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Jubilant Pharmova Ltd.

BSE: 530019 Sector: Health care
NSE: JUBLPHARMA ISIN Code: INE700A01033
BSE 00:00 | 22 Sep 619.80 3.50
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NSE 00:00 | 22 Sep 620.30 3.10
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617.30

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OPEN 617.00
PREVIOUS CLOSE 616.30
VOLUME 12122
52-Week high 981.90
52-Week low 584.95
P/E 61.18
Mkt Cap.(Rs cr) 9,873
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 617.00
CLOSE 616.30
VOLUME 12122
52-Week high 981.90
52-Week low 584.95
P/E 61.18
Mkt Cap.(Rs cr) 9,873
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jubilant Pharmova Ltd. (JUBLPHARMA) - Auditors Report

Company auditors report

To the Members of Jubilant Life Sciences Limited

Report on the Audit of the Standalone Financial Statements

Opinion

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

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

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.

Emphasis of Matter

We draw attention to note 49 of the standalone financial statements which describes theaccounting policy followed by the Company related to the transfer of India BrandedPharmaceuticals Business to its subsidiary. Our opinion is not modified in respect ofaforesaid matter.

Key Audit Matters

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

Investment in subsidiaries

See note 5 to the standalone financial statements

The key audit matter How the matter was addressed in our audit
The Company's investments in subsidiaries represents 67.65% of total net assets. These investments are reviewed at the end of the reporting period to determine whether there is any indication of impairment and the consequential impairment loss if any. In view of the significance of the matter following audit procedures were applied in this area among others to obtain sufficient appropriate audit evidence:
We have identified the assessment of impairment (including evaluation of impairment indicators) in respect of investment in subsidiaries as a key audit matter because of its quantitative significance and since it involves significant judgement and is dependent on external factors such as future market conditions and the economic environment • Assessed the appropriateness of accounting policy for impairment of investment in subsidiaries as per relevant accounting standard.
• Evaluated the design implementation of key internal financial controls with respect to impairment including assessment of impairment indicators and determination of recoverable value and tested the operating effectiveness of such controls.
• Evaluated the impairment indicator assessment performed by the Company considering internal/external sources of information.
• Where an impairment indicator was identified we:
> assessed the appropriateness of the valuation methodology and assumptions such as profit forecast growth rate discount rate etc. used by the Company.
> challenged the appropriateness of the various assumptions used in the valuation model by the Company including forecasted revenues growth rate costs discount rates etc by evaluating past performances where relevant assessing historical accuracy of the assumptions and
> evaluating sensitivity analysis of these key assumptions.
Impact of adopting the new income tax regime See note 30 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
With effect from financial year 2019-2020 the Income Tax Act provides an option of paying income taxes at a lower rate subject to complying with certain prescribed conditions (‘new tax regime'). The Company has opted to shift to the new tax regime from a financial year in the future. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
Accordingly the deferred tax liabilities which are expected to reverse subsequent to the Company shifting to the new tax regime in the specified future year was remeasured and the consequential amount was recognised in the standalone statement of profit and loss of the current year. This amount is considered to be significant. • Examined the implications of the new provisions on the tax position of the Company keeping in view the various interpretations to assess the impact of adopting the new tax regime from the specified future financial year.
The determination of the point in time at which the Company would shift to the new tax regime involves significant judgement and estimation regarding forecasting future taxable profits and realisation of MAT credit entitlement (an item of deferred tax assets). Since the impact of remeasurement of deferred tax liabilities as stated above is sensitive to these judgements and estimates it affects the amount of deferred tax liabilities that are reversed in the standalone statement of profit and loss of the current year. Given the significant level of judgement involved and the quantitative significance we have determined this to be a key audit matter. • Tested the design implementation and operating effectiveness of the Company's key controls in relation to estimation of amount of deferred tax assets to be carried forward including MAT credit entitlement.
• Tested appropriateness of forecasts of future taxable profits including revenue growth rates EBITDA growth rates and other tax positions based on our knowledge of the business and the observable market data of the industry.
• Assessed the recoverability of MAT credit entitlement (an item of deferred tax assets) against the forecast future taxable profits.
•  Tested reliability of forecasts by comparison of actual results of current year with forecasts made in previous year. Ascertained reasons for variance if any and assessed whether the same have been taken into considered in preparing future forecasts.
•  Assessed the adequacy of related disclosures in the standalone financial statements.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon.

Our opinion on the standalone financial statements does not cover the 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 and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

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

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

In preparing the standalone financial statements the Management and Board of Directorsare responsible 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 the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process. Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit 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 standalonefinancial 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 in the standalone financial statementsmade by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related 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 conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We 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 auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2. (A) As required by Section 143(3) of the Act we report that:

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

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

c) The standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account

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

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

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

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

i. The Company has disclosed the impact of pending litigations as at 31 March 2020 onits financial position in its standalone financial statements - Refer Note 38 to thestandalone financial statements.

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

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

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

(C) With respect to the matter to be included in the Auditors' Report under section197(16):

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

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration No. 101248W/W-100022
Sd/-
Manish Gupta
Partner
Place: Delhi Membership No. 095037
Date: 29 May 2020 ICAI UDIN No: 20095037AAAABI2298

Annexure A to the Independent Auditors' Report of even date on standalone financialstatements of Jubilant Life Sciences Limited.

We report that:

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

(b) According to the information and explanations given to us the Company has aregular programme of physical verification of its fixed assets by which fixed assets areverified in a phased manner over a period of three years. In accordance with thisprogramme certain fixed assets were verified during the year. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. As informed to us the discrepancies noticed on suchverification were not material and have been properly adjusted in the books of account.

(c) According to the information and explanations given to us and on the basis of ourexamination of the books of account the title deeds of immovable property are held in thename of the Company.

(ii) The inventory except goods-in-transit and stocks lying with third parties hasbeen physically verified by the management during the year. In our opinion the frequencyof such verification is reasonable. For stocks lying with third parties at the year-endwritten confirmations have been obtained. As informed to us the discrepancies noticed onverification between the physical stocks and the book records were not material and havebeen properly adjusted in the books of account.

(iii) (a) According to the information and explanations given to us during the yearthe Company has granted secured loan to a Body Corporate (an other party) covered in theregister maintained under section 189 of the Act. In our opinion and according to theinformation and explanations given to us the terms and conditions of the grant of suchloans are not prejudicial to the Company's interest.

(b) The Company has granted loans that are either re-payable on demand or have aschedule for repayment of interest and principal to companies covered in the registermaintained under section 189 of the Act. The payment of interest has been regular.

(c) There is no amounts of loans granted to companies listed in the register maintainedunder section 189 of the Act which are overdue for more than ninety days.

Further according to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies and limited liability partnershipscovered in the register maintained under section 189 of the Act. Also as informed to usthere are no firms covered in the register maintained under section 189 of the Act.

(iv) According to the information and explanations given to us in respect of loans andinvestments made by the Company the provisions of section 185 and 186 of the Act havebeen complied with. As informed to us the Company has not provided any guarantee orsecurity as specified under Section 185 and 186 of the Act.

(v) According to the information and explanations given to us the Company has notaccepted any deposits as mentioned in the directives issued by Reserve Bank of India andthe provisions of section 73 to 76 of the Act or any other relevant provision of thecompanies Act 2013 and the rules framed there under. Accordingly paragraph 3(v) of theorder is not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules specified by the Central Government for maintenance of cost records undersection 148(1) of the Act in respect of its products and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. However we havenot carried out a detailed examination of the records with a view to determine whetherthese are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax goods and services tax (GST) duty of customs cess and othermaterial statutory dues have generally been regularly deposited with the appropriateauthorities.

According to the information and explanations given to us no amounts payable inrespect of undisputed statutory dues including provident fund employees' state insuranceincome-tax GST duty of customs cess and other material statutory dues were in arrearsas at 31 March 2020 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us there are no dues ofsales-tax which have not been deposited with the appropriate authorities on account of anydispute. According to the information and explanations given to us the following dues ofincome-tax service tax duty of customs duty of excise and value added tax have not beendeposited by the Company on account of disputes:

Name of the Statute Nature of the Dues Amount involved* (Rs. in million) Amount paid under protest (Rs. in million) Financial year to which the amount relates Forum where dispute is pending
Income-tax Act 1961 Income Tax 4.53 - 1988-89 Income Tax Appellate Tribunal
243.25 - 2001-02 2004-08 High Court
Central Excise Act 1944 Excise Duty 15.01 9.05 2009-11 Supreme Court
34.85 - 2012-17 Custom Central Excise and Service Tax Appellate Tribunal
Finance Act 1994 Service Tax 1.25 2015-17 Assistant Commissioner
Customs Act 1962 Custom Duty 12.04 2012-14 Custom Excise and Service Tax Appellate Tribunal
71.23 2015-16 Deputy Commissioner
0.01 2006-07 Assistant Commissioner
Customs Act 1962 Custom Duty 4.93 - 2016-17 Assistant Commissioner
Uttar Pradesh Value Added Tax Act 2008 Value Added Tax 66.97 - 2010-18 Supreme Court
The Delhi Value Value Added 5 65 2013-14 Special Objection Hearing Authority
Added Tax Act Tax 7.00 2014-15 Special Objection Hearing Authority
The Rajasthan Value Added Tax Act Value Added Tax 0.08 - 2015-17 Assistant Commercial Tax Officer Maharashtra Sale
The Maharashtra Value Value Added 0.27 - 2012-13 Tax Tribunal
Added Tax Act 2002 Tax 9.47 - 2014-15 Joint Commissioner
The Central Goods and Service Tax Act 2017 Goods and Service Tax 0.28 0.28 2018 High Court Uttar Pradesh
The Central Goods and Service Tax Act 2017 Goods and Service Tax 0.35 0.35 2018 Goods and Service Tax Tribunal

* amount as per demand orders including interest and penalty wherever indicated in theorder.

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to its bankers or to any financial institutions and dues to debenture holders.The Company did not have any loans or borrowings from government during the year.

(ix) Based on our examination of books of account and according to the information andexplanations given to us the Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments). Further the monies raised byway of term loans have been applied on an overall basis for the purpose for which theyare obtained.

(x) Based on our examination of the books of account and according to the informationand explanations given to us no fraud by the Company and no fraud on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

(xi) Based on our examination of the books of account and according to the informationand explanations given to us the Company has paid/provided managerial remuneration inaccordance with the requisite approvals mandated by the provision of section 197 read withSchedule V of the Act.

(xii) According to the information and explanations given to us the Company is not anidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) Based on our examination of the books of account and according to theinformation and explanations given to us all transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and the details have beendisclosed in the standalone financial statements as required by the applicable accountingstandards.

(xiv) Based on our examination of the books of account and according to the informationand explanations given to us the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to the information and explanations given to us the Company has notentered into any noncash transactions with directors or persons connected with them.Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration No. 101248W/W-100022
Sd/-
Manish Gupta
Partner
Place: Delhi Membership No. 095037
Date: 29 May 2020 ICAI UDIN No:20095037AAAABI2298

Annexure ‘B' to the Independent Auditors' report of even date on standalonefinancial statements of Jubilant Life Sciences Limited.

Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013

Opinion

We have audited the internal financial controls with reference to standalone financialstatements of Jubilant Life Sciences Limited ("the Company") as of 31 March 2020in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone financial statements and such internal financialcontrols were operating effectively as at 31 March 2020 based on the internal financialcontrols with reference to standalone financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to standalone financial statements criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding 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 Companies Act 2013 (hereinafterreferred to as "the Act").

Auditor's Responsibility

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 with reference to standalone financial statements. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to standalone financial statements were established andmaintained and whether 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 standalone financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tostandalone financial statements included obtaining an understanding of such internalfinancial controls 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 controls withreference to financial statements.

Meaning of Internal Financial controls with Reference to Standalone FinancialStatements

A company's internal financial controls with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to standalone financial statements include thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the 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 standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to financial statementsmay become inadequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration No. 101248W/W-100022
Sd/-
Manish Gupta
Partner
Place: Delhi Membership No. 095037
Date: 29 May 2020 ICAI UDIN No:20095037AAAABI2298

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