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Mindteck (India) Ltd.

BSE: 517344 Sector: IT
NSE: MINDTECK ISIN Code: INE110B01017
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OPEN 45.00
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VOLUME 5188
52-Week high 61.35
52-Week low 11.65
P/E 13.85
Mkt Cap.(Rs cr) 121
Buy Price 47.35
Buy Qty 1561.00
Sell Price 47.35
Sell Qty 300.00
OPEN 45.00
CLOSE 45.10
VOLUME 5188
52-Week high 61.35
52-Week low 11.65
P/E 13.85
Mkt Cap.(Rs cr) 121
Buy Price 47.35
Buy Qty 1561.00
Sell Price 47.35
Sell Qty 300.00

Mindteck (India) Ltd. (MINDTECK) - Auditors Report

Company auditors report

To the Members of Mindteck (India) Limited

Report on the Audit of the Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statements of Mindteck(India) Limited ("the Company") which comprise the Balance Sheet as at March31 2020 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the Standalone Ind AS financial statements including a summary ofsignificant policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2020 its loss includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostaccounting significance in our audit of the standalone Ind AS financial statementsfor the financial ended March 31 2020. These matters were addressed in the context of ouraudit of the standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters.

For each matter below our description of how our audit addressed the matter isprovided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report.

We have fulfilled the responsibilities described in the Auditor's responsibilities forthe audit of the standalone Ind AS financial statements section of our report includingin relation to these matters. Accordingly our audit included the performance ofprocedures designed to respond to our assessment of the risks of material misstatement ofthe standalone Ind AS financial statements. The results of our audit procedures includingthe procedures performed to address the matters below provide the basis for our auditopinion on the accompanying standalone Ind AS statements.

Key audit matters How our audit addressed the key audit matter
Impairment of Investments in Subsidiaries (as described in Note 6 of the standalone Ind AS financial statements)
As at March 31 2020 the carrying value of investment in subsidiaries in the standalone Ind AS balance sheet amounts to Rs. 6724 lakhs net of impairment. Our audit procedures included the following amongst others:
The management assesses annually the existence of impairment indicators in respect of its investment in subsidiaries and such investments are subject to impairment test. We understood the Company's process for identification of indicators for impairment and evaluated the Company's internal controls over its impairment assessment of investment in subsidiaries. We understood the key assumptions applied by the management such as revenue growth operating margins discount rates and terminal growth rates in determining impairment.
During the current year an impairment assessment was carried out by the Company by comparing the carrying value of these investments to their recoverable amount to determine whether an impairment was required to be recognised and accordingly impairment provision of Rs. 5666 lakhs was recognized. We have evaluated the competences capabilities and objectivity of the management's expert and obtained an understanding of the scope of work and the terms of engagement.
For the above impairment testing basis valuation conducted by an external valuation specialist (‘management's expert') value in use has been determined by forecasting and discounting future cash flows which has been reviewed and approved by Audit Committee/Board of Directors of the Company. We involved valuation specialists for evaluating and testing the key valuation assumptions and methodologies used by the management's expert in their valuation reports.
Furthermore the value in use is highly sensitive to changes in some of the inputs used for forecasting the future cash flows. Further the determination of the recoverable amount of the investments involved significant judgment due to inherent uncertainty in the assumptions supporting the recoverable amount of these investments. In view of the COVID-19 pandemic the management has reassessed its future business plans and key assumptions as at March 31 2020 while assessing the adequacy of impairment provision. We also assessed the recoverable value by performing sensitivity testing of key assumptions used.
We tested the arithmetical accuracy of the model.
Accordingly the impairment of investments was determined to be a key audit matter in our audit of the standalone Ind AS financial statements. We also assessed the disclosures in the standalone Ind AS financial statements for compliance with disclosure requirements under the accounting standards.

Service Concession Arrangement (as described in Note 5 and Note 44 of thestandalone Ind AS financial statements)

Our audit procedures included the following amongst others:
The gross balance of capital expenditure as at March 31 2020 is Rs. 919 lakhs relating to service concession arrangement for maintaining and developing the smart parking system against which amortization amounting to Rs. 167 lakhs was charged. We assessed the assumptions around the application of Appendix D of Ind AS 115 involving determination of relative fair value of the service delivered recognition of assets to the extent of cost incurred or to be incurred (including obligations arising out of the arrangement with BMC) towards getting the right to charge users of the public service.
The Company had obtained the contract from Bhopal Municipal Corporation (BMC) for implementation of smart parking systems which would be governed by the specific regulations issued by BMC. The revenue from parking is collected by the Company for which rates are determined by the BMC. In lieu of the contract the Company has to pay authorization fees to BMC over the period of the contract. This arrangement has been treated as ‘Service Concession Arrangement' as per Appendix D of Ind AS 115. We evaluated the Company's processes and controls over capitalisation of expenditure incurred.
Due to the nature of the arrangement recognition of the amounts including capitalization of intangible assets involve significant judgments and assumptions identification and recognition of contractual/onerous obligation. With reference to capital expenditure during the year we selected a sample of transactions and tested that they were recognised in accordance with the capitalisation criteria established by the Company.
As of March 31 2020 management also performed an assessment of recoverability of the assets recorded under this arrangement. In view of the COVID-19 pandemic economic conditions and other communication/negotiation with BMC the management has reassessed its ability to recover its investment and other receivables arising out of this arrangement. We obtained the impairment assessment from the Company and held meetings with management to understand the method applied. We understood the impact of current economic conditions and management's discussions with BMC on such assessment.
We tested the arithmetical accuracy of the impairment working.
In view of the above we identified it as a key audit matter in our audit of the standalone Ind AS financial statements. We also assessed the disclosures in the standalone Ind AS financial statements for compliance with disclosure requirements under the accounting standards.

Contingencies in relation to tax litigations (as described in Note 34 of thestandalone Ind AS financial statements)

The Company is involved in various legal Our audit procedures included the following amongst others: proceedings relating to taxes. As of March 31 2020 there was Rs. 518 lakhs disclosed as contingent liability in the standalone Ind AS financial statements. In relation to these proceedings management assesses the impact of the eventual outcome on its standalone Ind AS financial statements.

We obtained an understanding and assessed the internal control environment relating to the identification recognition and measurement of provisions for disputes and disclosures of contingent liabilities in relation to taxes.

The Company discloses contingencies for income tax pending litigations when it is probable that the taxation authority will accept the uncertain tax treatment in accordance with the requirements of Appendix C to Ind AS 12 on ‘Uncertainty over Income tax treatment'. We obtained details of completed tax assessments demands issued by tax authorities orders/notices received in this regard from the management.

 

Since the aforesaid estimates require significant judgments by management based on the available information including that obtained from its tax advisors we identified it as a key audit matter in our audit of the standalone Ind AS financial statements. from management's expert We held discussions with management to understand their assessment of the quantification and likelihood of significant exposures and the provision accordance with the requirements of Appendix C to Ind AS 12 which is supported by assessment reports from management's expert.
We obtained confirmation on ongoing litigations along with risk assessment. We have evaluated the competences capabilities and objectivity of the management's expert and obtained an understanding of the scope of work and the terms of engagement.
We involved our tax specialists to obtain and evaluate management's assessment of the likely outcome and potential exposures arising from all significant contingencies and considered the requirements of any provisions and related disclosures.
We also assessed the disclosures in the standalone Ind AS financialstatements for compliance with disclosure requirements under the accounting standards.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report and Corporate Governance Report butdoes not include the standalone Ind ASfinancialstatements and our auditor's reportthereon.

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

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone IndAS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind ASfinancialstatements that give a true and fair view of thefinancialposition financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind ASfinancialstatements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher thanfor one resulting from error as fraud may involve collusion forgery intentionalomissions 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 the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financialstatements inplace and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the financial statementsor if such disclosures are inadequate to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor's report. However futureevents or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit deficiencies in internalcontrol 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 Ind AS statementsfor the financial year ended March 31 2020 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 of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

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

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

c. The Balance Sheet the Statement of Profitand Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards abilitytocontinueas specifiedunder Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

e. On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) of theAct;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;

g. In our opinion the managerial remuneration for the year ended March 31 2020 hasbeen paid/provided including any significant by the Company to its directors in accordancewith the provisions of section 197 read with Schedule V to the Act;

h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements Refer Note 34 to the standalone IndAS financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long-term contracts including derivativecontracts Refer Note 34 to the standalone Ind AS financial statements; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number:

101049W/E300004

per Rajeev Kumar

Partner

Membership number: 213803

UDIN: 20213803AAAABP2003

Place: Bengaluru

Date : May 27 2020

Annexure 1 to the Independent Auditor's Report of even date on the Standalone Ind ASFinancial Statements of Mindteck (India) Limited Statement on the matters specified inparagraph 3 and 4 of the Companies (Auditor's Report) Order 2016 ("the Order")

(i) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment. b. Property plantand equipment have been physically verified by the management during the year and nomaterial discrepancies were identified on such verification. c. According to theinformation and explanations given by the management the title deeds of immovableproperties included in property plant and equipment/ investment property are held in thename of the Company.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013 ("the Act"). Accordingly the provisions of clause 3(iii)(a) (b) and (c) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given by themanagement the Company has complied with the provisions of section 185 and 186 of the Actin respect of grant of loans to directors including entities in which they are interestedand in respect of loans and advances given making investments and providing guaranteesand securities as applicable.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Act for the servicesof the Company.

(vii) a. Undisputed statutory dues including provident fund employees' stateinsurance income-tax duty of custom goods and services tax cess and other statutorydues have generally been regularly deposited with the appropriate authorities though therehas been slight delays in remittance of goods and services tax in few cases.

b. According to the information and explanations given by the management no undisputedamounts payable in respect of provident fund employees' state insurance income-tax dutyof customs goods and services tax cess and other statutory dues were outstanding at theyear end for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us there are no dues ofincome-tax sales-tax service tax duty of customs duty of excise value added taxgoods and services tax and cess which have not been deposited on account of any disputeexcept the following:

Name of the Statute Nature of the Dues

Disputed amount (Rs. in Lakhs)

Amount paid/refund adjusted under protest (Rs. in Lakhs) Period to which the amount relates (Assessment Year) Forum where dispute is pending
81.61 81.61 2006-07 Commissioner of Income Tax (Appeals)/Deputy Commis- sioner of Income Tax Deputy Commissioner of
Income Tax Act 1961 Income tax 234.10 168.07 2010-11 Income Tax
34.38 - 2012-13 Commissioner of Income Tax (Appeals)
130.36 - 2016-17 Assistant Commissioner of Income Tax

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancial institution bank or government or dues to debenture holders.

(ix) According to the information and explanations given by the management the Companyhas not raised any money by the way of initial public offer/further public offer(including debt instruments) and term loans during the year. Hence reporting under clause3(ix) of the Order is not applicable to the Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the Standalone Ind AS Financial Statements and according to the informationand explanations given by the management we report that no fraud by the Company or nofraud on the Company by the officers and employees of the Company has been noticed orreported during the year.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Act

(xii) In our opinion the Company is not a nidhi company.

Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the StandaloneInd AS Financial Statements as required by the applicable accounting standards.

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

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Act.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

Annexure 2 to the Independent Auditor's Report of even date on the Standalone Ind ASFinancial Statements of Mindteck (India) Limited Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of Mindteck(India) Limited ("the Company") as of March 31 2020 in conjunction with ouraudit of the standalone Ind AS financial the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company'sunder section 143(10) of the Companies Act 2013 Management isresponsible for establishing and maintaining internal financial controls based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference statementsoftheCompany for to thesestandalone Ind AS financial audit. We conducted our audit in accordance with the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing as specified to the extent applicable to anaudit of internal financial controls and both issued by the Institute of CharteredAccountants of

India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financialcontrols over financialreporting with reference to thesestandalone Ind AS financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingfinancial of internal controls over financial reporting with reference to these standaloneInd AS financial 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 statements to future periods auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. statements may become We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theinternal financial controls over financial reporting with reference to these standaloneInd AS financial statements.

Meaning of Internal Financial Controls reporting Over Financial controls ReportingWith Reference to these Standalone Ind AS Financial Statements

A company's internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles.

A company's internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements includes those policies and procedures that

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

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of 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 Over Financial Reporting WithReference to these Standalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone Ind AS financial statements including thepossibility of collusion or improper management override of controls materialmisstatementsstatements assessing due to error or fraudthe risk may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting with reference to these standalone Ind AS financial are subject to therisk that the internal financial control over financial reporting with reference to thesestandalone Ind ASfinancial inadequate because of changes in conditions or that the degreeof compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects over financial adequateinternal financial with reference to these standalone Ind AS financialstatementsandsuchinternalfinancialcontrols over financial reporting with reference tothese standalone Ind AS financial statements were operating effectively as at March 312020 based on the internal control over financial reporting 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.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number:

101049W/E300004

per Rajeev Kumar

Partner

Membership number: 213803

UDIN: 20213803AAAABP2003

Place: Bengaluru

Date : May 27 2020

.