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Solar Industries India Ltd.

BSE: 532725 Sector: Industrials
NSE: SOLARINDS ISIN Code: INE343H01029
BSE 00:00 | 22 Oct 2219.65 -280.90
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NSE 00:00 | 22 Oct 2208.45 -294.50
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OPEN 2525.20
PREVIOUS CLOSE 2500.55
VOLUME 13335
52-Week high 2826.30
52-Week low 977.45
P/E 89.65
Mkt Cap.(Rs cr) 20,088
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2525.20
CLOSE 2500.55
VOLUME 13335
52-Week high 2826.30
52-Week low 977.45
P/E 89.65
Mkt Cap.(Rs cr) 20,088
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Solar Industries India Ltd. (SOLARINDS) - Auditors Report

Company auditors report

To the Members of Solar Industries India Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Solar IndustriesIndia Limited ("the Company") which comprise the Balance sheet as at March 312021 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the standalone financial statements including a summary ofsignificant 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 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2021 its profitincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Financial Statements' section of ourreport. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone 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 for the financial yearended March 31 2021. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters. For each matter below our description ofhow our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone financial statements section ofour report including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the standalone financial statements. The results of our audit proceduresincluding the procedures performed to address the matters below provide the basis for ouraudit opinion on the accompanying standalone financial statements.

Revenue Recognition (as described in note 2.2 (j) of the standalone financialstatements)

Key audit matters How our audit addressed the key audit matter
Revenue from sale of goods is recognized as outlined in note 18 of the standalone financial statements. Our audit procedures included among others the following:
The Company estimates provision for powder factor on sales made to certain customers which is generally the percentage of blast output achieved at the time of blasting of the products at the customers' site. Powder factor is based on the agreement with customer volume of output achieved at the site which is measured at a later date. • Evaluated the Company's accounting policies pertaining to revenue recognition and assessed compliance with those policies in terms of Ind AS 115 (Revenue from contract with customers)
Accordingly the provision is made based on the likely powder factor to be achieved on current sales which is reduced from the sales for the period. • Assessed and tested the design and operating effectiveness of the Company's internal financial controls over the estimation of powder factor provision. We obtained an understanding of the key controls management has in place to monitor the powder factor provision.
As at March 31 2021 the Company is carrying a powder factor provision of Rs. 12.75 crore. • Read the agreement with customers for validating terms relating to powder factor.
This is a key audit matter as significant estimate is involved to establish the percentage of blast output achieved the settlement of which happens in future as per the terms of contract and mutual agreement. • Assessed the key management assumptions/ judgement relating to various parameters for measuring / estimating the amount of such powder factor provisions.
• We tested on sample basis the accuracy of the underlying data used for computation of powder factor provisions and verified the arithmetical accuracy of powder factor provision.
• Evaluated the historical trend against the actual powder factor deduction.
• Assessed and reviewed the disclosures made by the Company in the standalone financial statements.

Carrying value of trade receivables (as described in note 2.2 (i) (4) of thestandalone financial statements)

As at March 31 2021 trade receivables constitutes approximately 15% of total assets of the Company. The Company is required to regularly assess the recoverability of its trade receivables. Our audit procedures included among others the following:
The Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on trade receivables. • Evaluated the Company's accounting policies pertaining to impairment of financial assets and assessed compliance with those policies in terms of Ind AS 109 - Financial Instruments.
The Company uses a provision matrix to determine impairment loss allowance. The provision matrix is based on its historically observed default rates over the expected life of trade receivables and is adjusted for forward looking estimates. • Assessed and tested the design and operating effectiveness of the Company's internal financial controls over provision for expected credit loss.
This is a key audit matter as significant judgement is involved to establish the provision matrix. • Evaluated management's assumption and judgment relating to various parameters which included the historical default rates and business environment in which the entity operates for estimating the amount of such provision.
• Evaluated management's assessment of recoverability of the outstanding receivables and recoverability of the overdue / aged receivables through inquiry with management and analysis of collection trends in respect of receivables.
• Assessed and reviewed the disclosures made by the Company in the standalone financial statements.

Receivables under Package Scheme of Incentives 2007 (PSI) (as described in note2.2 (x) of the standalone financial statements)

The Company was eligible to claim benefits under Package Scheme of Incentives 2007 for the sales tax paid by eligible industrial unit as per Maharashtra Value Added Tax 2002. Our audit procedures included among others the following:
From July 1 2017 post the implementation of Goods and Service Tax (GST) The Industry Energy and Labour Department Government of Maharashtra (Department) issued a notification dated June 12 2018 which clarified that Units can continue to claim benefit under PSI Scheme by claiming 100% of State GST (SGST) paid by eligible industrial unit. Accordingly the Company is accruing incentive @100% of SGST paid by the Company in Maharashtra. • Read the PSI scheme and evaluated the eligibility of the Company to claim incentives.
Total outstanding receivable of PSI incentive relating to above as at March 31 2021 is Rs. 113.26 crore. • Read the notification issued by The Industry Energy and Labour Department Government of Maharashtra relating to continuation of benefits on SGST paid by eligible Units and evaluated its impact on Company's eligibility of PSI incentive.
This is a key audit matter as significant judgement is involved to establish the recoverability and the timing of receipt of the above amounts. • Evaluated the historical trend of receiving amounts under PSI Scheme as against the claims filed.
• Read the correspondences with the government department relating to incentive claims filed by the Company.
• Evaluated management's assessment of the recoverability of the outstanding receivables and recoverability of the overdue / aged receivables and timing of the receipt through inquiry with management and analysis of collection trends in respect of receivables.

Information Other than the Financial Statements and Auditor's Report Thereon

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.

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 such other informationis materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the designimplementation and maintenance of adequate internal financial controls that wereoperating 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 is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone 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 made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions 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 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 statementsfor the financial year ended March 31 2021 and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

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

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

(c) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls with reference tothese standalone financial statements and the operating effectiveness of such controlsrefer to our separate Report in "Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2021 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

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

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements – Refer Note 28 to the standalonefinancial 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 25 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

For Akshay Rathi & Associates For S R B C & CO LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number:139703W ICAI Firm Registration Number: 324982E/E300003
per Akshay Rathi per Pramod Kumar Bapna
Proprietor Partner
Membership No.: 161910 Membership No.: 105497
UDIN : 21161910AAAABW5424 UDIN: 21105497AAAAAZ3359
Place: Nagpur Place: Mumbai
Date: May 27 2021 Date: May 27 2021

Annexure 1 to the Independent Auditor's Report of even date on the Standalone FinancialStatements of Solar Industries India Limted

(Referred to in paragrapRs 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date)

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

(b) All property plant and equipment have not been physically verified by themanagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) According to information and explanations given by the management the title deeds/ lease deeds of immovable properties included in property plant and equipment are heldin the name of the Company except for land of Rs. 10.36 crore pertaining to protectedforest land located in Chakdoh Taluka - Katol and Bazargaon Taluka - Nagpur (Rural)District – Nagpur.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

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

(iv) In our opinion and according to the information and explanations given to us theCompany has not advanced loans to directors / to a company in which the Director isinterested to which provisions of section 185 of the Act apply and hence not commentedupon. The Company has made investments / given loans / guarantees which are in complianceto the provision of Section 186 of the Act.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Act related to the manufacture of industrial explosives andexplosive initiating devices and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax duty of custom value added tax goods and service tax cess andother statutory dues have generally been regularly deposited with the appropriateauthorities though there has been a slight delay in a few cases.

(b) According to the information and explanations given to us and audit proceduresperformed by us no undisputed amounts payable in respect of provident fund employees'state insurance income- tax duty of custom value added tax goods and service tax cessand other statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues of income-tax sales-tax servicetax duty of custom duty of excise value added tax cess and provident fund on accountof any dispute are as follows:

Name of the statute Nature of the dues Amount (Rs. in crore) Amount deposited under protest (Rs. in crore) Period to which the amount relates Forum where the dispute is pending
Central Excise Act 1944 Demand of excise duty (including penalty) 3.37 0.20 2000-2008 Tribunal
Central Excise Act 1944 Demand of excise duty( including penalty) 1.16 - 2007-2009 Commissionerate
Central Excise Act 1944 Demand of excise duty( including penalty) 0.68 0.03 2015-2017 Commissionerate
Central Excise Act 1944 Demand of excise duty( including penalty) 0.10 0.09 2011-2016 High Court
Central Sales Tax Act 1956 and State Sales Tax Act Demand of CST and VAT 0.42 0.04 2008-2009 Tribunal
Central Sales Tax Act 1956 and State Sales Tax Act Demand of CST and VAT 27.95 1.95 2012-2017 Tribunal
Central Sales Tax Act 1956 and State Sales Tax Act Demand of CST and VAT 0.86 0.03 2013-2017 Commissionerate
State Sales Tax Act Demand of VAT 0.43 0.07 2013-2016 High Court
Employee Provident Fund Demand Provident Contribution 0.15 0.15 2015-2017 Appellate Authority
Goods and Service Tax Act 2017 Demand of transitional credit (Including penalty) 0.01 - 2017-2018 Joint/Additional Commissioner of GST and Central Tax
Goods and Service Tax Act 2017 Demand of GST (Including penalty) 1.70 0.11 2017 - 2018 Appellate Authority

viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancial institution or bank. The Company does not have any loans or borrowings from anygovernment or debenture holders during the year.

(ix) According to the information and explanations given by the management the Companyhas not raised any money way of initial public offer / further public offer / debtinstruments but has raised money by way of term loans which was applied for the purposefor which it was raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no material fraud onthe Company by the officers and employees of the Company has been noticed or reportedduring the year.

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

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

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

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

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

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

For Akshay Rathi & Associates For S R B C & CO LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number:139703W ICAI Firm Registration Number: 324982E/E300003
per Akshay Rathi per Pramod Kumar Bapna
Proprietor Partner
Membership No.: 161910 Membership No.: 105497
UDIN : 21161910AAAABW5424 UDIN: 21105497AAAAAZ3359
Place: Nagpur Place: Mumbai
Date: May 27 2021 Date: May 27 2021
124

Annexure 2 to the Independent Auditor's Report of even date on the Standalone FinancialStatements of Solar Industries India Limted

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference to standalone financialstatements of Solar Industries India 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 and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). 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 the Company's policies the safeguardingof its 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing as specified under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both issued by 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 internal financial controlswith reference to these standalone financial statements was established and maintained andif such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these standalone financial statementsand their operating effectiveness. Our audit of internal financial controls with referenceto standalone financial statements included obtaining an understanding of internalfinancial controls with reference to these standalone 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 and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to these standalone financial statements.

Meaning of Internal Financial Controls With Reference to these Standalone FinancialStatements A company's internal financial controls with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to standalone financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

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

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone financial statements and such internal financialcontrols with reference to standalone financial statements were operating effectively asat March 31 2021 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the ICAI.

For Akshay Rathi & Associates For S R B C & CO LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number:139703W ICAI Firm Registration Number: 324982E/E300003
per Akshay Rathi per Pramod Kumar Bapna
Proprietor Partner
Membership No.: 161910 Membership No.: 105497
UDIN : 21161910AAAABW5424 UDIN: 21105497AAAAAZ3359
Place: Nagpur Place: Mumbai
Date: May 27 2021 Date: May 27 2021

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