To the Members of WPIL Limited
Report on the Audit of the standalone Ind AS financial statements Opinion
We have audited the accompanying standalone Ind AS financial statements of WPIL Limited("the Company") which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss including other comprehensive income the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and notes to thestandalone Ind AS financial statements including a summary of significant accountingpolicies and other explanatory information (which also includes five (5) JointOperations).
In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of reports of other auditors on separatefinancial statements and on the other financial information of the joint operations theaforesaid standalone Ind AS 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 March 31 2021 its profit includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.
Emphasis of Matter
We draw attention to Note 58 to the standalone Ind AS financial statements whichdescribes the assessment and impact of ongoing pandemic and various restrictions imposedby State Governments as well as Central Government on Company's operations and results.The Company has also completed assessments regarding future economic outflow uncertaintyand potential impact. The actual results may differ from such estimates depending onfuture developments. Our opinion 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 standalone Ind AS financial statements for the financialyear ended March 31 2021. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed 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 standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements. The results ofaudit procedures performed by us and by other auditors of joint operations not audited byus as reported by them in their audit reports furnished to us by the managementincluding the procedures performed to address the matters below provide the basis for ouraudit opinion on the accompanying standalone Ind AS financial statements.
|Key audit matters ||How our audit addressed the key audit matter. |
|Revenue recognition on projects || |
|The Company is also involved in pumps projects (works contracts) for which it recognises revenue and profit/loss based on stage of completion on the proportion of contract cost incurred till the period end/year end relative to the total estimated cost of the contract at completion (percentage of completion method). ||Our audit procedures included the following: |
|Any contingencies related to contracts which might increase the cost are included in the estimates to take into account specific uncertain risk arising within each contract and these contingencies are reviewed by the management on regular basis. Also the management consid- ers and adjusts such contingencies in financial statements wherever required and appropriate. || Understood and evaluated the design and process followed by the company in determination of the estimates of Construction contract cost contract revenue and variable considerations including approvals thereof. |
|The revenue from contracts may also include an element of variable consideration including variations and claims net of assessed value of liquidated damages if any. Variable consider- ation is recognised when it's recovery is assessed to be highly probable. This often involves a high degree of judgment due to the uncertainty about costs to complete and uncertainty about the outcome of discussions with customers on variation orders and claims and therefore this is considered to be a key audit matter for the purpose of our audit. || Tested the design and implementation of internal control over the quantification of the estimates used as well as the operating effectiveness of such control. |
| || Inspected minutes of project review meetings with appropri- ate participation by those charged with Governance in relation to estimates and status of the project. |
| || Tested samples of contract for: |
| ||a) Obtained and reviewed project related source docu- ments such as contract agreements and variation order. |
| ||b) Assess the basis for determining the total cost including changes made over period by reference to supporting documentation and estimates made in relation to complete the project. |
| ||c) Evaluated the reasonableness of key assumptions included in the estimates in relation to revenue recognised. |
| ||d) Assess the appropriateness of the revenue recognition policies in line with IND AS 115- Revenue from Contract with Customer. |
| ||Based on the procedures performed above no significant exceptions were noted in estimates of construction contract revenue related cost and disclosures made. |
Assessment of litigation and contingent liabilities and their related disclosures(refer note 44 to the standalone Ind AS financial statements)
|As at 31st March 2021 Company has exposure towards litigations related to Direct Tax and Indirect Tax. The Company's management performs an assessment of pending litigations and mixed decision thereof. ||Our procedures included the following: |
|The company also has exposure towards corporate guarantee. The Company's management performs an assessment of corporate guarantee to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recognised or a disclosure should be made. || Tested the design and implementation of internal control over the quantification of the estimates used as well as the operating effectiveness of such control. |
|These assessments are also supported with transfer pricing reports credit assessment and financial statements of companies on whose behalf corporate guarantee is given. || Discussed with Company's tax/legal team the recent developments and status of the material litigations matters relating to Direct Tax and Indirect Tax which were reviewed and noted by Board of Directors. |
|As the ultimate outcome of the matters are uncertain and the positions taken are based on application of the best judgement including those relating to interpretation of laws/regulations and company's status to bear such corporate guarantee and litigation related to Direct Tax and Indirect Tax it is considered to be as the Key Audit Matter. || Reviewed the financial statements of the company (on whose behalf the corporate guarantee is given) and their ability to pay the loan against which the guarantee stands. |
| || Obtained minutes of the Board Meetings from Company Secretary to understand the merit and approval of the corporate guarantee. We assessed the independence objectivity and competence of the decision made by the Board. |
| || Reviewed the corporate guarantee charges received and decided in the Meeting of Board and those charged with governance to ensure the completeness of such corporate guarantee. |
| || Assess the adequacy of the company's disclosure. Based on the above work performed Company's tax/legal team's assessment in respect of litigations related to Direct Tax and Indirect Tax and management assessment towards corporate guarantee and related disclosures under contingent liability in the financial statements are considered to be reasonable. |
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standaloneInd AS financial statements and our auditor's report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.
Responsibilities of Management for the Standalone Ind AS Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Companyincluding its joint operations in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statement
Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to standalone financial statements inplace and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the standalone financial statementsmade by the management and Board of Directors.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements for the financial year ended March 31 2021 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.
The IND AS financial statements of the company for the year ended 31st March 2020included in these standalone IND AS financial statements have been audited by thepredecessor auditor who expressed an unmodified opinion on these statements on July 22020.
We did not audit the financial statements and other financial information in respectof five (5) joint operations included in the IND AS financial statements of the companywhose IND AS financial statements/information reflect total assets of Rs. 6875.99 lacs asat March 31 2021 total revenue of Rs. 9398.81 lacs for the year ended March 312021 andtotal net cash outflow of Rs. 396.83 lacs for the year ended on that date. These Ind ASfinancial statements and other financial information of the said joint operations havebeen audited by other auditors whose financial statements other financial informationand auditor's reports have been furnished to us by the Management. Our opinion on thestandalone Ind AS financial statements in so far as it relates to the amounts anddisclosures included in respect of these joint operations and our report in terms ofsub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid jointoperations is based solely on the reports of such other auditors. Our opinion is notmodified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
2. As required by Section 143(3) of the Act we report that:
(a) We / the other auditors whose reports we have relied upon have sought and obtainedall the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit; (b) In our opinion proper books of account asrequired by law have been kept by the Company so far as it appears from our examination ofthose books and report of the other auditors; (c) The Balance Sheet the Statement ofProfit and Loss including other comprehensive income the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;
(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended; (e) On the basis of the writtenrepresentations received from the directors of the Company as on March 31 2021 taken onrecord by the Board of Directors none of the directors is disqualified as on March 312021 from being appointed as a director in terms of Section 164 (2) of the Act; (f) Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany with reference to these standalone Ind AS financial statements and the operatingeffectiveness of such controls refer to our separate Report in "Annexure 2" tothis report; (g) With respect to the matter to be included in the Auditors' Report underSection 197(16) of the Act: In our opinion and according to the information andexplanations given to us the remuneration paid by the Company to its directors during thecurrent year is in accordance with the provisions of Section 197 of the Act read withSchedule V of the Act.
(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous and based on the consideration of the report of the other auditors on separate Ind ASfinancial statements of the joint operations as noted in the Other Matter: i The Companyhas disclosed the impact of pending litigations on its financial position in itsStandalone Ind AS financial statements Refer Note 44 to the Standalone Ind ASfinancial statements; ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts Refer Note 29 and Note 38 to theStandalone Ind AS financial statements; iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by thecompany.
|For Salarpuria & Partners |
|Chartered Accountants |
|(Firm ICAI Regd. No.302113E) |
|Anand Prakash |
|Membership No: 056485 |
|UDIN: 21056485AAAACK3835 |
|Place: Kolkata |
|Date: 28th May 2021 |
Annexure 1 referred to in paragraph 1 of the section on "Report on other legal andregulatory requirements" of our report of even date on the standalone Ind ASfinancial statements of WPIL Limited
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification 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 theinformation and explanations given by the management the title deeds of immovableproperties included in property plant and equipment are held in the name of the companyexcept for the immovable properties acquired during merger of a subsidiary. As explainedto us registration of title deeds is under progress in respect of an immovable propertyacquired pursuant to aforesaid merger aggregating Rs. 281.55 lacs.
(ii) The physical verification of inventory was carried out by the management atreasonable intervals. In our opinion the frequency of verification is reasonable. Nomaterial discrepancies were noticed on such physical verification.
Inventories lying with third parties have been confirmed by them as at March 31 2021and no material discrepancies were noticed in respect of such confirmations.
(iii) (a) The Company has granted loans to two body corporates AturiaInternational Pte Ltd Singapore amounting to Rs. 14852.72 lacs (as at 31.03.2021) andSterling Pumps Pty Ltd Australia amounting to Rs. 167.11 lacs (as at 31.03.2021) coveredin the register maintained under section 189 of the Companies Act 2013.
In our opinion and according to the information and explanations given to us the termsand conditions of the grant of such loans are not prejudicial to the company's interest.
(b) The Company has granted loans that are re-payable on mutual consent to bodycorporates covered in the register maintained under section 189 of the Companies Act 2013and the principal portion has been repaid as and when demanded. The payment of interestfallen due during the year has been regular as stipulated in the agreement.
(c) There are no amounts of loans granted to companies listed in the registermaintained under section 189 of the Companies Act 2013 which are overdue for more thanninety days.
(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 of the Companies Act 2013 in respect of loans and advancesgiven and guarantees and securities given have been complied with by the Company.
In our opinion and according to the information and explanations given to usprovisions of section 186 of the Companies Act 2013 in respect of loans and advancesgiven investments made guarantees and securities given have been complied with by theCompany. v. The Company has not accepted any deposits within the meaning of Sections 73 to76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.
vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act2013 and are of the opinion that prima facie the specifiedamounts and records have been made and maintained.
We have not however made a detailed examination of the same.
(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax goods and services tax duty of custom cess and other statutorydues have generally been regularly deposited with the appropriate authorities.
(b) According to the records of the Company the dues outstanding (net of amount paidunder dispute) of income-tax sales-tax service tax goods and services tax duty oncustom duty of excise value added tax and cess on account of any dispute are asfollows:
|Name of the Statute ||Nature of dues ||Amount (Rs. in lacs) ||Period to which the amount relates (Financial Year) ||Forum where dispute is pending |
|Income Tax Act 1961 ||Arms' length pricing and disallowance of expenses ||50.67 ||2012-13 2013-14 ||Commissioner of Income Tax (Appeals) |
|Central Excise Act 1994 ||Despatch to mega power plant under exemption notification being allowed ||831.58 ||2005-2014 ||CESTAT & Commissioner Appeal-1 |
|Central Excise Act 1994 ||Disallowance of cenvat credit ||560.81 ||1997-98 2006-2016 ||CESTAT & Commissioner Appeal-1 |
|Finance Act 1994 ||Disallowance of cenvat credit ||2254.24 ||2008-09 to 2016-17 ||CESTAT Commissioner and Commissioner Appeal-1 |
(viii) According to information and explanations given by the management we are of theopinion that the Company has not defaulted in repayment of loans or borrowings to banks.The Company did not have any outstanding loans or borrowings dues in respect of afinancial institution or to government or dues to debenture holders during the year. ix.According to the information and explanations given by the management term loans wereapplied for the purpose for which the loans were obtained. The Company has not raised anymoney way of initial public offer / further public offer / debt instruments during theyear. x. Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the standalone Ind AS financial statements and according to theinformation and explanations given by the management we report that no fraud by theCompany or on the Company by the officers and employees of the Company has been noticed orreported during the year. xi. According to the information and explanations given by themanagement the managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.
xii. In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.xiii. According to the information and explanations given by the management transactionswith the related parties are in compliance with section 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable Indian accounting standards. xiv. According tothe information and explanations given to us and on an overall examination of the balancesheet the Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and hence notcommented upon. xv. According to information and explanations given by the management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him. xvi. According to the information and explanations given to us the provisionsof section 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.
For Salarpuria & Partners
(Firm ICAI Regd. No.302113E)
Membership No: 056485
Date: 28th May 2021
Annexure 2 to the Independent Auditors's report of even date on the standalone Ind ASfinancial statements of WPIL Limited
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 WPILLimited ("the Company") as of March 31 2021 in conjunction with our audit ofthe standalone Ind AS financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements based on our 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 as specified under section 143(10) of theCompanies Act 2013 to the extent applicable to an 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 with reference to these standalone Ind AS financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standaloneInd AS financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 internal financial controls over financialreporting with reference to these standalone Ind AS financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to thesestandalone Ind AS financial statements.
A company's internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingwith reference to these standalone Ind AS 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 material effecton the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting withReference to these Standalone Ind AS Financial Statements
Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone Ind AS financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone Ind AS financial statements to future periods are subject to the riskthat the internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.
In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements and such internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements were operating effectively as at March 312021 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.
For Salarpuria & Partners
(Firm ICAI Regd. No.302113E)
Membership No: 056485
Date: 28th May 2021