Page 111 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

Other Matters f) On the basis of the written representations received from
the directors as on 31 March, 2020 taken on record by the
(a) Due to COVID-19 related lockdown, we were not able to
physically observe the physical verification of inventory that was Board of Directors, none of the directors is disqualified as
carried out by the Management of the Company subsequent on 31 March, 2020 from being appointed as a director in
to the year end. Consequently, we have performed alternate terms of Section 164(2) of the Act.
procedures to audit the existence and condition of inventory g) The qualification relating to the maintenance of accounts
as per the guidance provided in the Standard on Auditing 501 and other matters connected therewith are as stated in
“Audit Evidence – Specific Consideration for Selected Items”, the Basis for Qualified Opinion section above.
which includes inspection of supporting documents, on test h) With respect to the adequacy of the internal financial
check basis, relating to purchases, production, sales, results of controls over financial reporting of the Company and
cyclical counts performed by the Management of the Company the operating effectiveness of such controls, refer to our
through the year and such other third party evidences as separate Report in “Annexure A”. Our report expresses
applicable, and have obtained sufficient appropriate audit a qualified opinion on the adequacy and operating
evidence to issue an unmodified opinion on the standalone effectiveness of the Company’s internal financial controls
financial statements.
over financial reporting for the reasons stated therein.
(b) As stated in Note 1.2 to the standalone financial statements, i) With respect to the other matters to be included in the
pursuant to the Scheme of Amalgamation of erstwhile Auditor’s Report in accordance with the requirements of
Fermenta Biotech Limited, as stated in the said Note, into the section 197(16) of the Act, as amended, in our opinion
Company becoming effective during the year ended March and to the best of our information and according to the
31, 2020, the corresponding financial information for the year explanations given to us, the remuneration paid by the
ended March 31, 2019 has been restated. Also refer the first Company to its directors during the year is in accordance
matter under the Key Audit Matters paragraph above.
with the provisions of section 197 of the Act.
Our opinion on the standalone financial statements and our report j) With respect to the other matters to be included in
on Other Legal and Regulatory Requirements below is not modified the Auditor’s Report in accordance with Rule 11 of the
in respect of these matters.
Companies (Audit and Auditors) Rules, 2014, as amended,
Report on Other Legal and Regulatory in our opinion and to the best of our information and
Requirements according to the explanations given to us:
1. As required by Section 143(3) of the Act, based on our audit we i. The Company has disclosed the impact of pending
report, that: litigations on its financial position in its standalone
financial statements - See Note 41(ii) to the standalone
a) We have sought and except for the matter described in financial statements.
the Basis for Qualified Opinion section above, obtained all
the information and explanations which to the best of our ii. The Company did not have any long-term contracts
knowledge and belief were necessary for the purposes of including derivative contracts for which there were
our audit. any material foreseeable losses.
b) Except for the possible effects of the matter described iii. There has been no delay in transferring amounts,
in the Basis for Qualified Opinion section above, in our required to be transferred, to the Investor Education
opinion, proper books of account as required by law have and Protection Fund by the Company.
been kept by the Company so far as it appears from our 2. As required by the Companies (Auditor’s Report) Order, 2016
examination of those books. (“the Order”) issued by the Central Government in terms of
c) The Balance Sheet, the Statement of Profit and Loss Section 143(11) of the Act, we give in “Annexure B” a statement
including Other Comprehensive Income, the Cash Flow on the matters specified in paragraphs 3 and 4 of the Order.
Statement and Statement of Changes in Equity dealt with
by this Report are in agreement with the books of account.
For Deloitte Haskins & Sells LLP
d) Except for the possible effects of the matter described Chartered Accountants
in the Basis for Qualified Opinion section above, in our (Firm’s Registration No. 117366W/W-100018)
opinion, the aforesaid standalone financial statements
comply with the Ind AS specified under Section 133 of the
Act. Rajesh K. Hiranandani
Partner
e) The matter described in the Basis for Qualified Opinion Place: Mumbai (Membership No. 36920)
section above, in our opinion, may have an adverse effect Date: August 28, 2020 (UDIN: 20036920AAAACU7943)
on the functioning of the Company.

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