PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

141 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS – MARCH 31, 2021 Inherent Limitations of Internal Financial controls with Reference to consolidated Financial Statements Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Other Matters Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements insofar as it relates to one subsidiary, which is company incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.101248W/W-100022 Jayesh T Thakkar Partner Mumbai Membership No: 113959 May 14, 2021 ICAI UDIN: - 21113959AAAACR4325