Page 179 - Kolte Patil AR 2019-20

knowledgeable user of the consolidated financial statements may separate financial statements of the subsidiaries referred to in the
be influenced. We consider quantitative materiality and qualitative Other Matters section above we report, to the extent applicable
factors in (i) planning the scope of our audit work and in evaluating that:
the results of our work; and (ii) to evaluate the effect of any identified a) We have sought and obtained all the information and
misstatements in the consolidated financial statements.
explanations which to the best of our knowledge and belief
We communicate with those charged with governance of the were necessary for the purposes of our audit of the aforesaid
Parent and such other entities included in the consolidated financial consolidated financial statements.
statements of which we are the independent auditors regarding, b) n our opinion, proper books of account as required by law
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among other matters, the planned scope and timing of the audit relating to preparation of the aforesaid consolidated financial
and significant audit findings, including any significant deficiencies statements have been kept so far as it appears from our
in internal control that we identify during our audit.
examination of those books and the reports of the other
We also provide those charged with governance with a statement auditors.
that we have complied with relevant ethical requirements regarding c) The Consolidated Balance Sheet, the Consolidated Statement
independence, and to communicate with them all relationships of Profit and Loss including Other Comprehensive Income,
and other matters that may reasonably be thought to bear on our the Consolidated Cash Flow Statement and the Consolidated
independence, and where applicable, related safeguards.
Statement of Changes in Equity dealt with by this Report are
From the matters communicated with those charged with in agreement with the relevant books of account maintained
governance, we determine those matters that were of most for the purpose of preparation of the consolidated financial
significance in the audit of the consolidated financial statements statements
of the current period and are therefore the key audit matters. We d) n our opinion, the aforesaid consolidated financial statements
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describe these matters in our auditor’s report unless law or regulation comply with the Ind AS specified under Section 133 of the
precludes public disclosure about the matter or when, in extremely Act.
rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences e) On the basis of the written representations received from the
of doing so would reasonably be expected to outweigh the public directors of the Parent as on 31st March, 2020 taken on record
interest benefits of such communication. by the Board of Directors of the Company and the reports of
the statutory auditors of its subsidiary companies incorporated
OTHER MATTERS in India, none of the directors of the Group companies
We did not audit the financial statements of 13 subsidiaries, whose incorporated in India is disqualified as on 31st March, 2020
financial statements reflect total assets of ` 30,015 Lakhs as at March from being appointed as a director in terms of Section 164 (2)
31, 2020, total revenues of ` 19,630 Lakhs and net cash outflows of the Act.
amounting to ` 75 Lakhs for the year ended on that date, as f) With respect to the adequacy of the internal financial controls
considered in the consolidated financial statements. These financial over financial reporting and the operating effectiveness of
statements have been audited by other auditors whose reports such controls, refer to our separate Report in “Annexure A”
have been furnished to us by the Management and our opinion on which is based on the auditors’ reports of the Parent, subsidiary
the consolidated financial statements, in so far as it relates to the companies incorporated in India. Our report expresses
amounts and disclosures included in respect of these subsidiaries, an unmodified opinion on the adequacy and operating
and our report in terms of subsection (3) of Section 143 of the Act, effectiveness of internal financial controls over financial
in so far as it relates to the aforesaid subsidiaries is based solely on reporting of those companies.
the reports of the other auditors.
g) With respect to the other matters to be included in the Auditor’s
Our opinion on the consolidated financial statements above and Report in accordance with the requirements of section 197(16)
our report on Other Legal and Regulatory Requirements below, is of the Act, as amended,
not modified in respect of the above matter with respect to our
reliance on the work done and the reports of the other auditors and I n our opinion and to the best of our information and according
the financial statements certified by the Management. to the explanations given to us, the remuneration paid by the
Parent to its directors during the year is in accordance with the
REPORT ON OTHER LEGAL AND REGULATORY provisions of section 197 of the Act.
REQUIREMENTS h) With respect to the other matters to be included in the Auditor’s
As required by Section 143(3) of the Act, based on our audit and Report in accordance with Rule 11 of the Companies (Audit
on the consideration of the reports of the other auditors on the and Auditors) Rules, 2014, as amended in our opinion and to
the best of our information and according to the explanations

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