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Nava Bharat Ventures Ltd.

BSE: 513023 Sector: Others
NSE: NBVENTURES ISIN Code: INE725A01022
BSE 00:00 | 07 Jul 178.20 4.35
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174.70

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180.15

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174.65

NSE 00:00 | 07 Jul 178.15 4.30
(2.47%)
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175.30

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180.45

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OPEN 174.70
PREVIOUS CLOSE 173.85
VOLUME 56925
52-Week high 210.85
52-Week low 99.20
P/E 6.42
Mkt Cap.(Rs cr) 2,586
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 174.70
CLOSE 173.85
VOLUME 56925
52-Week high 210.85
52-Week low 99.20
P/E 6.42
Mkt Cap.(Rs cr) 2,586
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nava Bharat Ventures Ltd. (NBVENTURES) - Auditors Report

Company auditors report

To the Members of Nava Bharat Ventures Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements ofNava Bharat Ventures Limited ('the Company') which comprise the Balance Sheet as at 31March 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ('Act') in the manner so required and givea true and fair view in conformity with the accounting principles generally accepted inIndia including Indian Accounting Standards ('Ind AS') specified under section 133 of theAct of the state of affairs of the Company as at 31 March 2021 and its profit (includingother comprehensive income) its cash flows and the changes in equity for the year endedon that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Our responsibilities under those standards 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 ('ICAI') together with the ethical requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the rules thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

5. We have determined the matters described below to be the key auditmatters to be communicated in our report.

Key audit matter How our audit addressed the key audit matter
Recoverability of Minimum Alternate Tax (MAT) credit asset: Refer note 2(s) for the accounting policy note 2(b) (viii) and note 17 for the related disclosures. Our audit procedures included but were not limited to the following:
As detailed in note 17 to the accompanying standalone financial statements the Company has recognized deferred tax assets aggregating to Rs.9078.93 lakhs (31 March 2020: Rs.13330.41 lakhs) in the nature of credit of Minimum Alternate Tax (MAT) as at 31 March 2021. • Evaluated the design and tested the operating effectiveness of key controls implemented by the Company over recognition of MAT credit.
The Company's ability to recover the deferred tax asset is assessed by management at each reporting date which depends on the estimates of future operations and taxable profits the Company expects to earn within the period by which such MAT balance can be utilized as governed by the Income-tax Act 1961. • Obtained management's analyses for MAT credit realizability and evaluated the analyses and workings in relation to the recognition of deferred tax assets taking into account the status of recent income-tax audits and enquiries changes to the tax laws etc.
We have identified the recoverability of MAT Credit as a key audit matter owing to the materiality of the amounts involved and inherent subjectivity involved in determination of utilization of MAT credit through estimation of future taxable profits. • Evaluated the reasonability of future projected profitability by assessing the forecasts against past results and our knowledge of the industry.
• Compared the prior year expected tax profits with the actual results to determine the efficacy of the management's budgeting process.
• Evaluated the appropriateness and adequacy of the disclosures made in the financial statements in respect of MAT Credit in accordance with the applicable accounting standards.
Contingent liabilities relating to ongoing litigations: Refer note 2(r) for the accounting policy and note 35(b) and 35(d) for the related disclosures. Our audit procedures included but were not limited to the following:
As disclosed in Note 35(b) and 35(d) to the accompanying standalone financial statements the Company has presently disputed various claims from tax and other regulatory authorities ('litigations'). • Obtained an understanding of the management process for:
Whether a liability is recognised as a provision or disclosed as a contingent liability in the financial statements involves inherent judgments dependent on a number of significant assumptions and assessments. - identification of legal and tax matters initiated against the Company.
These include assumptions relating to the likelihood and / or timing of the cash outflows from the business and the interpretation of local laws and pending assessments at various levels of the statute. - assessment of accounting treatment for each such litigation identified under as per the applicable accounting standards and for measurement of amounts involved.
The amounts involved are significant and due to the range of possible outcomes and considerable uncertainty around the various litigations the determination of the need for creating a provision in the financial statements is inherently subjective and therefore is considered to be a key audit matter in the current year. • Tested the design and operating effectiveness of the controls put in place by the management in relation to assessment of the outcome of these pending litigations.
• Obtained an understanding of the nature of litigations pending against the Company and discussed the key developments during the year for these key litigations with the management inhouse legal team.
• Where relevant we read the external legal advice obtained by the management.
• Obtained relevant third-party legal confirmations together with follow up discussions where appropriate on certain cases.
• Evaluated the appropriateness and adequacy of the disclosures made relating to provisions and contingent liabilities in accordance with the applicable accounting standards.

Information other than the Standalone Financial Statements andAuditor's Report thereon

6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annual reportbut does not include the standalone financial statements and our auditor's report 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.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

7. The accompanying standalone financial statements have been approvedby the Company's Board of Directors. The Company's Board of Directors is responsible forthe matters stated in section 134(5) of the Act with respect

to the preparation of these standalone financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Ind AS specifiedunder section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

8. In preparing the standalone financial statements management isresponsible 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 management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

9. Those Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

10. 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 Standards on Auditing will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.

11. As part of an audit in accordance with Standards on Auditing weexercise professional judgment 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 standalonefinancial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany'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 standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

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

12. 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.

13. We also provide those charged with governance with a statement thatwe have 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.

14. From the matters communicated with those charged with governancewe determine 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.

Other Matter

15. The accompanying standalone financial statements include thefinancial information of 1 branch which have not been audited and whose financialinformation reflects total assets and net assets of Rs.7.86 lakhs and Rs.7.86 lakhs as at31 March 2021 and total revenues of Rs.Nil total net loss after tax of Rs.8.55 lakhstotal comprehensive loss of Rs.8.55 lakhs and cash outflows (net) of Rs.8.55 lakhs forthe year then ended as considered in the standalone financial statements. Our opinion onthe standalone financial statements in so far as it relates to the amounts anddisclosures included in respect of this branch is based solely on such unauditedfinancial information. According to the information and explanations given to us by themanagement this financial information is not material to the Company.

Our opinion on the standalone financial statements and our report onother legal and regulatory requirements below is not modified in respect of the abovematter with respect to our reliance on the aforesaid financial information certified bythe management.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act based on our audit wereport that the Company has paid remuneration to its directors during the year inaccordance with the provisions of and limits laid down under section 197 read withSchedule V to the Act.

17. As required by the Companies (Auditor's Report) Order 2016 ('theOrder') issued by the Central Government of India in terms of section 143(11) of the Actwe give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

18. Further to our comments in Annexure I as required by section143(3) of the Act based on our audit we report to the extent applicable that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our auditof the accompanying standalone financial statements.

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 and properreturns adequate for the purposes of our audit have been received from the branches notvisited by us.

c) the standalone financial statements dealt with by this report are inagreement with the books of account and with the return received from the branch notvisited by us.

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

e) on the basis of the written representations received from thedirectors and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of section164(2) of the Act.

f) we have also audited the internal financial controls with referenceto standalone financial statements of the Company as on 31 March 2021 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate and our report dated 17 June 2021 as per Annexure II expressed unmodified opinion.and

g) with respect to the other matters to be included in the Auditor'sReport in accordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 (asamended) in our opinion and to the best of our information and according to theexplanations given to us:

i. the Company as detailed in notes 35(b) 35(c) 35(d) and 35(xiii)to (xvi) to the standalone financial statements has disclosed the impact of pendinglitigations on its financial position as at 31 March 2021.

ii. the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses as at 31 March2021.

iii. there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31 March 2021. and

iv. the disclosure requirements relating to holdings as well asdealings in specified bank notes were applicable for the period from 8 November 2016 to 30December 2016 which are not relevant to these standalone financial statements. Hencereporting under this clause is not applicable.

Annexure I to the Independent Auditor's Report of even date to themembers of Nava Bharat

Ventures Limited on the standalone financial statements for the yearended 31 March 2021.

Annexure I

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property plant andequipment.

(b) The Property plant and equipment have been physically verified bythe management during the year and no material discrepancies were noticed on suchverification. In our opinion the frequency of verification of the fixed assets isreasonable having regard to the size of the Company and the nature of its assets.

(c) The title deeds of all the immovable properties (which are includedunder the head 'Property plant and equipment') are held in the name of the Company exceptfor the following properties which were transferred as a result of amalgamation ofcompanies in earlier years wherein the title deeds are in the name of the erstwhilecompany:

Nature of property Total Number of Cases Whether leasehold / freehold Gross block as on 31 March 2021 (Rs. in lakhs) Net block on 31 March 2021 (Rs. in lakhs) Remarks
Land Multiple Freehold 86.36 86.36 Nil

Owing to expiry of the lease period of the underlying land on which thesugar manufacturing facility of the Company located in Samalkot is situated on 12 August1996 the title deeds of the same are not held in the name of the Company. The buildingsof the sugar manufacturing facility located on the said land have a gross block ofRs.1400.82 lakhs and net block of Rs.250.21 lakhs as on 31 March 2021.

ii) In our opinion the management has conducted physical verificationof inventory at reasonable intervals during the year and no material discrepancies betweenphysical inventory and book records were noticed on physical verification.

iii) The Company has granted unsecured loans to companies covered inthe register maintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans arenot prima facie prejudicial to the company's interest.

(b) the schedule of repayment of principal and payment of interest hasbeen stipulated and repayments of the principal amount (3 cases) and the receipt ofinterest (10 cases) are not regular.

(c) there is no amount which is overdue for more than 90 days inrespect of loans granted to such companies.

iv) In our opinion the Company has complied with the provisions ofSection 186 in respect of loans investments guarantees. In our opinion the Company hasnot entered into any transaction covered under Section 186 of the Act in respect ofsecurity. Further in our opinion the Company has not entered into any transactioncovered under Sections 185 of the Act.

v) In our opinion the Company has not accepted any deposits within themeaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.

vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the Rules made by the Central Government for the maintenance of costrecords under subsection (1) of Section 148 of the Act in respect of Company'sproducts/services and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not made a detailed examination ofthe cost records with a view to determine whether they are accurate or complete.

vii) (a) Undisputed statutory dues including provident fund employees'state insurance income-tax goods and services tax duty of customs cess and othermaterial statutory dues as applicable have generally been regularly deposited to theappropriate authorities though there has been a slight delay in a few cases. Further noundisputed amounts payable in respect thereof were outstanding at the year-end for aperiod of more than six months from the date they became payable.

Annexure I to the Independent Auditor's Report of even date to themembers of Nava Bharat

Ventures Limited on the standalone financial statements for the yearended 31 March 2021.

(b) The dues outstanding in respect of income-tax sales-taxservice-tax duty of customs duty of excise goods and service tax and value added tax onaccount of any dispute are as follows:

Statement of Disputed Dues

Name of the statute Nature of dues Amount (Rs. in lakhs) Amount paid under Protest(Rs. in lakhs) Period to which the amount relates Forum where dispute is pending Remarks if any
Central 64.88 - 2000-01 The Andhra Pradesh Sales Tax and VAT Appellate Tribunal Hyderabad Nil
Various Sales Sales Tax 2.20 - 2004-05 Assistant Commissioner of Sales Tax Range-II Cuttack Nil
Tax Acts Andhra Pradesh General Sales Tax 79.36 - 2003-04 Assistant. Commissioner of Commercial Taxes Warangal Nil
206.06 - 2012-13 CESTAT Chennai Nil
Customs Act 1962 Customs duty 17.62 - 1985-87 Hon'ble High Court of Telangana Nil
369.94 - 2012-13 The Customs Excise and Service Tax Appellate Tribunal (cEStAT) Bangalore Nil
Central Excise Act 1944 Excise duty 100.72 - 2011-16 Commissioner of Customs and Central Excise (Appeals) Hyderabad Nil
1.09 - 2000-01 to 2001-02 Hon'ble High Court of Telangana Nil
Finance Act Service 6.14 - April 2016 to June 2017 Assistant Commissioner of Central Excise Kakinada Nil
1994 (as amended) Tax 65.62 - October 2007 to March 2017 Commissioner of Central Excise (Appeals) Visakhapatnam Nil
5467.63 857.93 AY 2005-06 2006-07 2010-11 and 2018-19 Hon'ble High Court of Telangana Nil
Income Tax Act 1 QR1 Income Tax 469.47 380.81 AY2009-10 2010-11 and 2011-12 Income Tax Appellate Tribunal (ITAT) Nil
722.74 722.74 AY 2008-09 2009-10 2012-13 2013-14 and 2016-17 Commissioner of Income Tax (Appeals) Nil

Annexure I to the Independent Auditor's Report of even date to themembers of Nava Bharat

Ventures Limited on the standalone financial statements for the yearended 31 March 2021.

viii) The Company has not defaulted in repayment of loans or borrowingsto any banks during the year. The Company did not have any outstanding loans or borrowingsfrom financial institutions or government or outstanding debentures during the year.

ix) In our opinion the Company has applied monies raised by way of theterm loans for the purposes for which these were raised. The Company did not raise moniesby way of initial public offer/ further public offer (including debt instruments) duringthe year.

x) No fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the period covered by our audit.

xi) Managerial remuneration has been paid (and)/ provided by theCompany in accordance with the requisite approvals mandated by the provisions of Section197 of the Act read with Schedule V to the Act.

xii) In our opinion the Company is not a Nidhi Company. Accordinglyprovisions of clause 3(xii) of the Order are not applicable.

xiii) In our opinion all transactions with the related parties are incompliance with Sections 177 and 188 of Act where applicable and the requisite detailshave been disclosed in the standalone financial statements etc. as required by theapplicable Ind AS.

xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.

xv) In our opinion the Company has not entered into any non-cashtransactions with the directors or persons connected with them covered under Section 192of the Act.

xvi) The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

Annexure II to the Independent Auditor's Report of even date to themembers of Nava Bharat Ventures Limited on the standalone financial statements for theyear ended 31 March 2021

Annexure II

Independent Auditor's Report on the Internal Financial Controls withreference to the standalone financial statements under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ('the Act')

1. In conjunction with our audit of the standalone financial statementsof Nava Bharat Ventures Limited ('the Company') as at and for the year ended 31 March2021 we have audited the internal financial controls with reference to standalonefinancial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance forInternal Financial Controls

2. The Company's Board of Directors is responsible for establishing andmaintaining 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 on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India ('ICAI'). These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of the Company's business includingadherence to the Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility for the Audit of the Internal FinancialControls with Reference to Standalone Financial Statements

3. Our responsibility is to express an opinion on the Company'sinternal financial controls based on our audit. We conducted our audit in accordance withthe Standards on Auditing issued by the Institute of Chartered Accountants of India('ICAI') prescribed under Section 143(10) of the Act to the extent applicable to an auditof internal financial controls and the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting ('the Guidance Note') issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to financial statements were established and maintainedand if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls with reference to standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to standalone financial statements includes obtaining anunderstanding of such internal financial controls assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to StandaloneFinancial Statements

6. A company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial controls with reference to standalone financial statements includethose policies and procedures 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 asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference toStandalone Financial Statements

7. Because of the inherent limitations of internal financial controlswith reference to standalone financial statements including the possibility of collusionor improper management override of controls material misstatements due to error or fraudmay occur and not be detected. Also projections of any evaluation of the internalfinancial controls with reference to standalone financial statements to future periods aresubject to the risk that the internal financial controls with reference to standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchcontrols were operating effectively as at 31 March 2021 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 onAudit of Internal Financial Controls over Financial Reporting issued by the ICAI.

.