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इप्का लेबोरेटरीज

बीएसई: 524494  |  NSE: IPCALAB  |  ISIN: INE571A01020  |  Pharmaceuticals

खोजें इप्का लेबोरेटरीज कनेक्शन Mar 18
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '19

INDEPENDENT AUDITOR''S REPORT

To The Members of Ipca Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Ipca Laboratories Limited (the Company), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the standalone financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019 and its profit (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules framed thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statement.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters:

Sr.

No.

Key Audit Matters (KAMs)

How the KAMs were addressed in our audit

1.

Inventory Valuation

Refer note (g) of the Statement of Significant Accounting Policies.

The Company manufactures and sells pharmaceutical products which carry shelf life. As a result, significant level of judgement is involved in estimating inventory valuation . Judgement is required to assess the appropriate net realisable value for short dated pharmaceutical products. Such judgments include management expectations for future sales and inventory liquidation plans.

Our procedures included, amongst others:

- We attended stock counts to identify whether any inventory was obsolete;

- We assessed the basis for the inventory valuation, the consistency in policy and the rationale in its application;

- We tested the accuracy of the ageing of inventories based on system generated reports;

- We tested the arithmetical accuracy of valuation files; and

- We reviewed product-wise historical data relating to sales return etc. and also its impact on valuation.

2.

Impairment of Property, plant & equipment

Refer note (b) of the Statement of Significant Accounting Policies.

There is a risk of impairment on the Company''s property, plant and equipment (PPE) on account of inherent nature of the PPE and the business environment in which the Company operates. As on March 31, 2019 the carrying amount of PPE was Rs,1,706.35 crores which represent 38.28 % of total assets.

- We assessed the determination of the recoverable amount of the PPE based on our understanding of the nature of the Company''s business and the economic environment surrounding its operations.

- We reviewed the Company''s historical performances and held discussions with the Management to understand their assessment of the Company''s future performance. This included obtaining an understanding of management''s planned strategies around business expansion and revenue growth strategies.

Sr.

No.

Key Audit Matters (KAMs)

How the KAMs were addressed in our audit

The Management determines at the end of each reporting period the existence of any objective evidence that the Company''s PPE may be impaired. If there are indicators of impairment of class of assets, the deficit between the recoverable amount of the PPE and its carrying amount would be recognized as impairment loss in profit or loss.

The process of identifying indicators of impairment and determining the recoverable amount of the PPE by the Management requires significant judgments and estimation. The determination of the recoverable amounts inter alia requires estimates of forecasted revenues, growth rates, profit margins, tax rates and discount rates.

- We also reviewed performance of individual units and carried out analytical review of relevant data.

- We assessed management''s estimates applied in the value-in-use model and compared them against historical performance and tested the arithmetical accuracy.

- We evaluated the sensitivity of the outcomes by considering the downside scenarios against changes to the key assumptions.

- We also assessed the adequacy of the related disclosures in the notes to the standalone financial statements.

3.

Implementation of new accounting standard on revenue recognition

Refer note (o) of the Statement of Significant Accounting Policies.

The accuracy of recognition, measurement, presentation and disclosure of revenues and other related balances in view of adoption of Ind AS 115 Revenue from Contracts with Customers involves certain key judgments relating to identification of distinct performance obligations, determination of transaction price of the identified performance obligations, the appropriateness of the basis used to measure revenue. Additionally, Ind AS 115 contains disclosures which involves collation of information in respect of various matters such as disaggregation revenue.

- We had discussion with the Management about its process to assess implementation issues relating to adoption of Ind AS 115.

- Our audit approach consisted testing of the effectiveness of the internal controls relating to such process including substantive testing, which included review of terms and conditions of selected sample of existing contracts and new contracts.

- We inter alia tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations, determination of transaction price, criteria relating to transfer of control over the promised goods and measurement and recording of revenue.

- We also evaluated appropriateness of the disclosures required under Ind AS 115 and verified the process of compilation and accuracy of such disclosures.

- We performed cut-off testing for samples of revenue transactions recorded before and after the financial year end date by comparing with relevant underlying documentation, which included goods dispatch notes and shipping documents, to assess whether the revenue was recognized in the correct period.

Information Other than the Standalone Financial Statements and Our Report thereon

The Company''s Management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in Annual Report, but does not include the standalone financial statements and our auditor''s report thereon. The Annual Report is expected to be made available to us after the date of this report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to Those Charged With Governance and take appropriate actions in accordance with Standards on Auditing.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity, cash flows of the Company in accordance with the accounting principles generally accepted in India, including Ind AS and relevant provisions of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design 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 has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

- Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of the misstatement in the standalone financial statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and evaluating the results of our work; and (ii) to evaluate the effects of any identified misstatements in the standalone financial statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be 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 (the Order), issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 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 best of 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 the Company so far as it appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid the standalone financial statements comply with Ind AS specified under Section 133 of the Act, read with relevant rules issued thereunder and relevant provisions of the Act;

e. On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164(2) of the Act;

f. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to financial statements;

g. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act; and

h. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements. Refer Note 35 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards for material foreseeable losses, if any, on the long-term contracts including derivative contracts; and

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

(i) (a) The Company has generally maintained proper records showing full particulars including quantitative details and situation of its property, plant and equipment;

(b) According to the information and explanations given to us, most of the property, plant and equipment of the Company were physically verified by the Management during the year. No material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its property, plant and equipment; and

(c) Based on audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and according to information and explanations given by the Management and further based on certificate received from the security trustee, the title deeds of immovable properties included in property, plant and equipment are held in the name of the Company.

(ii) (a) Inventories have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable; and

(b) The discrepancies noticed on physical verification as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) The Company has granted unsecured loans to its joint venture covered in the register maintained under section 189 of the Act:

(a) In our opinion, the terms and conditions of the grant of such loans are not prejudicial to the interest of the Company; and

(b) The loans are not due for repayment presently and therefore, there is no default in its repayment and there is no overdue. Hence, the paragraph 3(iii)(c) of the Order, is not applicable to the Company.

(iv) Based on audit process applied by us and according to the information and explanations given to us, in our opinion, the Company has complied with the provisions of section 185 and 186 of the Act, in respect of investments made and loans, guarantees and securities granted, as applicable.

(v) In our opinion and according to the information and explanation given to us, the Company has not accepted deposits from the public and therefore, the provisions of section 73 to 76 or other relevant provisions of the Act and rules framed thereunder are not applicable to the Company. We have been informed that no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this regard;

(vi) The Central Government has prescribed maintenance of cost records under section 148(1) of the Act, for the products manufactured by the Company. We have broadly reviewed the books of account maintained and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained by the Company. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) (a) The Company has generally been regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, goods and services tax, cess and other applicable statutory dues with the appropriate authorities. No undisputed statutory dues payable were in arrears as at March 31, 2019, for a period of more than six months from the date they became payable except a sum of Rs. 54,991 relating to provident fund dues. We have been informed that such dues have remained unpaid due to procedural aspects such as failure to link aadhar number of employees to Universal Account Number allotted by Employees'' Provident Fund Organization, India; and

(b) The details of dues of income tax, sales tax, service tax, duty of customs, duty of excise or value added tax or cess which have not been deposited with the concerned authorities on account of dispute are given below:

Name of statute

Nature of dues

Amount (Rs, in Crores)

Period to which the amount relates

Forum where dispute is pending

Excise Duty

Differential Excise duty on WIP on Debonding

0.23

2009-10

CESTAT, Ahmadabad

Excise Duty

Rebate claim rejected due to late filing

0.03

2013-14

Asst Commissioner Central Excise, Customs & Service tax, Silvassa

Excise Duty

Interest and penalty on past anti-dumping duty & excise duty (Relating to erstwhile Tonira Pharma Limited since amalgamated with the Company)

4.15

Feb 2000 - Nov 2001

High Court, Gujarat

Excise Duty

Availment of Differential PLA Credit

2.32

2015-16

Commissioner -Appeal , Siliguri

Service Tax

Availment of credit of Service Tax on H.O. Invoices

2.92

April''06 to Sept''09

Commissioner, Central Excise, Ujjain (M.P)

Service Tax

Availment of credit of Service Tax on Telephone / Cell Phone/Taxi Hire charges & Insurance*

0.00

Jan''09 to Sept''09

Dy. Commissioner, Central Excise

Service Tax

Non payment of service tax under RCM on remittances in foreign currency for product/ patent registration and facility fees to US FDA.

4.98

July''12 to Sept''13

CESTAT, Mumbai

Name of statute

Nature of dues

Amount (Rs, in Crores)

Period to which the amount relates

Forum where dispute is pending

Service Tax

Nonpayment of Service Tax on Notice pay amount relating to employees

0.54

2015-16 to June''17

Addl. Commissioner of Central Tax & GST, Thane

Service Tax

Nonpayment of Service Tax on Notice pay amount relating to employees

0.01

2014-15 to June''17

Asst .Comm - Central GST & Central Excise, Circle-1, Audit, Vadodara

Service Tax

Availment of Credit of Service Tax on Garden Maintenance.

0.01

Feb''17 To June''17

Superintendent, CGST & Central Excise, Range-II, Division-VII, Daman Commissioner ate

Service Tax

Service Tax paid under RCM on Business Auxiliary Services.(Refund Application Under Rule 142 (3) of CGST Act 2017)

0.01

April''15 To June''17

Assistant Commissioner, CGST & Central Excise, Division-VII,

Daman.

Service Tax

A ailment of Cenvat Credit on Service Tax1

0.00

2006-07

Dy. Commissioner, Central Excise, Indore (M.P)

Service Tax

Nonpayment of Service Tax on Notice pay amount relating to employees

0.03

2013-14 to June 2017

Office of the commissioner(Audit), Dehradun

Service Tax

Nonpayment of Service Tax on Notice pay amount relating to employees

0.01

2013-14 to June 2017

Office of the Assistant Commissioner, Raigadh

Service Tax

Cenvat Credit of work contract and construction service

0.22

2014-15 to June 2017

Office of the Assistant Commissioner, Aurangabad

Sales Tax

Jammu & Kashmir Value added tax

0.05

2011-12

Deputy Commissioner of Commercial Tax (Appeal), Srinagar

Sales Tax

Gujarat value added Tax

0.07

2006-07

Gujarat VAT Tribunal, Ahmedabad

Sales Tax

Gujarat value added Tax

0.02

2007-08

Jt. Commissioner of Commercial Tax, Rajkot

Sales Tax

Gujarat value added Tax

0.28

2006-07

Additional Commercial Commissioner Ahmedabad

Sales Tax

Penalty levied at Check Post

0.01

2014-15

Deputy Commissioner, Sales Tax, West Bengal

Sales Tax

VAT Assessment

0.20

2014-15

Deputy Commissioner of Commercial Tax, Patna

Sales Tax

Penalty for delivery address mismatch on E-way Bill

0.02

2018-19

Appellate Authority, MPGST, Indore

Sales Tax

Demand on regular Assessment

0.34

2014-15

The Dy. Commissioner Commercial Tax Ratlam Division-Ratlam (M.P.)

Sales Tax

Demand on regular Assessment

0.27

2015-17

The Dy.Commissioner Commercial Tax Ratlam Division-Ratlam (M.P.)

Total

16.73

(viii) The Company has not defaulted in repayment of loans or borrowing to any financial institutions, banks, government or debenture holders.

(ix) In our opinion and according to the information and explanations given to us, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable to the Company.

(x) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197, read with schedule V to the Act.

(xii) In our opinion and according to information and explanation given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

(xiv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and according to information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.

(xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements, the Company has not entered into any non-cash transactions with directors. We have been informed that no such transactions have been entered into with person connected with directors. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.

(xvi) The Company is not required to get registered under 45-IA of the Reserved Bank of India Act, 1934.

Annexure B - referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements of our Independent Auditor''s report of even date, to the members of Ipca Laboratories Limited on the Standalone Financial Statements for the year ended March 31, 2019

Report on the Internal Financial Controls under section 143(3)(i) of the Act

We have audited the internal financial controls with reference to standalone financial statements of Ipca Laboratories Limited (the Company) as of March 31, 2019 in conjunction with our audit of the standalone 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 internal financial controls based on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (''Guidance Note'') issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor''s Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness.

Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI.

The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls with reference to Financial Statements

A company''s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to Financial Statements

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

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2019 based on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note.

For G. M. Kapadia & Co.

Chartered Accountants

Firm''s Registration No: 104767W

Atul Shah

Partner

Mumbai Membership No: 39569

Dated: May 29, 2019

स्रोत: रेलीगरे टेचनोवा

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