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OnMobile Global Ltd.

BSE: 532944 Sector: Telecom
NSE: ONMOBILE ISIN Code: INE809I01019
BSE 00:00 | 18 Jun 113.70 -3.25
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NSE 00:00 | 18 Jun 113.70 -3.20
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OPEN 116.95
PREVIOUS CLOSE 116.95
VOLUME 135199
52-Week high 134.45
52-Week low 27.30
P/E 75.30
Mkt Cap.(Rs cr) 1,190
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 116.95
CLOSE 116.95
VOLUME 135199
52-Week high 134.45
52-Week low 27.30
P/E 75.30
Mkt Cap.(Rs cr) 1,190
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

OnMobile Global Ltd. (ONMOBILE) - Auditors Report

Company auditors report

To the Members of Onmobile Global Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Onmobile Global Limited("the Company") which comprise the standalone balance sheet as at 31 March2020 and the standalone statement of profit and loss (including other comprehensiveincome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone financial statements including asummary of the significant accounting 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 financial statements give the information requiredby the Companies Act 2013 ("Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and loss and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Impairment of Investments (including other receivables) in subsidiaries - See note 4note 9 and note 10 to the Standalone financial statements

The key audit matter How the matter was addressed in our audit
The Company has significant investment in subsidiaries and has other receivable amounting to INR 3124.61 million (net of impairment and allowance amounting to INR 974.08 million) as at 31 March 2020. The Company recorded an impairment and allowance of INR 203 million during the current year to reflect business outlook for certain markets operated through its subsidiaries. In view of the significance of the matter following audit procedures were applied among others to obtain sufficient audit evidence:
• Assessed the design implementation and operating effectiveness of key controls in respect of the Company's impairment analysis process including evaluation and approval of forecasts and the valuation model used;
The changes in business environment including impact of COVID-19 pandemic on budgets and forecasts and uncertainties caused by external factors may affect the anticipated performance of subsidiaries and recoverability of certain other receivables. • Examined the valuation reports prepared internally by the Company;
The annual impairment testing was significant to our audit because of the financial quantum of the assets as well as the critical judgements estimates and assumptions involved. • Challenged the key assumptions used in cash flow forecasts for arriving at the recoverable amount. This includes growth rates profitability discount rates etc with reference to our understanding of the business and historical trend. Performed sensitivity analysis considering possible changes in key assumptions used;
Significant judgment is required in forecasting the future cash flows together with the rate at which they are discounted. • We performed an analysis of the forecasts by comparing them with the historical growth trends agreeing the forecasts used in prior year models to its actual performance of the business. We have also agreed the forecasts to the Company approved plans;
• Evaluated the adequacy of disclosures made in the standalone financial statements.

Recoverability of Trade and unbilled receivables including receivables fromsubsidiaries - See note 6 and note 10 to the Standalone financial statements

The key audit matter How the matter was addressed in our audit
The Company has trade receivables including unbilled receivables from external parties amounting to INR 575.70 million (net of allowance for expected credit loss INR 149.45 million). Receivables from subsidiaries amounts to INR 232.28 million (net of expected credit loss INR 188.48 million) as at 31 March 2020. In view of the significance of the matter following audit procedures were applied among others to obtain sufficient audit evidence:
• Tested the design of internal financial controls and operating effectiveness of the relevant key controls with respect to assessment of adequacy of allowance for expected credit loss.
The Company's customers and subsidiaries operate in a number of geographical locations having different credit profiles. Further considering the quantum of the balances and the risk of some of the trade receivables not being recoverable judgement is required to evaluate the adequacy of allowance recorded to reflect the credit risk including due to the current COVID-19 situation if any. • Enquired with Company on the significant and long overdue balances with reference to recent history of default or disputes and tested the ageing profile of the relevant trade and other receivables and receivables from subsidiaries.
Judgement is required in determining the level of allowance for expected credit losses to be recorded in respect of such receivables using the life time expected credit losses analysis.
Recoverability of trade and other receivables was an area of focus for us because of significance of the amounts involved in context of the standalone financial statements and involvement of critical estimates. • Assessed the level of allowance for expected credit losses by analysing the historical cash collection trends the local economic environment. Our procedure also included assessing the possible effects from the COVID-19 pandemic in each of the geographies for both external customers and its subsidiaries.

1. Taxation - See note 29 to the Standalone financial statements

The key audit matter How the matter was addressed in our audit
The Company's operations are majorly based out of units registered as Special Economic Zone (SEZ). Accordingly the Company enjoys certain deductions/benefits with respect to payment of income-tax and other indirect taxes some of which are subject matters of dispute with tax authorities. In view of the significance of the matter following audit procedures were applied among others to obtain sufficient audit evidence:
• We obtained list of ongoing litigations and tax computations for the current year;
• We analysed select key correspondences with the tax authorities to identify any additional tax litigation or update from old litigations;
The Company periodically assesses its tax positions which include examination by the external tax consultant and tax counsels appointed by the Company. Judgment is required in assessing the range of possible outcomes for some of these tax matters. • We analysed Company's judgment regarding the eventual resolution of matters with various tax authorities. In this regard we understood how Company has considered past experience where available with the tax authorities in the respective jurisdictions;
The possible outcomes could change significantly over time as each of the matter progresses depending on experience on actual assessment proceedings by tax authorities and other judicial precedents. • We also considered external expert opinion and consultation made by the Company for significant matters;
Where the amount of tax liabilities is uncertain the Company recognises accruals/contingent liability which reflect the Company's best estimate of the outcome based on the facts as at the reporting date. Thus there is a risk of incorrect accounting of accruals and disclosure of contingent liability for tax. • We used our own tax specialists' expertise to assess the key assumptions made by Company
With respect to our assessment of recoverability of deferred tax assets our audit procedure included:
The balance of deferred tax assets recognized as at 31 March 2020 in the standalone financial statements is INR 584.09 million. This includes Minimum Alternate Tax ('MAT') entitlement credits amounting to INR 273.07 million. • Assessing the revenue and profit forecast against the historical performance provided by the Company.
Assessment of recoverability of such MAT credits and deferred tax assets require Company to prepare forecasts for future profitability and potential tax liabilities which involves significant judgment and accordingly was also an area of focus. • Assessing the sensitivity of key assumptions of the growth rate considered by the Company on its ability to utilize deferred tax assets including MAT entitlement credit within the period mandated under the Income Tax Act 1961.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises of Management Reports such as Board's ReportManagement Discussion and Analysis Corporate Governance Report and BusinessResponsibility Report (but does not include the Financial Statements and our Auditors'Report thereon) which we obtained prior to the date of this Auditor's Report and theremaining reports which are expected to be made available to us after that date.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

When we read the other sections of Annual Reports (other than those mentioned above)if we conclude that there is a material misstatement therein we are required tocommunicate the matter to those charged with governance and take necessary actions asapplicable under the applicable laws and regulations.

Management's and Board of Directors' Responsibility for the Standalone FinancialStatements

The Company's Management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit/loss and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring accuracy and completeness of the accounting records relevant tothe preparation and presentation of the standalone financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Management and Board of Directorsare responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

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

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 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 standalonefinancial 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 misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit 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 the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the standalone financial statementsmade by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related 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 the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

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

a) We have sought 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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2020 onits financial position in its standalone financial statements - Refer Note 30 to thestandalone financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts - Refer Note 35 to the standalone financial statements;

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

iv. The disclosures in the Standalone Ind AS Financial Statements regarding holdings aswell as dealings in specified bank notes during the period from 8 November 2016 to 30December 2016 have not been made in these Standalone Ind AS Financial Statements sincethey do not pertain to the financial year ended 31 March 2020.

(C) With respect to the matter to be included in the Auditors' Report under section197(16):

In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.

for B S R & Co. LLP

Chartered Accountants

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

Sampad Guha Thakurta

Partner

Membership No: 060573

UDIN: 20060573AAAACI7807

Place: Bengaluru

Date: 22 June 2020

Annexure A to the Independent Auditors' Report

In respect of the annexure referred to in Independent Auditor's Report to the membersof the Company on the standalone financial statements of OnMobile Global Limited for theyear ended 31 March 2020. We report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assetsby which all fixed assets are verified in a phased manner over a period of three years. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. In accordance with this programmecertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification.

(c) According to the information and explanations given to us and basis our examinationof the records of the Company the Company does not hold any immovable properties as at 31March 2020.

(ii) The Company does not have any physical inventories and thus paragraph 3 (ii) ofthe Order is not applicable to the Company.

(iii) According to the information and explanations given to us the Company has grantedunsecured loans to companies covered in register maintained under section 189 of theCompanies Act 2013 ('the Act').

(a) In our opinion the rate of interest and other terms and conditions on which theloans have been granted to the Companies listed in the register maintained under section189 of the Act are not prima facie prejudicial to the interest of the Company.

(b) In the case of the loans granted to the companies listed in the Register maintainedunder Section 189 of the Act the borrowers have been regular in the repayment of theprincipal and payment of interest wherever stipulated.

(c) There are no overdue amounts in respect of the loans granted to companies coveredin register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans given investments made and guarantees and securities given as applicable.

(v) According to information and explanations given to us the Company has not acceptedany deposits during the year. Accordingly paragraph 3(v) of the Order is not applicableto the Company.

(vi) The Central Government of India has not prescribed the maintenance of cost recordsunder section 148 (1) of the Act for any of the activities of the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax goods and services tax cess and other material statutory dues havegenerally been regularly deposited during the year with the appropriate authorities.According to the information and explanation given to us the Company did not have anydues on account of sales tax duty of customs and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax goods andservices tax cess and other material statutory dues were in arrears as at 31 March 2020for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax or service tax or goods and services tax or duty of Customs or duty of exciseor value added tax which have not been deposited by the Company on account of any disputesexcept for the following:

Name of statute Nature of dues Amount disputed (INR in million)* Period to which the amounts relates Forum where dispute is pending
Income-tax Ordinance 1984 Bangladesh Income tax 3.25 FY 2009-10 High Court of Bangladesh
The Income-Tax Act 1961 Income tax 1.16 FY 2007-08 High court of Karnataka
The Income-Tax Act 1961 Income tax 127.32 FY 2013-14 Income Tax Appellate Tribunal (ITAT)
The Income-Tax Act 1961 Income tax 20.01 FY 2014-15 Income Tax Appellate Tribunal (ITAT)

'*net of amounts paid under protest and/ or adjusted against refund.

(viii) The Company does not have any loans or borrowings from financial institutionsbanks and government or has not issued any debentures.

(ix) According to the information and explanations given to us the Company has notraised any money by way of public issue or further public offer (including debtinstruments) during the year.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

(xi) According to the information and explanations given to us and based on examinationof the records of the Company the Company has paid/provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

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

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

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

for B S R & Co. LLP

Chartered Accountants

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

Sampad Guha Thakurta

Partner

Membership No: 060573

UDIN: 20060573AAAACI7807

Place: Bengaluru

Date: 22 June 2020

Annexure B to the Independent Auditors' Report

Annexure B to the Independent Auditors' Report on the standalone financial statementsof OnMobile Global Limited ("the Company") for the year ended 31 March 2020

Report on the Internal Financial Controls with reference to aforesaid standalonefinancial statements under Clause (i) of Subsection 3 of Section 143 of the Companies Act2013 ("the Act")

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

We have audited the internal financial controls with reference to financial statementsof Onmobile Global Limited ("the Company") as of 31 March 2020 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

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

Management's Responsibility for Internal Financial Controls

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

Auditor's Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal controls based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to financial statements.

Meaning of Internal Financial controls with Reference to standalone financialstatements

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

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

for B S R & Co. LLP

Chartered Accountants

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

Sampad Guha Thakurta

Partner

Membership No: 060573

UDIN: 20060573AAAACI7807

Place: Bengaluru

Date: 22 June 2020