PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

85 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Inherent Limitations of Internal Financial controls with Reference to Standalone Financial Statements Because of the inherent limitations of internal financial controls with reference to Standalone 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 Standalone Financial Statements to future periods are subject to the risk that the internal financial controls with reference to standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 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: - 21113959AAAACQ4917 ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF PRIVI SPECIALITY CHEMICALS LIMITED (‘formerly known as Fairchem Speciality Limited’) for the year ended March 31, 2021