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Welspun Investments & Commercials Ltd.

BSE: 533252 Sector: Financials
NSE: WELINV ISIN Code: INE389K01018
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OPEN 288.15
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VOLUME 100
52-Week high 386.75
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P/E 42.91
Mkt Cap.(Rs cr) 109
Buy Price 0.00
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OPEN 288.15
CLOSE 310.80
VOLUME 100
52-Week high 386.75
52-Week low 235.60
P/E 42.91
Mkt Cap.(Rs cr) 109
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Welspun Investments & Commercials Ltd. (WELINV) - Auditors Report

Company auditors report

To

The Members of Welspun Investments and Commercials Limited Report on the Audit of theInd AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Welspun Investments andCommercials Limited ("the Company") which comprise the Balance Sheet as at 31March 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Cash Flow Statement for the year then ended 31March and other2021and explanatory summaryofsignificant information (hereinafterreferred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 Indiaincluding the Ind AS of the state of affairs of the Company as at 31 March 2021 and itsprofit (including other comprehensive income) the changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of Ind AS FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India together withthe ethical requirements that are relevant to our audit of the Ind AS financial statementsunder the provisions of the Act and Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the IndAS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the year ended 31 March2021. These matters were addressed in the context of our audit of the Ind AS financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Auditor’s Response
1. Guarantee given to bank against liabilities of MEP Cotton Limited
The Company has given guarantee to Punjab National Bank for repayment of liabilities of MEP Cotton Limited of Rs.107023661. Company has not provided updated status of guarantee to bank. There is no change in status of guarantee given to bank the same has been continued to be disclosed in books as contingent liability (Refer Note 19).

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

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual Report for 2020-21 butdoes not include the Ind AS financial statements and our auditor’s report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the Ind AS financial statements or our obtained in the auditor otherwise appears to be materially misstated. If based on the work we have performedwe conclude that there is a material misstatement of this other information we arerequired to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Ind ASFinancial 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 Ind AS financial statementsthat give a true and fair view of the financial position financial including othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and accounting records relevant to the preparation and presentationof the Ind AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company’s ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditors’ Responsibility for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these 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:

1) Identify and assess the risks of material misstatement of the Ind AS financialdesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

2) 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) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

4) 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 theentity’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 Ind AS 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 entity to cease to continue as a going concern.

5) Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Ind AS financial statements may be qualitativefactors in

(i) planning the scope of our audit work and in influenced. evaluating the results ofour work; and

(ii) to evaluate the effect of any identified misstatements in the Ind AS financialstatements.

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 communicate with them allrelationships 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 Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by 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 A" a statement on the mattersspecified 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 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 Statement of Changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. statements comply withd) In our opinion the aforesaid AccountingStandards specified under IndAS financial 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 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" to this report.

g) The Company has not paid / provided any managerial remuneration to its directors forthe year ended 31 March 2021 as such compliance with provision of Section 197 read withSchedule V of the Act is not required.

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:

(a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 19 to the Ind AS financial statements;

(b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For P Y S & CO LLP

Chartered Accountants

Firm Registration No. 012388S/S200048

(G. D. Joglekar)

Partner

Membership No.: 039407

UDIN: 21039407AAAAHP1475

Place: Mumbai

Dated: 20 April 2021

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT (Referred to inparagraph 1 under the heading ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date)

1. The Company does not have any fixed assets. Accordingly the provisions of clause3(i)(a) 3(i)(b) and 3(i)(c) of the Order are not applicable to the Company.

2. The Company has not done any trading activity during the year and it has no physicalinventory any time during the year.

Accordingly the provisions of clause 3(ii) of the Order relating to physicalverification of inventory are not applicable to the Company during the year.

3. According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clause 3(iii) of the Order are not applicable to theCompany.

4. According to information and explanations given to us in respect of loansinvestments guarantees and securities the Company has complied with the provisions ofsection 185 and 186 of the Companies Act 2013.

5. According to the information and explanations given to us the Company has notaccepted any deposits during the year within the meaning of Sections 73 to 76 of the Actand the rules framed thereunder.

6. In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records pursuant to the Companies (cost records andaudit) Rules 2014 specified by the Central Government of India under Section 148 of theCompanies Act 2013 are not applicable to the Company for the year under audit.

7. (a) According to the information and explanation given to us the Company has beengenerally regular in depositing the undisputed statutory dues including provident fundemployees’ state insurance income tax goods and service tax custom duty cess andother material statutory dues as applicable with the appropriate authorities. Noundisputed amounts payable in respect of aforesaid statutory dues were outstanding as onthe last day of the financial year for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no dues ofincome tax goods and service tax customs duty and cess which have not been deposited onaccount of any dispute.

8. According to the information and explanations given to us the Company does not haveany loans or borrowings from banks or financial institutions or government or debentureholders. Accordingly paragraph 3(viii) of the Order is not applicable to the Company.

9. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments). The Company does not have any term loans during the year.

10. According to the information and explanation given to us we have neither comeacross any instances of fraud by the

Company or any fraud on the Company by its officers or employees have been noticed orreported during the year nor have we been informed of any such cases by the management.

11. According to the information and explanations given to us the Company has not paidor provided managerial remuneration during the year.

12. According to the information and explanations given to us the Company is not aNidhi Company. Accordingly the provisions of clause 3(xii) of the Order are notapplicable to the Company.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of Companies Act 2013 andthe Company has disclosed related party transactions in the Financial Statements asrequired by the accounting standards.

14. According to the information and explanations given to us the Company has not madepreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year. Accordingly paragraph 3(xv) of the Order is not applicable to the Company.

16. According to the information and explanations given to us as the Company is CoreInvestment Company (CIC) which is not Systemically Important Core Investment Company thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934 and hence provisions of clause 3(xvi) of the Order are not applicable to theCompany.

For P Y S & CO LLP

Chartered Accountants

Firm Registration No. 012388S/S200048

(G. D. Joglekar)

Partner

Membership No.: 039407

UDIN: 21039407AAAAHP1475

Place: Mumbai

Dated: 20 April 2021

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT (Referred to inparagraph 2(f) under the heading ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date)

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

We have audited the internal financial controls over financial reporting of WelspunInvestments and Commercials Limited ("the Company") as of 31 March 2021 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 established by the Company considering theessential components of internal control control over financial stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to financialcontrols both applicable to an audit of internal audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company’s internal financial controlover financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Ind AS 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 ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P Y S & CO LLP

Chartered Accountants

Firm Registration No. 012388S/S200048

(G. D. Joglekar)

Partner

Membership No.: 039407

UDIN: 21039407AAAAHP1475

Place: Mumbai

Dated: 20 April 2021

Independent Auditor’s Report on the Audited Annual Ind AS Financial Results ofWelspun Investments and Commercials Limited Pursuant to the Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as amended

To the Board of Directors of

Welspun Investments and Commercials Limited

Welspun City Village Versamedi Taluka Anjar Dist. Kutch Gujarat – 370110.

Report on audit of Financial Result Opinion

We have audited the accompanying statement of annual Ind AS financial results ofWelspun Investments and Commercials Limited ("the Company") for the year ended31 March 2021 being submitted by the Company pursuant to the requirement of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015(‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanationsgiven to us these annual financial results:

i. is presented in accordance with the requirements of the Listing Regulations in thisregard; and

ii. gives a true and fair view in conformity with the applicable accounting standardsand other accounting principles generally accepted in India of the net profit and othercomprehensive income and other financial information of the Company for the year ended 31March 2021.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 as amended ("the Act"). Ourresponsibilities under those Standards are further described in the "Auditor’sResponsibilities for the Audit of the Standalone Financial Results" section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence obtained by us is sufficient and appropriate to provide a basis for our opinionon the annual financial results.

Management’s Responsibilities for the Financial Results

The annual financial results have been prepared on the basis of the annual financialstatements. The Company’s Management and the Board of Directors of the Company areresponsible for the preparation and presentation of these annual financial results thatgives a true and fair view of the net profit (Including other comprehensive income) of theCompany and other financial information in accordance with the applicable IndianAccounting Standards prescribed under Section 133 of the Act read with relevant Rulesissued thereunder and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the annual financial results thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the annual financial results the Board of Directors are responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the annual financialresults as a whole is free from material misstatement whether due to fraud or error andto issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these annual financial results.

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 resultswhether 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) of theAct 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 the Board of Directors.

Conclude on the appropriateness of the Board of Directors’ 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 financial results or if such disclosures the are inadequateto modify 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 Statement includingthe disclosures and whether the annual financial results represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial results thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial results may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financial results.

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.

Other Matter

i. The annual financial results include the results for the quarter ended 31 March 2021being the balancing figure between the audited figures in respect of the full financialyear ended 31 March 2021 and the published unaudited year-to-date figures up to the thirdquarter of the current financial year which were subjected to a limited review by us asrequired under the Listing Regulations. Our report is not modified in respect of thismatter.

ii. The figures for the corresponding quarter ended 31 March 2020 are the balancingfigures between the annual audited figures for the year then ended and the year-to-datefigures for the 9 months period ended 31 December 2019. We have not issued a separatelimited review report on the results and figures for the quarter ended 31 March 2020. Ourreport is not modified in respect of this matter.

For P Y S & CO LLP

Chartered Accountants

Firm Registration No. 012388S/S200048

(G. D. Joglekar)

Partner

Membership No.: 039407

UDIN: 21039407AAAAHP1475

Place: Mumbai

Dated: 20 April 2021

.