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Ipca Laboratories Ltd.

BSE: 524494 Sector: Health care
NSE: IPCALAB ISIN Code: INE571A01020
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OPEN 2479.00
PREVIOUS CLOSE 2475.55
VOLUME 7636
52-Week high 2767.10
52-Week low 1786.05
P/E 31.35
Mkt Cap.(Rs cr) 30,471
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2479.00
CLOSE 2475.55
VOLUME 7636
52-Week high 2767.10
52-Week low 1786.05
P/E 31.35
Mkt Cap.(Rs cr) 30,471
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ipca Laboratories Ltd. (IPCALAB) - Auditors Report

Company auditors report

To the Members of Ipca Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Ipca LaboratoriesLimited ("the Company") which comprise the Balance Sheet as at March 312021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then endedand a summary of 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 ("the Act") in the manner so required and give a trueand fair view in conformity with the Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March_31_2021 and its profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing ("SAs") specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India ("ICAI") together with theethical requirements that are relevant to our audit of the Standalone Financial Statementsunder the provisions of the Act and the Rules framed thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI’sCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone FinancialStatements.

Key Audit Matters

Key Audit Matters are those matters that in our professional judgement 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. We have determined the matters described below to bethe key audit matters:

Key Audit Matters (KAMs) How the KAMs were addressed in our audit
1. Inventory Valuation
Refer note (C)(g) of the Statement of Significant Accounting Policies. Our procedures included amongst others:
The Company manufactures and sells pharmaceutical products which carry shelf life. As a result significant level of judgement is involved in estimating inventory valuation. Judgement is required to assess the appropriate net realisable value for short dated pharmaceutical products. Such judgements include management expectations for future sales and inventory liquidation plans. n We attended stock counts to identify whether any inventory was obsolete;
n We assessed the basis for the inventory valuation the consistency in policy and the rationale in its application;
n We tested the accuracy of the ageing of inventories based on system generated reports;
n We tested the arithmetical accuracy of valuation files; and
n We reviewed product-wise historical data relating to sales return etc. and also its impact on valuation.
2. Impairment of Property plant & equipment
Refer note (C)(b) of the Statement of Significant Accounting Policies. n We assessed the determination of the recoverable amount of the PPE based on our understanding of the nature of the Company’s business and the economic environment surrounding its operations.
There is a risk of impairment on the Company’s property plant and equipment (PPE) on account of inherent nature of the PPE and the business environment in which the Company operates. As on March 31 2021 the carrying amount of PPE was Rs. 1824.30 crores which represent 30.35 % of total assets. n We reviewed the Company’s historical performances and held discussions with the Management to understand their assessment of the Company’s future performance. This included obtaining an understanding of management’s planned strategies around business expansion and revenue growth strategies.
The Management determines at the end of each reporting period the existence of any objective evidence that the Company’s PPE may be impaired. If there are indicators of impairment of class of assets the deficit between the recoverable amount of the PPE and its carrying amount would be recognised as impairment loss in profit or loss. n We also reviewed performance of individual units and carried out analytical review of relevant data.
The process of identifying indicators of impairment and determining the recoverable amount of the PPE by the Management requires significant judgement and estimation. The determination of the recoverable amounts inter alia requires estimates of forecasted revenues growth rates profit margins tax rates and discount rates. n We assessed management’s estimates applied in the value-in-use model and compared them against historical performance and tested the arithmetical accuracy.
n We evaluated the sensitivity of the outcomes by considering the downside scenarios against changes to the key assumptions.
n We also assessed the adequacy of the related disclosures in the notes to the Standalone Financial Statements.

Information Other than the Standalone Financial Statements and Our Report thereon

The Company’s Management and Board of Directors are responsible for thepreparation of the other information. The other information comprises the informationincluded in Annual Report but does not include the Standalone Financial Statements andour auditor’s report thereon. The Annual Report is expected to be made available tous after the date of this report.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information in doing so consider whether the other information ismaterially inconsistent with the Standalone Financial Statements or our knowledge obtainedin the audit or otherwise appears to be materially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to Those Charged With Governance andtake appropriate actions in accordance with Standards on Auditing.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company’s Management and Board of Directors are responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these StandaloneFinancial Statements that give a true and fair view of the financial position financialperformance (including other comprehensive income) changes in equity cash flows of theCompany in accordance with the Ind AS other accounting principles generally accepted inIndia and relevant provisions of the Act.

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 judgements 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 StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement 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 management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors are alsoresponsible for overseeing the Company’s financial reporting process.

Auditor’s 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 auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also: nIdentify 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. nObtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of the Actwe are also responsible for expressing our opinion on whether the company has adequateinternal financial controls system in place and the operating effectiveness of suchcontrols. n Evaluate the appropriateness of accounting policies used andthe reasonableness of accounting estimates and related disclosures made by management. nConclude 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 theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern. nEvaluate 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.

Materiality is the magnitude of the misstatement in the Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and evaluating the results of our work; and

(ii) to evaluate the effects of any identified misstatements in the StandaloneFinancial 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 Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(11) of theAct we give in the "Annexure A" a statement on the matters specified in theparagraph 3 and 4 of the Order.

2. 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 Statement of Cash Flows dealt with bythis Report are in agreement with the books of account;

d. In our opinion the aforesaid the Standalone Financial Statements comply with Ind ASspecified under section 133 of the Act read with relevant rules issued thereunder andrelevant provisions of the Act;

e. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of section 164(2) of theAct;

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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company’s internalfinancial controls with reference to financial statements;

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act; and

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements. Refer Note 35 to the Standalone FinancialStatements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on the long-term contracts includingderivative contracts; and

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

For G. M. Kapadia & Co.
Chartered Accountants
Firm’s Registration No: 104767W
Atul Shah
Partner
Mumbai Membership No: 039569
Dated: May 28 2021 UDIN: 21039569AAAAII2963

Annexure A - referred to in paragraph 1 under "Report on Other Legal andRegulatory Requirements" of our report on even date to the members of the Company onthe Standalone Financial Statements for the year ended March 31 2021

(i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of its property plant and equipment;

(b) According to the information and explanations given to us most of the propertyplant and equipment of the Company were physically verified by the Management during theyear. No material discrepancies were noticed on such verification. In our opinion thefrequency of verification is reasonable having regard to the size of the Company and thenature of its property plant and equipment; and

(c) Based on audit procedures performed for the purpose of reporting the true and fairview of the Standalone Financial Statements and according to information and explanationsgiven by the Management the title deeds of immovable properties included in propertyplant and equipment and right-of-use of assets are held in the name of the Company exceptfor the following:

Particulars Gross Block Net Block Remark

As at March 31 2021

(Rs. in Crores)

Freehold Land 37.90 37.90 The acquition of these properties was approved by the National Company Law Tribunal vide its order dated January 22 2020.
Leasehold Land 24.50 24.02 The process of registration and transfer in the name of the Company is yet to be completed.

(ii) (a) Inventories have been physically verified during the year by the Management.In our opinion the frequency of verification is reasonable; and

(b) The discrepancies noticed on physical verification as compared to the book recordswere not material and have been properly dealt with in the books of account;

(iii) The Company has granted unsecured loans to its subsidiary and associate coveredin the register maintained under section 189 of the Act:

(a) In our opinion the terms and conditions of the grant of such loans are notprejudicial to the interest of the Company; and

(b) The loans are not due for repayment presently and therefore there is no default inits repayment and there is no overdue. Hence the paragraph 3(iii)(c) of the Order is notapplicable to the Company;

(iv) Based on audit process applied by us and according to the information andexplanations given to us in our opinion the Company has complied with the provisions ofsection 185 and 186 of the Act in respect of investments made and loans guarantees andsecurities granted as applicable;

(v) In our opinion and according to the information and explanation given to us theCompany has not accepted deposits from the public and therefore the provisions of section73 to 76 or other relevant provisions of the Act and rules framed thereunder are notapplicable to the Company. We have been informed that no order has been passed by CompanyLaw Board or National Company Law Tribunal or Reserve Bank of India or any court or anyother tribunal in this regard;

(vi) The Central Government has prescribed maintenance of cost records under section148(1) of the Act for the products manufactured by the Company. We have broadly reviewedthe books of account maintained and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained by the Company. We have not howevermade a detailed examination of the records with a view to determine whether they areaccurate or complete;

(vii) (a) The Company has generally been regular in depositing undisputed statutorydues including provident fund employees’ state insurance income tax sales taxservice tax duty of customs duty of excise value added tax goods and services taxcess and other applicable statutory dues with the appropriate authorities;

(b) The details of dues of income tax sales tax service tax duty of customs duty ofexcise or value added tax or cess which have not been deposited with the concernedauthorities on account of dispute are given below:

Name of statute Nature of dues Rupees (in Crore) Period to which the amount relates Forum where dispute is pending
Excise Duty Differential Excise duty on WIP on Debonding 0.23 2009-10 CESTAT Ahmedabad
Excise Duty SAD and CVD paid on import of material 0.20 2019-20 Asst. Commissioner CGST & Central Excise Division VIISilvassa Daman
Excise Duty Interest and penalty on anti- dumping duty & excise duty (Relating to erstwhile Tonira Pharma Limited since amalgamated with the Company) 4.15 Feb-2000 November2001 High Court Gujarat
Service Tax Availment of credit of Service Tax on H.O. Invoices 2.92 April 06 to Sept’09 Commissioner Central Excise Ujjain (M.P)
Service Tax Availment of credit of Service Tax on certain expenses* 0.00 Jan 09 to Sept 09 Dy.Commissioner Central Excise Indore (M.P.)
Service Tax Non payment of service tax under RCM on remittances in foreign currency for certain expenses. 4.80 July 12 to Sept 13 CESTAT Mumbai
Sales Tax Jammu & Kashmir Value Added Tax 0.05 2011-12 Deputy Commissioner of Commercial Tax (Appeal) Srinagar
Sales Tax Gujarat Value Added Tax 0.07 2006-07 Gujarat VAT Tribunal Ahmedabad
Sales Tax Gujarat Value Added Tax 0.28 2006-07 Additional Commercial Commissioner Ahmedabad
Sales Tax Regular assessment 0.20 2014-15 Deputy Commissioner of Commercial Tax Patna
Sales Tax Regular assessment 0.12 2016-17 Deputy Commissioner Commercial Tax Ratlam Division-Ratlam (M.P.)
Sales Tax Regular assessment 0.03 2017-18 The Asst.Commissioner of Commercial Tax Ratlam Division-Ratlam (M.P.)
Sales Tax Regular assessment 0.02 2016-17 Sales Tax Department
Sales Tax Penalty levied at Check Post 0.01 2014-15 Sales Tax Department
GST Penalty for delivery address mismatch on E-way Bill 0.02 2018-19 Appellate Authority MPGST Indore
GST Ineligible Transitional credit 0.46 Dec-2017 The Deputy/ Assistant Commissioner of Central Tax (Adjudication Authority) Vijayawada. CGST Division
Income Tax Regular assessment 0.51 2016-17 Appeal before CIT(A)
Total 14.07

* Note: Balances with values below the rounding off norm adopted by the Company havebeen reflected as "0.00".

(viii) Based on our audit procedure and according to the information and explanationsgiven to us the Company has not defaulted in repayment of dues to the financialinstitutions banks and government. The Company has not issued any debentures;

(ix) In our opinion and according to the information and explanations given to us themoney raised by way of term loans have been applied for the purposes for which they wereobtained. As the Company has not raised any moneys by way of initial public offer andfurther public offer (including debt instruments) the provisions of paragraph 3(ix) ofthe Order to that extent are not applicable to the Company;

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the Company 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 for 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 information and explanation given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is 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 where applicable and details of suchtransactions have been disclosed in the Standalone Financial Statements as required by theapplicable accounting standards;

(xiv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the standalone financial statements and according to information andexplanations given by the management the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable to the Company. During theyear shares have been allotted on conversion of share warrants which were issued inearlier year in compliance of with the section 42 of the Act.;

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the Standalone Financial Statements the Company has not entered into anynon-cash transactions with directors. We have been informed that no such transactions havebeen entered into with person connected with directors. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company; and

(xvi) The Company is not required to get registered under 45-IA of the Reserved Bank ofIndia Act 1934.

For G. M. Kapadia & Co.
Chartered Accountants
Firm’s Registration No: 104767W
Atul Shah
Partner
Mumbai Membership No: 039569
Dated: May 28 2021 UDIN: 21039569AAAAII2963

Annexure B - referred to in paragraph 2(f) under "Report on Other Legal andRegulatory Requirements" of our Independent Auditor’s report of even date tothe members of the Company on the Standalone Financial Statements for the year endedMarch_31 2021 Report on the Internal Financial Controls with reference to StandaloneFinancial Statements under section 143(3)(i) of the Act

Opinion

We have audited the internal financial controls with reference to Standalone FinancialStatements of Ipca Laboratories Limited ("the Company") as of March 312021 in conjunction with our audit of the Standalone Financial Statements of the Companyfor the year ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to Standalone Financial Statements and suchinternal financial controls with reference to Standalone Financial Statements wereoperating effectively as at March_ 31_ 2021 based on the internal controls with referenceto financial statements criteria established by the Company considering the essentialcomponents of internal controls stated in the Guidance Note.

Management’s Responsibility for Internal Financial Controls with reference toStandalone Financial Statements

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal controls with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting ("Guidance Note") issued by the Institute of Chartered Accountants ofIndia ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor’s Responsibility for Internal Financial Controls with reference toStandalone Financial Statements

Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to Standalone Financial Statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

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 to financial statementsincluded obtaining an understanding of internal financial controls with reference tofinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk.

The procedures selected depend on the auditor’s judgement including theassessment of the risks of material misstatement of the Standalone Financial Statementswhether 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 controlssystem with reference to financial statements.

Meaning of Internal Financial Controls with reference to Standalone FinancialStatements

A company’s internal financial controls with reference to financial statements isa process 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 financialcontrols with reference to financial statements includes those policies and proceduresthat

(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 Standalone Financial Statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company’s assets that could havea material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference toStandalone Financial Statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to Standalone Financial Statements maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

For G. M. Kapadia & Co.
Chartered Accountants
Firm’s Registration No: 104767W
Atul Shah
Partner
Mumbai Membership No: 039569
Dated: May 28 2021 UDIN: 21039569AAAAII2963

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