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Kokuyo Camlin Ltd.

BSE: 523207 Sector: Services
NSE: KOKUYOCMLN ISIN Code: INE760A01029
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VOLUME 33734
52-Week high 75.35
52-Week low 50.00
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Mkt Cap.(Rs cr) 674
Buy Price 0.00
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Sell Price 0.00
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OPEN 68.40
CLOSE 68.10
VOLUME 33734
52-Week high 75.35
52-Week low 50.00
P/E
Mkt Cap.(Rs cr) 674
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kokuyo Camlin Ltd. (KOKUYOCMLN) - Auditors Report

Company auditors report

To The Members of Kokuyo Camlin Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the Financial statements of Kokuyo Camlin Limited ("theCompany") which comprise the balance sheet as at 31 March 2020 and the statement ofpro_t and loss (including other comprehensive income) statement of changes in equity andstatement of cash _ows for the year then ended and notes to the Financial statementsincluding a summary of the signi_cant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial statements give the information required by theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and pro_t and other comprehensiveincome changes in equity and its cash _ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speci_edunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics 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 ful_lled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is suf_cient and appropriate to provide a basisfor our opinion on the Financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial statements of the current period. These matterswere addressed in the context of our audit of the Financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

The key audit matter How the matter was addressed in our audit
Impact of COVID 19 on Going concern (refer note 45 – to the Financial statements) Our audit procedures included:
On 11 March 2020 the World Health Organisation declared the Novel Coronavirus (COVID-19) outbreak to be a pandemic. Obtained an understanding of the key controls relating to the Company's forecasting process.
The Indian Government has taken a series of measures to contain the outbreak which included imposing multiple ‘lock-downs' across the country from 22 March 2020 onwards. The lockdowns and restrictions imposed on various activities due to COVID–19 pandemic have posed challenges to the business of the Company. Assessed and challenged the key assumptions used by the Company in preparing the income statement and cash _ow forecast including revenue _xed and operating costs capital expenditure and funding requirements based on our understanding of the Company's business.
The impact of the COVID-19 pandemic and the measures put in place to control the spreading of the virus have created a number of events and conditions which may have indicated uncertainties including related to going concern for the Company. Compared the future expected cash _ows in the cash _ow forecast with the Company's business plan approved by the Board of Directors.
The Company has assessed the impact of existing and anticipated effects of COVID-19 on the business operations and future cash _ows and has prepared a range of scenarios to estimate cash _ows from operating activities and the related _nancing requirements and sources thereof. Based on the above the Financial statements of the Company for the year ended 31 March 2020 have been prepared on a going concern basis. Performed sensitivity analysis to the cash _ow forecast by considering plausible changes to the key assumptions adopted by the Company and its impact on the going concern assumption.
In view of the uncertainties outlined above we identi_ed this as a key audit matter. Obtained details of borrowings approved/received subsequent to the year end and tested with underlying documentation.
Assessed disclosures made in the Financial statements with regard to the impact of Covid 19 on the going concern assessment.
Revenue recognition (refer note 3.01 and 44 – to the Financial statements) Our audit procedures included:
Revenue from the sale of goods is recognised when the control of the goods has passed to the customers which is on dispatch/delivery of the goods. There is a risk that revenue may be overstated to achieve performance targets at the reporting period end. Accounting policies: Assessed the Company's accounting policies with respect to revenue recognition discounts and rebates by comparing with applicable accounting standards.
Revenue is measured net of discounts incentives and rebates earned by customers on the Company's sales. The estimation of discounts incentives and rebates is signi_cant and considered to be complex and requires signi_cant degree of judgment. There is a risk that revenue may be overstated through incorrect estimation of the discounts incentives and rebates recognised to achieve performance targets at the reporting period end. Control testing: Tested the design implementation and operating effectiveness of the Company's controls over recording revenue and estimating and recording the amount of provisions for schemes and discounts
Accordingly revenue recognition is a key audit matter. Tests of details:
Tested by selecting statistical samples underlying documentation/ records for sales transactions recorded during the year and on either side of the year end to determine whether revenue has been recognised in the correct period. Tested by selecting statistical samples the underlying documentation for discounts incentives and rebates recorded and disbursed during the year.
Assessed the Company's computations for accrual of discounts incentives and rebates on a sample basis and compared the accruals made with the approved schemes and underlying documents. Assessed manual journals posted to revenue to identify unusual or irregular items. Compared past trends of payments and reversals of provisions for discounts incentives to evaluate the historical accuracy of provisions made.
Considered the adequacy of the Company's disclosures in respect of revenue.
Provisioning for slow moving inventory (refer note 10 – to the Financial statements) Our audit procedures included:
The Company makes provisions for slow moving / non-moving inventories based on certain speci_c percentages assigned to the inventory ageing exceeding 2 years. The Company also makes speci_c provisions for slow moving items ageing upto 2 years. Due to the signi_cant number of stock keeping units (SKUs) in the various categories of inventories signi_cant judgment is required by the Company in determining the inventory provisioning. Accounting policies: Assessed the Company's accounting policies for inventory provisioning.
There is a risk that inventory may be overstated on account of inappropriate provisioning for non-moving inventories. Control testing: Tested the effectiveness of the Company's controls over the assessment and recording of slow moving inventory provision.
Accordingly provisioning for inventory is a key audit matter. Tests of details:
Tested the sales of slow moving inventory during the period and assessed the Company's plans for future disposal of such stocks.
Tested the estimated future sales values less estimated costs to sell against the carrying value of the inventories.
Compared the historical trend of Company's estimates against actual outcomes to assess the impact of provision of slow moving inventory.
Tested the inventory written off against the provisions recorded.
Considered the adequacy of the Company's disclosures in respect of provisions for inventory.

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 Financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's and Board of Directors' Responsibility for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Financial statementsthat give a true and fair view of the state of affairs pro_t and other comprehensiveincome changes in equity and cash _ows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)speci_ed under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal Financial controls that were operating effectively forensuring accuracy and completeness of the accounting records relevant to the preparationand presentation of the Financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

In preparing the Financial statements the 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 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 Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to in_uence the economic decisions of users taken on thebasis of these 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 Financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is suf_cient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal Financial controls with reference to Financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the Financial statements made by theManagement and Board of Directors.

Conclude on the appropriateness of the Management and Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast signi_cant doubton the Company'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 Financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of the Financial statementsincluding the disclosures and whether the Financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and signi_cant audit _ndings including anysigni_cant de_ciencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors' report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest bene_ts 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 speci_ed 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 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 pro_t and loss(including other comprehensive income) the statement of changes in equity and thestatement of cash _ows dealt with by this Report are in agreement with the books ofaccount. d) In our opinion the aforesaid Financial statements comply with the Ind ASspeci_ed under section 133 of the Act. e) On the basis of the written representationsreceived from the directors as on 31 March 2020 taken on record by the Board of Directorsnone of the directors is disquali_ed as on 31 March 2020 from being appointed as adirector in terms of Section 164(2) of the Act. f) With respect to the adequacy of theinternal Financial controls with reference to Financial statements of the Company and theoperating effectiveness of such controls refer to our separate Report in "AnnexureB".

(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. TheCompany has disclosed the impact of pending litigations as at 31 March 2020 on itsFinancial position in its Financial statements

- Refer Note 32 and 33 to the Financial statements; ii. The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses; iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company; iv. The disclosures in theFinancial statements regarding holdings as well as dealings in speci_ed bank notes duringthe period from 8 November 2016 to 30 December 2016 have not been made in these Financialstatements since they do not pertain to the Financial year ended 31 March 2020. (C) Withrespect to the matter to be included in the Auditors' Report under Section 197(16) of theAct:

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) of the Act whichare required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Mumbai 8 July 2020

Vijay Mathur

Partner Membership No: 046476 ICAI UDIN: 20046476AAAACW7925

Annexure A to the Independent Auditors' Report on Ind AS Financial statements

(Refered to our report of even date) i. (a) The Company has maintained properrecords showing full particulars including quantitative details and situation of _xedassets and investment properties.

(b) The Company has a regular programme of physical veri_cation of its _xed assets andinvestment properties by which the property plant and equipment and investment propertiesare veri_ed by the management according to a programme designed to cover all the itemsover one year. In our opinion this periodicity of physical veri_cation is reasonablehaving regard to the size of the Company and the nature of its assets. In accordance withthe policy the Company has physically veri_ed all its _xed assets and investmentproperties during the year and no material discrepancies were noticed on such veri_cation.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties of landand buildings and investment properties as disclosed in note 4 and note 5 of the Financialstatements are held in the name of the Company.

ii. The inventories except goods in transit and stocks lying with third parties havebeen physically veri_ed by the management at reasonable intervals during the year. In ouropinion the frequency of such veri_cation is reasonable. For stocks lying with thirdparties at the year end written con_rmations have been obtained and in respect ofgoods-in-transit subsequent goods receipts have been veri_ed. The discrepancies noticedon veri_cation between the physical stocks and the book records have been properly dealtwith in the books of accounts.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies _rms limitedliability partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3 (iii) of the Order is not applicable to theCompany.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Act with respect toinvestments made. The Company has not granted any loans or provided any guarantees orsecurity to parties covered under section 185 and 186 of the Act.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits to which the directives issued by the Reserve Bankof India or the provisions of sections 73 to 76 or any other relevant provisions of theAct and the rules framed there under apply. Accordingly paragraph 3(v) of the Order isnot applicable to the Company.

vi. We have broadly reviewed the books of account relating to manufacture of stationeryitems maintained by the Company pursuant to the rules prescribed by the Central Governmentfor the maintenance of cost records under section 148(1) of the Act and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Wehave not however made a detailed examination of the same with a view to determinewhether they are complete or accurate.

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'

State Insurance duty of customs Goods and

Service Tax Income Tax Cess Professional tax Labor welfare fund and other materialstatutory dues have generally been regularly deposited during the year by the Company withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of Provident Fund Employees'

State Insurance duty of customs Goods and

Service Tax Income Tax Cess Professional tax Labor welfare fund and other materialstatutory dues were in arrears as at 31 March 2020 for a period of more than six monthsfrom the date they became payable. (b) According to the information and explanations givento us there are no dues of Income-tax Sales-tax Service tax Duty of customs duty ofexcise Goods and Service tax and Value added tax which have not been deposited with theappropriate authorities on account of any dispute except as follows:

Name of the Statute Nature of dues Amount Demanded R in lakhs Amount Paid R in Lakhs Period to which the amount relates Forum where dispute is pending
The Income tax Act 1961 Income tax 107.55 - AY 2014-15 Mumbai High Court
The Income tax Act 1961 Income tax 14.67 - AY 2006-07 Income tax Appellate Tribunal
The Income tax Act 1961 Income tax 139.45 - AY 2014-15 Assessing of_cer
And AY 2017-18
Central Excise Act 1944 Excise duty (including Interest and penalty if applicable) 53.6 32.97 1990-95 Mumbai High court
Central Excise Act 1944 Excise duty (including Interest and penalty if applicable) 9.05 - Jan 1991 to June 1991 The Customs Excise and Service Tax Appellate Tribunal (CESTAT)
Central Sales Tax Act 1956 and Local Sales Tax Act Sales tax (including interest and penalty if applicable) 677.73 193.87 1995-96 1998-99 to 2001-02 2004-05 to 2005-06 2007-08 2009-10 to 2013-14 2014-15 2015-16 First Appellate
Central Sales Tax Act 1956 and Local Sales Tax Act Sales tax (including interest and penalty if applicable) 39.7 37.92 1996 to 1998 and 2000-2001 to 2008-09 Sales Tax– Tribunal

viii. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to any Financial institution or bank during the year. TheCompany did not have any loans or borrowings during the year from debenture holders orfrom the government.

ix. According to the information and explanations given to us the Company has notraised any monies by way of initial public offer or further public offer (including debtinstruments) during the year. In our opinion and according to the information andexplanations given to us the term loans taken by the Company have been applied for thepurpose which they were raised.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its of_cers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. 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 Financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3 (xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

OvERvIEw STATUTORY REPORTS FINANCIAL STATEMENTS

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

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Vijay Mathur

Partner Membership No: 046476 ICAI UDIN: 20046476AAAACW7925

Annexure B to the Independent Auditors' report on the Financial statements of KokuyoCamlin Limited for the year ended 31 March 2020.

Report on the internal Financial controls with reference to the aforesaid Financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013

(Referred to in paragraph 2 (A)(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Opinion

We have audited the internal Financial controls with reference to Financial statementsof Kokuyo Camlin Limited ("the Company") as of 31 March 2020 in conjunction withour audit of the Financial statements of the Company for the year ended on that date.

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

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal Financial controls based on the internal Financial controls withreference to Financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note. Theseresponsibilities include the design implementation and maintenance of adequate internalFinancial controls that were operating effectively for ensuring the orderly and ef_cientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable Financialinformation as required under the Companies Act 2013 (hereinafter referred to as"the Act").

Auditors' Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal Financial controls with reference to Financial statements and their operatingeffectiveness. Our audit of internal Financial controls with reference to Financialstatements included obtaining an understanding of such internal Financial controlsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the Financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is suf_cient 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 Financial Statements

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

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

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

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

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal Financial controls with reference toFinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal Financial controls withreference to Financial statements to future periods are subject to the risk that theinternal Financial controls with reference to Financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Mumbai 8 July 2020

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Vijay Mathur

Partner Membership No: 046476 ICAI UDIN: 20046476AAAACW7925

.