67 Information Other than the Standalone Financial Statements and Auditor’s Report Thereon The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Directors’ report and its annexure, Management Discussion and Analysis and Corporate Governance report but does not include the standalone financial statements and our auditor’s report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, Key Audit Matter Auditor’s Response Revenue from sale of goods to Parent Company Significant revenue of the Company is generated through sale of goods to its Holding Company. The occurrence of such transactions and their pricing on an arm’s length basis were significant areas of audit focus. Our procedures included but were not limited to: - obtaining a detailed understanding of the processes, controls and policies of the Management with respect to related party transactions, - evaluating the design of controls including approvals and related compliances, - testing implementation and operating effectiveness of the controls that address risks relating to the occurrence and pricing. - Performing following procedures on the samples selected: - reading and verifying the terms of the purchase orders; performing corroborative inquiries for the business rational on pricing and relevant terms and conditions, including sighting evidences of transaction of similar products on identical terms with unrelated parties - verifying necessary approvals as per the authorisation matrices - verifying documentary evidences around deliveries and subsequent realisation, and obtaining balance confirmations - performing analytical procedures and trend analysis - assessing adequacy and appropriateness of the disclosures in the standalone financial statements
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