian

Accounting Standards) Rules 2015 as amended ("Ind AS") read with note ofEmphasis of Matter below and other accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 its profit total comprehensiveincome changes in equity and its cash flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143 (10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements 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 Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinionon the financial statements.

Emphasis of Matter

1. The Company is yet to comply with the Exposure / Group exposure norms as stipulatedby Reserved Bank of India Master directions issued on time to time applicable toNon-Systematically important non-deposit taking Non-banking Finance Company.

2. We draw attention to note 33 to the statement which states that as per theassessment of the management there is no significant impact of the COVID-19 pandemic onthe operations and financial position of the company.

Our opinion is not modified in respect of the above.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Key Audit Matter Auditor's Response
Transition date accounting policies
Refer to the accounting policies in the Financial Statements:
Significant Accounting Policies- ‘Basis of preparation' and First-time adoption of Ind AS Note 24 "Fair value measurement" and
Note 24(b) "Risk management" to the Ind AS Financial Statements provide detailed information on the significant policies critical
judgment and estimation along with details of exemptions applied from certain requirements under Ind AS based on which these
Financial Statements are prepared.
Adoption of new accounting framework (Ind AS) Principal Audit Procedures
Effective 1 April 2019 the Company adopted the Indian Accounting Standards (‘Ind AS') notified by the Ministry of Corporate Affairs with the transition date of 1 April 2018. Evaluated management's transition date choices and exemptions for compliance/acceptability under Ind AS 101.
The transition has involved significant changes in the Company's financial reporting policies and processes including generation of reliable and supportable financial information. Considered the Ind AS impact assessment performed by management to identify areas to be impacted on account of Ind AS transition and read the changes made to the accounting policies in light of the requirements of the new framework.
It has also required management to exercise significant Understood the financial statement closure process (including disclosures in notes to accounts) and the controls established by the Company for transition to Ind AS.
judgment for giving an appropriate effect of principles of First-time Adoption of Indian Accounting Standards (Ind AS 101) as at transition date and for determining impact of Ind AS on certain accounting and disclosure requirements prescribed under previous GAAP such as: Understood the judgments applied by the Company in respect of areas where the accounting treatment adopted or the disclosures made under the new accounting framework were different from the extant RBI directions.
- Classification and measurement of financial assets and financial liabilities Assessed the accuracy of the computations related to significant Ind AS adjustments.
- Measurement of loan losses (expected credit losses) Assessed areas of significant estimates and management judgment in line with principles under Ind AS.
- Accounting for loan fees and costs Assessed the appropriateness of the disclosures made in the financial statement.
- Fair Valuation of Investments
- Recognition of deferred tax asset on deductible temporary differences existing at transition date (not recognized in accordance with erstwhile Indian GAAP)
- Treatment of specific disclosure requirements prescribed under extant Reserve Bank of India (RBI) directions in view of the differences between certain provision of Financial Instruments (Ind AS 109) and RBI directions
- Complexity of disclosure
The migration to the new accounting framework (Ind AS) is a complicated process involving multiple decision points upon transition.
Ind AS 101 First Time Adoption prescribes choices and exemptions for first time application of Ind AS principles at the transition date. In view of the material impact and complexities and significant judgement involved in implementing Ind AS we have focused on this area in our audit.
Fair Valuation of Inventory Principal Audit Procedures
The Company has unquoted equity shares of Rs. 1.63 crores recognized as part of inventory as of March 31 2020. The carrying value of such unquoted equity instruments is at risk of recoverability. The estimated recoverable amount is subjective due to the valuation of certain assets such as unquoted equity requires significant judgement as a result of quoted prices being unavailable and limited liquidity in these markets. In our audit approach we assessed the valuation methods used and discussed with management regarding the reasonableness of the basis and assumptions used.
Hence it could have a significant impact on reported profit and the balance sheet position of the Company. This has been considered as a key audit matter given the involvement of management judgement and estimate and any variation may have consequential impact on the recognized value of the assets. The management of the company is of the view that there will be no reduction in the fair value of assets more than the value as considered by Management.
In particular there is significant focus on considering whether the underlying inventories are valued appropriately. We also evaluated the company's assessment whether objective evidence of impairment exists for individual unquoted instruments.
The recoverability of such equity instruments or otherwise is assessed by the management based on certain assumptions professional judgments and expectations of future events. Considering the materiality of the amount involved this matter has been identified as key audit matter. Based on these procedures we have not noted any material differences outside the predefined tolerable differences threshold. We assessed the adequacy of the disclosures in the financial statements. Based on our above audit procedures we consider that the management's assessment of the shares for which no listed price in an active market is available is reasonable.
Evaluation of Uncertain Tax Positions Principal Audit Procedures
The Company has material uncertain tax positions including matters under dispute which involves significant judgement to determine the possible outcome of these disputes. Obtained details of complete tax assessments and demands for the year ended 31st March 2020 from management. We involved our internal experts to review the management's underlying assumptions in estimating the tax provision and the possible outcome of these disputes. We also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions.
Related Party Disclosure Principal Audit Procedures
Completeness in identification accounting and disclosure of related party transactions in accordance with the applicable laws and financial reporting framework. Refer Note 25 to the Financial Statements We have assessed the systems and processes laid down by the company to appropriately identify account and disclose all material related party transactions in accordance with applicable laws and financial reporting framework.
We have designed and performed audit procedures in accordance with the guidelines laid down by ICAI in the Standard on Auditing (SA 550) to identify assess and respond to the risks of material misstatement arising from the entity's failure to appropriately account for or disclose material related party transactions which includes obtaining necessary approvals at appropriate stages of such transactions as mandated by applicable laws and regulations.
Fair Value of Derivative Financial Instruments Principal Audit Procedures
The fair value of the derivative is determined through the application of valuation techniques which involves exercise of judgement by the Management and the use of assumptions estimates and valuation models. Hence it is considered as a key audit matter. Obtained an understanding of the Company's process for determining the valuation and disclosure of derivative. Tested the design and operating effectiveness of the internal controls on the valuation of the derivatives as at the period end. Assessed the competency capability and objectivity of the management's valuer.
Refer Note 19 of the financial statements Involved our internal valuation expert in relation to testing of the appropriateness of the valuation method applied and on sample basis re-priced the valuation of derivative.
Pledge of Equity Shares held by the company and Principal Audit Procedures
potential obligation therefrom
The Company regularly provides security by way of pledging shares held by the company for loans taken by other entities as disclosed in Note XX Potential exposures may arise from in the normal course of business of the other entities who have borrowed funds and where there is a default requiring the lender to exercise the option to sell shares pledged with them to make good the default of the borrower. Potential liabilities that are possible but not probable of crystalizing or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes to financial statements. We tested the effectiveness of controls around the recording and re- assessment of contingent liabilities. We assessed the adequacy of disclosures made. We discussed the status in respect of significant provisions with the management. We performed retrospective review of past obligations if any included in the financial statement of prior year's and compared with the outcome. We discussed the status and potential exposures in respect of Pledge of Equity Shares held by the company with the management including their views on the potential obligation and claim and the magnitude of potential exposure. We also evaluated the company's assessment whether potential obligation exists for security given. Based on these procedures we have not noted any material obligation outside the predefined tolerable differences threshold.
Assessment of potential obligation requires Management to make judgements and estimates in relation to the exposures. The extent of security provided by shares pledged are significant and the application of accounting standards to determine the amount to be provided as liability if any is inherently subjective.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Management is responsible for the preparation of the other information.The other information comprises the information included in management analysis companyperformance report but does not include the financial statements and our auditor's reportthereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Financial Statements

The Management of the Company is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income and changes in equity (reserves) of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements Management of Company is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Management of Company either intends to liquidate the Company or to cease operationsor has no realistic alternative but to do so.

The Management of Company are responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill 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 financial statements.

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

? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controlssystem in place and theoperating effectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

The comparative financial information of the Company for the year ended 31st March 2019and the related transition date opening balance sheet as at 1st April 2018 included inthese financial statements have been prepared after adjusting previously issued financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006 tocomply with Ind AS.

Report on Other Legal and Regulatory Requirements

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

(2) As required by Section 143 (3) of the Act based on our audit we report that:

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

b. In our opinion proper books of account as required by law have been kept by thecompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome and Statement of Changes in

Equity (reserves) dealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the Indian AccountingStandards prescribed under Section

133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 except theimpact of transition provided in the opening reserves as at 1st April 2018.

e. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" and

f. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer

Note 30 to the financial statements.

ii. The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts. Refer Note 13 to the financial statements.

iii. There has been no delay in transferring the amount required to be transferred inaccordance with the relevant provisions of the Companies Act 2013 and the rules madethere under to the Investor Education and Protection Fund by the Company.

FOR HARISH ARORA & ASSOCIATES
Chartered Accountants
FRN: 015226C
Sd/-
HARISH ARORA
Partner
Membership No. 407420
Place: Mumbai
Date: 29th July 2020

"Annexure A" to Independent Auditors' Report

(Referred to in Paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date on the accounts of ESAAR (INDIA)LIMITED for the year ended March 31 2020)

(i) (a)The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) According to the information and explanations given to us physical verification ofproperty plant & equipment is being conducted in a phased manner by the managementincluding intangible assets over a period of three years which in our opinion isreasonable having regard to the size of the Company and nature of its business and nomaterial discrepancies were noticed on such verification to the extent verification wasmade during the year.

(c) The Company does not have any immovable properties of freehold or leasehold landand building and hence reporting under clause (i) (c) of the CARO 2016 is not applicable.

(ii) As explained to us the financial instruments held as inventories are indematerialized form except shares of some private limited companies held in sharecertificate form.

(iii) The Company has complied with the provision of section 189 of the act in respectof loans granted by company.

(iv) In our opinion and according to the information and explanation given to us thereare no loans investments guarantees and securities given in respect of which provisionsof section 185 and 186 of the Act are applicable and hence not commented upon.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from public during the year within the meaning of sections 73 to 76or any other relevant provisions of the Companies Act 2013 and the Companies (Acceptanceof Deposits) Rules 2014 and rules framed thereunder as applicable.

(vi) Having regard to the nature of the Company's business / activities reportingunder clause (vi) CARO 2016 is not applicable.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion except for dues in respect of income taxsales tax value added tax and professional tax the Company is regular in depositingundisputed statutory dues including duty of customs duty of excise cess and othermaterial statutory dues as applicable with the appropriate authorities. As explained tous the company did not have any dues on account of any sales tax wealth tax & duty ofcustoms value added tax employee state insurance and duty of excise.

(b) According to the information and explanations given to us the particulars ofIncome Tax Sales Tax Service Tax duty of Customs duty of Excise and Value Added TaxGoods & Service Tax which have not been deposited on account of dispute are as under:

Forum where Period to which the Amount
Nature of the Statute Nature of dues
dispute is pending amount relates Disputed
The Income Tax Act 1961 Income Tax CIT Appeals A.Y. 2014-15 9445062/-
The Income Tax Act 1961 Income Tax CIT Appeals A.Y. 2016-17 5894648/-

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has defaulted in repayment of loans or borrowings tofinancial institutions banks or government. The Company has not issued any debentures.

(ix) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us by the management no fraud bythe Company or any fraud on the Company by its officers or employees has been noticed orreported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) Provisions of clause no. (xii) of the Order regarding Nidhi Company is notapplicable to the Company;

(xiii) According to the records of the Company examined by us and the information andexplanations given to us during the year the related party transactions have been enteredat arm's length basis in ordinary course of business and are in compliance with section177 and 188 of the Companies Act 2013 and have been disclosed in the FinancialStatements.

(xiv) Based on our examinations and the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year. Therefore provision of clause no. (xiv) isnot applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him as envisaged under section192 of the Act.

(xvi) The Company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934 and it has obtained the registration.

FOR HARISH ARORA & ASSOCIATES
Chartered Accountants
FRN: 015226C
Sd/-
HARISH ARORA
Partner
Membership No. 407420
Place: Mumbai
Date: 29th July 2020

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE

FINANCIALSTATEMENTS OF ESAAR (INDIA) LIMITEDLIMITED

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

We have audited the internal financial controls over financial reporting of ESAAR(INDIA) LIMITED as of March 31 2020 in conjunction with our audit of the Ind AS financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the

"Guidance Note") and the Standards on Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the

Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion 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 at March 31 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR HARISH ARORA & ASSOCIATES
Chartered Accountants
FRN: 015226C
Sd/-
HARISH ARORA
Partner
Membership No. 407420
Place: Mumbai
Date: 29th July 2020