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Route Mobile Ltd.

BSE: 543228 Sector: IT
NSE: ROUTE ISIN Code: INE450U01017
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OPEN 1190.00
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VOLUME 28583
52-Week high 2388.10
52-Week low 1140.00
P/E 228.98
Mkt Cap.(Rs cr) 7,217
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1190.00
CLOSE 1190.65
VOLUME 28583
52-Week high 2388.10
52-Week low 1140.00
P/E 228.98
Mkt Cap.(Rs cr) 7,217
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Route Mobile Ltd. (ROUTE) - Auditors Report

Company auditors report

Standalone Financial Statement

To the Members of Route Mobile Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements ofRoute MobileLimited (‘the Company') which comprise the Balance Sheet as at 31 March 2021the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant information.

2. 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 and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards (‘Ind AS') specified under Section 133 of the Act of thestate of affairs of the Company as at 31 March 2021 and its profit (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified of theAct. Our responsibilities under those standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements' section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (‘ICAI') together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to the matter stated in Note 41 (iv) to the accompanyingstandalone financial statements which indicates delay in payment of foreign currencypayables and receipt of foreign currency receivables to/from subsidiaries aggregating to6104.63 lakhs and 1078.80 lakhs respectively outstanding as on 31 March 2021 beyondthe timelines stipulated vide FED Master Direction No. 17/2016-17 and FED Master DirectionNo. 16/2015-16 read with RBI circulars RBI/2019-20/242 No.33 dated 22 May 2020 andRBI/2019-20/206 No.27 dated 1 April 2020 respectively under the Foreign ExchangeManagement Act 1999.

The management of the Company is in the process of filing necessary applicationsseeking set-off of receivables and payables and condonation of delays with appropriateauthorities for regularising these defaults. Pending conclusion of these matters themanagement is of the view that the amount of fines/ accountingpoliciesandother explanatorypenalties if any that may be levied are currently unascertainable but not expected tobe material and accordingly no consequential adjustments have been made to theaccompanying standalone financial statements with respect to such delays/defaults. Ouropinion is not modified in respect of this

Key Audit Matters

5. 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 financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

6. We have determined the matters described below to be the key audit matters to becommunicated in ourunderSection143(10) report.

Key audit matters How our audit addressed the key audit matters
Impairment assessment of Investment in Subsidiaries Our procedures in relation to the impairment assessment of investment in subsidiaries included but
(Refer note 1(ix) to the accompanying standalone financial were not limited to the following: statements for accounting policies and note 4 for financial disclosures with respect to carrying value of investments in subsidiaries) Obtained an understanding of the management process for identification of possible impairment indicators and process followed by the management for impairment testing;
Amongst other investments the Company has investments in equity shares of two subsidiary companies Cellent Technologies (India) Private Limited and Call 2 Connect India Private Limited amounting to Rs 1127.40 lakhs and Rs 2240.19 lakhs respectively. These investments are carried at cost less any diminution in value in accordance with Ind AS 27 Separate Financial Statements. • Evaluated design and implementation and tested operating effectiveness of controls over the Company's process of impairment assessment and approval of forecasts;
As at 31 March 2021 the carrying amount of investments in the aforementioned two subsidiaries is higher than the net worth of the respective subsidiaries thus resulting in risk exposure with respect to impairment loss on the same. Obtained the management's external valuation specialist's report on determination of recoverable amount and also assessed the professional competence expertise and objectivity of the management expert;
For this purpose valuation was carried out by an independent valuation specialist in his capacity as a management's expert using discounted cash flow (‘DCF') method. Assessed the methodology used by the management's expert to estimate the recoverability of investments and ensured that it is consistent with applicable accounting standards;
Impairment assessment of these investments is considered as a significant recoverability of the investments could not be established and potential impairment charge might be required to be recorded in the standalone financial statements. • Evaluated the appropriateness of the assumptions applied in determining key inputs such as terminal growth rates and discount risk as there rates is risk which included that assessments based on our knowledge of the Company and the industry;
The recoverability of these investments is inherently subjective due to reliance on net worth of investee and cash flow projections of these investee companies. • Compared the previous forecast to actual results to assess the Company's ability to forecast accurately;
The above impairment test has not resulted in recognition of any impairment loss during the period. Involved auditor's experts to assist in evaluating the assumptions and appropriateness of the valuation methodology used by the management;
However due to their materiality in the context of the standalone financial statements and significant of judgement and subjectivity involved in the estimates and key assumptions used in determining the cash flows used as part of impairment evaluation this is considered to be the area which had the greatest effect on our overall audit strategy and allocation of resources in planning and completing our audit and accordingly the matter is determined as a key audit matter for the current year audit. • Tested mathematical accuracy of the projections and applied independent sensitivity analysis degree to the key assumptions mentioned above to determine and focus on inputs leading to high estimation uncertainty of the cash flow projections;
Compared the carrying value of the investments with the recoverable value to ensure there is no impairment required to be recognised;
Assessed the appropriateness and adequacy of the disclosures made by the management in note 4 to the standalone financial statements.
Accounting for Business combinations (refer note 1 (xvii) for accounting policy and note 48 for relevant disclosures in the accompanyingstandalonefinancial statements) Our procedures relating to acquisition made by the Company included but were not limited to the following:
During the year ended 31 March 2021 the Company has completed acquisition of a division comprising intellectual property (software) and related customer contracts of TeleDNA Communications Private Limited (TeleDNA) a Bengaluru based Company specializing in development of telecom related solutions under slump sale arrangement for total consideration of Rs. 1200 lakhs on the basis of Business Transfer Agreement (BTA) and other related arrangements. The Company has primarily acquired Computers Software Customer related intangibles and commitment on Non-compete as a result of this acquisition. Obtained an understanding of the terms and conditions of the purchase agreement and the consideration transferred to assess the control over the business and the acquisition date in accordance with Ind AS 103 by obtaining required understanding and representations from the Company;
The Company has accounted for aforementioned business acquisition in accordance with Ind AS 103 Business Combinations which requires the recognition of identifiable assets and liabilities including identifiable intangibles in a business combination at fair value on the date of acquisition with the excess of the acquisition price over such identified fair values recognised as goodwill. Obtained report of the management's external valuation specialist for the valuation of intangibles including the purchase price allocation and assessed the competence capabilities and objectivity of the management's expert and gained an understanding of the work done by the valuation expert;
Management has appointed an independent valuation expert to allocate the purchase price to the identifiable assets and liabilities identifiedintangible assets. and Basis the procedure performed for purchase price allocation management represents that identifiable assets and liabilities including identifiable intangible assets and resulting goodwill are disclosed at the fair values as on the date of acquisition. Further on the basis of the management estimates on the future growth of the acquired business and certain other assumptions and valuation model applied the recoverable amount of the goodwill recognised on business combination as stated above exceeds its carrying value as at 31 March 2021. • Assessed the reasonableness of the management estimates and judgements used to fair value the identifiable assets and liabilities and identifiable intangible assets;
We have considered the above business combination to be a matter of most significance to our current year audit cconsidering the materiality of the amounts involved complexity involved in valuation significant judgements and estimates in relation to the accounting as per the requirements of Ind AS 103 including ascertainment of acquisition date assessment of fair values of assets and liabilities recognised on acquisition judgement applied in identification and measurement of intangible assets and therefore it has been identified as a key audit matter for the current year audit. Tested the identifiable assets and liabilities which form part of working capital including any adjustment thereof to assess the reasonableness / appropriateness of the amounts used for purchase price allocation;
Involved our auditor's internal valuation experts to assist us in validating the valuation assumptions and methodology considered by the management's expert to allocate the purchase price to identifiable assets andc liabilities;
• Assessed the reasonableness of the recoverable amount of goodwill recorded as on the date of acquisition by evaluating the valuation model applied including the management estimates and judgement;
Evaluated the appropriateness and adequacy of disclosures given in the standalone financial statements including disclosure of significant assumptions and judgements in accordance with applicable accounting standards.

Information other than the Financial Statements and Auditor's Report thereon

7. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon. The Annual Report isexpected to be made available to us after the date of this auditor's report.

Our opinion on the standalone financial statements does not cover the other informationand we will 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 identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with

Governance for the standalone financial statements

8. The accompanying standalone financial statements have been approved by the Company'sBoard of Directors. The Company's Board of Directors is 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 financial position financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including the IndAS specified under Section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance that were of adequate internal operating effectively for ensuring the accuracyand completeness of the accounting records relevant to the preparation and presentationof the financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

9. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

12. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control;

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct 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 made by management;

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant Company's ability tocontinue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern;

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant including any significantcontrol that we identify during our audit.

14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation 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

Report on Other Legal and Regulatory Requirements

16. As required by Section 197(16) of the Act based on our audit we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under Section 197 read with Schedule V to the Act.

17. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government of India in terms of Section 143(11) of the Act we givein Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

18. Further to our comments in Annexure I as required by Section 143(3) of the Act wereport to the extent applicable that:

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit of theaccompanying standalonefinancial statements; doubt on the

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 financial statements dealt with by this report are in agreement withthe books of account;

d) in our opinion the aforesaid standalone financial statements comply with Ind ASspecified Section 133 of the Act; e) on the basis of the written representations receivedfrom the directors and taken on record by the Board of Directors none of the directors isdisqualifiedas 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 reference tofinancialauditfindings statements of the Company as on 31 March 2021 in conjunction withdeficiencies in internal our audit of the standalone financial statements of the Companyfor the year ended on that date and our report dated 18 May 2021 as per Annexure IIexpressed an unmodified

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

in theauditofthefinancial i. the Company as detailed in note 41 to the standalonefinancial statements has disclosed the impact of pending litigations on its financialposition as at 31 March 2021;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses as at 31 March 2021; communication. iii.there were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company during the year ended 31 March 2021;

iv. the disclosure requirements relating to holdings as well as dealings in specifiedbank notes were applicable for the period from 8 November 2016 to 30 December 2016 whichare not relevant to these standalone financial statements. Hence reporting under thisclause is not applicable.

Annexure I to the Independent Auditor's Report of even date to the members of RouteMobile Limited on the financial statements for the year ended 31 standalone March 2021

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

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

(b) The fixed assets (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 (propertyplant and equipment) is reasonable having regard to the size of the Company and the natureof its assets.

(c) The title deeds of all the immovable properties (which are included under the head‘Property plant and equipment') are held in the name of the Company.

(ii) The Company does not have any tangible inventory. Accordingly the provisions ofclause 3(ii) of the Order are not applicable.

(iii) The Company has granted unsecured loans to companies covered in the registermaintained 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 are not primafacie prejudicial to the Company's interest;

(b) the schedule of repayment of principal and payment of interest has been stipulatedin case of loans granted to some of the companies and the repayment/receipts of theprincipal amount and the interest are regular. In the case of loan granted to othercompanies the schedule of repayment of principal and payment of interest has beenstipulated wherein these amounts are repayable on demand and since the repayment of suchloans has not been demanded in our opinion repayment of the principal amount is regular;the payment of interest on such loans is regular; (c) there is no overdue amount inrespect of loans granted to such companies.

(iv) In our opinion the Company has complied with the provisions of Sections 185 and186 of the Act in respect of loans investments guarantees and security.

(v) In our opinion 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) The Central Government has not specified maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company's services. Accordinglythe provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise goods and services tax value added tax cess and other materialstatutory dues as applicable to the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they became payable.

(b) The dues outstanding in respect of income-tax sales-tax service-tax goods andservices tax duty of customs duty of excise and value added tax on account of anydispute are as follows:

Statement of disputed dues

Name of the statute Nature of dues Amount ( in lakhs) Amount paid under Protest ( in lakhs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 1374.43 274.89 2019-20 (Assessment year) Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 254.32 - 2014-15 (Assessment year) Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 29.75 5.95 2013-14 (Assessment year) Commissioner of Income Tax (Appeals)
Finance Act 1994 Service Tax 24.68 - Financial Year 2014-15 Assistant Commissioner CGST

(viii) The Company has not defaulted in repayment of loans or borrowings to any bankduring the year. The Company has no loan or borrowings payable financial statements forto any financial institution or government and no dues payable to debentures holdersduring the year.

(ix) In our opinion the Company has applied moneys raised by way of initial publicoffer for the purposes for which these were raised though idle/surplus funds which werenot required for immediate utilisation have been temporarily invested/ parked in depositswith scheduled commercial banks current account and in monitoring agency account. TheCompany did not raise moneys by way of term loans during the year.

(x) No fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit. (xi) Managerial remunerationhas been paid by the Company in accordance with the requisite approvals mandated by theprovisions of Section 197 of the Act read with Schedule V to the Act. (xii) In ouropinion the Company is not a Nidhi Company. Accordingly provisions of clause 3(xii) ofthe Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the standalone financial statements etc. as required by the applicable IndAS.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Accordingly provisions ofclause 3(xiv) of the Order are not applicable.

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

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

Annexure II to the Independent Auditor's Report of even date to the members of RouteMobile Limited on the the year ended 31 standalone

March 2021

Independent Auditor'sreportontheinternalfinancial controls with reference to thestandalone financial statements under Clause (i) of sub-section 3 of Section 143 of theCompanies Act 2013 (the "Act")

1. In conjunction with our audit of the standalone financial statements of Route MobileLimited (the "Company") as at and for the year ended 31 March 2021 we haveaudited the internal financial controls with reference to financial statements of theCompany as at that date.

Responsibilities of Management and Those Charged with Governance for Internal FinancialControls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal financial controls with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the

Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficientconduct of the Company'sbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility for the Audit of the Internal Financial Controls withReference to Standalone Financial Statements

3. Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by the Instituteof Chartered Accountants of India (‘ICAI') prescribed under Section 143(10) of theAct to the extent applicable to an audit of internal financial controls with reference tofinancial statements and the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (‘the Guidance Note') issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate financial controls internalwith reference to standalone financial statements were established and maintained and ifsuch controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls with reference to standalone financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tostandalone an understanding of such internal financial controls assessing the risk that amaterial 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.

5. 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 standalone financial statements.

Meaning of Internal Financial Controls with Reference to Standalone FinancialStatements

6. 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 financial statements.materialeffectonthe

Inherent Limitations of Internal Financial Controls with reference to StandaloneFinancial Statements

7. Because of the inherent limitations of internal to statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls with reference to statements to futureperiods are subject to the risk that the internal financial controls with reference tofinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion statements includes obtaining

8. In our opinion the Company has in all material respects adequate internalfinancial controls with reference to standalone financial statements and such controlswere operating effectively as at 31 March 2021 based on the internal financial controlswith reference to financial statements criteria established by the

Company considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Registration No.: 001076N/N500013

Bharat Shetty

Partner

Membership No.: 106815

UDIN: 21106815AAAABN7174

Place: Mumbai

Date: May 18 2021

.