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Hawkins Cookers Ltd.

BSE: 508486 Sector: Consumer
NSE: HAWKINCOOK ISIN Code: INE979B01015
BSE 00:00 | 16 Apr 5349.45 2.05
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5399.85

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NSE 05:30 | 01 Jan Hawkins Cookers Ltd
OPEN 5399.85
PREVIOUS CLOSE 5347.40
VOLUME 652
52-Week high 6200.95
52-Week low 3950.00
P/E 42.86
Mkt Cap.(Rs cr) 2,830
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5399.85
CLOSE 5347.40
VOLUME 652
52-Week high 6200.95
52-Week low 3950.00
P/E 42.86
Mkt Cap.(Rs cr) 2,830
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hawkins Cookers Ltd. (HAWKINCOOK) - Auditors Report

Company auditors report

Report on the Audit of the ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Hawkins Cookers Limited("the Company") which comprise the Balance Sheet as at March 312020 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 notes tothe financial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312020 its profit changes in equity and its cash flows for the year endedon that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 ("the Act"). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of the Act andthe 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 ouropinion.

key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.

We have determined the matters described below to be the key audit matters to becommunicated in our report.

key audit matter description How the scope of our audit addressed the key audit matter
1. accounting for discounts Schemes etc.
Refer to Note 1.7 (j) (Accounting Policies) Note 24 (Revenue recognised & related disclosures) to the Ind AS financial statements. Our procedures included:
• Assessing the Company's revenue recognition policies including those related to discounts incentives and volume rebates by comparing with the applicable Ind AS.
Revenue is measured net of discounts incentives and volume rebates earned by customers on the sale of Company's products. • Evaluating the design and implementation and testing the operating effectiveness of controls over recognition and measurement criteria and adequacy of discounts incentives and volume rebates.
The Company makes estimates of discounts incentives and volume rebates on sales made during the year which is considered to be material and involves significant amount of complexity and judgement. • Comparing the discounts incentives and volume rebates with the prior year and where relevant performed further inquiries and testing. We reconciled a sample of discounts incentives and volume rebate accruals to supporting documentation and challenged management's assumptions used in estimating rebate accruals.
Therefore there is a risk of revenue being materially misstated on account of errors in arriving at discounts incentives and volume rebates.
• We also assessed as to whether the disclosures in respect of these expenses were adequate.
Key Audit Matter Description How the scope of our audit addressed the Key Audit Matter
2. Inventory Valuation and Provisioning
Refer to Note 1.7 (d) (Accounting Policies) and Note 8 Our procedures included:
(Inventory recognised) to the Ind AS financial statements. • Assessing the Company's inventory valuation policies.
Inventories are valued at the lower of cost and net realisable value (NRV). Raw Materials are valued at weighted average cost. Inventory other than Raw Materials namely Packing Material Stores & Spares and Stock-in-Trade are valued at the lower of First-In First-Out cost and NRV. Work-in-Progress and Finished Goods include costs of conversion and an appropriate share of production overheads based on normal production capacity. • Evaluating the design and implementation and testing the operating effectiveness of controls over the manual procedures performed for inventory valuation.
• Tracing the physical inventory count sheets in case of the items for which physical verification was performed by us during the year to the valuation sheets to ensure completeness of all items considered for the valuation purpose. The Management has not conducted the planned physical verification of all classes of inventory as at the year-end on account of closure of all factories and offices due to nationwide lockdown declared by the Government of India. However the Management has subsequently conducted the physical verification of all its classes of inventory at the factories of the Company and at some of its sales depots on various dates. Further our attendance at the physical inventory verification done by the management was impracticable under the current lock-down restrictions imposed by the government and we have therefore relied on the related alternative audit procedures to obtain comfort over the existence and condition of inventory at year end.
We do not consider the valuation of these inventories to be at a high risk of significant misstatement or to be subject to a significant level of judgement. However on account of the computation of inventory valuation being partially automated this is considered to be an area which required significant attention in terms of time and efforts. • Re-performing the computation of the rate of valuation for a sample of major inventory items in each broad category of inventory.
• Verifying the journals posted to inventory to identify unusual or irregular items.
• Developing an expectation with respect to the average valuation rates for each major category of inventory and compared the same with the actuals accompanied with further inquiries and testing based on current period's knowledge about the business.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report namely FinancialPerformance - Five Year Summary Director's Report including annexures to Director'sReport Corporate Governance Report etc. but does not include the financial statementsand our auditor's report thereon. The other information is expected to be made availableto us after the date of this auditor's report.

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

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read the other information if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and review the steps taken by the Management to communicate with those inreceipt of the other information if previously issued to inform them of the revision.

Management's Responsibility for the ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Ind AS financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding 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 wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

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

(a) Identify and assess the risks of material misstatement of the Ind AS 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.

(b) 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 Act 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.

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

(d) 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.

(e) Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of the usersof the financial statements may be influenced. We consider quantitative materiality andqualitative factors in (i) planning the scope of our audit work and in evaluating theresults of our work; and (ii) to evaluate the effect of any identified misstatements inthe financial statements.

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.

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.

Report on Other Legal and Regulatory Requirements

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 specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act read with relevantrules issued thereunder.

(e) On the basis of the written representations received from the directors of theCompany as on March 31 2020 and taken on record by the Board of Directors none of thedirectors of the Company is disqualified as on March 31 2020 from being appointed as adirector in terms of Section 164 (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".

(g) According to information and explanations given to us and based on our examinationof the records of the Company the Company has paid/provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 of theAct.

(h) 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 Ind AS financial statements

- Refer Note 34 (2)(a) to the Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contractsduring the year ended

March 31 2020 for which 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.

For KALYANIWALLA & MISTRY LLP Chartered Accountants Firm Regn. No. 104607W/W100166

Farhad M. Bhesania
Partner
Mumbai Membership No. 127355
May 21 2020 UDIN: 20127355AAAABU9124

 

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 'Report on Other Legal and RegulatoryRequirements' in our Independent Auditors' Report to the members of the Company on the IndAS Financial Statements

for the year ended March 31 2020.

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor'sReport) Order 2016:

i. Fixed Assets:

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

(b) As explained to us the Company has a programme for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the company and the nature of its assets. During the yearthe Company was not able to conduct the planned physical verification of the fixed assets.Hence the question of commenting on the discrepancies and its treatment in the books ofaccount does not arise.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed provided to us we reportthat the title deeds comprising all the immovable properties of land and buildings whichare freehold are held in the name of the Company (formerly known as Pressure Cookers& Appliances Limited) as at the balance sheet date except the following:

Particulars of the Land Gross Block (as at March 31 2020) Net Block  (as at March 31 2020) remarks
Freehold Land located at Hoshiarpur admeasuring 20 Acres. Rs.2 Lakhs Rs.2 Lakhs The possession of land has been given to the Company by the Government of Punjab as per the agreement; the conveyance of which is yet to be finalized.

In respect of the immovable properties of land that have been taken on lease anddisclosed as fixed assets in the financial statements the lease agreements are in thename of the Company (formerly known as Pressure Cookers & Appliances Limited) wherethe Company is the lessee in the agreement except the following:

particulars of the land gross Block (as at March 31 2020) Net Block  (as at March 312020)

remarks

Leasehold Land located at Jaunpur (Satharia) Plot no. A1 A2 A14 A15 admeasuring 24282 square metres. Rs.0.83 Lakh Rs.0.55 Lakh

The registered lease deed is in the name of M/s PCA Engineers Limited the erstwhile Company that was merged with the Company under Section 391 to 394 of the Companies Act 1956 in terms of the approval of the Honourable High Court of Bombay. The Company has applied to UP State Industries Development Corporation Limited for transfer of the lease in the name of the Company.

ii. The Management has conducted physical verification of inventory at reasonableintervals during the year except as at the year-end on account of closure of allfactories and offices due to nationwide lockdown declared by the Government of India. Themanagement has subsequently conducted physical verification of all classes of itsinventory located at the factories of the Company and at some of its sales depots onvarious dates. The discrepancies noticed on physical verification were not material inrelation to the operations of the Company and the same have been properly dealt with inthe books of account.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Therefore the provisions of sub-clauses (a) (b) and (c) ofparagraph 3(iii) of the Order are not applicable.

iv. In our opinion and according to the information given to us the Company has notadvanced any loans to the persons covered under Section 185 or given any loans guaranteesor securities or made any investments as per the provisions of Section 186 of the Act.

v. In our opinion and according to the information and explanations given to us theCompany has complied with the directives issued by the Reserve Bank of India and theprovisions of Section 73 to 76 or any other relevant provisions of the Act and the rulesframed thereunder as amended with regard to the deposits accepted from the public.According to the information and explanations given to us no order has been passed by theCompany Law Board or the National Company Law Tribunal or the Reserve Bank of India or anyCourt or any other Tribunal.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Act.

vii. (a) According to the information and explanations given to us and on the basis ofthe records examined by us the Company is generally regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income Tax SalesTax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess and any otherstatutory dues with the appropriate authorities wherever applicable. We have beeninformed that there are no undisputed dues which have remained outstanding as at March 312020 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no duesoutstanding of Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise Valueadded tax Goods and Services Tax on account of any dispute other than the following:

Name of the Statute Nature of Dues Financial Year (F.Y.) to which the amount relates Amount  involved  (Rs. In lakhs) Amount paid  (Rs. In lakhs) Amount  unpaid  (Rs. In lakhs) Forum where Dispute is Pending
Income Tax Act 1961 Tax deducted at Source and Interest thereon. 2008-2009 0.54 - 0.54 Commissioner of Income Tax (Appeals)
Sales Tax VAT CST Entry Tax and Goods & Service Tax Acts Sales Tax VAT CST Entry Tax and Goods & Service Tax Acts 2005-2006 26.69 6.68 20.01 Patna High Court
Sales Tax VAT CST Entry Tax and Goods & Service Tax Acts Sales Tax VAT CST Entry Tax and Goods & Service Tax Acts 2005-2006 13.40 - 13.40 Commissioner of Commercial Taxes
2008-2009 and 2017-2018 13.57 - 13.57 Tribunal
2019-2020 5.30 - 5.30 Assistant Commissioner
2009-2011 2012-2013 and 2017-2018 123.28 8.08 115.20 Joint  Commissioner
2012-2013 2013-2014 and 2015-2016 43.11 2.52 40.59 Deputy  Commissioner
Central Excise Act 1944 and Finance Act 1994 Excise Duty Service Tax and Penalties 2006-2017 731.21 28.86 702.35 Customs Excise and Service Tax Appellate Tribunal

viii. According to the information and explanations given to us and based on thedocuments and records produced before us there have been no defaults in the repayment ofdues to banks. The Company does not have loans or borrowings from financial institutionsand government. The Company has not issued any debentures.

ix. According to the information and explanations given to us the Company has neitherraised money through initial public offer or further public offer (including debtinstruments) nor taken any term loans during the year.

x. During the course of our examination of the books of account and records of theCompany and according to the information and explanation given to us and representationsmade by the Management no material fraud by or on the Company by its officers oremployees has been noticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Ind AS Financial Statements as required by theapplicable Indian Accounting Standards.

Independent Auditor's Report (Continued)

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

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 the Directors or persons connected with him.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934 hence the provisions of paragraph 3 (xvi) of the Order are notapplicable.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Regn. No. 104607W/W100166
Farhad M. Bhesania
Partner
Mumbai Membership No. 127355
May 21 2020 UDIN: 20127355AAAABU9124

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 2(f) ‘Report on Other Legal and Regulatory Requirements'in our Independent Auditor's Report to the members of the Company on the Ind AS financialstatements for the year ended March 312020.

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls with reference to financial statementsof HAWKINS COOKERS LIMITED ("the Company") as of March 31 2020 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 issued by ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind ASfinancial 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 systemwith reference 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 Ind AS financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol with reference to financial statements includes 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) providereasonable assurance that transactions are recorded as necessary to permit preparation ofInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 312020 based on the internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in the"Guidance Note on Audit of Internal Financial Controls Over Financial Reporting"issued by the Institute of Chartered Accountants of India.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Regn. No. 104607W/W100166
Farhad M. Bhesania
Partner
Mumbai Membership No. 127355
May 21 2020 UDIN: 20127355AAAABU9124

   

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