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Suditi Industries Ltd.

BSE: 521113 Sector: Industrials
NSE: SUDITIND ISIN Code: INE691D01012
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VOLUME 9949
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OPEN 15.99
CLOSE 15.55
VOLUME 9949
52-Week high 17.30
52-Week low 7.99
P/E
Mkt Cap.(Rs cr) 27
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Suditi Industries Ltd. (SUDITIND) - Auditors Report

Company auditors report

To

THE MEMBERS OF

SUDITI INDUSTRIES LIMITED

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of SUDITIINDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2020 the Statement of Profit and Loss (including Other Comprehensive Income)for the period ended on that date the Statement of Changes in Equity and the Statement ofCash Flows for the year ended on that date and a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "the financialstatements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith Indian Accounting Standards prescribed under section 133 of the Companies Act 2013(‘the Act') and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 312020 of total comprehensive income (comprisingprofit and other comprehensive income) for the period ended on that date changes inequity and its cash flows for the year then ended.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) 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 bythe Institute of Chartered Accountants of India together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made 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.

Emphasis of Matter:

We draw your attention to Note 54 to the Standalone financial results which explainsthe uncertainties and managements' assessment of the financial impact due to therestrictions and other conditions arising due to the COVID-19 pandemic; for which adefinitive assessment of the impact in the subsequent period is dependent on how theevents and circumstances would evolve. Our opinion is not modified in respect of thismatter.

Other matter.

Due to complete Lockdown imposed by the Government to restrict the spread of COVID-19the audit finalization process for the year under report was carried out from remotelocations i.e. other than the office premises of the Company based on the data/detailsmade available and based on financial information/records remitted by the managementthrough digital medium.

Our report is not modified in respect of this matter.

Key Audit Matters.

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period and includethe most significant assessed risks of material misstatement (whether or not due to fraud)that we identified. These matters included those which had the greatest effect on: theoverall audit strategy the allocation of resources in the audit; and directing theefforts of the engagement team. These matters were addressed in the context of our auditof the financial statements as a whole and in forming our opinion thereon and we do notprovide a separate opinion on these matters.

Key Audit matter description How the scope of our audit responded to the key audit matter
Revenue from Contracts with Customers: The audit procedures included but were not limited to:
(Refer to Significant accounting policies para 4(b). Revenue from contracts with customer is recognized upon transfer of control of promised goods and is measured at the fair value of the consideration received or receivable net of returns and allowances trade discounts and volume rebates based on contractually defined terms. In some cases discounts estimated will be determined on sale of goods by the customers. -Assessment of the processes of the Company for adoption of the new accounting standards.
Also in certain cases the Company has contracts with customers which entitle them to right of return. -Selecting a sample from each type of the contracts with the customers and testing the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price.
At year end amount of returns and discounts that have been incurred and not yet settled with the customer are estimated and accrued. Carrying out a combination of procedures involving enquiry and observation re-performance and inspection of evidence in respect of operation of these controls.
Estimating the amount of accrual at year-end is considered a key audit matter due to the judgements required to be made by management. -Testing the relevant controls including access and change management controls of information technology systems which are relevant for appropriate measurement and presentation of revenue and related account balances.
Performing following procedures on the samples selected:
- Reading analysing and identifying the distinct performance obligations in these contracts.
- Comparing these performance obligations with that identified and recorded by the Company.
- Testing sample of revenues with the performance obligation specified in the underlying contracts.
- Carrying analytical procedure for reasonableness of revenue disclosed by segments.
- Evaluating the appropriateness of adequate disclosures in accordance with the standards.
Key Audit matter description How the scope of our audit responded to the key audit matter
Inventory valuation: (Refer to Note j) We obtained a detailed understanding and evaluated the design
As described in para j) of the Significant Accounting policies and Notes 39 40 and 41 on Inventories the Company carries inventory at the lower of cost and fair value less costs to sell using the weighted average cost basis. and implementation of controls that the Company has established in relation to inventory valuation.
The Company provides for changes in value based on estimated inventory usage. This methodology relies upon assumptions made in determining appropriate provisioning percentages to apply to inventory balances. We obtained assurance over the appropriateness of management's assumptions applied in calculating the value of inventory provisions by:
Contingent liabilities: (Refer to Note 52) The Company has ongoing legal matters relating to previous corporate transactions which require management judgement to be applied in order to determine the likely outcome. - verifying the value of a sample of inventory items to confirm whether they are held at the lower of cost and net realizable value through comparison to vendor invoices and sales prices;
Judgement is required in assessing the nature of these exposures and their accounting and disclosure requirements. -  using data analytics to identify unusual inventory usage characteristics completing assumption tolerance testing and recalculating the provision in totality.
In assessing the potential exposures to the Company we have completed a range of procedures including:
- assessing the design and implementation of controls in relation to the monitoring of known exposures;
- reading Board and other meeting minutes to identify areas subject to Company consideration;
- meeting with the Company's internal legal advisors in understanding ongoing and potential legal matters impacting the Company;
- reviewing the proposed accounting and disclosure of actual and potential legal liabilities drawing on third party assessment of open matters.
Retail technology environment including IT security We continued to challenge and assess changes to the IT environments through the testing of remediated controls and concluding on the sufficiency and appropriateness of management's changes.
The Company's retail operations utilise a range of information systems. Although Tally is the main accounting software the other operational retail applications are connected through an interface.
The absence of robust and accurate working of these software impacts the correct recording of amounts in Tally which could have an adverse impact on the Company's controls and financial reporting systems. During the year we have assessed the design and implementation of the Company's controls over the information systems that are important to financial reporting.
Where we noted deficiencies which affected applications and databases within the scope of our audit we extended the scope of our substantive audit procedures.

Other Information:

The Directors are responsible for the other information. The other informationcomprises the information included in the annual report— Chairman's StatementDirectors Report Management Discussion & Analysis and Corporate GovernanceReport— other than the financial statements and our auditor's report thereon. Ouropinion on the financial statements does not cover the other information and except tothe extent otherwise explicitly stated in our report we do not express any form ofassurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other informationand in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If weidentify such material inconsistencies or apparent material misstatements we are requiredto determine whether there is a material misstatement of the other information. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact.

The Chairman's Statement Directors Report Management Discussion & Analysis andCorporate Governance Reports are expected to be made available to us after the date ofthis auditor's report. When we read these reports if we conclude that the otherinformation is materially inconsistent with the standalone financial statements or ourknowledge obtained during the audit or otherwise appears to be materially misstatedtherein we are required to communicate the matter to those charged with governanceandtake appropriate action as applicable under the laws and regulations. Responsibilitiesof the Management and Those Charged with Governance for the Standalone FinancialStatements The Company's Board of Directors is responsible for the matters stated insection 134(5) of the Act with respect to the preparation and presentation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with Ind AS and other accounting principles generally accepted inIndia. The Board of Directors of the Company are responsible for maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error which have been used forthe purpose of preparation of the standalone financial statements by the Board ofDirectors of the Company as aforesaid.

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

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

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 financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on effectiveness of the Company's internal financialcontrols.

• 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 ability ofthe Company to continue as a going concern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the standalone financial statements or

if such disclosures are inadequate to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor's report. However future eventsor conditions may cause 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 auditor's 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 (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of Section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books ofaccounts and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure A hereto a statement onthe matters specified in the paragraphs 3 and 4 of the said Order to the extentapplicable.

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 other comprehensiveincome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theRules issued thereon.

(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st 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 control with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in Annexure B.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of and limits laid down under section 197 read withSchedule V of the Act.

(h) 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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company's pending litigation comprise of proceedings pending with Sales Tax andExcise Authorities. The Company has reviewed all its pending litigations and proceedingsand disclosed the contingent liabilities in its financial statements. The Company does notexpect the outcome of these proceedings to have a material impact on its financialposition. (refer Note No:52 for details on contingent liabilities)

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

For Chaturvedi & Partners
Chartered Accountants
(Firm Registration No.: 307068E)
(Khyati Shah)
ICAI UDIN: 20117510AAAABM2149 Partner
Place : Mumbai Membership No.: 117510
Date : September 11 2020

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of SuditiIndustries Limited ("the Company") for the year ended March 312020 we reportthat:

1) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets except for assets under installation.

b. All the fixed assets have not been physically verified by the management during theyear but there is a regular program of verification which in our opinion is reasonablehaving regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification.

c. According to the information & explanation given to us and on the basis of ourverification title deeds of all immovable properties are held in the name of the Company.

2) As explained to us the inventories of the company have been physically verifiedonce during the year by the management but the same exercise could not be undertaken atthe year-end due to the lockdown imposed by the authorities. The physical verification wasdone in June 2020 and alternate procedures were employed to arrive at the status as on 31stMarch 2020. Since there was no activity with effect from 23rd March 2020 thebook records on that date have been taken for the position on 31st March 2020.The procedures adopted as stated above did not reveal any material discrepancies. In ouropinion the frequency of verification is reasonable.

3) According to the information & 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 theCompanies Act 2013. In view of the foregoing the provisions of clause 3 (iii) (a) (b)and (c) of the said order are not applicable.

4) The Company has complied with the provisions of section 185 and 186 of the CompaniesAct 2013 in respect of investments and has not provided any loans guarantees andsecurity as per the provisions of section 185 and 186 of the Companies Act 2013.

5) During the year the Company has not accepted any deposits from the Public withinthe meaning of Sections 73 to 76 of the Companies Act 2013 and the rules framed thereunder as also the directives issued by the Reserve Bank of India. The Company has compliedwith the applicable statutory provisions. The Company has not received any order passed byCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any courtor any other tribunal.

6) Provisions of Section 148 on Maintenance of Cost Records do not apply to the Companysince as explained to us the prescribed limits have not been crossed for the applicabilityof cost audit and maintenance of Cost Records.

7) a. According to the information and explanations given to us and the records of theCompany examined by us the Company is generally regular in depositing undisputedstatutory dues including provident fund employees' state insurance income-tax goods andservices tax value added tax cess and any other statutory dues to the appropriateauthorities. There were no dues outstanding as on the last day of the financial year for aperiod of more than six months from the date they became payable.

b. According to the books of accounts and records as produced and examined by us inaccordance with the generally accepted auditing practices in India as at 31st March2020 the following are the particulars of dues that have not been deposited on account ofdispute:

Name of the Statute Nature of dues Amount (Rs. in lacs) Forum where dispute is pending Financial year to which the amount relates
B.S.T ACT 1959 BST 51.01 Asst. Commissioner Sales Tax 1996-97
C.S.T ACT1956 CST 14.16 Asst. Commissioner Sales Tax 1996-97
MVATACT2002 VAT 110.77 Deputy Commissioner of Sales Tax 2005-06
MVATACT2002 VAT 19.98 Deputy Commissioner of Sales Tax 2009-10
C.S.T ACT1956 CST 37.15 Deputy Commissioner of Sales Tax 2009-10
C.S.T ACT1956 CST 43.71 Deputy Commissioner of Sales Tax 2010-11
MVATACT2002 VAT 5.90 Deputy Commissioner of Sales Tax 2011-12
C.S.T ACT1956 CST 30.32 Deputy Commissioner of Sales Tax 2011-12
MVATACT2002 VAT 78.54 Deputy Commissioner of Sales Tax 2012-13
C.S.T ACT1956 CST 16.60 Deputy Commissioner of Sales Tax 2012-13
MVATACT2002 VAT 10.85 Deputy Commissioner of Sales Tax 2013-14
C.S.T ACT1956 CST 26.18 Deputy Commissioner of Sales Tax 2013-14
Excise Act 1958 Excise 30.84 Commissioner of Central Tax (Appeals 2019-2020

8) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment ofloans or borrowings to financial institutions banks Government or debenture holders.

9) According to the information and explanations given to us and based on the recordsand documents produced before us in our opinion the Company had not availed of any termloans. During the year the Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments).

10) During the course of our examination of the books of accounts and records of theCompany carried out by us in accordance with the generally accepted auditing practices inIndia we have neither come across any instance of fraud on the Company by its officers oremployees noticed or reported during the year nor have we been informed of such case bythe management.

11) According to the information and explanations given to us and based on the recordsand documents produced before us managerial remuneration has been paid by the Company inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

12) The Company is not a Nidhi Company and in view of the foregoing the question ofreporting on Clause 3 (xii) of the said order does not arise.

13) According to the information and explanations given to us transactions withrelated parties are in compliance with sections 177 and 188 of Companies Act 2013 and thedetails have been disclosed in the standalone Financial Statements as required by theapplicable Ind AS. Refer note no.49 in standalone financial statements for details.

14) According to the information and explanations given to us and based on the recordsand documents produced before us the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.However Fully Convertible Debentures amounting to Rs. 450 lakhs issued to H T Media on apreferential basis in the previous year were converted into 562500 shares of Rs. 10/-each of the Company at a premium of Rs. 70 per share.

15) As per the information and explanations given to us the company has not enteredinto any non-cash transactions with directors or persons connected with them. Accordinglyparagraph 3(xv) of the Order is not applicable.

16) As per the information & explanations given to us the Company is not requiredto be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Chaturvedi & Partners
Chartered Accountants
(Firm Registration No.: 307068E)
(Khyati Shah)
ICAI UDIN: 20117510AAAABM2149 Partner
Place : Mumbai Membership No.: 117510
Date : September 11 2020

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls with reference to the financialstatements of Suditi Industries Limited ("the Company") as of March 31 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on internal control with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India". 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.

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 both issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial 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 internal financial controls withreference to the financial statements assessing the risk that a material weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the standalone financialstatements 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 financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol with reference to financial statements includes those policies and procedures that(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls with reference tofinancialstatements 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 control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial control with reference to financial statements and such internal financialcontrols with reference to financial statements were operating effectively as at March 312020 based on the internal control with reference to financial statements criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the Institute of Chartered Accountants of India.

For Chaturvedi & Partners
Chartered Accountants
(Firm Registration No.: 307068E)
(Khyati Shah)
ICAI UDIN: 20117510AAAABM2149 Partner
Place : Mumbai Membership No.: 117510
Date : September 11 2020