Page 179 - Annual Report 2019-20

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• Conclude on the appropriateness of management’s From the matters communicated with those charged Our opinion on the consolidated financial f) With respect to the adequacy of the internal
use of the going concern basis of accounting and, with governance, we determine those matters statements above and our report on Other Legal financial controls over financial reporting and the
based on the audit evidence obtained, whether that were of most significance in the audit of the and Regulatory Requirements below, is not operating effectiveness of such controls, refer
a material uncertainty exists related to events or consolidated financial statements of the current modified in respect of the above matters with to our separate Report in “Annexure A” which
conditions that may cast significant doubt on the period and are therefore the key audit matters. We respect to our reliance on the work done and the is based on the auditors’ reports of the Parent, PIDILITE ANNUAL REPORT 2019-20
ability of the Group and its associate and joint describe these matters in our auditor’s report unless reports of the other auditors and the financial subsidiary companies and associate company
venture to continue as a going concern. If we law or regulation precludes public disclosure about the information certified by the Management. incorporated in India. Our report expresses
conclude that a material uncertainty exists, we are an unmodified opinion on the adequacy and
required to draw attention in our auditor’s report to matter or when, in extremely rare circumstances, we Report on Other Legal and Regulatory operating effectiveness of internal financial
the related disclosures in the consolidated financial determine that a matter should not be communicated Requirements controls over financial reporting of those
statements or, if such disclosures are inadequate, in our report because the adverse consequences of As required by Section 143(3) of the Act, based on companies.
to modify our opinion. Our conclusions are based doing so would reasonably be expected to outweigh our audit and on the consideration of the reports
on the audit evidence obtained up to the date of the public interest benefits of such communication. of the other auditors on the separate financial g) With respect to the other matters to be included
our auditor’s report. however, future events or Other Matters statements/ financial information of the subsidiaries in the Auditor’s Report in accordance with the
conditions may cause the Group and its associate and an associate referred to in the Other Matters requirements of section 197(16) of the Act, as
and joint venture to cease to continue as a going (a) We did not audit the financial statements/ section above we report, to the extent applicable amended, In our opinion and to the best of our
concern. financial information of 32 subsidiaries, whose that: information and according to the explanations
given to us, the remuneration paid by the Parent to
• Evaluate the overall presentation, structure and financial statements/ financial information reflect a) We have sought and obtained all the information its directors during the year is in accordance with
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content of the consolidated financial statements, total assets of 1,552.94 crores as at 31 March and explanations which to the best of our the provisions of section 197 of the Act.
including the disclosures, and whether the 2020, total revenues of 945.53 crores and net knowledge and belief were necessary for h) With respect to the other matters to be included
consolidated financial statements represent the cash inflows (net) amounting to 60.34 crores the purposes of our audit of the aforesaid in the Auditor’s Report in accordance with Rule
underlying transactions and events in a manner that for the year ended on that date, as considered consolidated financial statements. 11 of the Companies (Audit and Auditors) Rules,
achieves fair presentation. in the consolidated financial statements. The 2014, as amended in our opinion and to the best of
• Obtain sufficient appropriate audit evidence consolidated financial statements also include the b) In our opinion, proper books of account as our information and according to the explanations
required by law relating to preparation of the
regarding the financial information of the entities Group’s share of net profit of 3.03 crores for the aforesaid consolidated financial statements given to us:
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or business activities within the Group and its year ended 31 March 2020, as considered in the have been kept so far as it appears from our
associate and joint venture to express an opinion consolidated financial statements, in respect of examination of those books and the reports of i. The consolidated financial statements disclose
on the consolidated financial statements. We are an associate, whose financial statements have not the other auditors. the impact of pending litigations on the
responsible for the direction, supervision and been audited by us. These financial statements/ consolidated financial position of the Group
performance of the audit of the financial statements financial information have been audited by other c) The Consolidated Balance Sheet, the and its associate
of such entities or business activities included in auditors whose reports have been furnished to Consolidated Statement of Profit and Loss ii. The Group and its associate did not have
the consolidated financial statements of which we us by the Management and our opinion on the including Other Comprehensive Income, the any material foreseeable losses on long-term
are the independent auditors. For the other entities consolidated financial statements, in so far as it Consolidated Statement of Cash Flows and the contracts including derivative contracts.
or business activities included in the consolidated relates to the amounts and disclosures included Consolidated Statement of Changes in Equity
financial statements, which have been audited dealt with by this Report are in agreement with iii. There has been no delay in transferring
by the other auditors, such other auditors remain in respect of these subsidiaries and associate, the relevant books of account maintained for amounts, required to be transferred, to the
responsible for the direction, supervision and and our report in terms of subsection (3) of the purpose of preparation of the consolidated Investor Education and Protection Fund by the
performance of the audits carried out by them. We Section 143 of the Act, in so far as it relates to the financial statements Parent, its subsidiary companies and associate
remain solely responsible for our audit opinion. aforesaid subsidiaries and associate is based solely company incorporated in India.
on the reports of the other auditors. d) In our opinion, the aforesaid consolidated
Materiality is the magnitude of misstatements in the financial statements comply with the Ind AS
consolidated financial statements that, individually (b) We did not audit the financial information of 2 specified under Section 133 of the Act. For DELOITTE HASKINS & SELLS LLP
or in aggregate, makes it probable that the economic subsidiaries, whose financial information reflect e) On the basis of the written representations Chartered Accountants
decisions of a reasonably knowledgeable user of the total assets of nIL as at 31 March 2020, received from the directors of the Parent as on
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consolidated financial statements may be influenced. total revenues of nIL and net cash inflows/ (Firm’s Registration no. 117366W/W-100018)
We consider quantitative materiality and qualitative (outflows) amounting to nIL for the year ended 31 March 2020 taken on record by the Board of N. K. Jain
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factors in (i) planning the scope of our audit work and on that date, as considered in the consolidated Directors of the Company and the reports of the Partner
in evaluating the results of our work; and (ii) to evaluate financial statements. The consolidated financial statutory auditors of its subsidiary companies (Membership no. 045474)
the effect of any identified misstatements in the statements also include the Group’s share of and associate company incorporated in India, uDIn 20045474AAAABG3573
consolidated financial statements. none of the directors of the Group companies
net loss of nIL for the year ended 31 March
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We communicate with those charged with governance 2020, as considered in the consolidated financial and its associate company incorporated in India Place: Mumbai
is disqualified as on 31 March 2020 from
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th
of the Parent and such other entities included in the statements, in respect of a joint venture, whose being appointed as a director in terms of Date: 17 June 2020
consolidated financial statements of which we are financial information have not been audited by Section 164 (2) of the Act.
PIDILITE ANNUAL REPORT 2019-20 and significant audit findings, including any significant and our opinion on the consolidated financial
the independent auditors regarding, among other
us. These financial information are unaudited and
matters, the planned scope and timing of the audit
have been furnished to us by the Management
deficiencies in internal control that we identify during
statements, in so far as it relates to the amounts
our audit.
and disclosures included in respect of these
We also provide those charged with governance with
subsidiaries and joint venture, is based solely
a statement that we have complied with relevant
on such unaudited financial information. In our
ethical requirements regarding independence, and
opinion and according to the information and
matters that may reasonably be thought to bear on
these financial information are not material to
our independence, and where applicable, related
the Group.
safeguards.
176 to communicate with them all relationships and other explanations given to us by the Management,