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Trident Ltd.

BSE: 521064 Sector: Industrials
NSE: TRIDENT ISIN Code: INE064C01022
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VOLUME 229274
52-Week high 70.90
52-Week low 16.15
P/E 23.53
Mkt Cap.(Rs cr) 19,186
Buy Price 37.65
Buy Qty 2058.00
Sell Price 37.70
Sell Qty 387.00
OPEN 38.00
CLOSE 38.00
VOLUME 229274
52-Week high 70.90
52-Week low 16.15
P/E 23.53
Mkt Cap.(Rs cr) 19,186
Buy Price 37.65
Buy Qty 2058.00
Sell Price 37.70
Sell Qty 387.00

Trident Ltd. (TRIDENT) - Auditors Report

Company auditors report

To the Members of Trident Limited

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone Ind AS financial statements of TridentLimited ("the Company") which comprise the Balance Sheet as at March 31 2021the Statement of Profit and Loss including the statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand notes to the standalone Ind AS financial statements including a summary ofsignificant accounting policies and other explanatory information in which are includedthe financial statements/financial information of Trident Limited Employee Welfare Trustwhich have been audited by the other auditors for the year ended on that date.

In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of report of other auditor on separatefinancial statements and on the other financial information of Trident Limited EmployeeWelfare Trust 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 31 2021its 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 ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.

EMPHASIS OF MATTER

We draw attention to Note 51 of the standalone Ind AS financial statements whichdescribes the uncertainties and the impact of second wave of Covid-19 pandemic on theCompany's operations and results as assessed by the management. Our opinion is notmodified 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 standalone Ind AS financial statements for the financialyear ended March 31 2021. 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 matter described below to be the key audit matter to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to this matter. 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 ouraudit procedures including the procedures performed to address the matter below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Assessment of Impairment of Sheeting Division (as described in Note 50 of the standalone Ind AS financial statements)
Our audit procedures included the following:
The Company had setup its sheeting division in the year 2015-16. This division manufactures various line of bed sheets. The division has been incurring losses although the division has earned profit before interest and depreciation during the last two years and earned profit before depreciation during the current year. Also considering the uncertain economic situation due to global pandemic which may impact the future profitability projections due to change in assumptions there is a risk that the carrying value of related property plant and equipment (PPE) and other non-current assets of the division may be higher than their recoverable amount. • We understood management's controls and tested controls over the assessment of the carrying value of property plant and equipment and other non-current assets to determine whether any asset impairment was required.
The carrying value of PPE and other non-current assets of the above division as at March 31 2021 is Rs 3997.0 million. • In conjunction with review by specialists we evaluated the Company's assumptions and estimates used to determine the recoverable amount of the sheeting division including those relating to long-term growth rates margins and discount rates with reference to external data such as economic and industry forecasts comparable companies as well as internally developed discount rates.
Our audit focused on this area because of the relative significance of the amount invested in above PPE and other non-current assets to the standalone Ind AS financial statements and the fact that assessment of recoverable value for impairment assessment requires management to make a number of key judgements and estimates with respect to the future performance profitability and usage including judgements and estimates on future growth rates of revenue and the impact of the general economic environment (including competitors). • We tested on a sample basis the mathematical accuracy of the cash flow models and tested relevant data based on approved budgets and latest forecasts.
• We performed sensitivity analysis in relation to the key assumptions with particular focus on drivers of the growth rates margins and discount rate used in the impairment models.
• We assessed the adequacy of the disclosures included at Note 50 to the standalone Ind AS financial statements.

OTHER INFORMATION

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone Ind AS financial statements and our auditor's report thereon.

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 financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. 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. We have nothing to report in thisregard.

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE IND AS 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 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 judgements 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 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 charged with Governance are also responsible for overseeing the Company'sfinancial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

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 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 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 with reference to financial statements in placeand the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial informationof the Company of which we are the independent auditors to express an opinion on theStatement. We are responsible for the direction supervision and performance of the auditof the financial information of the Company of which we are the independent auditors. ForTrident Limited Employee Welfare Trust included in the standalone Ind AS financialstatements which has been audited by other auditors such other auditors remainresponsible for the direction supervision and performance of the audit carried out bythem.

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 2021 and are therefore the key auditmatters. We describe these matters in our auditor'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.

OTHER MATTER

We did not audit the financial statements and other financial information of TridentLimited Employee Welfare Trust included in the accompanying standalone Ind AS financialstatements of the Company whose financial statements and other financial informationreflect total assets of Rs 751.0 million as at March 31 2021 and the total revenues of RsNil for the year ended on that date. The financial statements/ information of TridentLimited Employee Welfare Trust have been audited by the other auditor whose report havebeen furnished to us and our opinion in so far as it relates to the amounts anddisclosures included in respect of Trident Limited Employee Welfare Trust is based solelyon the report of such auditor. Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

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

(a) We/the other auditors whose report we have relied upon have sought and obtainedall the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany including Trident Limited Employee Welfare Trust so far as it appears from ourexamination of those books and report of the other auditors;

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

(d) In our opinion the aforesaid standalone 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 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls 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. The provisions of clause (i) of Sub-Section 3 ofSection 143 of the Companies Act 2013 ("the Act") are not applicable to TridentLimited Employee Welfare Trust;

(g) In our opinion the managerial remuneration for the year ended March 31 2021 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofSection 197 read with Schedule V to the Act. The provisions of Section 197 read withSchedule V to the Act are not applicable to Trident Limited Employee Welfare Trust;

(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 Ind AS financial statements – Refer Note 30 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 Investor Education and Protection Fund by the Company.

For S.R. Batliboi & Co. LLP

 

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Anil Gupta

 

Partner

Membership Number: 87921

UDIN: 21087921AAAABH7384

Place of Signature: New Delhi

Date: May 15 2021

Annexure 1 referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

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

(b) The Company has a program of verification of property plant and equipment to covermost of the items in a phased manner over a period of three years which in our opinionis reasonable having regard to the size of the Company and nature of its assets. Pursuantto the program certain property plant and equipment were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the Company.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification. However in respect of certain items the inventories were verified by themanagement on a visual estimation which has been relied upon by us. Inventories lying withthird parties have been confirmed by them as at year end and no material discrepancieswere noticed in respect of such confirmations.

(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 usthere are no loans guarantees and securities given in respect of which provisions ofSection 185 of the Companies Act 2013 apply and hence not commented upon. In our opinionand according to the information and explanations given to us there are no loansinvestments guarantees and securities given in respect of which Section 186 of theCompanies Act 2013 is applicable.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148(1) of the Companies Act 2013 related to the manufacture of its products andare of the opinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(a) Undisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of custom duty of excise value added tax goodsand service tax cess and other statutory dues have generally been regularly depositedwith the appropriate authorities though there has been a slight delay in a few cases.

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

(c) According to the records of the Company the dues of income-tax sales-tax servicetax duty of custom duty of excise value added tax and cess on account of any disputeare as follows:

Nature of Statute Nature of Dues Amount Period to which the Amount relate Forum where dispute is pending
(Rs in million)
Central Sales Tax Act 1956 Sales tax 0.4 2010-11 MP Commercial Tax Appellate Board
Finance Act 1994 Demand of Service tax on commission paid to Non- Executive Director 66.7* 2014-17 Principal Commissioner Central Goods and service tax Commissionerate-Ludhiana
Finance Act 1994 Demand of Service tax availed on Railway Freight Receipt 25.2 2016-17 Principal Commissioner Central Goods and service tax Commissionerate-Ludhiana
Building and other construction workers (Regulation of Employment and Conditions of Service) Act 1996 Building Cess 8.1 From Financial Year 2007 – 2009 till June 30 2017 High Court of Madhya Pradesh
Income Tax Act 1961 Income Tax (including interest) 0.6 2013 - 14 ITAT

* amount of Rs 2.5 million has been paid subsequent to year end.

The following matters have been decided in the favour of the Company although thedepartment has preferred appeals at higher levels:

Nature of Statute Nature of Dues Amount Period to which the Amount relate Forum where dispute is pending
(Rs in million)
Central Excise Act 1944 Excise Duty 10.7 2013 – 14 High Court Chandigarh
Income Tax Act 1961 Income Tax (including interest and penalty) 250.9 Assessment year 2004-2005 2005-2006 2006-2007 2008- 2009 2009-2010 and 2010-2011 High Court

(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 or debenturesto a financial institution or banks. Further the Company did not have any outstandingloan from Government during the year. The Reserve Bank of India vide its circular datedMarch 27 2020 permitted the lenders to allow a moratorium for three months of EMI(Equated Monthly Instalments) falling due between March 01 2020 and May 31 2020 forvarious categories of loans. The Company had availed the permitted moratorium for some ofits borrowings. The Company has paid all its due EMI's within the extended moratoriumperiod.

(ix) In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of term loans and debtinstruments for the purposes for which they were raised. According to the information andexplanations given by the management the Company has not raised any money by way ofinitial public offer / further public offer during the year hence not commented upon.

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

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provision of Section 197 read with Schedule V to the Companies Act 2013.

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

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

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

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of Companies Act 2013.

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

For S.R. Batliboi & Co. LLP

 

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Anil Gupta

 

Partner

Membership Number: 87921

UDIN: 21087921AAAABH7384

Place of Signature: New Delhi

Date: May 15 2021

Annexure 2 to the Independent Auditors' Report of even date on the Standalone Ind AsFinancial Statements of Trident Limted

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

We have audited the internal financial controls with reference to standalone Ind ASfinancial statements of Trident Limited ("the Company") as of March 31 2021 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing as specified under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both issued by ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to these standalone Ind AS financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these standalone Ind AS financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone Ind ASfinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to these standalone Ind AS financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE IND ASFINANCIAL STATEMENTS

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

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE IND ASFINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with referenceto[standalone Ind AS financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone Ind AS financial statements to future periods aresubject to the risk that the internal financial control with reference to standalone IndAS financial statements may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone Ind AS financial statements and such internalfinancial controls with reference to standalone Ind AS financial statements were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the ICAI.

For S.R. Batliboi & Co. LLP

 

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Anil Gupta

 

Partner

Membership Number: 87921

UDIN: 21087921AAAABH7384

Place of Signature: New Delhi

Date: May 15 2021

.