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V.K.SURANA & CO.
CHARTERED ACCOUNTANTS
Unit No. 202, Tower – A, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel, Mumbai-400013
Ph. No.: 91-22-41731000, Fax: 91-22-41731010

Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
signicance in our audit of the consolidated nancial statements of the current period.
These matters were addressed in the context of our audit of the consolidated nancial
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 to be communicated in our report.

Sr. The Key Audit matters How our audit addressed the key
No. audit matter / Auditor's Response

1. A c c u r a c y o f r e c o g n i t i o n , Our key audit procedures included and were not
measurement, presentation and limited to the following:
disclosures of Leases and other
related balances in view of adoption • Assessed and tested new processes and
of Ind AS 116 “Leases” (new Indian controls in respect of the lease accounting
accounting standard) standard (Ind AS 116);
• Assessed the identication of leases based on
With effect from 1st April, 2019, Ind AS the contractual agreements and our knowledge
116 – “Leases” (Ind AS 116) of the business.
supersedes Ind AS 17 – “Leases”. The • Evaluate the reasonableness of the discount
Company has adopted Ind AS 116, rates applied in determining the lease liabilities;
retrospectively with the cumulative
effect of initially applying the standard, • Upon transition at 1st April'2019:
recognized on the date of initial a) Evaluated the method of transition and related
application (April 1, 2019). adjustments;
b) Tested completeness of the lease data by
The application and transition to this reconciling the Company's operating lease
accounting standard is complex and is commitments to data used in computing ROU
an area of focus in our audit since the asset and the lease liabilities.
Company has lease arrangement with
different contractual term. • On a stastical sample, we performed the
following procedures:
Ind AS 116 introduces a new lease
accounting model, wherein lessees a) Assessed the key terms and conditions of each
are required to recognise a right-of-use lease with the underlying lease contracts; and

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