You are here » Home » Companies » Company Overview » Triveni Engineering and Industries Ltd

Triveni Engineering and Industries Ltd.

BSE: 532356 Sector: Agri and agri inputs
NSE: TRIVENI ISIN Code: INE256C01024
BSE 00:00 | 17 Jun 177.00 -4.50
(-2.48%)
OPEN

180.40

HIGH

184.70

LOW

174.70

NSE 00:00 | 17 Jun 177.00 -4.60
(-2.53%)
OPEN

179.90

HIGH

184.60

LOW

174.50

OPEN 180.40
PREVIOUS CLOSE 181.50
VOLUME 76199
52-Week high 203.20
52-Week low 46.45
P/E 12.26
Mkt Cap.(Rs cr) 4,280
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 180.40
CLOSE 181.50
VOLUME 76199
52-Week high 203.20
52-Week low 46.45
P/E 12.26
Mkt Cap.(Rs cr) 4,280
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Triveni Engineering and Industries Ltd. (TRIVENI) - Auditors Report

Company auditors report

To

The Members of

Triveni Engineering & Industries Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS Opinion

We have audited the standalone financial statements of TRIVENIENGINEERING & INDUSTRIES LIMITED ("the Company") which comprise theStandalone Balance Sheet as at 31 March 2020 and the Standalone Statement of Profit andLoss (including other comprehensive income) Standalone Statement of Changes in Equity andStandalone Statement of Cash Flows for the year then ended and notes to the standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 accounting principles generally accepted in India ofthe state of affairs of the Company as at 31 March 2020 and profit (including othercomprehensive loss) changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the standalone financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matters Auditor's Response
1 Recognition of Subsidies: Our audit procedures included the following:
We identified recognition of subsidies as a key audit matter as it involves significant management judgement. • Obtaining policy from the Company defining the management perspective and basis for recognition of Government subsidies in the books of accounts;
The area of management judgement includes management risk assessment with respect to recognition of subsidies based on substantive compliance of the conditions and reasonable certainty of receipt of subsidy. • Obtaining an understanding of internal controls over recognition and recoverability of subsidy claims and testing on a sample basis their design implementation and operating effectiveness;
(Refer Note no. 2(a)(iii) & 43 of the standalone financial statements) • Considered the relevant circularsnotifications issued by various authorities; and
• Evaluated the management's assessment regarding the reasonable certainty for complying with the relevant conditions as specified in circularsnotifications issued by various authorities.
2 Appropriateness of cost to complete the project: Our audit procedures included the following:
The Company recognizes revenue from construction contracts on percentage of completion method as specified in Indian Accounting Standards (Ind AS) 115- Revenue from Contract with Customers. (Refer Accounting policy Note no. 1(b)(iii)) • Obtaining an understanding of internal controls over estimation of cost of completion of projects and testing on a sample basis their design implementation and operating effectiveness;
• Agr the total project revenue estimates to contracts with eed customers;
We identified this matter as a key audit matter as it involves significant judgement by the management in estimation of cost to complete the project and any variation may have consequential impact on revenue. • Obtained computation of estimated costs to complete and the percentage of project completion and verified the same against the contracts on sample basis and also checked arithmetic accuracy of the same;
• P erformed the walkthrough procedure and verified the invoices purchase orders etc. for actual cost incurred till the year end; and
• Compared the management estimates revised during the year with the estimate made in earlier years and obtained reasons/ approval for such revision.

Information other than the Standalone financial statements andAuditor's Report thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annualreport but does not include the standalone financial statements and ourauditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility 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 amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian accountingStandards (Ind AS) specified under section 133 of the Act. 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 designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal 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 thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic 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 publicinterest benefits of such communication.

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 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that: a) We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Standalone Balance Sheet the Standalone Statement of Profit andLoss (including Other Comprehensive Income) Standalone Statement of Changes in Equity andthe Standalone Statement of Cash Flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements complywith the Indian Accounting Standards (Ind AS) specified under section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31 March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2020 from being appointed as a director in termsof section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls withreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationsas at 31 March 2020 on its financial position in its standalone financial statements– Refer Note no. 46 to the standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses on long-term contractsincluding long term derivative contracts.

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

For S.S. KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Partner
Place: Faridabad (Haryana) Membership No.: 093214
Date: June 17 2020 UDIN: 20093214AAAABA2558

"Annexure A" to the Independent Auditors' Report

The Annexure as referred in paragraph

(1) ‘Report on Other Legal and Regulatory Requirements'of our Independent Auditors' Report to the members of TRIVENI ENGINEERING &INDUSTRIES LIMITED on the standalone financial statements for the year ended 31 March2020. We report that: i.

(a) The Company has generally maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of itsfixed assets which in our opinion is reasonable having regard to the size of the Companyand the nature of its fixed assets. In accordance with this program all major items offixed assets were physically verified by the management during the year and no materialdiscrepancies were noticed on such verification as compared to the books of accounts.

(c) According to the information and explanation given to us and on thebasis of examination of title deeds sale deeds transfer deeds conveyance deeds possessionletters allotment letters and other relevant records evidencing title possession providedand legal opinion obtained by the Company we report that the title deeds of the immovableproperties are held in the name of the Company as at the balance sheet date except for 3cases having gross book value of Rs. 13.13 lakhs in respect of freehold land as disclosedin Note no. 3 on Property Plant & Equipment and 15 cases having gross book value ofRs. 96.54 lakhs in respect of freehold land disclosed in Note no. 4 on InvestmentProperty to the standalone financial statements where the title deeds are not held inthe name of the Company.

ii. The physical verification of the inventory has been conducted atreasonable intervals by the management during the year. As far as we could ascertain andaccording to information and explanations given to us no material discrepancies werenoticed between the physical stock and the book records.

iii. According to the information and explanations given to us theCompany has granted loans to two body corporates covered in the register maintained undersection 189 of the Act in respect of which:

(a) In our opinion the rate of interest and other terms and conditionson which the loans had been granted to body corporates covered in the register maintainedunder section 189 of the Act were not prima facie prejudicial to the interest of theCompany.

(b) In respect of aforesaid loans repayment of principal and paymentof interest has been stipulated in the agreements entered with the respective bodycorporates. In respect of one of the loans principal is not due for repayment and paymentof interest have been regular as per stipulations while in the other case principal duefor repayment amounting to Rs. 291.53 lacs along with the interest due thereon has beenrolled over twice as a fresh loan on similar stipulation regarding interest for aggregateperiods of ten months.

(c) There is no overdue amount remaining outstanding as at theyear-end.

iv. According to the information and explanations given to us and onthe basis of our examination of the records the Company has not granted any loans orprovided any guarantees or securities to parties which are covered under section 185 ofthe Act. The Company has complied with the provisions of section 186 of the Act in respectof grant of loans making investments and providing guarantees and securities asapplicable.

v. According to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of sections 73 to76 or any other relevant provisions of the Act and the rules framed there under.Accordingly the provisions of clause 3 (v) of the Order are not applicable to theCompany.

vi. We have broadly reviewed the books of account maintained by theCompany pursuant to the rules prescribed by the Central Government of India for themaintenance of cost records under sub-section 1 of section 148 of the Act and are of theopinion that prima facie the prescribed records and accounts have been made andmaintained. However we have not carried out a detailed examination of such records with aview to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us andon the basis of examination of the records of the Company the Company is generallyregular in depositing undisputed statutory dues including provident fund employees'state insurance income-tax sales-tax service tax duty of customs duty of excisevalue added tax goods and services tax cess and other material statutory dues with theappropriate authorities to the extent applicable.

(b) According to the information and explanations given to usand on the basis of examination of the records of the Company there are no undisputedaforesaid statutory dues payable as at 31 March 2020 for a period of more than six monthsfrom the date they became payable.

(c) According to the records and information and explanationsgiven to us there are no dues in respect of income-tax sales-tax service taxgoods and services tax duty of customs duty of excise or value added tax which have notbeen deposited on account of any dispute except as given below:

Name of Statute Nature of Dues Period (F.Y.) to which the amount relates Amount Demanded (Excluding interest) ( ` in Lakhs) Amount paid (` in Lakhs) Forum where dispute is pending
The Central Excise Act1944 Excise Duty 1998 to 2004-05 2006-07 to 2012-13 116.11 13.82 High Court
The Central Excise Act1944 Penalty 1998 to 2004-05 2006-07 to 2012-13 269.30 266.00 High Court
The Central Excise Act1944 Excise Duty 1995-96 to 1996-97 2010-11 1.61 1.61 Custom Excise and Service Tax Appellate Tribunal
The Central Excise Act1944 Penalty 1995-96 to 1996-97 2010-11 0.07 0.07 Custom Excise and Service Tax Appellate Tribunal
The Finance Act 1994 (Service Tax) Service Tax 2012-13 and 2013-14 (Q1) 23.37 - High Court
The Custom Act 1962 Penalty 2004-05 19.93 6.19 Custom Excise and Service Tax Appellate Tribunal
The Custom Act 1962 Penalty 2004-05 2.00 2.00 Commissioner (Appeal)
Central Sales Tax Act 1956 & State VAT Act Sales Tax 1993-94 & 2010-11 to 2011-12 28.23 1.82 High Court
Central Sales Tax Act 1956 & State VAT Act Sales Tax 1998-99 to 2000-01 2012-13 to 2013-14 259.71 96.48 Tribunal
Central Sales Tax Act 1956 & State VAT Act Sales Tax 2009-10 2014-15 to 2017-18 (Q1) 213.13 22.89 Addl/ Joint Commissioner
Central Sales Tax Act 1956 & State VAT Act Penalty 2009-10 2014-15 to 2017-18 (Q1) 16.21 - Addl/ Joint Commissioner
Goods and Service Tax GST 2018-19 to 2019-20 0.29 0.29 Commissioner (Appeal)
Goods and Service Tax Penalty 2018-19 to 2019-20 0.29 0.29 Commissioner (Appeal)
The Income Tax Act 1961 Income Tax 2002-03 2004-05 2005-06 2007-08 & 2010-11 2765.94 1069.20 Income Tax Appellate Tribunal
The UP Sugarcane (Purchase Tax) Act 1961 Purchase Tax 2016-17 to 2017-18 (Q1) 482.80 - High Court
Delhi Sales Tax Act1975 Sales Tax 1993-94 74.17 64.00 Addl. Commissioner I Sales Tax Delhi
Delhi Sales Tax Act1975 Sales Tax 1994-95 90.08 50.00 Addl. Commissioner I Sales Tax Delhi
Delhi Sales Tax Act1975 Sales Tax 2002-03 12.46 1.53 Dy Comm II Sales Tax Delhi
Orissa Sales Tax Act1947 Sales Tax 1991-95 9.21 2.00 Assistant Commissioner Sales Tax Range 2 Cuttack Orissa
Orissa Sales Tax Act1947 Sales Tax 1987-88 0.44 0.32 Sales Tax Tribunal- Orissa Cuttack

viii. In our opinion on the basis of audit procedures and according tothe information and explanations given to us the Company has not defaulted in repaymentof loans or borrowings to any banks financial institutions or government during the year.The Company has not issued any debentures.

ix. According to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) during the year. The term loans have been applied for thepurpose for which they were raised.

x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiawe have neither come across any instance of fraud by the Company or on the Company by itsofficers or employees being noticed or reported during the year nor have we been informedof such case by the management.

xi. According to the information and explanations given to us and basedon our examination of the records of the

Company the Company has paid provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly clause 3(xii) of the Orderis not applicable.

xiii. According to the information and explanations given to us andbased on our examination of the records of the

Company transactions with the related parties are in compliance withsection 177 and 188 of the Act where applicable and details of such transactions havebeen disclosed in the standalone financial statements as required under Indian AccountingStandard (Ind AS) 24 Related Party Disclosures specified under section 133 of the Act.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly clause 3(xiv) of the Order is not applicable.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with them. Accordingly clause3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Accordingly clause 3(xvi) of the Order is notapplicable.

For S.S. KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Partner
Place: Faridabad (Haryana) Membership No.: 093214
Date: June 17 2020 UDIN: 20093214AAAABA2558

"Annexure B" to the Independent Auditor's Report

of even date on the Standalone Financial Statements of TRIVENIENGINEERING & INDUSTRIES LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT") AS REFERREDTO IN PARAGRAPH 2(F) OF ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS'

We have audited the internal financial controls over financialreporting of TRIVENI ENGINEERING & INDUSTRIES LIMITED ("the Company")as of 31 March 2020 in conjunction with our audit of the standalone financial statementsof the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal controls with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under section143(10) of the Act to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to financial statements was established and maintainedand if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS

A company's internal financial control with reference to 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 control with reference to financial statements includes those policies andprocedures 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 materialeffect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TOFINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system with reference to financial statements and suchinternal financial controls with reference to financial statements were operatingeffectively as at 31 March 2020 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the

Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For S.S. KOTHARI MEHTA & COMPANY
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Partner
Place: Faridabad (Haryana) Membership No.: 093214
Date: June 17 2020 UDIN: 20093214AAAABA2558