TO THE MEMBERS OF ALKYL AMINES CHEMICALS LIMITED
Report on the audit of Financial Statements
We have audited the accompanying financial Statements of Alkyl Amines Chemicals Limited("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including Other Comprehensive Income) Cash Flow Statementand the Statement of Change in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "the financial statements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 the profit and total comprehensiveincome its cash flows and changes in equity for the year ended on that date.
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 Responsibilities for the Audit ofthe 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 independence requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules made thereunderand 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 a basis for our audit opinion on thefinancial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment 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 Response |
|1 Litigations Contingencies ||Audit Procedures |
|The Company has litigations in respect of certain direct and indirect tax and other litigations. ||Our audit procedures involved the following: |
|In this regard the Company has recognised provisions and has disclosed contingent liabilities (to the extent not provided for) as at March 31 2022. || testing the effectiveness of controls around the recording and re-assessment of contingent liabilities; |
| || discussing with management the status and recent developments of these matters including their views on the likely outcome of each litigation and claim; |
|Significant management judgment is required to assess these matters and to determine the probability of material outflow of economic resources and whether a provision should be recognised or a disclosure should be made. || performing our assessment of the underlying calculations supporting the provisions or other disclosures made in the financial statements; |
|Where considered relevant the management judgement is also supported with legal advice in these cases. || evaluating the management's assessment of these matters and monitoring changes in the disputes with reference to subsequent orders passed in order to establish the appropriateness of the provisions / disclosures; |
|We focused on this area as the ultimate outcome of matters are uncertain and the positions taken by the management are based on the application of judgement related expert advice including those relating to interpretation of laws and regulations. || Obtaining information's from the Company's tax consultants (internal/ external) to confirm the facts and circumstances and assessment of the likely outcome. |
| || evaluating management's assessment of the matters that are not disclosed as the probability of material outflow is considered to be remote by the management; and |
|Refer to Note 2(d) and 28 to the Financial Statements. || assessing the adequacy of the Company's disclosures. |
|2 Provision for Expected Credit Losses (ECL) of trade receivables ||Audit Procedures |
| ||Our audit procedures involved the following: |
|The Company determines the provision for credit losses based on the Company's historical observed default rates which are negligible over the years. The Company considered current and anticipated future economic conditions relating to industries the Company deals with to calibrate the provision matrix to adjust the historical credit loss experience with forward-looking information. While determining expected credit loss the Company has also considered credit reports and other related credit information for its customers to estimate the probability of default in future and has taken into account estimates of possible effect from the pandemic relating to COVID-19. || testing the effectiveness of controls over the development of the methodology for the provision for expected credit losses; |
| || discussing with management about their consideration of the current and estimated future economic conditions; |
| || evaluating the completeness and accuracy of information used in the estimation of probability of default by the customers; |
| || performing our assessment of the past experience supporting the non-provisioning or other disclosures made in the financial statements; |
| || verifying subsequent collection from the customers after the balance sheet date with respect to the outstanding trade receivables in order to establish the appropriateness for not making the provisions; and |
|We focused on this area as the Company has exercised significant judgment in determining the ECL and accordingly has not provided for any such allowance for credit losses as at the balance sheet date. Refer to Note 2(f) to the Financial Statements. || assessing the adequacy of the Company's disclosures. |
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Report onCorporate Governance Shareholder information and Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the financialstatements and 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 thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.
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 total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelating to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or cease operations or has norealistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reportingprocess.
Auditor's Responsibility for 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 orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis 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 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 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 an 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 management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa 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.
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.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act 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 so far as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Cash Flow Statement and Statement of Change in Equity dealt with by this Reportare in agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act as applicable.
(e) On the basis of the written representations received from the directors as on March31 2022 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 from being appointed as a director in terms of Section164 (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 onadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
(g) 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 Refer Note 28 to the financial statements; ii.The Company did not have any material foreseeable losses on long-term contracts includingderivative contracts. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries; (b) The Management has represented thatto the best of its knowledge and belief no funds (which are material either individuallyor in the aggregate) have been received by the Company from any person or entityincluding foreign entity ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the 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 notice 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. As stated in Note 11.2 to the financial statements a.The final dividend proposed in the previous year declared and paid by the Company duringthe year is in accordance with Section 123 of the Act as applicable. b. The interimdividend declared and paid by the Company during the year and until the date of thisreport is in compliance with Section 123 of the Act. c. The Board of Directors of theCompany have proposed final dividend for the year which is subject to the approval of themembers at the ensuing Annual General Meeting. The amount of dividend proposed is inaccordance with section 123 of the Act as applicable.
2. With respect to the matter to be included in the Auditor's Report under section197(16):
In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of section 197 read with Schedule V of the Act.
3. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure B" a statement on the mattersspecified in paragraph 3 and 4 of the Order.
| ||For N. M. Raiji & Co. |
| ||Chartered Accountants |
| ||Firm Registration Number: 108296W |
| ||Vinay D. Balse |
| ||Partner |
| ||Membership Number: 039434 |
| ||UDIN: 22039434AJGIQP1682 |
|Place: Mumbai || |
|Date: May 19 2022 || |
TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF ALKYLAMINES CHEMICALS LIMITED
(Referred to in Paragraph 1 point (f) under the heading of "Report on Other Legaland Regulatory Requirements" of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AlkylAmines Chemical Limited ("the Company") as at March 31 2022 in conjunctionwith our audit of the 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 controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls system over financial reporting.
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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial Statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 unauthorized 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.
In our opinion to the best of our information and according to the explanation 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 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
| ||For N. M. Raiji & Co. |
| ||Chartered Accountants |
| ||Firm Registration Number: 108296W |
| ||Vinay D. Balse |
| ||Partner |
|Place: Mumbai ||Membership Number: 039434 |
|Date: May 19 2022 ||UDIN: 22039434AJGIQP1682 |
ANNEXURE - B
TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS of ALKYLAMINES CHEMICALS LIMITED
(Referred to in Paragraph 3 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date) i.
(a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant & Equipment (PPE) and relevantdetails of right-of-use assets.
(B) The Company has maintained proper records showing full particulars of intangibleassets.
(b) The Company has a program of verification to cover all the items of Property Plant& Equipment and right-of-use assets in a phased manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program certain PPE were physically verified by the management during the year.According to the information and explanations given to us discrepancies noticed onphysical verification of assets were not material and the same have been properly dealtwith in the books of account. (c) According to the information and explanations given tous the records examined by us and based on the examination of the records such asproperty tax receipts registered sale deed/ transfer deed/ conveyance deed etc. providedto us we report that the title deeds comprising all the immovable properties of landand buildings which are freehold including the Property Plant & Equipment (otherthan properties where the company is the lessee) are held in the name of the Company asat the balance sheet date. In respect of immovable properties of land that have been takenon lease and disclosed under Right to Use of Asset in the financial statements the leaseagreements are in the name of the Company except in the case of leasehold land situatedat Kurkumbh Plot No. D-6/2 taken on lease from Maharashtra Industrial DevelopmentCorporation for which the lease deed is yet to be executed.
(d) The Company has not revalued its Property Plant and Equipment (including Right ofUse Assets) or intangible assets during the year and hence reporting under clause (i) (d)of paragraph 3 of the Order is not applicable.
(e) Based on the examination of the financial statements and explanations received fromthe Company no proceedings have been initiated or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made thereunder. ii. (a) Inventories (including lying with third parties)other than stocks in transit and other project inventories have been physically verifiedduring the year by the management. In respect of stock in transit and project inventoriesat the year end the necessary documentary evidences have been obtained. In our opinionthe frequency of verification is reasonable. Discrepancies noticed on physicalverification of stocks were not exceeding 10% in the aggregate for each class ofinventory and the same have been properly dealt with in the books of account.
(b) According to the information and explanations given to us and based on theexamination of the books and documents made available the Company has been sanctionedworking capital limits in excess of five crore rupees in aggregate from banks on thebasis of security of current assets where all the quarterly statements filed by theCompany with such banks are in agreement with the books of account of the Company. iii.According to the information and explanations given to us the Company has not madeinvestments in provided any guarantee or security or granted any loans or advances in thenature of loans secured or unsecured to companies firms limited liabilitypartnerships or any other parties during the year. Consequently sub-clauses(a)(b)(c)(d)(e) and (f) of clause (iii) of paragraph 3 of the Order are not applicableto the Company. iv. In our opinion and according to the information and explanations givento us the Company has not granted any loans or made any investments or providedguarantees and securities to the parties covered under section 185 and 186. Consequentlyclause (iv) of paragraph 3 of the Order is not applicable to the Company. v. According tothe information and explanations given to us the Company has not accepted any depositsduring the year. Consequently clause (v) of paragraph 3 of the Order is not applicable tothe Company. vi. We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost Records and Audit) Rules 2014 as specified by theCentral Government under sub-section (1) of Section 148 of the Companies Act 2013 andare of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete. vii. According to the informationand explanations given to us and on the basis of our examination of the books of accountin respect of statutory dues: (a) The Company has been generally regular in depositingwith the appropriate authorities undisputed statutory dues including provident fundemployees' state insurance income-tax customs duty goods and service tax cess andother statutory dues applicable to it with the appropriate authorities.
There were no undisputed amounts payable in respect of the above statutory dues inarrears as at 31st March 2022 for a period of more than six months from the date theybecame payable except in the case of electricity duty (on captive power generated) inKurkumbh Plant aggregating Rs. 295.11 lakhs (previous year - Rs. 259.88 lakhs) with theappropriate authorities.
(b) The following dues have not been paid on account of disputes with the respectiveauthorities:
|Nature of Statute ||Nature of Dues ||Amount (Rs In lakhs) ||Period ||Forum where dispute is pending ||Remarks |
|Income Tax Act1961 ||D i s a l l o w a n c e Of Expenditure/ ||59.99 ||AY 2009-2010 AY 2010-2011 ||The Assessing Officer ||Amount of Deposit Rs 58.83 lakhs |
|Income Tax Act1961 ||Deductions Income Tax & Interest ||24.72 ||AY 2011-2012 ||CIT (Appeals) ||- |
|Central Excise Act 1944 ||Dispute relating to Cenvat Credit (Interest and Penalty) ||1028.99 ||FY 2002-2003 to 2010-2011 ||Customs Excise and Service Tax Appellate tribunal ||Amount of Deposit Rs 21.07 lakhs |
|Customs Act 1962 ||Dispute relating to Custom Duty ||798.71 ||FY 2017-2018 ||Hon'ble Bombay High Court ||Amount of Deposit Rs 250 lakhs |
| || || ||FY 2018-2019 || || |
| || || ||FY 2019-2020 || || |
| || || ||FY 2020-2022 || || |
Except for the above there are no dues in respect of income-tax customs duty goodsand service tax and cess which have not been deposited with the appropriate authoritieson account of any dispute. viii. Based on an examination of intimations received from theauthorities and information provided to us there were no transactions relating topreviously unrecorded income that have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 (43 of 1961). ix. (a) In ouropinion and according to the information and explanations given to us the Company has notdefaulted in the repayment of dues towards loans and borrowings to any lender. TheCompany has not raised any monies from government or financial institutions and does nothave any outstanding debentures. (b) According to the information and explanations givento us the Company has not been declared a willful defaulter by any bank or financialinstitution or government or any government authority. (c) To the best of our knowledgeand according to the information and explanations given to us the Company has not takenany term loans during the year and the outstanding term loan at the beginning of the yearwere applied for the purpose for which the loans were obtained; (d) To the best of ourknowledge and according to the information and explanations given to us and based on theoverall examination of the financial statements of the Company funds raised on short termbasis have prima facie not been utilised for long term purposes by the Company (e) Thecompany does not has any subsidiaries associates or joint ventures. Hence reporting underclause (ix) (e) of paragraph 3 of the Order is not applicable to the Company.
(f) The Company does not has any subsidiaries associates or joint ventures. Hencereporting under clause (ix) (f) of paragraph 3 of the Order is not applicable to theCompany. x. (a) The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments). Consequently reporting under clause(x)(a) of paragraph 3 of the Order is not applicable to the Company. (b) During the yearthe Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures. Consequently reporting under clause (x)(b) ofparagraph 3 of the Order is not applicable to the Company. xi. (a) To the best of ourknowledge and according to the information and explanations given to us no material fraudby the Company or on the Company has been noticed or reported during the year.
(b) No report under sub-Section (12) of Section 143 of the Companies Act 2013 hasbeen filed in 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 of this report.
(c) To the best of our knowledge and according to the information and explanationsgiven to us no whistle-blower complaints have been received during the year by theCompany.
xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Consequently clause (xii) of paragraph 3 of the Order isnot applicable to the Company. xiii. In our opinion and according to the information andexplanations given to us all transactions with related parties are in compliance withsection 177 and 188 of Companies Act 2013 where applicable and corresponding detailshave been disclosed in the financial Statements as required by the applicable Indianaccounting standards. xiv. (a) In our opinion and according to the information andexplanations given to us the Company has an internal audit system commensurate with thesize and nature of its business; (b) We have considered the reports of the InternalAuditors for the year under audit issued to the Company during the year and till date indetermining the nature timing and extent of our audit procedures. xv. In our opinion andaccording to the information and explanations given to us the Company has not enteredinto non-cash transactions with its directors or persons connected with its directors andhence provisions of section 192 of the Act are not applicable. Consequently requirementunder clause (xv) of paragraph 3 of the Order is not applicable to the Company. xvi. Tothe best of our knowledge and belief the Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Consequently requirement underclause (xvi) (a) (b) (c) and (d) of paragraph 3 of the Order is not applicable to theCompany. xvii. The Company has not incurred cash losses in the financial year and in theimmediately preceding financial year. xviii. There has been no resignation of thestatutory auditors during the year. xix. In our opinion and according to the informationand explanations given to us on the basis of the financial ratios ageing and expecteddates of realisation of financial assets and payment of financial liabilities otherinformation accompanying the financial statements our knowledge of the Board of Directorsand management plans and based on our examination of evidence and supporting theassumptions nothing has come to our attention which causes us to believe that materialuncertainty exists as on the date of the audit report that the Company is not capable ofmeeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date. xx. (a) There are no unspentamount towards the Corporate Social Responsibility (CSR) requiring a transfer to the fundspecified under Schedule VII to the Companies Act 2013 in compliance with the secondproviso to section 135(5) of the said Act. Accordingly reporting under clause (xx)(a) ofparagraph 3 of the Order is not applicable to the Company for the year.
(b) There are no unspent amounts pursuant to any ongoing projects as at the end of thefinancial year. Consequently reporting under clause (xx)(b) of paragraph 3 of the Order isnot applicable to the Company.
|For N. M. Raiji & Co. |
|Chartered Accountants |
|Firm's Registration Number: 108296W |
|Vinay D. Balse |
|Membership Number: 039434 |
|UDIN: 22039434AJGIQP1682 |