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Alicon Castalloy Ltd.

BSE: 531147 Sector: Auto
NSE: ALICON ISIN Code: INE062D01024
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OPEN 997.35
PREVIOUS CLOSE 984.70
VOLUME 8113
52-Week high 1111.00
52-Week low 578.80
P/E 38.60
Mkt Cap.(Rs cr) 1,575
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 997.35
CLOSE 984.70
VOLUME 8113
52-Week high 1111.00
52-Week low 578.80
P/E 38.60
Mkt Cap.(Rs cr) 1,575
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alicon Castalloy Ltd. (ALICON) - Auditors Report

Company auditors report

To the Members of Alicon Castalloy Limited

OPINION

We have audited the accompanying standalone financial statements ofAlicon Castalloy Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flows for the year ended onthat date and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon we do not provide a separate opinion on thesematters. We have determined the matters described below to be the key audit matters to becommunicated in our report.

Sr. No. Key Audit Matter How our audit addressed the key audit matter
1. Property Plant and Equipment
Valuation and existence of property plant and equipment including assessment of useful lives and residual values Property plant and equipment represents a significant proportion of the Company's asset base. The estimates and assumptions made to determine the carrying amounts including whether and when to capitalise or expense certain costs and the determination of depreciation charges are material to the Company's financial position and performance. The charges in respect of periodic depreciation are derived after estimating an asset's expected useful life and the expected residual value. Changes to asset's carrying amounts expected useful lives or residual value could result in a material impact on the financial statements and hence considered as key audit matter. Our audit approach consisted evaluation of design and implementation of controls and testing the operating effectiveness of the internal controls over valuation of property plant and equipment and review of useful lives; Periodic physical verification of property plant and equipment:
Review of CAPEX business process flow of documents/ information and their control's effectiveness Substantive Tests on random sampling for all the major additions deletions to the assets by applying all the characteristics of capital expenditure proper classification of the same with reference to the company's policy and accounting standards
We performed substantive testing for the determination of assets' useful lives and residual values with reference to management's judgments including the appropriateness of past / existing asset lives and residual values applied in the calculation of depreciation. We also obtain certificates relating to useful lives of assets where required.
We have reviewed the policy and the procedure of physical verification of PPE.
As a result of the above procedures we did not identify any exceptions in relation to the Valuation and existence of property plant and equipment including assessment of useful lives and residual values which will affect our opinion.
2. Contingent Liability Our procedures included but were not limited to the following:
The Company is involved in indirect tax and other civil court litigations that are pending with various tax authorities. Whether a liability is recognized or disclosed as a contingent liability in the financial statements is inherently judgmental and dependent on assumptions and assessments. We placed specific focus on the judgements in respect to these demands against the Company. Determining the amount if any to be recognized or disclosed in the financial statements is inherently subjective. Obtained an understanding from the management with respect to process and controls followed by the Company for identification and monitoring of significant developments in relation to the litigations including completeness thereof.
Therefore these litigations amount is considered to be a key audit matter. Obtained the list of litigations from the management and reviewed their assessment of the likelihood of outflow of economic resources being probable possible or remote in respect of the litigations.
Assessed management's discussions held with their legal consultants and understanding precedents in similar cases;
Obtained and evaluated the managements representation from the company's internal dedicated team and consultant opinion wherever required representing the Company before the various authorities. Assessed and validated the adequacy and appropriateness of the disclosures made by the management in the financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'SREPORT THEREON

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the ManagementDiscussion and Analysis Board's Report including Annexures to Board's ReportCorporate Governance and Shareholder's Information but does not include the financialstatements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there ismaterial misstatement of this other information we are required to report the fact. Wehave nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FORTHE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management 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 are responsible for overseeing theCompany's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONEFINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain 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 controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of the goingconcern basis 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 thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Standalone Balance Sheet the Standalone Statement of Profit andLoss including Other Comprehensive Income Standalone Statement of Changes in Equity andthe Standalone Statement of Cash Flow dealt with by this Report are in agreement with therelevant books of account.

d) In our opinion the aforesaid financial statements comply with theInd AS specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 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 overfinancial reporting of the Company and the operating effectiveness of suchcontrolsrefertoourseparateReportin"Annexure A". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company'sinternal financial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor'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 tothe explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements. Refer Note 48 to the standalone financialstatements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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

iv. With respect to clause (e) of Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended

a. The management has represented that to the best of its knowledgeand belief no funds have been advanced or loaned or invested (either from borrowed fundsor share premium or any other sources or kind of funds) by the company to or in any otherperson(s) or entity(ies) including foreign entities ("Intermediaries") withthe understanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries. b.Management has represented that to the best of its knowledge and belief no funds havebeen received by the company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectlylendorinvestinotherpersonsorentities identified in any manner whatsoever by or on behalfof the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries. c. Based on the auditprocedures that have been considered reasonable and appropriate in the circumstancesnothing has come to our attention that has caused us to believe that the representationsunder sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above containany material misstatement.

v. The company has neither declared nor paid any dividend during theyear. Thus compliance with section 123 of the Companies Act 2013 is not required.

2. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

3. With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

For Kirtane & Pandit LLP

Chartered Accountants

Firm Registration No.105215W/W100057

Parag Pansare

Partner

Membership No.: 117309

UDIN: 22117309AQBYHN3362

Pune May 16 2022

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Alicon CastalloyLimited of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTINGUNDER CLAUSE (I) OF SUB- SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THEACT")

We have audited the internal financial controls over financialreporting of ALICON CASTALLOY LIMITED ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective 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.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial 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 FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion to the best of our information and according to theexplanations given to us 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 March 31 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 Kirtane & Pandit LLP

Chartered Accountants

Firm Registration No.105215W/W100057

Parag Pansare

Partner

Membership No.: 117309

UDIN: 22117309AQBYHN3362

Pune May 16 2022

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of ALICON CASTALLOYLIMITED of even date)

(i) In respect of the Company's Fixed Assets

(a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property plant andequipment.

(B) The Company has maintained proper records showing full particularsof Intangible assets.

(b) The Company has a program of verification to cover all the items ofProperty plant and equipment in a phased manner which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogram Property plant and equipment were physically verified by the management duringthe year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties (other than immovable properties where the Company is the lessee and the leaseagreements are duly executed in favour of the Company) disclosed in the standalonefinancial statements are held in the name of the Company.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not revaluedits property plant and equipment (including Right-of-use assets) or Intangible assets orboth during the year.

(e) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there are no proceedingsinitiated or pending against the Company for holding any benami property under theProhibition of Benami Property Transactions Act 1988 and rules made thereunder.

(ii) (a) As informed to us the inventory has been physically verifiedby the management during the year. In our opinion the frequency of such verification isreasonable and procedures and coverage as followed by management were appropriate. Nodiscrepancies were noticed on verification between the physical stocks and the bookrecords that were 10% or more in the aggregate for each class of inventory.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has beensanctioned working capital limits in excess of five crore rupees in aggregate from bankson the basis of security of current assets. In our opinion the quarterly returns orstatements filed by the Company with such banks are in agreement with the books of accountof the Company.

(iii) Based on the audit procedures conducted by us and according tothe information and explanations provided to us during the year the company has stoodguarantee and provided security to companies and other entities details of which aregiven in sub-clause (a)

(a) A. the aggregate amount during the year in respect to guarantee is` 29.63 Crores and in respect to security given on behalf of subsidiary is ` 5.08 croresand balance outstanding at the balance sheet date with respect to such guarantees andsecurity given on behalf subsidiary is ` 34.71 Crores.

B. based on the audit procedures carried on by us and as per theinformation and explanations given to us the Company has not provided any guarantee orsecurity or granted advances in the nature of loans to parties other than subsidiaries:

(b) The investments made and the terms and conditions in respect ofguarantee and security provided during the year are in our opinion prima facie are notprejudicial to the Company's interest.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company has not granted any loans.Accordingly paragraph 3(iii)(c) of the order is not applicable.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there is no overdue amount formore than ninety days in respect of loans given.

(e) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there is no loan given fallingdue during the year which has been renewed or extended or fresh loans given to settle theover dues of existing loans given to the same party.

(f) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not given anyloans either repayable on demand or without specifying any terms or period of repayment.

(iv) According to the information and explanations given to us and onthe basisofourexaminationoftherecords the Company has not given any loans or providedany guarantee or security as specified under Section 185 of the Companies Act 2013 andthe Company has not given any loans as specified under Section 186 of the Companies Act2013. Further the Company has complied with the provisions of Section 186 of theCompanies Act 2013 in relation to guarantees given security provided and investmentsmade.

(v) The Company has not accepted any deposits or amounts which aredeemed to be deposits from the public. Accordingly clause 3(v) of the Order is notapplicable.

(vi) According to the information and explanations given to us and inour opinion maintenance of cost records has not been specified by the Central Governmentunder sub section (1) of section 148 (1) of theCompaniesAct2013andtheCompanies(CostRecords and Audit) Rules 2014. Accordinglyparagraph 3(vi) of the Order is not applicable.

(vii) According to the information and explanations given to us inrespect of statutory dues: (a) The Company has generally been regular in depositingundisputed statutory dues including Provident Fund Employees' State InsuranceIncome Tax Goods and Service Tax Customs Duty Cess and other material statutory duesapplicable to it with the appropriate authorities. There were no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Goodsand Service Tax Customs Duty Cess and other material statutory dues in arrears as atMarch 31 2022 for a period of more than six months from the date they became payable.

(b) Details of dues of Income Tax Sales Tax Service Tax Excise Dutyand Value Added Tax which have not been deposited as at March 31 2022 on account ofdispute are given below:

Sr. No. Name of the statute Nature of the dues Amount involved (` In lakhs) Amount Paid (` In lakhs) Period(s) to which the amount relate Forum where such dispute is pending
1 Central Excise Act Central Excise Duty 55.40 8.30 2008-09 C. Ex. Commissioner Pune (Call Book)
2 Custom Act Custom Duty & Interest 2909.91 1687.42 2006-08 Directorate General of Central Excise Intelligence Mumbai
3 MVAT Act MVAT 22.51 4.69 2009-10 Joint. Commissioner of SalesTax Pune
4 Central Sales Tax & MVAT Act C-Form Liability 81.07 5.00 2011-12 Dy. Commissioner of SalesTax Pune
5 Central Sales Tax & MVAT Act C-Form Liability 304.19 18.48 2012-13 Dy. Commissioner of SalesTax Pune
6 Central Sales Tax & MVAT Act C-Form Liability 762.58 16.93 2013-14 Dy. Commissioner of SalesTax Pune
7 Central Sales Tax & MVAT Act C-Form Liability 284.51 23.08 2015-16 Dy. Commissioner of SalesTax Pune
8 Income tax Act 1961 IncomeTax 1.92 - 2016-17 Dy. Commissioner of Income Tax Pune
9 Directorate General of Goods & Service Tax Intelligence Central Excise Duty 291.32 - 2013-2018 Additional Directorate General of Goods & Service Tax Intelligence Delhi

(viii) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has notsurrendered or disclosed any transactions previously unrecorded as income in the books ofaccount in the tax assessments under the Income-tax Act 1961 as income during the year.

(ix) (a) In our opinion the company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not beendeclared a willful defaulter by any bank or financial institution or government orgovernment authority.

(c) According to the information and explanations given to us by themanagement and on the basis of our examination of the records of the Company the termloans were applied for the purpose for which the loans were obtained.

(d) According to the information and explanations given to us by themanagement and on the basis of our examination of the records of the Company no fundsraised on short term basis have been utilised for long term purposes.

(e) According to the information and explanations given to us by themanagement and on the basis of our examination of the records of the Company no fundshave been raised from any entity or person on account of or to meet the obligations of itssubsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries as defined under the CompaniesAct 2013. Accordingly clause 3(ix)(f) of the Order is not applicable.

(x) (a) The Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments). Accordingly clause 3(x)(a) ofthe Order is not applicable.

(b) During the year the company has raised funds by way of preferentialallotment and private placement of shares. In our opinion and according to the informationand explanations given to us the company has complied with the requirements of section 42and section 62 of the Companies Act 2013 and have utilized funds raised by way ofpreferential allotment and private placement of shares for the purposes for which theywere raised.

(xi) (a) According to the information and explanations given to us nofraud by the Company or on the Company by its officers or employees has been noticed orreported during the year.

(b) According to the information and explanations given to us noreport under sub-section (12) of Section 143 of the Companies Act 2013 has been filed bythe auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) We have considered whistle-blower complaints received by theCompany during the audit period.

(xii) According to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the transactions with related parties are in compliance with Sections 177 and188 of the Companies Act 2013 where applicable and the details of the related partytransactions have been disclosed in the standalone financial statements as required by theapplicable Indian Accounting Standards

(xiv) (a) Based on information and explanations provided to us and ouraudit procedures in our opinion the Company has an internal audit system commensuratewith the size and nature of its business.

(b) We have considered the internal audit reports of the Companyissued to the Company during the year & covering the period upto 31 March 2022 forthe period under audit.

(xv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with its directorsor persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Accordingly clause 3(xvi)(a) of the Orderis not applicable.

(b) The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934. Accordingly clause 3(xvi)(b) of the Order is notapplicable.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly clause 3(xvi) (c) of theOrder is not applicable.

(d) According to the information and explanations given to us and basedon audit procedures performed by us we report that the Group does not have more than oneCIC.

(xvii) The Company has not incurred cash losses in the current and inthe immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year. Accordingly clause 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that the Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanationsgiven to us there is no unspent amount under sub-section (5) of Section 135 of theCompanies Act 2013 pursuant to any project. Accordingly clauses 3(xx)(a) and 3(xx)(b) ofthe Order are not applicable.

For Kirtane & Pandit LLP

Chartered Accountants

Firm Registration No.105215W/W100057

Parag Pansare

Partner

Membership No.: 117309

UDIN: 22117309AQBYHN3362

Pune May 16 2022

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