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Trent Ltd.

BSE: 500251 Sector: Others
NSE: TRENT ISIN Code: INE849A01020
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OPEN 651.50
PREVIOUS CLOSE 641.30
VOLUME 10546
52-Week high 804.05
52-Week low 367.55
P/E
Mkt Cap.(Rs cr) 22,587
Buy Price 635.50
Buy Qty 10.00
Sell Price 645.00
Sell Qty 302.00
OPEN 651.50
CLOSE 641.30
VOLUME 10546
52-Week high 804.05
52-Week low 367.55
P/E
Mkt Cap.(Rs cr) 22,587
Buy Price 635.50
Buy Qty 10.00
Sell Price 645.00
Sell Qty 302.00

Trent Ltd. (TRENT) - Auditors Report

Company auditors report

To The Members of Trent Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Trent Limited("the Company") which comprise the Balance Sheet as at 31 March 2020 and theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary 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 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31 March 2020 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for 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 of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Particulars Description Procedures applied for audit
1 Existence and valuation of Inventories As indicated in Note 10 the value of the Company's inventories at year-end was ' 586.52 crores representing 11% of the Company's total assets. In response to this key matter our audit included among others the following principal audit procedures: Understood Management's control over physical inventory counts and valuation
- Evaluation of the design and testing the operating effectiveness of the internal controls relating to physical inventory counts at the stores and the warehouse. In testing this control we observed the inventory cycle count process on a sample basis inspected the results of the inventory cycle count and confirmed that the variances were approved and appropriately accounted for.
The existence of inventory is a key audit matter due to the involvement of high risk basis the nature of the retail industry wherein value per unit is relatively insignificant but high volumes are involved which are distributed across different Point of Sales and warehouses. - Evaluation of the design and testing the operating effectiveness of the internal controls relating to purchases sales and inventories including automated controls
- We have also performed roll-forward and alternate procedures on sample basis for establishing the existence of inventory as at year-end by validating purchases sales stock movement of inventory during the intervening period i.e. from the date physical verification was done till the year end date.
- For a representative sample verification that the finished goods inventories were correctly measured using a recalculation of the measurement of those inventories based on the cost of acquiring them from suppliers and considering the costs directly attributable to such goods.
- Assessed the key estimates used by the Management to determine the net realisable value and the consistency thereof with the Company's policy on provision for nonmoving inventory and performed a sensitivity analysis on the estimated selling price and compared with the cost per item.
2 Information Technology (IT) The Company's key financial accounting and reporting processes are highly dependent on information systems including automated controls and other systems used for its overall financial reporting. In response to this key matter our work included the following procedures in which our audit team IT specialists were involved:
- Understood General IT Control i.e. access controls program/ system change program development over key financial accounting and reporting systems including operating systems and databases.
-Understood IT application controls covering key interfaces;
- Test checked the General IT Controls for design and operating effectiveness for the audit period;
- Test checked the IT application controls for design and operating effectiveness for the audit period;
- Test checked controls over the IT infrastructure covering user access (including privilege users).
3 Assessment of Impairment of Investment in Trent Hypermarket Private Limited As indicated in Note 5 and 11 the Company's investment in Trent Hypermarket Private Limited amounting to ' 513.58 crores involves assessment of impairment. In response to this key matter our audit included among others the following principal audit procedures:
- Evaluated the design of internal controls relating to the Management's assessment of the impairment workings.
- Assessed the reasonableness of the key business assumptions such as number of stores revenue growth and EBIDTA margins by understanding the management's plan and performing retrospective testing.
The Management determines the recoverable amount on the basis of the value- in-use approach (based on external valuation report) wherein the Management applies significant judgement assumptions and uses significant unobservable inputs and estimates to determine the recoverable amount. - Assessed the reasonableness of the valuation assumptions namely the discount rate adopted for the valuation and the terminal growth rate with the assistance of our internal valuation experts.
- Performed a stress test around the key assumptions including that of COVID 19 impact to determine if any changes to key assumptions would impact the recoverable amounts.
4 Accounting for Leases under Ind AS 116 As described in Note 1 (Accounting policies judgements and estimates) Ind AS 116 'Leases' is effective for the accounting period commencing 1 April 2019. Our audit procedures included:
1) Assessing the design and implementation of the key controls relating to the determination of the Ind AS 116 transition impact disclosure.
2) Our procedures to assess management's key modelling estimates and the completeness/accuracy of the underlying lease data included:
Ind AS 116 has had a significant impact on the reported assets liabilities and the income statement of the Company. - assessing the discount rates used to calculate the lease obligation
- assessing the accuracy of the lease data by testing the lease data captured by management for a sample of leases through the inspection of lease documentation; and
The impact of the Ind AS 116 transition is reliant upon a number of key estimates primarily determining the appropriate discount rates. - testing the completeness of the lease data by reconciling the Company's existing lease commitments to the lease data used in the Ind AS 116 model.
3) Evaluating whether the disclosures included in the notes to the financial statements are in conformity with the applicable standard.
Additionally there is a risk that the lease data which is used in the calculation of Ind AS 116 transition calculation is incomplete or inaccurate.

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

• The Company's Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Board's Report including Annexures to Board's Report Business ResponsibilityReport Corporate Governance and Shareholder's Information but does not include thestandalone financial statements and our auditor's report thereon.

• Our opinion on the standalone 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 financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility 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 Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 financialstatement 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 Responsibility 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 scepticism 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 control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue 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.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

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 Section 143(3) of the Act based on our audit 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 Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

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

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

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 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 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 No. 36(d) (Page 161) of thestandalone financials 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 Investor Education and Protection Fund by the Company except ' 0.08 crores which isheld in abeyance due to legal cases pending.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Geetha Suryanarayanan
Partner
(Membership No. 29519)
Place: Chennai UDIN 20029519AAAABQ1976
Date: 22 May 2020

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TrentLimited ("the Company") as of 31 March 2020 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for 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. 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theAct to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement 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 systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A company's internal financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit 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 over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2020 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Geetha Suryanarayanan
Partner
(Membership No. 29519)
Place: Chennai UDIN 20029519AAAABQ1976
Date: 22 May 2020

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'Section of our report of even date)

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

(b) Some of the fixed assets were physically verified during the year by the Managementin accordance with a program of verification which in our opinion provides for physicalverification of all the fixed assets at reasonable intervals. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed / title deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate except the following:

Rs. in crores
Particulars of the land and building Gross Block (as at 31 March 2020) Net Block (as at 31 March 2020) Remarks
Office premises bearing Nos. D2 and D4 Second floor Taj Building 210 Dr. D. N. Road Mumbai - 400001 0.23 0.05 Title Deed of the property is in the name of Bruel Investments Private Limited which was amalgamated with Lakme Limited. Consequently Lakme Limited has changed its name to Trent Limited.
Flat no. 21/D Second floor Mamta-D Plot no. 926 T.P.S. no. IV Appasaheb Marathe Road Prabhadevi Mumbai-400025. 0.71 0.16 Title Deed of the property is in the name of Lakme Limited which has changed its name to Trent Limited.

(ii) As explained to us the inventories were physically verified during the year bythe management at reasonable interval and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act.

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

(v) According to the information and explanations given to us the Company has notaccepted any deposits during the year in terms of Section 73 to 76 of the Act and hencereporting under clause 3(v) of the Order is not applicable.

(vi) The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Act.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Services Taxcess and other material statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Customs Duty Goods and Services Tax cess and other materialstatutory dues in arrears as at 31 March 2020 for a period of more than six months fromthe date they became payable except for-

Name of Statute Nature of Dues Amount ( Rs.) Period to which the Amount Relates Due Date Date of subsequent payment
Profession tax - Bihar Profession tax Rs.5354/- FY 2019-20 Various dates

-

Profession tax - Bihar Profession tax Rs.1347/- FY 2018-19 Various dates

-

Profession Tax -Gujarat Profession tax Rs.14120/- FY 2019-20 Various dates

-

Profession Tax -Jharkhand Profession tax Rs.9998/- FY 2019-20 Various dates

-

Profession Tax -Mizoram Profession tax Rs.1456/- FY 2019-20 Various dates

-

Profession Tax -Puducherry Profession tax Rs.3376/- FY 2019-20 Various dates -
Profession Tax -Puducherry Profession tax Rs.1655/- FY 2018-19 Various dates -

(c) According to the records made available to us and the information and explanationsgiven by the management the details of dues of Sales Tax Income Tax Value Added Taxwhich have not been deposited as on 31 March 2020 on account of disputes are given below:

(Rs. in crores)
Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount (Net of Amount paid under protest) Amount paid under protest
Income Tax Act 1961 Income Tax Matters Income Tax Appellate Tribunal 2011-2012 0.63 -
Commissioner (Appeals) 2013-2014 2015- 2016 2016- 2017 15.89
Income Tax Appellate Tribunal 2010-11 0.46 -
Assessing Officer 2014-15 0.72 -
Central Sales Tax Act 1956 and respective State Sales Tax Act Sales Tax and Value Added Tax Deputy Commissioner (Appeals) 1995-1996 2002-2003 2016-2017 0.04
Joint Commissioner (Appeals) 2012-2013 0.01 -
Commercial Tax Officer 2014-16 0.22 0.03
The Rajasthan Entertainments and Advertisement Taxes Act 1957 Advertisement Tax Joint Commissioner of Advertisement Tax (Appeal) 2012-13 0.46

There are no dues of Custom Duty and Goods and Services Tax as on 31 March 2020 onaccount of disputes.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to debenture holders. The Companyhas not taken any loans or borrowings from financial institutions and government.

(ix) In our opinion and according to the information and explanations given to us themoney raised by way of debt instruments have been applied by the Company during the yearfor the purposes for which they were raised. The Company has not raised moneys by way ofinitial public offer or further public offer or term loans.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid or provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 177 and 188 of the Act where applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us the Company has madepreferential allotment of shares during the year under review. In respect of the aboveissue we further report that -

a) the requirement of Section 42 of the Companies Act 2013 as applicable have beencomplied with; and

b) the amounts raised have been applied by the Company during the year for the purposesfor which the funds were raised.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its holding subsidiary or associate company or personsconnected with them and hence provisions of Section 192 of the Act are not applicable.

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

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Geetha Suryanarayanan
Partner
(Membership No. 29519)
Place: Chennai UDIN 20029519AAAABQ1976
Date: 22 May 2020

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