Page 97 - Annual Report 2019-20

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using the going concern basis of accounting unless conditions that may cast significant doubt on the Report on Other Legal and Regulatory Requirements h) With respect to the other matters to be
management either intends to liquidate the Company Company’s ability to continue as a going concern. 1. As required by Section 143(3) of the Act, based included in the Auditor’s Report in accordance
or to cease operations, or has no realistic alternative If we conclude that a material uncertainty exists, with Rule 11 of the Companies (Audit and PIDILITE ANNUAL REPORT 2019-20
but to do so. we are required to draw attention in our auditor’s on our audit we report, that: Auditors) Rules, 2014, as amended in our
Those Board of Directors are also responsible for report to the related disclosures in the standalone a) We have sought and obtained all the opinion and to the best of our information and
overseeing the Company’s financial reporting process. financial statements or, if such disclosures are information and explanations which to the according to the explanations given to us:
inadequate, to modify our opinion. Our conclusions best of our knowledge and belief were
Auditor’s Responsibility for the Audit of the are based on the audit evidence obtained up to the necessary for the purposes of our audit. i. The Company has disclosed the impact of
Standalone Financial Statements date of our auditor’s report. however, future events pending litigations on its financial position
Our objectives are to obtain reasonable assurance or conditions may cause the Company to cease to b) In our opinion, proper books of account in its standalone financial statements.
as required by law have been kept by the
about whether the standalone financial statements as continue as a going concern. Company so far as it appears from our ii. The Company did not have any long-term
a whole are free from material misstatement, whether • Evaluate the overall presentation, structure and examination of those books. contracts including derivative contracts
due to fraud or error, and to issue an auditor’s report content of the standalone financial statements, for which there were any material
that includes our opinion. Reasonable assurance including the disclosures, and whether the c) The Balance Sheet, the Statement of Profit foreseeable losses.
is a high level of assurance, but is not a guarantee standalone financial statements represent the and Loss including Other Comprehensive
that an audit conducted in accordance with SAs will underlying transactions and events in a manner Income, the Statement of Cash Flows and iii. There has been no delay in transferring
always detect a material misstatement when it exists. Statement of Changes in Equity dealt with by amounts, required to be transferred, to the
Misstatements can arise from fraud or error and are that achieves fair presentation. this Report are in agreement with the books Investor Education and Protection Fund by
considered material if, individually or in the aggregate, Materiality is the magnitude of misstatements in the of account. the Company.
they could reasonably be expected to influence the standalone financial statements that, individually or 2. As required by the Companies (Auditor’s Report)
economic decisions of users taken on the basis of in aggregate, makes it probable that the economic d) In our opinion, the aforesaid standalone Order, 2016 (“the Order”) issued by the Central
these standalone financial statements. decisions of a reasonably knowledgeable user of the financial statements comply with the Ind AS Government in terms of Section 143(11) of the
specified under Section 133 of the Act.
As part of an audit in accordance with SAs, we standalone financial statements may be influenced. Act, we give in “Annexure B” a statement on the
exercise professional judgment and maintain We consider quantitative materiality and qualitative e) On the basis of the written representations matters specified in paragraphs 3 and 4 of the
st
professional skepticism throughout the audit. We also: factors in (i) planning the scope of our audit work received from the directors as on 31 March Order.
and in evaluating the results of our work; and (ii) to 2020 taken on record by the Board of
• Identify and assess the risks of material evaluate the effect of any identified misstatements in Directors, none of the directors is disqualified
misstatement of the standalone financial the standalone financial statements. as on 31 March 2020 from being appointed For DELOITTE HASKINS & SELLS LLP
st
statements, whether due to fraud or error, design as a director in terms of Section 164(2) of Chartered Accountants
and perform audit procedures responsive to those We communicate with those charged with the Act. (Firm’s Registration no. 117366W/W-100018)
risks, and obtain audit evidence that is sufficient governance regarding, among other matters, the N. K. Jain
and appropriate to provide a basis for our opinion. planned scope and timing of the audit and significant f) With respect to the adequacy of the internal Partner
The risk of not detecting a material misstatement audit findings, including any significant deficiencies in financial controls over financial reporting of
resulting from fraud is higher than for one resulting internal control that we identify during our audit. the Company and the operating effectiveness (Membership no. 045474)
from error, as fraud may involve collusion, forgery, We also provide those charged with governance with of such controls, refer to our separate Report uDIn: 20045474AAAABF7632
intentional omissions, misrepresentations, or the a statement that we have complied with relevant in “Annexure A”. Our report expresses an Place: Mumbai
override of internal control. unmodified opinion on the adequacy and Date: 17 June 2020
th
ethical requirements regarding independence, and
• Obtain an understanding of internal financial to communicate with them all relationships and other operating effectiveness of the Company’s
control relevant to the audit in order to design matters that may reasonably be thought to bear on internal financial controls over financial
audit procedures that are appropriate in the our independence, and where applicable, related reporting
circumstances. under section 143(3)(i) of the Act, safeguards. g) With respect to the other matters to
we are also responsible for expressing our opinion be included in the Auditor’s Report in
on whether the Company has adequate internal From the matters communicated with those charged accordance with the requirements of section
financial controls system in place and the operating with governance, we determine those matters 197(16) of the Act, as amended, In our opinion
effectiveness of such controls. that were of most significance in the audit of the and to the best of our information and
PIDILITE ANNUAL REPORT 2019-20 • Conclude on the appropriateness of management’s these matters in our auditor’s report unless law or the remuneration paid by the Company to its
standalone financial statements of the current period
• Evaluate the appropriateness of accounting
according to the explanations given to us,
and are therefore the key audit matters. We describe
policies used and the reasonableness of accounting
estimates and related disclosures made by the
directors during the year is in accordance with
regulation precludes public disclosure about the
management.
the provisions of section 197 of the Act.
matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated
in our report because the adverse consequences of
use of the going concern basis of accounting and,
doing so would reasonably be expected to outweigh
based on the audit evidence obtained, whether
94 a material uncertainty exists related to events or the public interest benefits of such communication.