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Aditya Birla Money Ltd.

BSE: 532974 Sector: Financials
NSE: BIRLAMONEY ISIN Code: INE865C01022
BSE 00:00 | 12 Aug 58.05 0.15
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NSE 05:30 | 01 Jan Aditya Birla Money Ltd
OPEN 57.90
PREVIOUS CLOSE 57.90
VOLUME 6263
52-Week high 78.20
52-Week low 47.05
P/E 11.43
Mkt Cap.(Rs cr) 327
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 57.90
CLOSE 57.90
VOLUME 6263
52-Week high 78.20
52-Week low 47.05
P/E 11.43
Mkt Cap.(Rs cr) 327
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aditya Birla Money Ltd. (BIRLAMONEY) - Auditors Report

Company auditors report

To The Members of Aditya Birla Money Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Aditya Birla Money Limited(the "Company") which comprise the Balance Sheet as at 31st March2022 and the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information. In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid financial statements give the information required by the Companies Act2013 (the "Act") in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under Section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2022 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis For Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor’s Responsibility for the Auditof the Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Key Audit Matter

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Sr. No. Key Audit Matter Auditor’s Response
1 Information technology and general controls We understood and assessed the overall IT control environment and the controls in place which included controls over access to systems and data as well as system changes.
The financial accounting and reporting systems of the Company are fundamentally reliant on IT systems and IT controls to process significant transaction volumes. Tested the design and operating effectiveness of IT access controls over the information systems that are important to financial reporting and various interfaces configuration and other identified application controls.
Due to the complexity large volume of transactions processed daily and reliance on automated and IT dependent manual controls matter pertaining to adequacy and effectiveness of IT control environment is considered as a Key Audit Matter. Tested IT general controls (logical access changes management and aspects of IT operational controls). This included testing that requests for access to systems were appropriately reviewed and authorised.
Our areas of audit focus included user access management developer access to the production environment and changes to the IT environment. These are key to ensuring IT dependent and application-based controls are operating effectively. Tested the Company’s periodic review of access rights. We also inspected requests of changes to systems for appropriate approval and authorisation. In addition to the above we tested the design and operating effectiveness of certain automated and IT dependent manual controls that were considered as key internal controls over financial reporting.
Tested the design and operating effectiveness compensating controls in case deficiencies were identified and where necessary extended the scope of our substantive audit procedures.

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 butdoes not include the financial statements and our auditor’s report thereon.

• Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany’s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in termsof Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of it’s knowledge andbelief as disclosed in the notes to the accounts (refer Note 52) no funds (which arematerial either individually or in the aggregate) have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by theCompany to or in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the

Intermediary shall directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

(b) The Management has represented that to the best of it’s knowledge andbelief as disclosed in the notes to accounts (refer Note 53) no funds (which arematerial either individually or in the aggregate) have been received by the Company fromany person(s) or entity(ies) including foreign entities ("Funding Parties")with the understanding whether recorded in writing or otherwise that the Company shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

(c) Based on the audit procedures that has been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has notproposed final dividend for the year.

2. As required by the Companies (Auditor’s Report) Order 2020 (the"Order") issued by the Central Government in terms of Section 143(11) of theAct we give in "Annexure B" a statement on the matters specified in paragraphs3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Mukesh Jain
(Partner)
Place : Mumbai (Membership No. 108262)
Date : 22nd April 2022 (UDIN: 22108262AHQGGZ1277)

Annexure "A" to the Independent Auditor’s Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofsub-section3 of Section 143 of the Companies Act 2013 (the "Act")

We have audited the internal financial controls over financial reporting of AdityaBirla Money Limited (the "Company") as of 31st March 2022 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company’s internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany’s assets that could have a material effect on the financial statements.

Inherent limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31st March 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Mukesh Jain
(Partner)
Place : Mumbai (Membership No. 108262)
Date : 22nd April 2022 (UDIN: 22108262AHQGGZ1277)

Annexure "B" to the Independent Auditor’s Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit we statethat: (i) In respect of the Company’s Property Plant and Equipment and Intangibleassets: (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of the of Property Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangibleassets. (b) The Company has a programme of verification of Property Plant and Equipmentso to cover all the items once every three years which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogramme no such assets were due for physical verification during the year. According tothe information and explanations given to us since no physical verification of propertyplant and equipment was due during the year the question of reporting on materialdiscrepancies noted on verification does not arise.

(c) Based on our examination of the registered sale deed cum general power of attorneyprovided to us we report that the title deeds of all the immovable properties disclosedin the financial statements included in property plant and equipment are held in the nameof the Company as at the balance sheet date.

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31st March 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The Company does not have any inventory and hence reporting under clause(ii)(a) of the Order is not applicable.

(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs.5 Crores in aggregate at points oftime during the year from banks on the basis of security of current assets. In ouropinion and according to the information and explanations given to us the quarterlyreturns or statements comprising book debt statements and statements on ageing analysis ofthe debtors filed by the Company with such banks are in agreement with the unaudited booksof account of the Company of the respective quarters as explained in note 42A of financialstatements and no material discrepancies have been observed.

(iii) The Company has not made any investments in (excluding purchases and sales ofinvestments in debt securities in the normal course of business) provided any guaranteeor security and granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties duringthe year and hence reporting under clause (iii) of the Order is not applicable.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to bedeposits. Hence reporting under clause (v) of the Order is not applicable.

(vi) The maintenance of cost records has not been specified for the activities of theCompany by the Central Government under Section 148(1) of the Companies Act 2013. Hencereporting under clause (vi) of the Order is not applicable to the Company.

(vii) In respect of statutory dues:

(a) In our opinion the Company has generally been regular in depositing undisputedstatutory dues including Goods and Service tax Provident Fund Employees’ StateInsurance Income-tax Value Added Tax Cess and other material statutory dues applicableto the Company have by it with the appropriate authorities though there has been a delayin respect of remittance of professional tax dues.

In respect of undisputed amounts payable in respect of Provident Fund Income-taxGoods and Services Tax cess and other material statutory dues there were no such dues inarrears as at 31st March 2022 for a period more than 6 months from the datethey became payable other than stamp duties collected by the Company in respect of Stateswherein the manner of making the payment has not been notified from July 2011 onwards andremaining unpaid as on 31st March 2022 amounting to Rs.16490479 as disclosedin Note 34 to the financial statements.

(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on 31st March 2022 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Demand Amount Amount paid Un-paid amount
Finance Act 1994 Service tax CESTAT March 2009 – November 2009 13.65 11.16 2.49
Finance Act 1994 Service tax CESTAT April 2006 – MayRs.2008 7.94 7.62 0.32
Employee’s Provident Fund and Miscellaneous Provisions Act 1952 Provident Fund High Court Chennai April 2009 – MayRs.2011 432.05 140.37 291.68
Securities exchange board of India (SEBI) Act 1992 Penalty for violation under the SEBI provisions Securities Appellate Tribunal (SAT) January 2014 – December 2016 102.00 50.00 52.00
Income Tax Act 1961 Income Tax High Court Chennai AY 2010-11 7.42 - 7.42
Tamil Nadu Value Added Tax 2006 Value Added Tax Appellate Assistant April 2006 – March 2007 0.40 0.10 0.30
Commissioner of Commercial Taxes April 2007 – March 2008 10.20 2.55 7.65

(viii) There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year.

(ix) (a) In our opinion the Company has not defaulted in the repayment of loans orother borrowings or in the payment of interest thereon to any lender during the year.

(b) The Company has not been declared willful defaulter by any bank or financialinstitution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are nooutstanding term loans at the beginning of the year and hence reporting under clause3(ix)(c) of the Order is not applicable. (d) On an overall examination of the financialstatements of the Company funds raised on short-term basis have prima facie notbeen used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company the Companyhas not made any investment in or given any new loan or advances to any of itssubsidiaries associates or joint ventures during the year and hence reporting underclause 3(ix)(e) of the Order is not applicable.

(f) The Company has not raised any loans during the year and hence reporting on clause(ix)(f) of the Order is not applicable.

(x) (a) The Company has not raised moneys by way of initial public offer/ furtherpublic offer. In our opinion moneys raised by way of debt instruments (commercial papers)during the year have been prima facie applied by the Company for the purposes forwhich they were raised.

(b) The Company has made private placement of preference shares during the year. Forsuch allotment of shares the Company has complied with the requirements of Section 42 ofthe Companies Act 2013 and the funds raised have been prima facie applied bythe Company during the year for the purposes for which the funds were raised other thantemporary deployment pending application. The Company has not made any preferentialallotment or private placement of fully or partly or optionally convertible debenturesduring the year.

(xi) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(b) No report under sub-section (12) of Section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and

Auditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year (and upto the date of this report).

(xii) The Company is not a Nidhi Company and hence reporting under clause

(xii) of the Order is not applicable.

(xiii) In our opinion the Company is in compliance with Sections 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with any of its directors or directors of it’s holding companysubsidiary company associate company or persons connected with such directors and henceprovisions of Section 192 of the Companies Act 2013 are not applicable to the Company.

(xvi) (a) In our opinion the Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b)and (c) of the Order is not applicable.

(b) In our opinion the Group does not have more than one CIC as part of the group.

(xvii) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities and other information accompanyingthe financial statements and our knowledge of the Board of Directors and Management plansand based on our examination of the evidence supporting the assumptions nothing has cometo our attention which causes us to believe that any material uncertainty exists as onthe date of the audit report indicating that Company is not capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date. We however state that this is not anassurance as to the future viability of the Company. We further state that our reportingis based on the facts up to the date of the audit report and we neither give any guaranteenor any assurance that all liabilities falling due within a period of one year from thebalance sheet date will get discharged by the Company as and when they fall due.

(xx) (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) onother than ongoing projects requiring a transfer to a Fund specified in Schedule VII tothe Companies Act in compliance with second proviso to sub-section (5) of Section 135 ofthe said Act. Accordingly reporting under clause 3(xx)(a) of the Order is not applicablefor the year.

(b) In respect of ongoing projects the Company has transferred unspent CorporateSocial Responsibility (CSR) amount to a Special account before the date of this reportand within a period of 30 days from the end of the financial year in compliance with theprovision of Section 135(6) of the Act.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Mukesh Jain
(Partner)
Place : Mumbai (Membership No. 108262)
Date : 22nd April 2022 (UDIN: 22108262AHQGGZ1277)

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