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Mahindra Holidays & Resorts India Ltd.

BSE: 533088 Sector: Services
NSE: MHRIL ISIN Code: INE998I01010
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OPEN 210.50
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VOLUME 14079
52-Week high 248.90
52-Week low 141.50
P/E 22.51
Mkt Cap.(Rs cr) 2,831
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 210.50
CLOSE 214.85
VOLUME 14079
52-Week high 248.90
52-Week low 141.50
P/E 22.51
Mkt Cap.(Rs cr) 2,831
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mahindra Holidays & Resorts India Ltd. (MHRIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of MahindraHolidays & Resorts India Limited ("the Company") which comprise thestandalone balance sheet as at March 31 2020 and the standalone statement of profit andloss (including other comprehensive income) standalone statement of changes in equity andstandalone statement of cash flows for the year then ended and notes to the standalonefinancial statements including a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("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 2020and loss and other comprehensive income changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion on the Standalonefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Description of Key Audit Matters'

I) Revenue from Contracts with Customers under Ind AS 115 See note 3 (C) 36 and 52 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
The Company has a unique business model and its revenue comprises of numerous individual transactions and also multiple streams of revenue with its members. Our procedures included the following:
- Evaluating the appropriate accounting policy in accordance with Ind AS 115 for membership contracts entered with customers
- Evaluating and testing the identification of expenses incurred by the Company which can get classified as incremental costs of acquisition.
In accordance Ind AS 115 (a) the membership fees and (b) incremental costs to obtain a contract with a customer are recognised over the effective membership period. The application of the accounting standard on revenue recognition involves certain judgements relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations and the appropriateness of the basis used to recognize revenue over a period.
- Evaluating the process followed by the Company and evaluating the data used for the purpose of identifying and determining the effective membership period after considering breakage i.e customer's unexercised rights and comparing the basis with historical experience of utilization of memberships.
- Evaluating the process followed by the Company and evaluating the data used for the purpose of deferral of revenue due to uncertainty of collection based on historical trends and considering factors impacting future collections.
Incremental costs are those that would not have been incurred if the contract was not obtained. The Company has applied significant judgement in identifying the expenses which can be treated as incremental cost of acquiring new members. - Testing the processes and controls instituted for recognition of revenue and incremental costs of acquisition over the effective membership period. Involving our IT specialists to test the controls in the IT system for recording revenue as per Ind AS 115.
- Assessing the adequacy of the Company's disclosures in accordance with the requirements of Ind AS 115.
II) Contingent liabilities See note 43 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
The Company has significant tax litigations for both direct and indirect taxes. Our audit procedures included the following:
- Examining the list of outstanding litigation against the Company.
There is a high level of judgement required in estimating the level of provisioning and appropriateness of disclosure of those litigations in the financial statements. - Inquiring and obtaining explanation for movement during the year.
- Reading the latest correspondence between the Company and the various tax/legal authorities for significant matters for evaluation.
The value of the litigations together with the level of judgement involved make its accounting treatment a significant matter for our audit. - Discussing the status of significant litigation with the Company's senior management personnel and assessing their responses.
- Examining external opinions obtained by the Company from external advisors.
- Involving our tax specialists and discussing with the Company's tax officers their views and strategies on significant cases as well as the related technical grounds relating to their conclusions based on applicable tax laws.
- Assessing the decisions and rationale for provisions made or for decisions not to record provisions or make disclosures.
III) Leases in accordance with Ind AS 116 See note 3 (A) 5 26 31 and 53 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
Ind AS 116 on leases is effective from April 1 2019 Our audit procedures included the following:
- The Company has a large number of leasing arrangements both within India and overseas. - Assessing and testing new processes and controls in respect of Ind AS 116;
- Assessing the Company's evaluation on the identification of leases based on the contractual agreements and our knowledge of the business;
- The application of the new accounting standard on lease involves certain judgements relating to determination of incremental borrowing rate determination of leases to which Ind AS 116 applies determination of lease period and selection of transition option.
- Evaluating the reasonableness of management's key judgements and estimates made in preparing the transition adjustments.
- Evaluating the completeness accuracy and relevance of data used in preparing the transition adjustments.
- The value of the transition adjustment in relation to Ind AS 116 together with the level of judgement involved make its accounting treatment a significant matter for our audit. - Reassessing management's calculation on remeasurement of lease liabilities.
- Testing completeness of the lease data by reconciling the Company's operating lease commitments as at March 31 2019 to data used in computing the opening ROU asset and the lease liabilities as at April 1 2019.
- On a statistical sample assessing the key terms and conditions of each lease with the underlying lease contracts; and
- On a statistical sample evaluating computation of lease liabilities and challenging the key estimates such as discount rates and the lease term.
- Assessing and testing the presentation and disclosures relating to Ind AS 116 including disclosures relating to transition.

Other Information

The Company's management and Board of Directors are responsible for theother information. The other information comprises the information included in theCompany's annual report but does not include the financial statements and our auditor'sreport thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

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

The Company's Management and Board of Directors are responsible for thematters stated in section 134(5) of the Act with respect to the preparation of thesestandalone financial statements that give a true and fair view of the state of affairsprofit/loss and other comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements the Management andBoard of Directors are responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless the Board of Directors either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.

The Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3) (i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures in the standalone financialstatements made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board ofDirectors use of the going concern basis of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions that maycast significant doubt on the Company's ability to continue as a going concern. If weconclude that a material uncertainty exists we are required to draw attention in ourauditor's report to the related disclosures in the standalone financial statements or ifsuch disclosures are inadequate to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 in terms of section 143 (11) ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The standalone balance sheet the standalone statement of profit andloss (including other comprehensive income) the standalone statement of changes in equityand the standalone statement of cash flows dealt with by this Report are in agreement withthe books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on March 31 2020

taken on record by the Board of Directors none of the directors isdisqualified as on March 31 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 withreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations as atMarch 31 2020 on its financial position in its standalone financial statements - ReferNote 43 to the standalone financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

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

iv. The disclosures in the standalone financial statements regardingholdings as well as dealings in specified bank notes during the period from November 82016 to December 30 2016 have not been made in these financial statements since they donot pertain to the financial year ended March 31 2020.

(C) With respect to the matter to be included in the Auditor's Reportunder section 197(16):

In our opinion and according to the information and explanations givento us the remuneration paid by the company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For B S R & Co LLP

Chartered Accountants (Firm's Registration No: 101248W/W-100022)

Koosai Lehery
Partner
(Membership No. 112399)
Mumbai May 9 2020 UDIN: 20112399AAAAAU2326

Annexure A to the Independent Auditor's Report - March 31 2020(Referred to in our report of even date)

i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of itsfixed assets by which all fixed assets are verified in a phased manner over a period ofthree years. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogramme certain fixed assets were physically verified by the management during theyear. In our opinion and according to information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the registered sale deeds and Courtorders approving schemes of arrangements/amalgamations provided to us by the Company thetitle deeds of immovable properties are held in the name of the Company except for thefollowing which are not held in the name of the Company:

Sr. No. Total no. of cases Type of Assets Gross Block as at March 31 2020 Net Block as at March 31 2020 Remarks
1 3 Freehold land 680450168 680450168 Received on merger of the erstwhile Companies. Company is in the process of transferring the title deeds.
2 3 Building 533897786 445372858 Received on merger of the erstwhile Companies. Company is in the process of transferring the title deeds

ii. The inventory has been physically verified by the management atreasonable intervals during the year. In our opinion the frequency of such verificationis reasonable. The discrepancies noticed on verification between the physical stocks andthe book records were not material.

iii. In our opinion and according to the information and explanationsgiven to us the Company has not granted any loans secured or unsecured to companiesfirms limited liability partnerships or other parties covered in the register maintainedunder Section 189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicableto the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct with respect to the loans given investments made guarantees given and securityprovided.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits from the public during the year interms of the provisions of Sections 73 to 76 or any other relevant provisions of the Actand the rules framed there under. Accordingly paragraph 3(v) of the Order is notapplicable to the Company.

vi. In our opinion and according to the information and explanationsgiven to us having regard to the nature of the Company's business/activities paragraph3(vi) of the Order is not applicable to the Company.

vii. (a) According to the information and explanations given to us andon the basis of our examination of the records of the

Company amounts deducted/accrued in the books of account in respect ofundisputed statutory dues including Goods and services tax Provident fund Employees'state insurance Income-tax Sales-tax Luxury tax Value added tax Duty of customs Cessand other material statutory dues have generally been regularly deposited during the yearby the Company with the appropriate authorities. As explained to us the Company did nothave any dues on account of Duty of excise.

According to the information and explanations given to us noundisputed amounts payable in respect of Goods and services tax Provident fundEmployees' state insurance Income-tax Sales-tax Luxury tax Value added tax Duty ofcustoms Cess and other material statutory dues were in arrears as at March 31 2020 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us and basedon our examination of the records of the Company there are no dues of Goods and servicestax Sales tax Value added tax and Duty of customs which have not been deposited onaccount of any dispute. The following disputed dues in respect of Income-tax Luxury taxand Service tax have not been deposited by the Company with the appropriate authorities:

Name of the Statute Nature of the Dues Forum where dispute is pending Period to which amount relates Amount* (Rs. in lakhs)
Income Tax Act 1961 Income tax Interest and Penalty High Court AY 1999 to 2011 31251
Income Tax Act 1961 Income tax Interest and Penalty ITAT AY 2010 AY 2012 to 2016 42212
Income Tax Act 1961 Income tax Interest and Penalty Commissioner of Income Tax- Appeals AY 2017 9929
Finance Act 1994 Service Tax Interest and Penalty Supreme Court FY 2005 to 2008 287
Appellate Authorities FY 2007 to 2016 3926
Tamil Nadu Luxury Tax Act Luxury Tax Deputy Commissioner FY 2003 to 2006 64
Commissioner- Appeals FY 2011 to 2012 17
Kerala Luxury Tax Act Luxury Tax Intelligence officer- Debikulam FY 2009 to 2011 659
Appeallate Commissioner FY 2010 to 2016 3088
High Court FY 2012 to 2015 1706
Uttarakhand Luxury Tax Act Luxury Tax Appeallate Commissioner FY 2013 34
Maharashtra Luxury Tax Act Luxury Tax Commissioner of Commercial taxes FY 2013 to 2014 42
Rajasthan Luxury Tax Act Luxury Tax High Court FY 2011 to 2017 1763
Rajasthan Value Added Tax Act Value Added Tax High Court FY 2015 to 2017 15
Kerala Value Added Tax Act Value Added Tax Assistant Commissioner FY 2013 to 2014 23

* net of amounts paid under protest

viii. According to the information and explanations given to us andbased on the records of the Company the Company has not defaulted in the repayment ofloans or borrowings to banks. The Company did not have any outstanding loans or borrowingfrom financial institutions or government or debenture holders during the year.

ix. According to the information and explanations given to us theCompany did not raise money by way of initial public offer or further public offer(including debt instruments) or term loans during the year. Accordingly paragraph 3(ix)of the Order is not applicable to the Company.

x. According to the information and explanations given to us no fraudby the Company and no material fraud on the Company by its officers or employees has beennoticed or reported during the course of our audit.

xi. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with Sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the Standalone Ind AS financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly paragraph 3(xiv) of the Order is not applicableto the Company.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with them. Accordinglyparagraph 3(xv) of the Order is not applicable to the Company.

xvi. According to information and explanations given to us the Companyis not required to be registered under section 45 IA of the Reserve Bank of India Act1934. 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)

Koosai Lehery
Partner
(Membership No. 112399)
Mumbai May 9 2020 UDIN: 20112399AAAAAU2326

Annexure B to the Independent Auditor's report on the standalonefinancial statement of Mahindra Holidays & Resorts India Limited for the year endedMarch 31 2020

Report on the internal financial controls with reference to theaforesaid standalone financial statements 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 andRegulatory Requirements' section of our report of even date)

Opinion

We have audited the internal financial controls with reference tofinancial statements of Mahindra Holidays & Resorts India Limited ("theCompany") as of March 31 2020 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference to financial statements and such internalfinancial controls were operating effectively as at March 31 2020 based on the internalfinancial controls with reference to 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 forestablishing and maintaining internal financial controls based on the internal financialcontrols with reference to 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 internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note and the Standards on Auditing prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls with reference to financial statements. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to financial statements were established and maintained and whether suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of such internal financialcontrols assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols with reference to financial statements.

Meaning of Internal Financial controls with Reference to FinancialStatements

A company's internal financial controls with reference to 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 financial statements include those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial controls with Reference toFinancial Statements

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

For B S R & Co LLP

Chartered Accountants (Firm's Registration No: 101248W/W-100022)

Koosai Lehery
Partner
(Membership No. 112399)
Mumbai May 9 2020 UDIN: 20112399AAAAAU2326

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