Page 175 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

below, is not modified in respect of the above matters with e) The matter described in the Basis for Qualified Opinion section
respect to our reliance on the work done and the reports of above, in our opinion, may have an adverse effect on the
the other auditors and the financial information certified by the functioning of the Group.
Management of the Parent.
f) On the basis of the written representations received from the
(c) Due to COVID-19 related lockdown, we were not able to directors of the Parent as on March 31, 2020 taken on record
physically observe the physical verification of inventory that by the Board of Directors of the Company and the reports of
was carried out by the Management of the Parent subsequent the statutory auditors of its subsidiary companies incorporated
to the year end. Consequently, we have performed alternate in India, none of the directors of the Group companies
procedures to audit the existence and condition of inventory incorporated in India is disqualified as on March 31, 2020 from
as per the guidance provided in the Standard on Auditing 501 being appointed as a director in terms of Section 164 (2) of the
“Audit Evidence – Specific Consideration for Selected Items”, Act.
which includes inspection of supporting documents, on test g) The qualification relating to maintenance of accounts and
check basis, relating to purchases, production, sales, results of other matters connected therewith are as stated in the Basis for
cyclical counts performed by the Management of the Parent Qualified Opinion section above.
through the year and such other third party evidences as
applicable, and have obtained sufficient appropriate audit h) With respect to the adequacy of the internal financial controls
evidence to issue an unmodified opinion on the consolidated over financial reporting and the operating effectiveness of such
financial statements. controls, refer to our separate Report in the Annexure, which
is based on the auditors’ reports of the Parent and subsidiary
(d) As stated in Note 1.2 to the consolidated financial statements, companies incorporated in India to whom internal financial
pursuant to the Scheme of Amalgamation of erstwhile controls over financial reporting is applicable. Our report
Fermenta Biotech Limited, as stated in the said Note, into
the Parent becoming effective during the year ended March expresses a qualified opinion on the adequacy and operating
31, 2020, the corresponding financial information for the year effectiveness of internal financial controls over financial
ended March 31, 2019 has been restated. reporting of the Parent.
i) With respect to the other matters to be included in the Auditor’s
Our opinion on the consolidated financial statements and our
report on Other Legal and Regulatory Requirements below is not Report in accordance with the requirements of section 197(16)
of the Act, as amended, in our opinion and to the best of our
modified in respect of these matters. information and according to the explanations given to us, the
Report on Other Legal and Regulatory remuneration paid by the Parent to its directors during the year
is in accordance with the provisions of section 197 of the Act.
Requirements
j) 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
separate financial statements of the subsidiaries referred to in the the best of our information and according to the explanations
Other Matters section above we report, to the extent applicable given to us:
that:
i) The consolidated financial statements disclose the impact
a) We have sought and except for the matter described under of pending litigations on the consolidated financial
the ‘Basis for Qualified Opinion’ section above, obtained all position of the Group and its associate - See Note 62 to
the information and explanations which to the best of our the consolidated financial statements;
knowledge and belief were necessary for the purposes of our
audit of the aforesaid consolidated financial statements. ii) The Group and its associate did not have any material
foreseeable losses on long-term contracts including
b) Except for the possible effects of the matter described in the derivative contracts.
Basis for Qualified Opinion section above, in our opinion, proper
books of account as required by law relating to preparation of iii) There has been no delay in transferring amounts, required
the aforesaid consolidated financial statements have been kept to be transferred, to the Investor Education and Protection
so far as it appears from our examination of those books and Fund by the Parent and its subsidiary companies,
the reports of the other auditors. incorporated in India.
c) The Consolidated Balance Sheet, the Consolidated Statement
of Profit and Loss including Other Comprehensive Income,
the Consolidated Cash Flow Statement and the Consolidated For Deloitte Haskins & Sells LLP
Statement of Changes in Equity dealt with by this Report are Chartered Accountants
in agreement with the relevant books of account maintained (Firm’s Registration No. 117366W/W-100018)
for the purpose of preparation of the consolidated financial
statements. Rajesh K. Hiranandani
d) Except for the possible effects of the matter described in the Partner
Basis for Qualified Opinion section above, in our opinion, the Place: Mumbai (Membership No. 36920)
aforesaid consolidated financial statements comply with the Date: August 28, 2020 (UDIN: 20036920AAAACV9501)
Ind AS specified under Section 133 of the Act.

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