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Automotive Stampings & Assemblies Ltd.

BSE: 520119 Sector: Auto
NSE: ASAL ISIN Code: INE900C01027
BSE 00:00 | 24 Apr 2020 Automotive Stampings & Assemblies Ltd
NSE 05:30 | 01 Jan 1970 Automotive Stampings & Assemblies Ltd

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OPEN 17.96
PREVIOUS CLOSE 18.90
VOLUME 51
52-Week high 62.75
52-Week low 11.80
P/E
Mkt Cap.(Rs cr) 28
Buy Price 18.00
Buy Qty 100.00
Sell Price 17.96
Sell Qty 4949.00
OPEN 17.96
CLOSE 18.90
VOLUME 51
52-Week high 62.75
52-Week low 11.80
P/E
Mkt Cap.(Rs cr) 28
Buy Price 18.00
Buy Qty 100.00
Sell Price 17.96
Sell Qty 4949.00

Automotive Stampings & Assemblies Ltd. (ASAL) - Auditors Report


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Company auditors report

TO THE MEMBERS OF AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Automotive Stampings andAssemblies Limited ("the
Company") which comprise the balance sheet as at 31 March 2019 and the statement ofprofit and loss
(including other comprehensive income) statement of changes in equity and statement ofcash flows
for the year then ended and notes to the financial statements including a summary of thesignificant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid
financial statements give the information required by the Companies Act 2013("Act") in the manner so
required and give a true and fair view in conformity with the accounting principlesgenerally accepted in
India of the state of affairs of the Company as at 31 March 2019 and loss and othercomprehensive
income changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Material Uncertainty Related to Going Concern

We draw attention to Note 4.4 in the financial statements whichindicates that the Company incurred a net
loss of र 1262.75 lakhs during the year ended 31 March 2019 and as of that datethe Company's total
liabilities exceeded its total assets by र 4155.07 lakhs. As stated in note 4.4these events or conditions
along with other matters as set forth in note 4.4 indicate that a material uncertaintyexists that may cast
significant doubt on the Company's ability to continue as a going concern.

Our opinion is not modified is respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our
audit of the financial statements of the current period. These matters were addressed inthe context of our
audit of the financial statements as a whole and in forming our opinion thereon and wedo not provide a
separate opinion on these matters.

Description of Key Audit Matter

The key audit matter How the matter was addressed in our audit
Going Concern Our audit procedures included:
As of 31 March 2019 the Company's total liabilities
exceeded its total assets by र 4155.07 lakhs. Note
4.4 to the financial statements explains how the
directors of the Company have formed a judgement
that the going concern basis is appropriate in
preparing the financial statements.

The directors of the Company made their
assessment of going concern by preparing a cash
flow forecast in which some key assumptions
were applied. These key assumptions included
forecasts of sales volumes average selling prices
raw material costs and the availability of banking
and other financing facilities as well as financial
support from the Holding company.

We identified going concern as a key audit matter
because a significant degree of management
judgement is involved in making this assessment
and in forecasting the future cash flows of the
Company which are inherently uncertain and
because the management judgement and inherent
uncertainties could have significant impact on the
basis of preparation of the financial statements
and could be subject to management bias.

• Walking through the business planning process
and assessing the design implementation and
operating effectiveness of management's key
internal controls over the assessment of going
concern including the preparation of cash flow
forecasts.

• Inspecting letters of financial support from the
Holding Company and assessing the ability of
the Holding Company to provide such financial
support by inspecting available financial
information.

• Evaluating the key assumptions in the cash
flow forecasts (including future revenue
gross profit operating expenses and capital
expenditure) with reference to historical
production information current performance
internal investment and production plans
and market and other external available
information;

• Considering the accuracy and reliability of
cash flow forecasts made by management in
prior years by comparing them with the current
year's results;

• Assessing the availability of banking and
other financing facilities and arrangements by
inspecting underlying documentation which
included banking facility agreements signed
before and after the reporting period end and
assessing the impact of any covenants and
other restrictive terms therein

• We also checked if any waivers were obtained
from the financial institutions from which
borrowings are made.

Based on our procedures we noted that the
key assumptions used in the forecasts were
within a reasonable range of our expectations.

Revenue Recognition
The Company's revenue is derived from the sale
of sheet metal stampings welded assemblies and
modes for the automotive industry. The Company
recognises revenue when the control is transferred
to the customer.

The terms set out in the Company's sales contracts
relating to goods acceptance by customers are
varied. Accordingly the terms and conditions of
sales contracts may affect the timing of recognition
of sales to customers as each sales contract
could have different terms relating to customer
acceptance of the goods sold.

We identified the recognition of revenue as a
key audit matter because revenue is one of the
key performance indicators of the Company
and is therefore subject to an inherent risk of
misstatement to meet targets or expectations and
because errors in the recognition of revenue could
have a material impact on the Company.

Our audit procedures to assess the recognition of

revenue included the following:

• evaluating the design implementation and
operating effectiveness of key internal controls
over the existence accuracy and timing of
revenue recognition;

• performed substantive test of details over
revenue recognized throughout the period by
selecting a sample of transactions to ensure
that the samples selected meet the revenue
recognition criteria and are appropriately
recorded;

• tested sample transactions around the period
end to ensure they were recorded in the correct
period; and tested journal entries posted to
revenue accounts focusing on unusual or
irregular items if any.

Information Other than the Financial Statements and Auditors'Report Thereon

The Company's management and Board of Directors are responsible for theother information. The other
information comprises the information included in the Company's annual report but doesnot include the
financial statements and our auditors' report thereon. The said other information isexpected to be made
available to us after the date of this auditor's report.

Our opinion on the 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 financial statements ourresponsibility is to read the other information
identified above when it becomes available and in doing so consider whether the otherinformation is
materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise
appears to be materially misstated.

Management's Responsibility for the Financial Statements

The Company's management and Board of Directors are responsible for thematters stated in section
134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view
of the state of affairs profit/loss and other comprehensive income changes in equity andcash flows of the
Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibilityalso includes
maintenance 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 and otherirregularities; selection
and application of appropriate accounting policies; making judgments and estimates thatare reasonable
and prudent; and design implementation and maintenance of adequate internal financialcontrols that
were operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant
to the preparation and presentation of the financial statements that give a true and fairview and are free
from material misstatement whether due to fraud or error.

In preparing the financial statements management and Board ofDirectors are responsible for assessing
the Company's ability to continue as a going concern disclosing as applicable mattersrelated to going
concern and using the going concern basis of accounting unless management either intendsto liquidate

the Company or to cease operations or has no realistic alternative butto do so.

Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

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

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

• Identify and assess the risks of material misstatement of thefinancial statements whether due
to fraud or error design and perform audit procedures responsive to those risks andobtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The riskof not detecting
a material misstatement resulting from fraud is higher than for one resulting from erroras fraud
may involve collusion forgery intentional omissions misrepresentations or the overrideof internal
control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible
for expressing our opinion on whether the company has adequate internal financial controlswith
reference to financial statements in place and the operating effectiveness of suchcontrols.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists relatedto events or
conditions that may cast significant doubt on the Company's ability to continue as a goingconcern.
If we conclude that a material uncertainty exists we are required to draw attention inour auditors'
report to the related disclosures in the financial statements or if such disclosures areinadequate to
modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our
auditors' report. However future events or conditions may cause the Company to cease tocontinue
as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the
disclosures and whether the financial statements represent the underlying transactionsand events
in a manner that achieves fair presentation.

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

We also provide those charged with governance with a statement that wehave complied with relevant
ethical requirements regarding independence and to communicate with them allrelationships and other
matters that may reasonably be thought to bear on our independence and where applicablerelated
safeguards.

From the matters communicated with those charged with governance wedetermine those matters that
were of most significance in the audit of the financial statements of the current periodand are therefore
the key audit matters. We describe these matters in our auditors' report unless law orregulation precludes
public disclosure about the matter or when in extremely rare circumstances we determinethat a matter
should not be communicated in our report because the adverse consequences of doing sowould
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 in terms of section 143 (11) of the Act we give in the ‘Annexure A"a statement on the
matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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

a) We have sought and obtained all the information and explanationswhich 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 beenkept 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 othercomprehensive income)
the statement of changes in equity and the statement of cash flows dealt with by thisReport
are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with thespecified under section
133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31 March 2019
taken on record by the Board of Directors none of the directors is disqualified as on 31
March 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 withreference to financial
statements of the Company and the operating effectiveness of such controls refer to our
separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditors'Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof
our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31March 2019
on its financial position in its financial statements - Refer Note 36 to the financial
statements;

ii. The Company did not have any long-term contracts includingderivative contracts for
which there were any material foreseeable losses;

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

iv. The disclosures in the financial statements regarding holdings aswell as dealings in
specified bank notes during the period from 8 November 2016 to 30 December 2016
have not been made in these financial statements since they do not pertain to the
financial year ended 31 March 2019.

3. With respect to the matter to be included in the Auditors' Reportunder section 197(16):

In our opinion and according to the information and explanations givento us the remuneration
paid by the Company to its directors during the current year is in accordance with theprovisions of
Section 197 of the Act. The remuneration paid to any director is not in excess of thelimit laid down
under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed otherdetails
under Section 197(16) which are required to be commented upon by us.

Place: Pune Partner

Date : April 24 2019 Membership Number 113896

Annexure A to Independent Auditors' Report

Referred to in paragraph 1 in Report on Other Legal and RegulatoryRequirements of the Independent

Auditors' Report of even date to the Members of the Company on thefinancial statements for the year

ended 31 March 2019 we report that:

i. (a) The Company has maintained proper records showing fullparticulars including quantitative

details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of itsfixed assets by which all
fixed assets are verified once every year. In accordance with this programme all fixedassets
were verified during the year and no material discrepancies were noticed on suchverification.
In our opinion this periodicity of physical verification is reasonable having regard tothe size
of the Company and the nature of its assets.

(c) According to the information and explanations given to us and onthe basis of our examination
of the records of the Company the title deeds of immovable properties are held in thename of
the Company except for leasehold land at Bhosari MIDC which is in the name of JBM Tools
Limited (name changed to Automotive Stampings and Assemblies Limited). The Company is
in the process of transferring the title deeds in the name of the Company.

ii. In our opinion and according to information and explanation givento us and on the basis of our
examination of records of the Company the inventory except inventories lying with thirdparties
and goods-in-transit have been physically verified at reasonable intervals by themanagement. In
respect of inventory lying with third party these have substantially been confirmed bythem and
with respect of goods-in-transit subsequent goods receipt have been verified by themanagement.
The discrepancies noticed on verification between the physical stocks and book recordswere INR
221.58 lakhs (net). According to the information and explanation given to us the saiddifferences are
mainly on account of pending bill of material correction and try outs for new projectsand the same
has been accounted in the books of accounts. In our opinion the frequency of suchverification is
reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

iii. According to the information and explanations given to us theCompany has not granted any loans
secured or unsecured to companies firms Limited Liability Partnerships or other partiescovered in
the register maintained under section 189 of the Companies Act 2013 ("Act").Accordingly paragraph
3(iii) (a) (b) and (c) of the Order are not applicable.

iv. In our opinion and according to the information and explanationsgiven to us the Company has
not granted any loans made any investments or provided any guarantees or securities towhich
provisions of section 185 and 186 of the Act apply. Accordingly paragraph 3(iv) of theOrder is not
applicable.

v. The Company has not accepted any deposits from the public in termsof directives issued by the
Reserve Bank of India and the provisions of Sections 73 to 76 of the Act and the rulesmade there
under.

vi. The Central Government has not prescribed the maintenance of costrecords under Section 148(1)
of the Act read with the Companies (Cost Records and Audit) Rules 2014 for the goods soldand
services rendered by the Company.

vii. (a) According to the information and explanations given to us andthe records of the Company

examined by us in our opinion the Company is regular in depositingundisputed statutory
dues including Provident fund Employees' state insurance Income-tax Duty of customs
Goods and service tax and other material statutory dues as applicable with theappropriate
authorities except for provident fund dues referred to in note 36 to the financialstatements.
As explained to us the Company did not have any dues on account of Sales tax Servicetax
Duty of excise Value added tax and Cess.

According to the information and explanations given to us noundisputed amounts payable in
respect of Provident fund Employees' state insurance Income-tax Duty of customs Goods
and Service Tax and other material statutory dues were in arrears as at 31 March 2019 fora
period of more than six months from the date they became payable. We draw attention tonote
36 to the financial statements which more fully explains the matter regarding non-paymentof
provident fund contribution pursuant to Supreme Court judgment dated 28 February 2019.

(b) According to the information and explanations given to us thereare no dues of Income-tax
Sales- tax Service tax Duty of customs Duty of excise Value added tax and Goods and
service tax which have not been deposited on account of any dispute except for thefollowing:

Name of statue Nature of
dues

Amount*
(in '
Lakhs)

Amount
paid under
protest (in
' Lakhs)
Period to
which the
amount
relates
Forum where the
dispute is pending
Central Excise Act 1944 Penalty

14.38

2007-2011 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Duty and
Penalty

21.53

0.80 2007-2009 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Penalty

5.25

5.25 2001-2004 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Duty

31.00

1998-2009 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Duty

123.96

2008-2009 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Penalty

9.31

2005-2006 Custom Excise and
Service Tax Appellate
Tribunal
Central Excise Act 1944 Penalty

83.82

69.75 2006-2011 Bombay High Court
Central Excise Act 1944 Duty

357.37

2002-2005 Custom Excise and
Service Tax Appellate
Tribunal
Bombay Sales Tax Act
1959
Sales Tax

2.92

- 2002-03 Joint Commissioner
(Appeals)
Maharashtra Value Added
Tax Act 2002
Sales Tax

66.58

8.57 2011-12 Joint Commissioner
(Appeals)
Maharashtra Value Added
Tax Act 2002
Sales Tax

22.23

5.57 2012-13 Joint Commissioner
(Appeals)
Maharashtra Value Added
Tax Act 2002
Sales Tax

186.45

10.95 2013-14 Joint Commissioner
(Appeals)
Income Tax Act 1961 Income

Tax

30.08

- 2002-03 Commissioner of
Income Tax (Appeals)
Income Tax Act 1961

Income

Tax

7.65 - 2008-09 Commissioner of
Income Tax (Appeals)
Income Tax Act 1961

Income

Tax

10.69 - 2009-10 Commissioner of
Income Tax (Appeals)
Income Tax Act 1961

Income

Tax

17.78 - 2005-06 Commissioner of
Income Tax (Appeals)
Income Tax Act 1961

Income

Tax

6.94 - 2011-12 Commissioner of
Income Tax (Appeals)

* Amount disclosed above excludes interest and penalty whereverapplicable.

viii. In our opinion and according to the information and explanationsgiven to us the Company has not
defaulted in the repayment of loans or borrowings to any financial institution or banks.The Company
does not have any loans or borrowings from Government or debentures holders as at thebalance
sheet date.

ix. In our opinion and according to the information and explanationsgiven to us the Company has not
raised any money by way of initial public offer further public offer (including debtinstruments) or by
way of term loans during the year. Accordingly paragraph 3(ix) of the order is notapplicable.

x. According to the information and explanations given to us no fraudby the Company or on the
Company by its officers or employees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanationgiven to us managerial remuneration
has been paid or provided in accordance with the requisite approvals mandated by theprovisions of
section 197 read with schedule V to the Act (refer note 45).

xii. According to the information and explanations given to us theCompany is not a Nidhi Company as
per the Act. Accordingly paragraph 3(xii) of the order is not applicable.

xiii. In our opinion and according to the information and explanationsgiven to us all transactions with
related parties are in compliance with section 177 and 188 of the Act and the details asrequired by
the applicable accounting standards have been disclosed in the financial statements.

xiv. According to the information and explanations given to us theCompany has not made any preferential
allotment or private placement of shares or fully or partially convertible debenturesduring the year.

xv. According to the information and explanations given to us theCompany has not entered into any
non-cash transactions with directors or persons connected with them during the year.

xvi. In our opinion and according to the information and explanationsgiven to us the Company is not
required to register under section 45-IA of the Reserve Bank of India 1934.

For B S R & Co. LLP
Chartered Accountants

ICAI Firm Registration Number: 101248W/W-100022
Swapnil Dakshindas

Place: Pune Partner

Date : April 24 2019 Membership Number 113896

Annexure B to Independent Auditors' Report on the financialstatements of
Automotive Stampings and Assemblies Limited for the year ended 31 March
2019

Report on the internal financial controls with reference to theaforesaid financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013

(Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section of our
report of even date)

Opinion

We have audited the internal financial controls with reference tofinancial statements of Automotive
Stampings and Assemblies Limited ("the Company") as of 31 March 2019 inconjunction with our audit of
the financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequateinternal financial controls with reference
to financial statements and such internal financial controls were operating effectively asat 31 March 2019
based on the internal financial controls with reference to financial statements criteriaestablished by the
Company considering the essential components of internal control stated in the GuidanceNote on Audit
of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants
of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible forestablishing and maintaining
internal financial controls based on the internal financial controls with reference tofinancial statements
criteria established by the Company considering the essential components of internalcontrol stated in the
Guidance Note. These responsibilities include the design implementation and maintenanceof adequate
internal financial controls that were operating effectively for ensuring the orderly andefficient conduct of
its business including adherence to company's policies the safeguarding of its assetsthe prevention 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 (hereinafter referred to as "the Act").

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference
to financial statements based on our audit. We conducted our audit in accordance with theGuidance
Note and the Standards on Auditing prescribed under section 143(10) of the Act to theextent applicable
to an audit of internal financial controls with reference to financial statements. ThoseStandards and
the Guidance Note require that we comply with ethical requirements and plan and performthe audit to
obtain reasonable assurance about whether adequate internal financial controls withreference to financial statements were established and maintained and whether suchcontrols operated effectively in all material
respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal
financial controls with reference to financial statements and their operatingeffectiveness. Our audit of
internal financial controls with reference to financial statements included obtaining anunderstanding
of such internal financial controls assessing the risk that a material weakness existsand testing and
evaluating the design and operating effectiveness of internal control based on theassessed risk. The
procedures selected depend on the auditor's judgement including the assessment of therisks of material
misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial controls with Reference to FinancialStatements

A company's internal financial controls with reference to financialstatements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of
financial statements for external purposes in accordance with generally acceptedaccounting principles.
A company's internal financial controls with reference to financial statements includethose policies and
procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance
that transactions are recorded as necessary to permit preparation of financial statementsin accordance
with generally accepted accounting principles and that receipts and expenditures of thecompany are
being made only in accordance with authorisations of management and directors of thecompany; 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 effect on the financialstatements.

Inherent Limitations of Internal Financial controls with Reference toFinancial Statements

Because of the inherent limitations of internal financial controls withreference to financial statements
including the possibility of collusion or improper management override of controlsmaterial misstatements
due to error or fraud may occur and not be detected. Also projections of any evaluationof the internal
financial controls with reference to financial statements to future periods are subject tothe risk that the
internal financial controls with reference to financial statements may become inadequatebecause of
changes in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

For B S R & Co. LLP
Chartered Accountants

ICAI Firm Registration Number: 101248W/W-100022
Swapnil Dakshindas

Place: Pune Partner

Date : April 24 2019 Membership Number 113896


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