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V-Mart Retail Ltd.

BSE: 534976 Sector: Others
NSE: VMART ISIN Code: INE665J01013
BSE 16:00 | 27 Jan 3667.55 -94.30
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NSE 15:58 | 27 Jan 3687.80 -85.25
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OPEN 3850.00
PREVIOUS CLOSE 3761.85
VOLUME 339
52-Week high 4620.00
52-Week low 2342.95
P/E 2048.91
Mkt Cap.(Rs cr) 7,240
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3850.00
CLOSE 3761.85
VOLUME 339
52-Week high 4620.00
52-Week low 2342.95
P/E 2048.91
Mkt Cap.(Rs cr) 7,240
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

V-Mart Retail Ltd. (VMART) - Auditors Report

Company auditors report

To the Members of V-Mart Retail Limited

REpoRT oN ThE AudIT oF ThE FINANCIAL STATEMENTS opINIoN

We have audited the accompanying financial statements of V-Mart Limited ("theCompany") which comprise the Balance sheet as at 31st March 2021 theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the financial statements and otherincluding a summary of significant explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2021 its lossincluding other comprehensive loss its cash flows and the changes in equity for the yearended on that date.

BASIS FoR opINIoN

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) as specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the ‘Auditor’s Responsibilities for theAudit of the Financial Statements’ section of our report. We are independent of theCompany in accordance with the ‘Code of Ethics’ issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour statements auditofthefinancial 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 sufficientand appropriate to provide a basis for our audit opinion on thefinancial statements.

EMphASIS oF MATTER

We draw attention to note no. 49 to the Ind AS financial statement which describes theuncertainties and impact of COVID-19 pandemic on the Company’s operations and resultsas assessed by the management. Our opinion in is not modified in respect of this matter.

KEy AudIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements for the financialyear ended 31 stMarch 2021. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. For each matter below our description of how our auditaddressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor’s responsibilities for the audit of the financial statements section of ourreport including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of statements. The results of our audit procedures thefinancial includingthe procedures performed to address the matters below provide the basis for our auditopinion on the accompanying financial statements.

Key audit matters how our audit addressed the key audit matter
Valuation of inventory with respect to estimated markdown due to slow moving and obsolete inventories (including shrinkage) (as described in note 33 45 and 49 of the Ind AS financial statements)
As at 31st March 2021 the carrying value of inventories (including packing and accessories) amounted to ` 42830.74 lakhs after considering markdown on account of slow moving and obsolete inventory and shrinkage of ` 2463 lakhs. Our audit procedures included the following:
The prevalent financial economic and health crises caused due to COVID-19 has impacted the business operations of the Company and has consequential impact on the assessment with respect to estimated markdown due to slow moving and obsolete inventories. We obtained an understanding evaluated the design and tested the operating effectiveness of controls over receipts sorting and tagging and dispatch of inventories to various stores maintenance of stock records and assessment of carrying value of inventory including markdown.
Accordingly the Company has assessed inventory levels at warehouse and stores and further evaluated the process of determining the markdown to be made to the inventory including shrinkage. Such assessment involves significant estimates such as management’s expectations of forecast inventory demand anticipated future recoverability of such inventory items the estimated costs to sell (if any) and potential impact of COVID 19. andSince it involves significant thisestimate and significant area has been determined as a Key Audit Matter. We obtained ageing of inventory and tested on a sample basis the ageing of inventories and have further obtained calculation for inventory markdown from the Company.
We have re-performed the calculation of the inventory markdown as per the policy of the Company basis the historic and anticipated sales trend.
We have assessed the evaluation of markdown and estimated loss on account of inventory shrinkage based on various factors such as historical and anticipated sales performance of the products and average value of inventory loss from last inventory count as a % of sales respectively.
We have obtained management representation in respect of control over inventory count procedures and appropriateness of management assessment for estimated markdown due to slow moving and obsolete inventories (including shrinkage).
We assessed the adequacy of the disclosures concerning this in Note 33 on significant accounting estimates and judgments and Note 45 to the financial statements.

oThER INFoRMATIoN

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual report but does notinclude the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether such other information ismaterially inconsistent with the financialstatements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

RESpoNSIBILITIES oF MANAgEMENT FoR ThE 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 financial statements that givea true and fair view the financial position financial performance including comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting process.

AudIToR’S RESpoNSIBILITIES FoR ThE AudIT oF ThE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material of misstatement whether due to fraud orerror and to issue an auditor’s report that includes our opinion. Reasonableassurance other 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 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3) (i) ofthe Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the significant audit and significant deficiencies in internalcontrol 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 financial statements for thefinancial year ended 31st March 2021 and are therefore the key audit matters.We describe these matters in our auditor’s report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

REpoRT oN oThER LEgAL ANd REguLAToRy REquIREMENTS

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

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

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Companies (Indian AccountingStandards) Rules 2015 as amended;

(e) The matter described in Emphasis of Matter paragraph above in our opinion mayhave an adverse effect on the functioning of the Company;

(f) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified asst March 2021 from being on31 appointed as a director in termsof Section 164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controls with reference tothese financial statements and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report;

(h) With respect to the matter to be included in the Auditors’ Report underSection 197(16) of the Act:

We draw attention to Note 48 to the financial statements relating to ManagerialRemuneration of two executive directors accrued and paid by the Company for the financialyear ended 31 st March 2021 exceeds the limits prescribed under Section 197read with Schedule V of the Companies Act 2013 by `36.64 lakh and hence is subject tothe approval of the shareholders in the forthcoming annual general meeting. The Ministryof Corporate Affairs has not prescribed other details under Section 197(16) of the Actwhich are required to be commented upon by us.

(i) 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 financial statements Refer Note 34(ii) to the 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 Vikas Mehra

Partner

Membership Number: 094421

UDIN: 21094421AAAABX1894

Place of Signature: New Delhi

Date: 28th May 2021

Annexure 1

referred to in paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report

RE: V-MART RETAIL LIMITEd ("ThE CoMpANy")

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets except for location of few assets whichare transferred from one store to another.

(b) All fixed assets have not been physically verified the management during the yearbut there is regular programme of verifying them once in three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification

(c) According to the information and explanations given by the management and auditprocedures performed by us the title deeds of Land included in property plant andequipment is held in the name of the company.

of(ii) The management has conducted physical verification inventory at reasonableintervals. Discrepancies noted on properly physical verification dealt with in the booksof accounts.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013.Accordingly the provisions of clause 3(iii) (a) (b) and (c) of the Order are notapplicable 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 investments guarantees and securities given in respect of whichprovisions of section 185 and 186 of the Companies Act 2013 are applicable and hence notcommented upon.

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

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the products/services of the Company. Accordingly the provision of clause 3(vi) ofthe Order are not applicable.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax value added tax goods and service taxcess and other statutory dues have generally been regularly deposited with the appropriateauthorities though there has been a slight delay in a few cases. The provision relating toduty of custom and duty of excise is not applicable to the Company.

(b) According to the information and explanations given Limited Liability to us noundisputed amounts payable in respect of provident fund employees’ state insuranceincome-tax service tax sales-tax value added tax goods and service tax cess and otherstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable. The provision relating to duty of custom and duty ofexcise is not applicable to the Company.

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

Name of Statue Nature of dues Amount (in ` lakhs) Amount paid under protest (in ` lakhs) period to which the amount relates Forum where the dispute is pending
The Finance Act 1994 Service tax 68.86 37.72 1st June 2007 to 31st March 2010 The Hon’ble Supreme Court of India
The Income Tax Act 1961* Income tax 0.60 - FY 2008-09 Assistant Commissioner of Income Tax Kolkata
The Income Tax Act 1961* Income tax 4.81 - FY 2012-13 Commissioner Income Tax (Appeals) Kolkata
The Income Tax Act 1961 Income tax 97.88 - FY 2013-14 Commissioner Income Tax (Appeals) Kolkata
The Income Tax Act 1961* Income tax 12.57 - FY 2015-16 Commissioner Income Tax (Appeals) Kolkata
The Income Tax Act 1961 Income tax 600.63 - FY 2015-16 The Company is in the process of filing an appeal before ITAT
The Income Tax Act 1961* Income tax 80.20 - FY 2016-17 Commissioner Income Tax (Appeals) Kolkata
The Income Tax Act 1961 Income tax 74.97 - FY 2011-12 Commissioner Income Tax (Appeals) Kolkata
The Income Tax Act 1961 Income tax 57.55 - FY 2017-18 Commissioner Income Tax (Appeals) Kolkata
The Bihar Value Added Tax 2005 Value added tax 402.79 80.56 FY 2012-13 & FY 2013-14 Joint Commissioner of Commercial tax Patna
The Uttar Pradesh 2008 Value added tax 6.14 6.14 FY 2012-13 Assistant Commissioner Tax Ghaziabad
The Uttar Pradesh 2008 Value added tax 8.76 8.76 FY 2013-14 Mobile Squad Unit -1 Muzaffarnagar
The Uttar Pradesh 2008 Value added tax 12.55 12.55 FY 2015-16 Assistant commissioner (Mobile Squad) Tax Ghaziabad
Haryana Value Added Tax Act 2003 Value added tax 7.54 5.00 FY 2015-16 Haryana High Court
The Uttar Pradesh 2008 Value added tax 2.96 - FY 2016-17 Additional Commissioner Grade-2 Appeal Muzaffarnagar
Central Sales Tax Act 1956 Central Sales Tax 123.58 - 01st December 2015 to 31st May 2017 Joint commissioner commercial Tax Ganjam-1 Circle Berhampur

*The Company netted off the demand with refund outstanding in books of accounts

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancialinstitution or bank. The Company did not have any loans or borrowings fromgovernment or dues to debenture holders.

(ix) In our opinion and according to the information and explanations given to us andon the basis of our examination of the records of the Company during the current yearthe Company has Raised money by way of Qualified Institutional Placement (QIP) such QIPwere ` 37499.99 lakh. The proceeds of the issue (net of related expense of ` 463.17 lakh)are to augment to meet the future expansion plans of the Company which include fundingexpenditure towards expansion of store network including warehousing facilities andrelated land acquisition funding digital initiatives general corporate purposes othercorporate exigencies including but not limited to the refurbishment and renovation ofexisting stores. The proceeds of ` 35683.09 lakh pending utilisation for the objects ofQIP have temporarily been invested in interest bearing liquid instrument and Mutualfunds. The Company did not raise any money by way of further public offer (including debtinstruments) during the year and the term loan raised during the year have been appliedfor the purposes for which they were raised.

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

(xi) According to the information and explanations given to us and on the basis of ourexamination of records of the Company read with note 48 the Managerial Remunerationaccrued and paid by the Company is in accordance with the requisite approvals mandated bythe provisions of section 197 read with Schedule V to the Companies Act except for twoexecutive directors where the remuneration paid exceeds the limits prescribed underSection 197 read with Schedule V of the Companies Act 2013 by `36.64 lakh The Company isin the process of obtaining approval from shareholders at the forthcoming annual generalmeeting for such excess remuneration (refer note 48 of the financial statements).

(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 . The proceedsfrom are in compliance with section177 and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe notes to the 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) are not applicable tothe 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 Vikas Mehra

Partner

Membership Number: 094421

UDIN: 21094421AAAABX1894

Place of Signature: New Delhi

Date: 28th May 2021

ANNEXuRE - 2

To ThE INdEpENdENT AudIToR’S REpoRT oF EVEN dATE oN ThE FINANCIAL STATEMENTS oFV-MART RETAIL 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 financial statementsof V-Mart Retail Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon 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 thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

AudIToR’S RESpoNSIBILIT y

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these financial statements based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing asspecified under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both issued by ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tothese financial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to these financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor’sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlswith reference to these financial statements.

MEANINg oF INTERNAL FINANCIAL CoNTRoLS wITh REFERENCE To ThESE FINANCIAL STATEMENTS

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail reflecttheaccurately and fairly transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

I N hERENT LIMITATIoNS oF INTERNAL FINANCIAL CoNTRoLS wITh REFERENCE To FINANCIALSTATEMENTS

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

opINIoN

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financialcontrols withreference to financialstatements were operating effectively as at 31st March

2021 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note issued by the ICAI.

For S.R. Batliboi & Co. LLp

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Vikas Mehra

Partner

Membership Number: 094421

UDIN: 21094421AAAABX1894

Place of Signature: New Delhi

Date: 28th May 2021

.