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Albert David Ltd.

BSE: 524075 Sector: Health care
NSE: ALBERTDAVD ISIN Code: INE155C01010
BSE 00:00 | 30 Sep 575.60 23.00
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OPEN 557.95
PREVIOUS CLOSE 552.60
VOLUME 13
52-Week high 738.40
52-Week low 485.40
P/E 12.37
Mkt Cap.(Rs cr) 329
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 557.95
CLOSE 552.60
VOLUME 13
52-Week high 738.40
52-Week low 485.40
P/E 12.37
Mkt Cap.(Rs cr) 329
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Albert David Ltd. (ALBERTDAVD) - Auditors Report

Company auditors report

TO

THE MEMBERS OF ALBERT DAVID LIMITED

Report on the Audit of the Financial Statements of Albert David Limited I. Opinion

We have audited the accompanying financial statements of Albert David Limited("the Company") which comprise the Balance Sheet as at 31st March 2022 thestatement of profit and loss (including other comprehensive income) the statement ofchanges in Equity and the cash flow statement for the year on that date and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the financial statement").

In our opinion and to the best of information and according to the explanations givento us the aforesaid financial statements give the information required by the CompaniesAct 2013 (the "Act") in the manner so required and give a true and fair view inconformity with Indian Accounting Standards prescribed under section 133 of the Act readwith 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 March 31 2022 the profit comprehensive income changes inequity and its cash flows for the year ended on that date.

II. Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act (SAs). Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the companyin accordance with the Code of Ethics issued by the Institute of the Chartered Accountantsof India (ICAI) together with independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide the basis for our audit opinion on thefinancial statements.

III. Key Audit Matters

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 of 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.

Key audit matter How our audit addressed the key audit matters
A. Revenue Recognition Our key procedures included the following:
Revenue for the company consists primarily of sale of products. a) Assessed the appropriateness of the company's revenue recognition accounting policies including those relating to discounts incentives and rebates by comparing with the applicable accounting standards;
Revenue from the sale of products is recognized at the moment when performance obligation of the underlying products have been completed and is measured net of discounts incentives and rebates given to the customers.
b) Tested the operating effectiveness of the general IT control environment and key IT application controls over recognition of revenue calculation of discounts
The estimation of discounts incentives and rebates recognized related to sales made during the year is material and considered to be complex and judgmental. Therefore there is a risk of revenue being misstated as a result of inaccurate estimates of discounts incentives and rebates. c) incentives and rebates; Performed test of details:
i) Agreed samples of sales discounts incentives and rebates to supporting documentation and approvals; and
Further the company focuses on revenue as a key performance measure. Therefore revenue was our area of focus included whether the accruals were misstated and appropriately valued whether rebates and discounts was recorded in the correct period and whether the significant transactions had been d) accurately recorded in the Statement of Profit and Loss. ii) Obtained supporting documents for sales transactions recorded either side of year end as well as credit notes issued after the year ended to determine whether revenue was recognized in the correct period.
Performed focused analytical procedures:
Refer corresponding note for amounts recognized as revenue from sale of products i) Compared the revenue for the current year with the prior year for variance/ trend analysis and where relevant completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks overlaying our understanding of industry; and
ii) Compared the discounts incentives and rebates of the current year with the prior year for variance/ trend analysis and where relevant completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks overlaying our understanding of industry
e) Considered the appropriateness of the company's description of the accounting policy disclosures related to revenue discounts incentive and rebates and whether these are adequately presented in the financial statement.
B. Litigations and claims-provisions and contingent liabilities Our key procedures included the following:
As disclosed in Notes detailing contingent liability and provision for contingencies the company is involved in direct indirect tax and other litigations (‘litigations') that are pending with different statutory authorities. Assessed the appropriates of the company's accounting policies including those relating provision and contingent liability by comparing with the applicable accounting standards;
Whether a liability is recognized or disclosed as a contingent liability in the financial statements is inherently judgmental and dependent on a number of significant assumptions and assessments. Assessed the company process for identification the pending litigations and completeness for financial reporting and also for monitoring of significant developments in relation to such pending litigations; Engaged subject matter specialists to gain an understanding of the current status of litigations and monitored changes in the disputes if any through discussions with the management and by reading external advice received by the company where relevant to establish that the provisions had been appropriately recognized or disclosed as required; Assessed the company's assumptions and estimates in respect of litigations including the liabilities or provisions recognized or contingent liabilities disclosed in the financial statements. This involved assessing the probability of an unfavorable outcome of a given proceeding and the reliability of estimates of related amounts;
The amounts involved are potentially significant and determining the amount if any to be recognized or disclosed in the financial statements is inherently subjective.
Performed substantive procedures on the underlying calculations supporting the provisions recorded; Assessed the management's conclusions through understanding precedents set in similar cases; and Considering the appropriateness of the company's description of the disclosures related to litigations and whether these adequately presented in the financial statements.
C. Valuation of investments and impairment thereof Our key procedures included the following:
I. Non-Current Investments in Unquoted equity instruments. Verified with reference to latest registered valuers report; Valuation report based on simple average of valuation of investee on EBIDTA concept Revaluation concept and Discounted cash flow concept. Verified with reference to duly declared NAV of the investee.
II. Current Investments in unquoted mutual funds.
III. Fixed Deposit with Bank.
Verified with reference to banks' confirmation and computation of interest accrued thereon.
D. Evaluation of uncertain tax provisions PrincipalAudit procedures
The Company has material uncertain tax provisions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. Refer Note No.45.1 of the financial statements. Obtained details of completed tax assessments and demands for the year ended March 31 2022 from management. We involved our internal experts to challenge the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes. Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 12021 to evaluate whether any change was required to management's position on these uncertainties.
E. Recoverability of Indirect tax receivables PrincipalAudit procedures
Current assets in respect of withholding tax and others include Customs/Excise Duty/Cenvat recoverable amounting to Rs.175.19 lakhs which are pending adjudication. We have involved our internal experts to review the nature of the amounts recoverable the sustainability and the likelihood of recoverability upon final resolution.
Refer Note 20 to the Financial Statements
F. Covid-19
Variability of income and expenses in different phases of the year. Expense behavior with particular reference to decline in cost of sample distribution were verified having regard to intensity of the pandemic as had been prevailing in different part of the year in geographical specific context.

IV. Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholder's Information but does not include the financial statementsand our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe 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.

V. 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 preparation of these financial statements that give atrue and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the companies in accordance with the Ind ASand other accounting principles generally accepted in India. The respective Board ofDirectors of the companies are also responsible for maintenance of the adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of thecompanies and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors of the company isresponsible for assessing the company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the company's financialreporting process.

VI. Auditor's Responsibilities 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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto 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 which has companies incorporated in India has adequate internal financialcontrols system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the ability ofthe Group to continue as a going concern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or if such disclosures are inadequate to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's report. However future events or conditions may cause the company to ceaseto continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of theentities or business activities within the company to express an opinion on the financialstatements. We are responsible for the direction supervision and performance of the auditof the financial statements of such entities included in the financial statements.

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 also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships 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 the matter orwhen 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.

VII. 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 of the aforesaidfinancial statements.

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the relevant books of account maintained for the purpose ofpreparation of the financial statements.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312022 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

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 1". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in Auditor's Report in accordancewith the requirements of Section 197(16) of the Act as amended: In our opinion and to thebest of our information and according to explanations given to us the remuneration paidby the company to its directors during the year is in accordance with the provisions ofSection 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 financial statements disclose impact of pending litigations on the financialposition of the company in note no. 45.1 of financial statement.

ii. The company has not entered into long term contracts or derivative contracts forwhich there were any material forceable losses.

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

iv. (i) The management has represented that to the best of its knowledge and beliefno funds have been advanced or loaned or invested (either borrowed funds or share premiumor any other sources or kind of funds) by the Company or in any other persons or entitiesincluding foreign entities (intermediaries) with the understanding whether recorded inwriting or otherwise that the intermediary shall directly or indirectly lend or investin other persons or entities identified in any manner whatsoever ("ultimateBeneficiaries") by or on behalf of the Company or provide any guarantee security orthe like on behalf of the ultimate Beneficiaries.

(ii) The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any persons or entities including foreignentities ("Funding parties") with the understanding whether recorded in writingor otherwise that the Company shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever ("ultimatebeneficiaries") by or on behalf of the funding parties or provide any guaranteesecurity or the like on behalf of the ultimate beneficiaries.

(iii) Based on the procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule II(e) contain anymaterial misstatement.

v. The final dividend paid by the Company during the current year in respect of thesame declared for the previous year is in accordance with section 123 of the Companies Actto the extent it applies to payment of dividend. The Board of Directors of the Companyhave proposed a final dividend for the current year which is subject to the approval ofthe members at the Annual General Meeting. The dividend declared is in accordance withsection 123 of the Act to the extent it applies to declaration of dividend.

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 the Act we give in "Annexure2" a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

For Basu Chanchani & Deb
Chartered Accountants
Firm Registration No. 304049E
Place : Kolkata Biswanath Chattopadhyay
Date : May 11 2022 Partner
UDIN: 22051800AJMMBW7491 Membership No: 051800

Annexure - 1

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (l) OF SUB-SECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 ("THE ACT") REFERRED TO IN PARA VII (l) (F) OFOUR REPORT OF EVEN DATE.

We have audited the internal financial controls over financial reporting of AlbertDavid Limited ("the Company") as of 31st March 2022 in conjunction with ouraudit of IND AS financial statements of the Company for the year ended 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 FinancialReporting" issued by the Institute of Chartered Accountants of India.

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of IND AS financial statements whether due to fraud or error. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of IND AS 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 reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Basu Chanchani & Deb
Chartered Accountants
Firm Registration No. 304049E
Place : Kolkata Biswanath Chattopadhyay
Date : May 11 2022 Partner
UDIN: 22051800AJMMBW7491 Membership No: 051800

Annexure - 2

Report on the matters specified in Paragraphs 3 and 4 of THE COMPANIES (AUDITOR'SREPORT) ORDER 2020 referred to in Para VII (2) of our report of even date

I. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company is maintaining proper records showing full particulars of intangibleassets.

(c) Property Plant and Equipment has been physically verified by the management inreasonable intervals; As informed no material discrepancies between book records and thephysical inventories have been notices on such verification

. (d) Title deeds of immovable properties are held in the name of the Company.

(e) The Company has not revalued its property plant and equipment during the year.

(f) No proceedings were been initiated or are pending against the Company for holdingbenami property under the Prohibition of Benami Property Transactions Act 1988 (45 of1988) and rules made thereunder.

II. (a) The inventories have been physically verified at reasonable intervals duringthe year by the management. In our opinion coverage and procedure of such verificationby the management is appropriate. The discrepancies noticed on physical verificationbetween physical stock and book records were not material and have been properly dealtwith in the books of accounts.

(b) The Company has been sanctioned working capital loan limit of Rs.10.00 crores bythe State Bank of India and quarterly return of statements filed by the Company with Bankare in agreement with the books of accounts of the Company.

III. a) The Company has not made any investments or provided security to CompaniesFirms Limited Liability Partnerships or any other parties during the year. The Companyhas granted loans and advances in the nature of loans during the year to Companies andother parties details of which are stated below. The Company has not provided guaranteeor granted loans or advances in the nature of loans during the year to firm or limitedliability partnerships.

b) The Company has no subsidiary and granted no loans.

c) The Company has not granted advances in the nature of loans to other parties asbelow.

d) The Company has not provided any guarantee during the year. The terms and conditionsof the grant of loans and advances in the nature of loan during the year are prima facienot pre-judicial to the interest of the Company.

IV. In our opinion and according to explanations given to us the Company has compliedwith the provisions of Section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and securities as applicable.

V. The Company has not accepted deposits from the public within the meaning of Sections73 to 76 of the Act and the Rules framed thereunder to the extent notified. Accordinglyparagraph 3(V) of the Order is not applicable.

VI. On the basis of records produced we are of the opinion that prima facie costrecords and accounts prescribed by the Central Government under sub section (1) of section148 of the Companies Act 2013 in respect of products of the company covered under therules under said section have been made and maintained. However we are neither required tocarry out nor have carried out any detailed examination of such accounts and records.

VII. a) According to information and explanations given to us the company is regularin depositing with appropriate authorities undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax custom duty exciseduty value added tax goods and services tax cess and other statutory dues to the extentapplicable to it. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding as at 31st March 2022for a period of more than six months from the date of becoming payable.

b) The dues on account of Sales Tax Income Tax Excise Duty and Cess disputed by thecompany and not being paid vis-?-vis forums where such disputes are pending arementioned below:-

Name of the Statute Nature of dues Amount Rs. in lacs Period to which the amount relates Forum where dispute is pending
Sales Tax :
Central Sales Tax Act 1956 Tax on Lease Rental 5.74 2002-2003 Calcutta High Court
Jharkhand VAT Act2005 Dispute of sale 0.81 2011-2012 Dy. Commissioner Commercial Tax Jharkhand
Income Tax :
Income Tax Act 1961 Tax on disallowance of depreciation. 25.39 2015-2016 Commissioner of Income Tax (Appeal)
Excise Duty :
Central Excise Act 1994 Valuation of Exports 2.84 08.01.2005 to 31.08.2007 CESTAT
Cess :
Water (Prevention & Control of Pollution) Additional levy of Water Cess 52.16 05.01.1994 to 31.03.2022 Lucknow High Court
Cess Act 1977

VIII. According to information and explanations given to us there are no transactionswhich are not recorded in the books of accounts but have been surrendered or disclosed asincome during the year in the tax assessment under Income Tax Act 1961 (43 of 1961).

IX. The Company has not defaulted in repayment of loans or other borrowings or in thepayment of interest thereon to the lenders as referred in note no.27 of the financialstatement.

X. (a) The Company did not raise any money by way of initial public offer or furtherpublic offer.

(b) The Company has not made any preferential allotment or private placement of sharesor convertible debentures(fully partly or optionally converted) during the year.

XI. (a) Considering the principle of materiality outlined in Standards in Auditing werepeat that no fraud has been noticed or reported as or by the Company during the year

(b) No report under section 12 of Section 143 of the Companies Act has been filed bythe Auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with Central Government. (c) According to information and explanation given tous whistle-blower complaints received during the year have been addressed.

XII. The Company is not a Nidhi Company.

XIII. All the transactions with the related parties are in compliance with section 177and 188 of Companies Act 2013 and the details of related party transactions have beendisclosed in the IND AS Financial Statements as required by the applicable IndianAccounting Standards.

XIV. The Company has adequate internal audit system commensurate to size of thebusiness.

XV. The Company has not entered into any non-cash transaction with directors.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

XVII. The Company has not incurred cash losses during the financial year and in theimmediately preceeding financial year.

XVIII. There has not been any resignation of the statutory auditors during the year.

XIX. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected date of realization of financial assets and paymentsof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions noting has come to our attention which causes usto believe that any material uncertainty exists as on the date of audit report thatCompany is not capable of meeting liabilities existing at the date of balance sheet as andwhen they fall due within the period of one year from the balance sheet date.

Our statement however is not an assurance as to the future viability of the Company.Further our reporting is based on the facts upto the date of audit report and we neithergive any guarantee nor any assurance that all liabilities falling due within a period ofone year from the balance sheet date will get discharged by the Company as and when theyfall due.

XX. There is no unspent amount under sub-section (5) of Section 135 of the Act to anypoint. Accordingly clauses 3(xx) and 3(xx)(b) of the Order are not applicable.

For Basu Chanchani & Deb
Chartered Accountants
Firm Registration No. 304049E
Place : Kolkata Biswanath Chattopadhyay
Date : May 11 2022 Partner
Membership No: 051800
UDIN: 22051800AJMMBW7491

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