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Tribhovandas Bhimji Zaveri Ltd.

BSE: 534369 Sector: Consumer
NSE: TBZ ISIN Code: INE760L01018
BSE 00:00 | 20 Oct 85.85 -1.95
(-2.22%)
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87.45

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88.40

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85.30

NSE 00:00 | 20 Oct 85.90 -2.00
(-2.28%)
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87.80

HIGH

88.40

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OPEN 87.45
PREVIOUS CLOSE 87.80
VOLUME 346756
52-Week high 96.40
52-Week low 35.90
P/E 10.77
Mkt Cap.(Rs cr) 573
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 87.45
CLOSE 87.80
VOLUME 346756
52-Week high 96.40
52-Week low 35.90
P/E 10.77
Mkt Cap.(Rs cr) 573
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tribhovandas Bhimji Zaveri Ltd. (TBZ) - Auditors Report

Company auditors report

To the Members of Tribhovandas Bhimji Zaveri Limited

Report on the Audit of the Standalone Ind AS

Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of TribhovandasBhimji Zaveri Limited ("the Company") which comprise the Balance Sheet as atMarch 312020 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the 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 Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312020its profit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Rs.AuditorRs.sResponsibilities for the Audit of the Standalone Ind AS Financial StatementsRs. section ofour report. We are independent of the Company in accordance with the Rs.Code of EthicsRs.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 Ind AS financial statements.

Emphasis of Matter

We draw attention to Note 42.15 of the accompanying standalone Ind AS financialstatements which describes the uncertainties and impact of COVID-I9 pandemic on theoperations of the Company.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2020. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For matter below our descriptionof how 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 theAuditorRs.s responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements.

The results of our audit procedures including the procedures performed to address thematters below provide the basis for our audit opinion on the accompanying standalone IndAS financial statements.

Key audit matters How our audit addressed the key audit matter
Existence and valuation of Inventories (as described in note 2.2 (e) of the significant accounting policies and note 12 for details In standalone Ind AS financial statements)
The carrying value of Inventories of the Company is INR 119393.17 lacs as at March 31 2020. The CompanyRs.s Inventories mainly comprised of gold diamond silver and platinum in the distribution centres and retail outlets. Valuation of Inventories is at lower of cost and net realizable value. Our audit procedures over existence and valuation of Inventories included the following: • We obtained an understanding evaluated the design and tested the operating effectiveness of key controls that the Company has in relation to Inventories process in particular we:
Key audit matters How our audit addressed the key audit matter
Significant portion of Inventories costs includes gold diamond platinum and silver which are subject to risk of changes in the market value. The assessment of net realizable value of Inventories is based on estimates and judgements by the management in respect of among others the economic condition sales forecast marketability of products and the quality of gold and diamond used to make jewellery products. Furthermore there is higher inherent risk of theft and pilferage given the high intrinsic value and portable nature of individual inventory items. a. Attended on a sample basis daily cycle physical counts at distribution centres and selected retail outlets. We observed the daily count procedures performed in distribution centres and retail outlets;
Considering the above we concluded that existence and valuation of inventories as a key audit matter for our audit. b. In respect of samples tested for physical verification by management we inspected the respective daily cycle physical count reports for reconciliation of daily ending Inventories to the record in the Inventories system;
c. In respect of samples tested for physical verification by management we read the in-house certificate of authenticity of diamond jewellery products;
• We have observed periodic Inventories counts and performed "two way" sample count procedures for distribution centres and selected retail outlets of the Company. We compared our sample count results with the counts performed by the Company and the records in the Inventories system. • We compared the net realizable values on sample basis of gold silver and platinum Inventories calculated based on the current market price with their carrying value of Inventories.
• We compared the results of independent gemological appraisal report of selected samples to the weight and purity of diamond jewellery with records in the Inventories system. • We evaluated the independence and objectivity of the gemologist appointed by management.

 

Key audit matters How our audit addressed the key audit matter
Implementation of Ind /AS 116 - Leases (as described in note 2.2 (j) of the significant accounting policies and note 4 for details in standalone Ind AS financial statements) Our audit procedures included the following:
On March 30 2019 MCA notified Ind AS 116 Leases and it replaced Ind AS 17 Leases including appendices thereto. Ind AS 116 is effective for annual periods beginning on or after April 012019. Ind AS 116 sets out the principles for the recognition measurement presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under Ind AS 17. • Assessed the CompanyRs.s accounting policy with respect to recognition of leases and for assessing compliance with Ind AS 116.
• Obtained an understanding evaluated the design and tested the operating effectiveness of controls that the Company has in relation to accounting of leases under Ind AS 116.
The company has applied the modified introspective method to ongoing leases as of April 012019. The adoption of Ind AS 116 resulted in transitional impact amounting to Rs. 918.80 lakhs (net of straight lining of lease rentals of Rs. 137.69 lakhs and deferred tax asset of Rs. 493.52 lakhs) in retained earnings. As at March 312020 the Company has Rs. 7378.78 lakhs of Right of use (RoU) assets and Rs. 8786.42 lakhs of Lease liabilities. • Tested the accuracy and completeness of the underlying lease master by agreeing the underlying data pertaining to lease rentals term escalation and other relevant terms and conditions to lease agreements and recomputed on a sample basis calculation involved.
Application of Ind AS 116 requires significant judgement and estimate in identification of lease arrangement determining the RoU assets and lease liabilities based on terms of the underlying lease agreements hence we considered this as a key audit matter. • Assessed the underlying assumptions and estimates including the applicable discount rates.
• We also assessed the CompanyRs.s disclosures made in accordance with the requirements of Ind AS 116.

We have determined that there are no other key audit matters to communicate in ourreport.

Information Other than the Financial Statements and AuditorRs.s Report Thereon

The CompanyRs.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 Ind AS financial statements and our auditorRs.s report thereon. The Annualreport is expected to be made available to us after the date of this auditorRs.s report.

Our opinion on the standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The CompanyRs.s Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting 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 Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the CompanyRs.s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

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

AuditorRs.s Responsibilities for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditorRs.s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs 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 standalone Ind AS 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 standalone Ind ASfinancial 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 companyhas adequate internal financial controls system in place and the operating effectivenessof 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 managementRs.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 CompanyRs.sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditorRs.s report to the related disclosures inthe standalone Ind AS financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditorRs.s report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements

including the disclosures and whether the standalone Ind AS financial statementsrepresent 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 Ind AS financialstatements for the financial year ended March 31 2020 and are therefore the key auditmatters. We describe these matters in our auditorRs.s report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (AuditorRs.s report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure 1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information 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 Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312020 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 over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2020 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the AuditorRs.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 Ind AS financial statements - Refer Note 42.3.(i) to thestandalone Ind AS financial statements;

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 required to be transferred tothe Investors Education and Protection Fund by of the Company

For S R B C & CO LLP

Chartered Accountants ICAI Firm Registration Number: 324982E/E300003 per Vijay Maniar

Partner

Membership Number: 36738 UDIN: 20036738AAAADF6319

Mumbai: June 24 2020

ANNEXURE 1 TO THE INDEPENDENT AUDITORRs.S REPORT OF EVEN DATE ON THE STANDALONE IND

AS FINANCIAL STATEMENTS OF TRIBHOVANDAS BHIMJI ZAVERI LIMITED (Rs.THE COMPANYRs.)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(b) The Company has a regular programme of physical verification of its property plantand equipment by which all property plant and equipment are verified in a phased mannerover a period of two years. In accordance with this programme a portion of the propertyplant and equipment has been physically verified by the management during the year and nomaterial discrepancies have been noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and nature of its assets.

(c) According to the information and explanation given by the management and on thebasis of our examination of the records of the Company the title deeds of immovableproperty are held in the name of the Company.

(ii) The inventory except stocks lying with third parties has been physicallyverified by the management during the year. In our opinion the frequency of suchverification is reasonable. The discrepancies noticed on verification between the physicalstocks and the book records were not material and have been properly dealt with in booksof account. In respect of inventory lying with third parties these have beensubstantially confirmed by them

(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 theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

(v) The Company has not accepted any deposits as per the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the products of the Company. Accordingly paragraph 3 (vi) of the order is notapplicable.

(vii) (a) Undisputed statutory dues including provident fund employeesRs. stateinsurance income- tax customs duty goods and service tax cess and other statutory dueshave generally been regularly deposited with the appropriate authorities though there hasbeen a slight delay in few cases. As explained the Company did not have any dues onaccount of sales tax value added tax and duty of excise.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employeesRs. state insurance income-tax servicetax customs duty goods and service tax cess and other material statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the records of the Company there are no dues outstanding ofincome-tax sales-tax wealth-tax service tax duty of custom excise duty goods andservice tax value added tax and cess on account of any dispute which have not beendeposited with the appropriate authorities other than those mentioned below:

Name of the Statute nature of Dues unpaid amount Period to which the involved (Rs. in lakhs)* amount relates Forum where dispute is pending
Customs Act 1962 Customs Duty 25.00 FY 2007-08 Additional commissioner of Customs
Maharashtra Value Added Tax Act 2002 Value added tax 286.24 FY 2011-12 Joint Commissioner of Sales Tax (Appeals)
Central Sales Tax Act 1956 Central sales tax 1.07 FY 2011-12 Joint Commissioner of Sales Tax (Appeals)
Local Body Tax Act Local body tax 31.53 FY 2012-13 Commissioner
Local Body Tax Act Local body tax 0.34 FY 2016-17 and FY 2017-18 Commissioner
Maharashtra Value Added Tax Act 2002 Value added tax 15.99 FY 2013-14 Joint Commissioner of Sales Tax (Appeals)

* The above amounts are net of amounts paid under protest

(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 a bank.There are no dues payable to any financial institution debenture holder and government.

(ix) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not raised any monies by way ofinitial public offer / further public offer (including debt instruments) during the year.In our opinion and according to information and explanation given by the managementmonies raised by the Company by way of term loans were applied for the purpose for whichthey were 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 material fraud by the Company or no materialfraud on the Company by the officers and employees of the Company has been noticed orreported during the year.

(xi) In our opinion and according to the information and explanations given by themanagement the managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

(xii) In our opinion the Company is not a Nidhi company and the Nidhi Rules 2014 arenot applicable to it. Therefore the provisions of clause 3(xii) of the order are notapplicable 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 under Indian Accounting Standard (Ind AS) 24.

(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 to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him/her as referred to in section192 of the Act. Accordingly paragraph 3(xv) of the Order is not applicable.

(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.Accordingly paragraph 3 (xvi) of the order is not applicable.

For S R B C & CO LLP

Chartered Accountants ICAI Firm Registration Number: 324982E/E300003

per Vijay Maniar

Partner

Membership Number: 36738 UDIN: 20036738AAAADF6319

Mumbai: June 24 2020

ANNEXURE 2 TO THE INDEPENDENT AUDITORRs.S REPORT OF EVEN DATE ON THE STANDALONE IND

AS FINANCIAL STATEMENTS OF TRIBHOVANDAS BHIMJI ZAVERI LIMITED

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 over financial reporting ofTribhovandas Bhimji Zaveri Limited ("the Company") as of March 31 2020 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

ManagementRs.s Responsibility for Internal Financial Controls

The CompanyRs.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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the CompanyRs.s policies the safeguarding of its assets theprevention 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.

AuditorRs.s Responsibility

Our responsibility is to express an opinion on the CompanyRs.s internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing as specified under section 143(10) of the Actto the extent applicable to an audit of internal financial controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these standalone Ind AS financial statements was establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standaloneInd AS financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditorRs.s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 internal financial controls over financialreporting with reference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseStandalone Ind AS Financial Statements

A companyRs.s internal financial control over financial reporting with reference tothese standalone Ind AS financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A companyRs.s internal financial control over financial reportingwith reference to these standalone Ind AS financial statements includes those policies andprocedures 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. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of 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. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the companyRs.s assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone Ind AS financial 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 over financial reporting with referenceto these standalone Ind AS financial statements to future periods are subject to the riskthat the internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these standalone Ind AS financial

statements and such internal financial controls over financial reporting with referenceto these standalone Ind AS financial statements were operating effectively as at March312020 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For S R B C & CO LLP

Chartered Accountants ICAI Firm Registration Number: 324982E/E300003

per Vijay Maniar

Partner

Membership Number: 36738 UDIN: 20036738AAAADF6319

Mumbai: June 24 2020

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