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Greenply Industries Ltd.

BSE: 526797 Sector: Others
NSE: GREENPLY ISIN Code: INE461C01038
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NSE 00:00 | 21 Jan 207.50 -7.10
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OPEN 213.05
PREVIOUS CLOSE 214.50
VOLUME 22665
52-Week high 254.25
52-Week low 114.50
P/E 29.23
Mkt Cap.(Rs cr) 2,541
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 213.05
CLOSE 214.50
VOLUME 22665
52-Week high 254.25
52-Week low 114.50
P/E 29.23
Mkt Cap.(Rs cr) 2,541
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Greenply Industries Ltd. (GREENPLY) - Auditors Report

Company auditors report

To

The Members of

Greenply Industries Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Greenply Industries Limited("the Company") which comprise the standalone balance sheet as at 31 March2020 and the standalone statement of profit and loss (including other comprehensiveincome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone financial statements including asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and profit and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditors' Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India together withthe ethical requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Act and the Rules thereunder and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Description of Key Audit Matter

Revenue recognition – dealers' incentives

See note 3(k) and 25 to the standalone financial statements

The key audit matter How the matter was addressed in our audit
The Company gives incentives to its dealers through various schemes. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
Due to various schemes and a large variety of contractual terms across dealers the estimation of these incentives is complex and involves significant judgement. The amount of such incentive is also significant. • Evaluated the appropriateness of the Company's accounting policy relating to the incentives to its dealers;
In view of the above we determined this matter to be a key audit matter • Evaluated the design and implementation of key internal controls over computation of incentives and actual utilisation against the corresponding liability. We also tested the operating effectiveness of such controls for a sample of transactions with special reference to controls;
• Evaluated the model used for estimating the liability and also assessed the relevance and reliability of underlying data and assumptions used for estimation;
• Performed retrospective review of the management's estimate by comparing utilisation of incentives with previously recognised corresponding liability. We also considered the developments during the year and subsequent to the year-end (including the impact of COVID 19) that would significantly affect the measurement of the year end incentive liability.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon. Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the standalone financial statements our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's and Board of Directors' Responsibility for the Standalone

Financial Statements

The Company's Management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit/loss and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the standalone financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements Management and Board of Directors areresponsible 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 Board of Directors either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so. The Board of Directorsis also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditors' report that includes our opinion. Reasonable assuranceis a 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 financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion 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 reasonableness ofaccounting estimates and related disclosures in the standalone financial statements madeby the Management and Board of Directors..

Conclude on the appropriateness of

Management and Board of Directors's use of the going concern basis of accounting andbased on the audit evidence obtained whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability to continueas a going concern. If we conclude that a material uncertainty exists we are required todraw attention in our auditors' report to the related disclosures in the standalonefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditors'report. 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 standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships 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 standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

(A) As required by Section 143(3) of the Act 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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditors' 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 as at 31 March 2020 onits financial position in its standalone financial statements - Refer Note 37 (a) to thestandalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from 8 November 2016 to 30 December2016 have not been made in these financial statements since they do not pertain to thefinancial year ended 31 March 2020.

(C) With respect to the matter to be included in the Auditors' Report under section197(16): In our opinion and according to the information and explanations given to us theremuneration paid by the company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.

Annexure A to the Independent Auditors' report on the standalone financial statementsof Greenply Industries Limited for the year ended 31 March 2020

(Referred to in paragraph (1) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme a portion of the fixed assets has been physically verifiedby the management during the year. In our opinion the frequency of such physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. As informed to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) According to the information and explanations given to us the inventory exceptgoods in transit have been physically verified by the management at reasonableintervals during the year. In our opinion the frequency of such verification isreasonable. For goods-in-transit as at yearend subsequent receipts of goods have beenverified. The discrepancies noticed on verification between the physical stocks and thebook records were not material and has been adjusted in the books of account.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct. Accordingly the provisions of paragraph 3(iii) of the Order are not applicable tothe Company.

(iv) According to the information and explanations given to us the Company has notgiven any loans guarantees or securities during the year that would attract provisions ofSection 185 of the Act. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 186 of the Act withrespect to investments made loans given and guarantee provided. The Company has notprovided any security that would attract provisions of Section 186 of the Act.

(v) According to the information and explanations given to us the Company has notaccepted deposits from the public as per the directives issued by the Reserve Bank ofIndia under the provisions of Section 73 to 76 or any other relevant provisions of the Actand the rules framed thereunder. Accordingly the provisions of paragraph 3(v) of theOrder is not applicable to the Company.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under Section 148 (1) of the CompaniesAct 2013 for any of the products manufactured by the Company. Accordingly the provisionsof paragraph 3(vi) of the Order are not applicable to the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees' StateInsurance Income-tax Goods and Services tax Duty of customs Cess and other materialstatutory dues have generally been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us by the management the Company did nothave any dues in respect of Sales-tax Service tax Duty of excise and Value added tax.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income-tax Goods andService tax Duty of customs Cess and other material statutory dues were in arrears as at31 March 2020 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome-tax Sales-tax Service tax Duty of customs Duty of excise Entry tax Goods andService tax Value added tax and Cess which have not been deposited with the appropriateauthorities on account of any dispute except as mentioned below:

Name of the Statute Nature of the dues Amount (Rs. in lakhs) Amount paid under protest (Rs. in lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Extra discount and turnover discount in the assessable value 196.93 9.93 April 2014 to March 2016 Commissioner Appeals Rajkot
Central Excise Act 1944 Wrong availment of service tax on direct sale 5.54 - March 2006 to September 2007 Customs Excise and Service Tax Appellate Tribunal Kolkata
Central Excise Act 1944 Extra Amount collected in the name of finance charges 11.06 - April 2002 to February 2005 Customs Excise and Service Tax Appellate Tribunal Kolkata
Central Excise Act 1944 Disallowance of Discounts 248.90 15.73 September 2009 to March 2010 Customs Excise and Service Tax Appellate Tribunal Kolkata
West Bengal Sales Tax Act 1994 Disallowance of Input Vat and Purchase Tax 16.29 16.29 April 2005 to March 2006 West Bengal Commercial Taxes Appellate and Revision Board
West Bengal Sales Tax Act 1994 Disallowance of Input Vat and Purchase Tax 296.57 1.88 April 2008 to March 2009 West Bengal Taxation Tribunal
West Bengal VAT Rules 2005 Mismatch in VAT purchases and sales 17.59 1.79 April 2017 to June 2017 Additional Commissioner of Sales Tax Kolkata
West Bengal Tax on Entry of Goods into Local Areas Act 2012 Entry tax 692.83 - July 2013 to December 2014 Hon'ble Calcutta High Court
Central Sales Tax Act 1956 Sales Tax (For short submission of Declaration Form C) 8.72 - April 2005 to March 2006 West Bengal Commercial Taxes Appellate and Revision Board
Central Sales Tax Act 1956 Sales Tax (For Non allowance of Declaration Form C and F) 74.63 - April 2008 to March 2009 Hon'ble Calcutta High Court
Central Sales Tax Act 1956 Sales Tax (For short submission of Declaration Form C) 16.78 1.38 April 2015 to March 2016 Senior Joint Commissioner Corporate Kolkata
Central Sales Tax Act 1956 Sales Tax (For short submission of Declaration Form C and interest) 62.62 6.07 April 2016 to March 2017 and April 2017 to June 2017 Joint Commissioner Commercial Taxes Kolkata
Central Sales Tax Act 1956 Sales Tax (For non-submission of Declaration Form C F and interest) 980.69 - April 2015 to March 2016 Asst. Commissioner Commercial Taxes Delhi
Kerala VAT Act Sales Tax (Tax and 2.74 - April 2013 to Asst. Commissioner
2003 Interest charged on March 2015 Special Circle- III
Escaped Turnover) Ernakulam
Madhya Pradesh VAT Act 2002 Denial of Value Added Tax Input 1.33 0.27 April 2014 to March 2015 Madhya Pradesh Commercial Taxes Appellate and Revision Board
Bihar Value Added Tax Act 2005 Denial of Entry Tax Credit 87.93 - April 2008 to March 2010 April 2011 to March 2012 Joint Commissioner of Commercial Taxes (Appeals) Patna
Delhi Value Added Tax Act 2004 Sales Tax (For Non allowance of Declaration Form "C") 14.47 10.73 April 2014 to March 2015 Department of Trade and Taxes Delhi
Gujarat Value Added Tax Act 2002 Disallowance of Input tax 8.83 1.76 April 2014 to March 2015 Deputy Commissioner Commercial Tax Ahmedabad
Gujarat Value Added Tax Act 2002 Sales Tax (For short submission of Declaration Form C) 351.64 50.00 April 2014 to March 2015 Deputy Commissioner Commercial Tax Ahmedabad
Gujarat Value Added Tax Act 2003 Sales Tax (For short submission of Declaration Form C) 427.83 10.00 April 2012 to March 2014 Gujarat Sales Tax Tribunal
Gujarat Value Added Tax Act 2003 Disallowance of Input tax due to Mismatch 146.78 - April 2013 to March 2014 Gujarat Sales Tax Tribunal
Maharashtra Value Added Tax Act 2002 Disallowance of Input tax due to Mismatch 3.39 - April 2015 to March 2016 Deputy Commissioner of Sales Tax Mumbai
Central Sales Tax Act 1956 Sales Tax (For short submission of Declaration Form C and Interest) 7.49 - April 2015 to March 2016 Deputy Commissioner of Sales Tax Mumbai
Income Tax Act 1961 Disallowance of expenses and transfer pricing adjustments 24.40 - Assessment year – 2013-14 and 2014-15 Commissioner of Income Tax (CIT) Appeals Kolkata

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks. TheCompany did not have any outstanding loan or borrowings from financial institutions orgovernment or debenture holders viii) In our opinion and according to the information andexplanations given to us the Company has not defaulted in the repayment of loans orborrowings to banks. The Company did not have any outstanding loan or borrowings fromfinancial institutions or government or debenture holders during the year.

(ix) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company did not raised any money by way ofinitial public offer or further public offer (including debt instruments) and terms loansduring the year. Accordingly the provisions of paragraph 3(ix) of the Order are notapplicable to the Company.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during theyear.

(xi) According to the information and explanations given to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) According to the information and explanations given to us the Company is not aNidhi company. Accordingly the provisions of paragraph 3(xii) of the Order are notapplicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act wherever applicable and the details ofsuch transactions have been disclosed in the standalone financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly the provisions of paragraph 3(xiv) ofthe Order are not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them as per Section 192 of the Act..Accordingly the provisions of paragraph 3(xv) of the Order are not applicable to theCompany.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly the provisions of paragraph 3(xvi) of the Order are not applicable to theCompany.

Annexure B to the Independent Auditors' report on the standalone financial statementsof Greenply Industries Limited for the year ended 31 March 2020

Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the Act.

[Referred to in paragraph 1(A) (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date]

Opinion

We have audited the internal financial controls with reference to financial statementsof Greenply Industries Limited ("the Company") as of 31 March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31 March 2020 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act..

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed underSection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols with reference to financial statements. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements were established and maintained and whether such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing 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 auditors' judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controls withreference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements include those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

ForB S R & Co. LLP

Chartered Accountants

Firm registration No.: 101248W/W-100022
Jayanta Mukhopadhyay

Partner

Place: Kolkata Membership No.: 055757
Date: 27 June 2020 ICAI UDIN: 20055757AAAABS3876

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