DANONE (INDIA) PRIVATE LIMITED Standalone Financial Statements for period 01/04/2018 to 31/03/2019

as % of profit

others, specify

5 Others, please specify

Total

[400200] Disclosures - Auditors report

Details regarding auditors [Table] ..(1)

Unless otherwise specified, all monetary values are in INR
Auditors [Axis] 1
01/04/2018
to
31/03/2019
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm S R B C & Co LLP
MANIAR VIJAY
Name of auditor signing report SURESH
Firms registration number of audit firm 324982E/E300003
Membership number of auditor 036738
14th Floor, The
Ruby, 29 Senapati
Address of auditors Bapat Marg, Dadar
(West), Mumbai
400028
Permanent account number of auditor or auditor's firm ACHFS9117R
SRN of form ADT-1 G70807714
Date of signing audit report by auditors 30/09/2019
Date of signing of balance sheet by auditors 30/09/2019

Unless otherwise specified, all monetary values are in INR

01/04/2018
to
31/03/2019
Textual information (20)
Disclosure in auditor’s report explanatory [TextBlock] [See below]
Whether companies auditors report order is applicable on company No
Whether auditors' report has been qualified or has any reservations or
No
contains adverse remarks

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DANONE (INDIA) PRIVATE LIMITED Standalone Financial Statements for period 01/04/2018 to 31/03/2019

Textual information (20)

Disclosure in auditor’s report explanatory [Text Block]

INDEPENDENT AUDITOR’S REPORT
To the Members of Danone (India) Private Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Danone (India) Private Limited (“the Company”), which comprise the B
alance sheet as at March 31, 2019 , the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give
the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, its loss and its
cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements’ section of our report. We are independent of the Company in accordance with the ‘Code of Ethics’ issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under
the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the standalone financial statements.

Material Uncertainty Related to Going Concern

We draw attention to Note 2.02 in the financial statements which, indicate that the Company main objective is to promote investments in diary
business through its subsidiary company Danone Foods and Beverages India Private Limited which had discontinued its operations in the
previous year on January 11, 2018 by publicly announcing the decision of board of directors to discontinue its operation of dairy business. The
Company has accumulated losses amounting to Rs 3,344,305,973 as at March 31, 2019 resulting to substantial erosion of its net worth. The
management of the Company is evaluating various options, including starting a new line of business with the funds available from sale of assets
of subsidiary company but does not have a definite business plan. These conditions, along with the other matters as set forth in the aforesaid note,
indicate existence of a material uncertainty that may cast significant doubt to continue as a going concern.

Our opinion is not qualified in respect of this matter.

Information Other than the 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
Director’s 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 such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

The Director’s report is not made available to us, as at the date of this auditor’s report. We have nothing to report in this regard.

Responsibility of Management 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 and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Companies (Accounting Standards) Rules, 2006 (as
amended) specified under section 133 of the Act read with the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to

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DANONE (INDIA) PRIVATE LIMITED Standalone Financial Statements for period 01/04/2018 to 31/03/2019

liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the
standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

The Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section
143 of the Act, is not applicable to the Company.
As required by Section 143(3) of the Act, we report that:

We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit;

In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those
books;

The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of
account;

In our opinion, the aforesaid standalone financial statements comply with the Companies (Accounting Standards) Rules, 2006 (as amended)
specified under section 133 of the Act, read with the Companies (Accounts) Rules, 2014;

On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act;

This report does not include Report on the internal financial controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(the ”Report on internal financial controls”), since in our opinion and according to the information and explanation given to us, the said report on
internal financial controls is not applicable to the Company basis the exemption available to the Company under MCA notification no. G.S.R.
583(E) dated June 13, 2017, read with corrigendum dated July 13, 2017 on reporting on internal financial controls over financial reporting;

The provisions of section 197 read with Schedule V of the Act are not applicable to the Company for the year ended March 31, 2019;

With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 21 to the financial
statements;

The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

40
DANONE (INDIA) PRIVATE LIMITED Standalone Financial Statements for period 01/04/2018 to 31/03/2019

For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

______________________________
per Vijay Maniar
Partner
Membership Number: 36738
UDIN: 19036738AAAADC4520
Place of Signature: Mumbai
Date: September 30, 2019

[400500] Disclosures - Secretarial audit report

Unless otherwise specified, all monetary values are in INR
01/04/2018
to
31/03/2019
Disclosure in secretarial audit report explanatory [TextBlock]
Whether secretarial audit report is applicable on company No

41