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Oberoi Realty Ltd.

BSE: 533273 Sector: Infrastructure
NSE: OBEROIRLTY ISIN Code: INE093I01010
BSE 11:14 | 27 May 755.40 -12.05
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NSE 10:59 | 27 May 747.90 -20.60
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OPEN 781.60
PREVIOUS CLOSE 767.45
VOLUME 16031
52-Week high 1051.90
52-Week low 560.10
P/E 63.11
Mkt Cap.(Rs cr) 27,466
Buy Price 753.70
Buy Qty 1.00
Sell Price 754.90
Sell Qty 1.00
OPEN 781.60
CLOSE 767.45
VOLUME 16031
52-Week high 1051.90
52-Week low 560.10
P/E 63.11
Mkt Cap.(Rs cr) 27,466
Buy Price 753.70
Buy Qty 1.00
Sell Price 754.90
Sell Qty 1.00

Oberoi Realty Ltd. (OBEROIRLTY) - Auditors Report

Company auditors report

To the Members of Oberoi Realty Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofOberoi Realty Limited (“the Company”) which comprise the Balance sheet as atMarch 31 2021 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the standalone financial statements including a summaryof significant accounting policies and other explanatory 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 as amended (“the Act”) in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Standalone FinancialStatements' section of our report. We are independent of the Company in accordancewith the ‘Code of Ethics' issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsfor the financial year ended March 31 2021. These matters were addressed in the contextof our audit of the standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the standalone financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone financial statements.

Key audit matters How our audit addressed the key audit matter
Ind AS 115 - Revenue from Contract with Customers (as described in note 1.2.8 and 42 of the standalone
financial statements)
Revenue from real-estate contracts is recognised over a period of time in accordance with the requirements of Ind AS 115 using the percentage of completion method. This determination is based on the proportion that contract costs actually incurred bear to the estimated total contract costs and requires significant judgements including estimate of balance costs to complete identification of contractual obligations the Company's rights to receive payments for performance completed till date changes in scope and consequential revised contract price. Our audit procedures included among others:
We read the accounting policy for revenue recognition of the Company and assessed compliance with the requirements of Ind AS 115.
We assessed the management evaluation of recognising revenue from real estate contracts over a period of time in accordance with the requirements under Ind AS 115.
Revenue recognition is significant to the financial statements based on the quantitative materiality. The application of percentage of completion method involves significant judgements as explained above. Accordingly we regard these as key audit matter. We tested controls over revenue recognition with specific focus on determination of percentage of completion recording of costs incurred and estimation of costs to complete the remaining contract obligations.
We inspected a sample of underlying customer contracts performed retrospective assessment of costs incurred with estimated costs to identify significant variations and assess whether those variations have been considered in estimating the remaining costs-to-complete and consequential determination of stage of completion.
We tested controls and management processes pertaining to recognition of revenue over a period of time in case of real estate projects.
We performed test of details on a sample basis and inspected the underlying customer contracts/agreements evidencing the transfer of control of the asset to the customer based on which revenue is recognised over a period of time.
We assessed the disclosures included in financial statements as specified in Ind AS 115.

Assessing the carrying value of Inventory (as described in note 1.2.14and 10 of the standalone financial statements) and advances paid towards land procurement(as described in note 9 and 48 of the standalone financial statements)

As at March 31 2021 the carrying value of the inventory of Our audit procedures included among others:
ongoing and completed real-estate projects is Rs 196832.51 lakh. The inventories are held at the lower of the cost and net realisable value (“NRV”). We evaluated the design and operation of internal controls related to testing recoverable amounts with carrying amount of inventory and advances including evaluating management processes for estimating future costs to complete projects.
The determination of NRV involves estimates based on prevailing market conditions and taking into account the stage of completion of the inventory the estimated future selling price cost to complete projects and selling costs. Advances paid by the Company for acquisition of land or Transferable Development Rights (‘TDR') is recognised as advances to vendors under other assets. As regards NRV for a sample of selected projects compared costs incurred and estimates of future cost to complete the project with costs of similar projects and compared NRV to recent sales or to the estimated selling price including effects of COVID-19 pandemic applied in assessing the NRV.
With respect to these advances the net recoverable value is based on the management's estimates and internal documentation which include among other things the likelihood when the land acquisition would be completed the expected date of plan approvals for commencement of project and the estimation of sale prices and construction costs. For advances for acquisition of land or TDR as part of our audit procedures;
We read the documentation relating to the advances paid and obtained from management the status of the advances.
We identified the assessment of the carrying value of inventory and land advances as a key audit matter due to the significance of the balance to the financial statements as a whole and the involvement of estimates and judgement in the assessment. We obtained and assessed management's assumptions relating to proposed projects estimated time-frame and forecast sales.
We circularized requests for balance confirmations and examined responses.
Key audit matters How our audit addressed the key audit matter
Investment in subsidiaries and joint ventures and loans to group entities (as described in note 7 and 15 of the standalone financial statements)
As at the balance sheet date the carrying amount of investment in subsidiaries and joint ventures held at cost represent 8.18% of Company's total assets and as of that date the loan to the subsidiaries represents 37.47% of the Company's total assets and loan to joint ventures represent 4.44% of the Company's total assets. Our audit procedures included among others:
We evaluated design and implementation and tested operating effectiveness of control over the Company's process of impairment assessment and approvals of forecast.
Recoverability of investment (including loans) in subsidiaries and joint ventures.
The Company's investment in subsidiaries and joint venture are carried at cost. The investments are assessed for impairment at each reporting date. The impairment assessment involves use of estimates and judgements. The identification of impairment events and determination of impairment charge also require significant judgement by the Company. The judgement in particulars is with the respect of timing quantity and estimation of projected cash flow of the real estate projects in these underlying entities. We assessed the financial position of the subsidiaries and joint ventures to identify excess of their net assets over the carrying amount of investment by the Company and assessed the profit history of those subsidiaries and joint ventures where applicable.
In view of the significance of these investments and above we consider valuation/impairment of investment in subsidiaries and joint ventures to be key audit matter. For the investment where carrying amount exceeded the net asset value obtained understanding from the Company the basis and assumptions used for the projected profitability.
We verified the input used in the projected profitability.
We tested the assumptions and obtained understanding of the forecasted cash flows of subsidiaries and joint ventures based on our knowledge of the companies and the market in which they operate.
We assessed the comparability of the forecast with historical information.
We analysed the possible indicator of impairment and obtained understanding of the Company's assessment of those indicators.
We assessed the disclosures in respect of the investment in subsidiaries and joint ventures.

Tax litigations and exposures (as described in note no 1.2.15 and 39.4of the standalone financial statements)

The Company has various tax litigations/matters that are pending Our audit procedures included among others: before tax authorities. The Company assesses such litigations/ matters on a periodic basis and a provision or disclosure is made based on such assessment. We obtained an understanding of the Company's process to identify claims litigations and contingencies and the key controls implemented. For select controls evaluated their design and tested their operating effectiveness.
For the tax litigations/matters referred to in note 39.4 including the matter relating to application under section 245C of the Income Tax Act 1961 referred to in note 39.4(iii) thereof significant management judgement is required in assessing the exposure due to the inherent uncertainties as to likely outcome and due to the nature and timeframe involved taxation exposures are identified as a key audit matter. We obtained a list of tax litigations/matters from the Company and performed inquiries with the the management as to their likely outcome financial impact and repetitiveness and obtained management representation thereon.
We examined evidences to corroborate management's assessment of the risk profile in respect of these matters including reading the Company's submissions to relevant authorities.
In relation to the material tax litigations/matters we involved our tax specialists as appropriate to perform an independent assessment of the conclusions reached by management.
We evaluated management's assumptions estimates and judgements used in the calculations of such provisions.
We read the disclosures in the financial statements to assess if they reflect the key facts and circumstances of the underlying tax exposures.

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annualreport but does not include the standalone 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 identified above and in doing soconsider whether such other information is materially inconsistent with the 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 for the Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position 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 judgements 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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.

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

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

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 professionaljudgement 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 the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany 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 for the financial year ended March 31 2021 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

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 of the Act based on our audit we give in the “Annexure 1”a statement on the matters specified in paragraphs 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 andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit;

(b) In our opinion proper books of account as required by lawhave been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Lossincluding the Statement of Other Comprehensive Income the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received fromthe Directors as on March 31 2021 taken on record by the Board of Directors none of theDirectors is disqualified as on March 31 2021 from being appointed as a Director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financialcontrols with reference to these standalone financial statements and the operatingeffectiveness of such controls refer to our separate Report in “Annexure 2” tothis report;

(g) In our opinion the managerial remuneration for the yearended March 31 2021 has been paid/provided 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 theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i . The Company has disclosed the impact of pending litigationson its financial position in its standalone financial statements – refer note 39 tothe 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 requiredto be transferred to the Investor Education and Protection

Fund by the Company.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Sudhir Soni

Partner

Membership Number: 41870

UDIN: 21041870AAAAAV6513

Place: Mumbai

Date: May 14 2021

ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING “REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE

Re: Oberoi Realty Limited (‘the Company')

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

(b) Fixed assets have been physically verified by the managementduring the year and no material discrepancies were identified on such verification.

(c) According to the information and explanations given by themanagement the title deeds of immovable properties included in property plant andequipment/investment properties are held in the name of the Company.

(ii) The management has conducted physical verification ofinventory at reasonable intervals during the year and no material discrepancies werenoticed on such physical verification. There was no inventory lying with third parties.

(iii) (a) The Company has granted unsecured interest free loans toten companies and interest bearing loan to one firm covered in the register maintainedunder section 189 of the Companies Act 2013. In our opinion and according to theinformation and explanations given to us the terms and conditions of the grant of suchloans are not prejudicial to the Company's interest.

(b) The Company has granted loans to the parties covered in theregister maintained under section 189 of the Companies Act 2013. The loans granted arere-payable on demand. We are informed that the Company has not demanded repayment of anysuch loan during the year and thus there has been no default on the part of the partiesto whom the money has been lent. There is no stipulation as to the date of payment ofinterest.

(c) There is no amount of loans granted to companies firm orother parties listed in the register maintained under section 189 of the Companies Act2013 which are outstanding for more than ninety days.

(iv) In our opinion and according to the information andexplanations given to us provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans to Directors including entities in which they are interested and inrespect of loans and advances given investments made and guarantees and securitiesgiven have been complied with by the company.

(v) The Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable. (vi)We have broadly reviewed the books of account maintained by the Company pursuant to therules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 related to the manufacture or service of constructionactivities and are of the opinion that prima facie the specified accounts and recordshave been made and maintained. We have not however made a detailed examination of thesame.

(vii) (a) The Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees' state insurance income-tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues applicable to it.

(b) According to the information and explanations given to usand audit procedures performed by us no undisputed amounts payable in respect ofprovident fund employees' state insurance income-tax duty of custom duty ofexcise value added tax goods and service tax cess and other statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the records of the Company the duesoutstanding of income-tax service tax customs duty value added tax and property tax onaccount of any dispute are as follows:

Name of the Statute Nature of dues Amount (Rs in Lakh) Financial Year to which the amount relates Forum where dispute is pending
Finance Act 1994 (Service Tax Provisions) Service Tax Demand Interest and Penalty 171.82 2008-09 Hon'ble High Court
Finance Act 1994 (Service Tax Provisions) Service Tax Demand Interest and Penalty 33.07 2010-11 to 2013-14 Additional Commissioner Service Tax Audit III Mumbai
Finance Act 1994 (Service Tax Provisions) Service Tax Demand Interest and Penalty 98.38 2014-15 Joint Commissioner Service Tax VI Mumbai
Finance Act 1994 (Service Tax Provisions) Service Tax Demand Interest and Penalty 20.71 2015-16 to 2017-18 Assistant Commissioner Central Goods and Service Tax Excise Di-VII Mumbai
Name of the Statute Nature of dues Amount (Rs in Lakh) Financial Year to which the amount relates Forum where dispute is pending
Maharashtra Goods and Services Tax Act 2017 VAT Interest and Penalty 504.44 2017-18 Deputy Commissioner of Sales Tax Mumbai
Maharashtra Goods and Services Tax Act 2017 VAT 12.55 2016-17 Deputy Commissioner of Sales Tax Mumbai
Maharashtra Goods and Services Tax Act 2017 Cenvat Credit (KKC) Refund claim 25.97 2017-18 GST Audit III Mumbai
Customs Act 1962 SFIS license claims 296.95 2011-12 to 2014-15 Directorate General of Foreign Trade (DGFT) –Mumbai
Mumbai Municipal Corporation Act 1888 Property Tax Demand 2623.59 2013-14 2014-15 2017-18 2019-20 and 2020-21 Hon'ble High Court
Income Tax Act 1961 Income Tax and Interest 144.48 2015-16 Commissioner of Income Tax (Appeals)

(viii) In our opinion and according to the information andexplanations given by the management the Company has not defaulted in repayment of duesto a financial institution or bank or dues to debenture holders.

(ix) In our opinion and according to the information andexplanations given by the management the Company has utilized the monies raised in thenature of term loans for the purposes for which they were raised.

(x) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and according to theinformation and explanations given by the management we report that no fraud by theCompany or no fraud on the Company by the officers and employees of the Company has beennoticed or reported during the year.

(xi) According to the information and explanations given by themanagement the managerial remuneration has been paid/ provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.

(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 the Companyand hence not commented upon.

(xiii) According to the information and explanations given by themanagement transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in thenotes to the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us andon an overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(xiv) are notapplicable to the Company and not commented upon.

(xv) According to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with Directors orpersons connected with him as referred to in section 192 of Companies Act 2013.

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

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Sudhir Soni

Partner

Membership Number: 41870

UDIN: 21041870AAAAAV6513

Place: Mumbai

Date: May 14 2021

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF OBEROI REALTY LIMITED

Re: Oberoi Realty Limited (‘the Company')

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls with reference tofinancial statements of Oberoi Realty Limited (“the Company”) as of March 312021 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(“ICAI”). 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 offrauds and 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'sinternal financial controls with reference to these standalone financial statements basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the “Guidance Note”) andthe Standards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both issued by 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 these standalone financial statements was establishedand maintained and if such controls 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 these standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to financial statements included obtaining an understanding ofinternal financial controls with reference to these financial statements assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud 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 internalfinancial controls with reference to these financial statements.

Meaning of Internal financial controls with reference to theseFinancial Statements

A company's internal financial controls with reference tofinancial 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. Acompany's internal financial controls with reference to financial statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the company; (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 timely detection ofunauthorised acquisition use or disposition of the company's assets that could havea material effect on 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 control with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls with reference to financial statements were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the Institute of Chartered Accountants ofIndia.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Sudhir Soni

Partner

Membership Number: 41870

UDIN: 21041870AAAAAV6513

Place: Mumbai

Date: May 14 2021

.