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Jamna Auto Industries Ltd.

BSE: 520051 Sector: Auto
NSE: JAMNAAUTO ISIN Code: INE039C01032
BSE 00:00 | 05 Aug 122.10 1.15
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NSE 00:00 | 05 Aug 122.05
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OPEN 121.00
PREVIOUS CLOSE 120.95
VOLUME 151477
52-Week high 135.55
52-Week low 78.20
P/E 33.36
Mkt Cap.(Rs cr) 4,867
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 121.00
CLOSE 120.95
VOLUME 151477
52-Week high 135.55
52-Week low 78.20
P/E 33.36
Mkt Cap.(Rs cr) 4,867
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jamna Auto Industries Ltd. (JAMNAAUTO) - Auditors Report

Company auditors report

To the Members of Jamna Auto Industries Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of Jamna AutoIndustries Limited ("the Company") which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the standalone Ind AS financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021its profit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as 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 Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the

Act and the Rules thereunder and we have fulfilled our other ethical responsibilitiesin accordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone Ind AS financial statements.

Emphasis of Matter

We draw attention to Note 48 to the standalone Ind AS financial statements whichdescribes the uncertainties and the management's assessment of the impact of COVID-19pandemic on the Company's operations assets cash flows and results which is highlydependent on future developments and circumstances as they evolve. Our opinion is notmodified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2021. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
(a) Recording of price adjustments and their impact on revenue recognition (as described in Note 47 of the standalone Ind AS financial statements)
Revenue is measured by the Company at the transaction price i.e. amount of consideration received/ receivable from its customers. In determining the transaction price for the sale of products the Company considers the effects of various factors such as volume-based discounts price adjustments to be passed on to the customers based on various parameters like negotiations based on savings on materials/share of business rebates etc provided to the customers. Our audit procedures included the following:
The Company's business also requires passing on these credits related to price adjustments and others to the customers for the sales made by the Company. The Company at the year end has provided for such price adjustments to be passed on to the customers based on agreed terms negotiations undertaken commercial considerations and other factors. The estimated liabilities on this account at the year-end is shown under note 19 and note 21 to the financial statements and the same consequentially impacts the revenue appearing in note 24 to the financial statements. • Assessed the Company's accounting policy for revenue recognition including the policy for recording price adjustments in terms of Ind AS 115;
• Obtained understanding of the revenue process and the assumptions used by the management in the process of calculation of price adjustments as per customer contracts including design and implementation of controls testing of management review controls and tested the operating effectiveness of these controls;
• Evaluated management's methodology and assumptions used in the calculations of price adjustments as per customer contracts;
• Tested completeness arithmetical accuracy and validity of the data used in the computation of price adjustments as per customer contracts;
• Tested on sample basis credit notes issued and payment made as per customer contracts / agreed price negotiations;
We have considered this as a key audit matter on account of the significant judgement and estimate involved in calculation of price adjustments to be recorded as at the year end • Performed analytical procedures to identify any unusual trends and identify any unusual items for further testing. Compared ratio of these price adjustments as a percentage of sales for both current year and previous year and tested the specific exception if any.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the Director's Report Management Discussion and Analysis andBusiness Responsibility Report but does not include the financial statements and ourauditor's report thereon. The other information is expected to be made available to usafter the date of this auditor's report.

Our opinion on 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 such other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

Responsibilities of Management for the Standalone 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 standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative 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 Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial 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. 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 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:

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the 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.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

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

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We 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 Ind AS financialstatements for the financial year ended March 31 2021 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; (c) The Balance Sheet the Statement of Profit and Lossincluding the Statement of Other Comprehensive Income the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended; (e) The matter described inEmphasis of Matter paragraph above in our opinion may have an adverse effect on thefunctioning of the Company; (f) On the basis of the written representations received fromthe directors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act; (g) With respect to the adequacy of the internal financialcontrols with reference to standalone Ind AS financial statements and the operatingeffectiveness of such controls refer to our separate Report in "Annexure 2" tothis report; (h) In our opinion the managerial remuneration for the year ended March 312021 has been paid / provided by the Company to its directors in accordance with theprovisions of section 197 read with Schedule V to the Act; (i) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 as amended in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations on its financial position in its standalone Ind ASfinancial statements – Refer Note 36(c) to the standalone Ind AS financialstatements; ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses; iii. There has been nodelay in transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company

For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Amit Gupta
Partner
Membership Number: 501396
UDIN: 21501396AAAABF6715
Place of Signature: Faridabad
Date: May 31 2021

Annexure 1

Annexure 1 referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

Re: Jamna Auto Industries Limited

(i) (a) The Company has maintained proper records showing full including quantitativedetails and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verifying them once in three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification. (c) According to theinformation and explanations given by the management the title deeds of immovableproperties amounting to Rs 527.74 lacs included in fixed assets have been given assecurity (mortgage and charge) against the financing facility taken from banks and we havebeen explained that the original title deeds are kept as security with the trusteeappointed by bankers. Similarly title deeds of immovable properties amounting to Rs1740.64 lacs included in fixed assets are kept with Kotak Mahindra Bank and State Bank ofIndia as security (mortgage and charge) against the financing facility provided by it.Therefore these title deeds could not be made available to us for verification howeverthe same has been confirmed by the trustee/ banks. Accordingly based on the informationand explanation given to us by the management and confirmation received fromtrustee/banks we report that the title deeds of immovable properties included inproperty plant and equipment/ fixed assets are held in the name of the Company.

(ii) The inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable. No material discrepancies werenoticed on such physical verification. Inventories lying with third parties have beenconfirmed by them as at March 31 2021 and no material discrepancies were noticed inrespect of such confirmations.

(iii) (a) The Company has granted loans to one wholly owned subsidiary covered in theregister maintained under section 189 of the Companies Act 2013. In our opinion andaccording to the information and explanations given to us the terms and conditions of thegrant of such loans are not prejudicial to the company's interest. (b) The Company hasgranted loans that are re-payable on demand to one wholly owned subsidiary in theregister maintained under section 189 of the Companies Act

2013. We are informed that the company has not demanded repayment of any such loanduring the year and thus there has been no default on the part of the parties to whomthe money has been lent. The payment of interest has been regular.

(c) There are no amounts of loans granted to companies firms or other parties listedin the register maintained under section 189 of the Companies Act 2013 which are overduefor more than ninety days.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the company.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture of spring leaves andlift axle and are of the opinion that prima facie the specified accounts and recordshave been made and maintained. We have not however made a detailed examination of thesame.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been a slight delay in a fewcases.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxsales-tax duty of custom duty of excise value added tax goods and service tax cessand other statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues of income-tax sales-tax servicetax duty of custom duty of excise value added tax and cess on account of any disputeare as follows:

Name of the statute Nature of dispute Forum where dispute is pending Amount (Rs in lakhs)* Amount paid under protest (Rs in lakhs) Period to which the amount relates
Income Tax Act1961 Alleged diversion of profit to subsidiary Commissioner of Income Tax (Appeals) 474.79 A.Y. 2012-2013 and A.Y. 2013- 2014
Income Tax Act1961 Interest on alleged interest free advances Commissioner of Income Tax (Appeals) 7.56 A.Y. 2012-2013 and A.Y. 2013- 2014
Madhya Pradesh Sales Tax Act 1958 VAT Supreme Court of India 477.54 F.Y. 2006-2007
Finance Act 1994 Service Tax Supreme Court of India 141.27 141.27 F.Y. 2008-2009
Madhya Pradesh Sales Tax Act 1958 Entry Tax Supreme Court of India 45.83 F.Y. 2006-2007
Tamil Nadu VAT Act2006 VAT Appellate Deputy Commissioner Chennai (South) 22.42 F.Y. 2012-2013 and F.Y. 2013-2014
Finance Act 1994 Service Tax Additional Commissioner Gwalior 20.63 F.Y. 05-06 to 08- 09 and F.Y 08-09 to 09-10
Customs Act 1962 Custom Act Director General of Foreign Trade New Delhi 8.25 F.Y. 2000-2008
Finance Act 1994 Service Tax Assistant Commissioner Kurukshetra 7.72 F.Y. 2015-2016 to F.Y. 2017-2018
Madhya Pradesh Sales Tax Act 1958 VAT Additional. Commissioner. Cum Appellate Authority Commercial Tax Gwalior 6.71 F.Y. 2015-2016
GST Act 2017 GST Appellate Authority 2.63 2.63 F.Y. 2019-2020
GST Act 2017 GST Appellate Authority Muradabad (Uttar Pradesh) 4.01 4.01 F.Y.2017-2018
GST Act 2017 GST Appellate Authority Rudrapur (Uttarakhand) 4.36 4.36 F.Y.2017-2018
Tamil Nadu VAT Act2006 VAT Assistant Commissioner (ST) Chengalpattu Assessment Circle 1375.17 F.Y.2009-2010 F.Y.2013-2014 F.Y.2015-2016 F.Y.2014-2015
Madhya Pradesh Sales Tax Act 1958 VAT Additional Commissioner Grade-2 (Appeal) Fourth Commercial Tax Lucknow 32.79 F.Y. 2011-2012

* Amount in lacs represents gross amount thus does not represent the amount net ofpaid under protest

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to a bank.The Company did not have any loans or borrowing in respect of financial institution ordues to debenture holders or to government during the year.

(ix) According to the information in our opinion and according to the information andexplanations given by the management the Company has utilized the money raised by way ofterm loan for the purpose for which they were raised. Further the Company has not raisedany money by way of initial public offer/ further public offer/ debt instruments hence notcommented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no fraud / materialfraud on the company by the officers and employees of the Company has been noticed orreported during the year.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of Companies Act 2013. (xvi) According to theinformation and explanations given to us the provisions of section 45-IA of the ReserveBank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Amit Gupta
Partner
Membership Number: 501396
UDIN: 21501396AAAABF6715
Place of Signature: Faridabad
Date: May 31 2021

Annexure 2

Annexure 2 to the Independent Auditor's Report of even date on the Standalone Ind ASFinancial Statements of Jamna Auto Industries Limited

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

We have audited the internal financial controls with reference to these standalone IndAS financial statements of Jamna Auto Industries Limited ("the Company") as ofMarch 31 2021 in conjunction with our audit of the standalone Ind AS financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). 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 the Company's policies the safeguardingof its 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing as specified under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these standalone Ind AS financial statements was establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these standalone Ind AS financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to these standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone Ind ASfinancial 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 financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlswith reference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls With Reference to these standalone Ind ASFinancial Statements

A company's internal financial control with reference to these standalone Ind ASfinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control with reference to these standalone Ind AS financial statementsincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to these standaloneInd AS Financial Statements

Because of the inherent limitations of internal financial controls with reference tothese standalone Ind AS financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to these standalone Ind AS financial statements to future periodsare subject to the risk that the internal financial control with reference to thesestandalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to these standalone Ind AS financial statements and such internalfinancial controls with reference to these standalone Ind AS financial statements wereoperating effectively as at March 31 2021 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Amit Gupta
Partner
Membership Number: 501396
UDIN: 21501396AAAABF6715
Place of Signature: Faridabad
Date: May 31 2021

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