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Amal Ltd.

BSE: 506597 Sector: Industrials
NSE: N.A. ISIN Code: INE841D01013
BSE 00:00 | 03 Feb 259.55 -9.95
(-3.69%)
OPEN

266.30

HIGH

266.30

LOW

259.50

NSE 05:30 | 01 Jan Amal Ltd
OPEN 266.30
PREVIOUS CLOSE 269.50
VOLUME 1661
52-Week high 459.00
52-Week low 259.50
P/E 1996.54
Mkt Cap.(Rs cr) 245
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 266.30
CLOSE 269.50
VOLUME 1661
52-Week high 459.00
52-Week low 259.50
P/E 1996.54
Mkt Cap.(Rs cr) 245
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amal Ltd. (AMAL) - Auditors Report

Company auditors report

To the members of Amal Ltd

Report on the audit of the Standalone Financial Statements

Opinion

01. We have audited the accompanying Standalone Financial Statements ofAmal Ltd (the Company) which comprise the Balance Sheet as at March 31 2022 and theStatement of Profit and Loss (including other comprehensive income) the Statement of CashFlows and the Statement of changes in equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

02. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 (the Act) in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended (Ind AS) and other accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2022 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for opinion

03. We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibility for the audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the Standalone Financial Statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the Standalone Financial Statements.

Key audit matter

04. Key audit matter is matter that in our professional judgement wasof most significance in our audit of the Standalone Financial Statements of the currentperiod. This matter was addressed in the context of our audit of the Standalone FinancialStatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on this matter. We have determined the matter described below to be the key auditmatter to be communicated in our report.

Key audit matter Auditor's response
Revenue from sale of goods to parent company Our procedures included the following but were not limited to:
- obtaining a detailed understanding of the processes controls and policies of the Management with respect to related party transactions
Significant revenue of the Company is generated through sale of goods to its holding company. The occurrence of such transactions and their pricing on an arm's length basis were significant areas of audit focus.
- evaluating the design of controls including approvals and related compliances
- testing implementation and operating effectiveness of the controls that address risks relating to the occurrence and pricing.
Performing following procedures on the samples selected:
- reading and verifying the terms of the purchase orders. Performing corroborative inquiries for the business rational on pricing and relevant terms and conditions including sighting evidences of transaction of similar products on identical terms with unrelated parties
- verifying necessary approvals as per the authorisation matrices
- verifying documentary evidences around deliveries and subsequent realisation and obtaining balance confirmations
- performing analytical procedures and trend analysis
- assessing adequacy and appropriateness of the disclosures in the Standalone Financial Statements.

Information other than the Standalone Financial Statements andAuditor's Report thereon

05. The Board of Directors is responsible for the other information.The other information comprises the information included in the letter to shareholderscorporate identity Directors' Report and its annexure Management Discussion andAnalysis Corporate Governance Report and performance trend but does not include theStandalone Financial Statements the Consolidated Financial Statements and our Auditor'sReport thereon.

06. Our opinion on the Standalone Financial Statements does not coverthe other information and we do not express any form of assurance conclusion thereon.

07. In connection with our audit of the Standalone FinancialStatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the Standalone FinancialStatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

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

Management's responsibility for the Standalone Financial Statements

09. The Board of Directors of the Company is responsible for thematters stated in Section 134(5) of the Act with respect to the preparation of theseStandalone Financial Statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the Ind AS and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgements andestimates that are reasonable and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Financial Statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

10. In preparing the Standalone Financial Statements the Management isresponsible for assessing the ability of the Company to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

11. The Board of Directors are also responsible for overseeing thefinancial reporting process of the Company.

Auditor's responsibility for the audit of the Standalone FinancialStatements

12. 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 can reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.

13. As part of an audit in accordance with SAs we exerciseprofessional judgement and maintain professional skepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

b) Obtain an understanding of internal financial control relevant tothe audit in order to design audit procedures that are appropriate in the circumstances.Under Section 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.

c) Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the Management.

d) Conclude on the appropriateness of use of the going concern basis ofaccounting by the Management and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theability of the Company 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 Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our Auditor's Report. However future events or conditions maycause the Company to cease to continue as a going concern.

e) Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the StandaloneFinancial Statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the Standalone FinancialStatements may be influenced. We consider quantitative materiality and qualitative factorsin i) planning the scope of our audit work and in evaluating the results of our work andii) to evaluate the effect of any identified misstatements in the Standalone FinancialStatements.

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 to communicatewith them all relationships and other matters that may reasonably be thought to bear onour 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 StandaloneFinancial Statements of the current period and is therefore the key audit matter. Wedescribe these 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 will reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other legal and regulatory requirements

14. 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 Balance Sheet the Statement of Profit and Loss including othercomprehensive income the Statement of Cash Flows and the Statement of changes in equitydealt with by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid Standalone Financial Statements complywith the Ind 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 such controls referto our separate report in Annexure A. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the internal financial controls over financialreporting of the Company.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its Directors during the year is in accordancewith the provisions of Section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Financial Statements.

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

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

iv. a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entities (Intermediaries) with the understanding whetherrecorded in writing or otherwise that the intermediary shall directly or indirectly lendor invest in other persons or entities identified in any manner whatsoever by or on behalfof the Company (Ultimate Beneficiaries) or provide any guarantee security or the like onbehalf of the ultimate beneficiaries.

b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entities(Funding Parties) with the understanding whether recorded in writing or otherwise thatthe Company shall directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party (UltimateBeneficiaries) or provide any guarantee security or the like on behalf of the ultimatebeneficiaries. c) Based on the audit procedures that has 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 11(e) as providedunder (a) and (b) above contain any material misstatement.

15. As required by the Companies (Auditor's Report) Order 2020 (theOrder) issued by the Central Government in terms of Section 143(11) of the Act we give inAnnexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm registration number: 117366W W-100018
Ketan Vora
Partner
Mumbai Membership number: 100459
April 22 2022 UDIN: 22100459AIAOWU5124

Annexure A to the Independent Auditor's Report

Referred to in paragraph 14 (f) under ‘Report on other legal andregulatory requirements' section of our report 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 (the Act).

We have audited the internal financial controls over financialreporting of Amal Ltd (the Company) as of March 31 2022 in conjunction with our audit ofthe Standalone Financial Statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

The Management of the Company 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 (the Guidance Note) issued by the Institute of Chartered Accountantsof India (ICAI). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to the policies of theCompany the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timely preparationof reliable financial information as required under the Companies Act 2013.

Auditor's responsibility

01. Our responsibility is to express an opinion on the internalfinancial controls of the Company over financial reporting of the Company based on ouraudit. We conducted our audit in accordance with the Guidance Note issued by the ICAI andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting were established and maintained and if such controls operatedeffectively in all material respects.

02. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the Auditor's judgement including theassessment of the risks of material misstatement of the Standalone Financial Statementswhether due to fraud or error.

03. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the internal financialcontrols system over financial reporting of the Company.

Meaning of internal financial controls over financial reporting

The internal financial controls over financial reporting of a Companyis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of Standalone Financial Statements for externalpurposes in accordance with the Generally Accepted Accounting Principles. Internalfinancial controls over financial reporting of a Company includes those policies andprocedures that

i) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany

ii) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of Standalone Financial Statements in accordance withGenerally Accepted Accounting Principles and that receipts and expenditures of theCompany are being made only in accordance with authorisations of the Management andDirectors of the Company and

iii) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the assets of the Companythat could have a material effect on the Standalone 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 financialcontrols 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 financial controls over financial reporting established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by ICAI.

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm registration number: 117366W W-100018
Ketan Vora
Partner
Mumbai Membership number: 100459
April 22 2022 UDIN: 22100459AIAOWU5124

Annexure B to the Independent Auditor's Report

Referred to in paragraph 14 under ‘Report on other legal andregulatory requirements' section of our report of even date.

To the best of our information and explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

01. a) In respect of the property plant and equipment and intangibleassets of the Company:

i) The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment capitalwork-in-progress and relevant details of right-of-use asset.

ii) As the Company does not hold intangible assets reporting underclause (i)(a)(B) of the Order is not applicable.

b) The Company has a program of verification of property plant andequipment capital work-in-progress and right-to-use asset so to cover all the items onceevery three years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program no such assets were due forphysical verification during the year. Since no physical verification of property plantand equipment capital work-in-progress and right-to-use asset was due during the year thequestion of reporting on material discrepancies noted on verification does not arise.

c) With respect to immovable properties (other than properties wherethe Company is the lessee and the lease agreements are duly executed in favour of theCompany) disclosed in the Standalone Financial Statements included in property plant andequipment according to the information and explanations given to us and the recordsexamined by us and based on the examination of the registered sale deed transfer deedconveyance deed provided to us we report that the title deeds of such immovableproperties are held in the name of the Company as at the Balance Sheet date except forthe following:

Particulars of property Carrying value Held in the name of Whether Promoter Director or their relative of employee Period held Reason for not being held in the name of the Company
Residential flat at Ankleshwar 1.05 Amal Rasayan Limited No March 31 1999 The title deeds are in the name of Amal Rasayan Ltd former name of the Company.

d) The Company has not revalued any of its property plant andequipment (including right-of-use assets) during the year.

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

02. a) The inventories except for goods- in-transit were physicallyverified during the year by the Management at reasonable intervals. In our opinion andbased on information and explanations given to us the coverage and procedure of suchverification by the Management is appropriate having regard to the size of the Company andthe nature of its operations. For goods in transit the goods have been received subsequentto the year end. No discrepancies of 10% or more in the aggregate for each class ofinventories were noticed on such physical verification of inventories when compared withthe books of account.

b) According to the information and explanations given to us theCompany has not been sanctioned working capital limits in excess of ' 5 crores inaggregate during the year from banks or financial institutions on the basis of securityof current assets. Hence reporting on the quarterly returns or statements filed by theCompany with such banks or financial institutions is not applicable.

Loans Guarantee
A. Aggregate amount granted provided during the year:
Subsidiary .00 5100.00
B. Balance outstanding as at Balance Sheet date in respect of above cases:
Subsidiary 2202.00 -

03. The Company has made investments in granted loans secured orunsecured to companies limited liability partnership or any other parties during theyear in respect of which:

a) The Company has provided loans and stood guarantee during the yearthe details of which are given below:

The Company has not provided any security to any other entity duringthe year.

b) The investments made guarantees provided and the terms andconditions of the grant of all the above mentioned loans and guarantees provided duringthe year are in our opinion not prejudicial to the interest of the Company.

c) In respect of loans granted by the Company the schedule ofrepayment of principal and payment of interest has been stipulated and the repayments ofprincipal amounts and receipts of interest are regular as per stipulation.

d) In respect of loans granted by the Company there is no overdueamount remaining outstanding as at the Balance Sheet date.

e) No loans by the Company which has fallen due during the year hasbeen renewed or extended or fresh loans granted to settle the overdues of existing loansgiven to the same parties.

f) The Company has not granted any loans either repayable on demand orwithout specifying any terms or period of repayment during the year. Hence reportingunder Clause (iii)(f) is not applicable.

04. In our opinion and according to information and explanation givento us the Company has not granted any loans or made investments covered under theprovisions of Section 185 of the Companies Act 2013. The Company has complied with theprovisions of Sections 186 of the Companies Act 2013 as applicable.

05. According to the information and explanations given to us theCompany has not accepted any deposit or amounts which are deemed to be deposits. Hencereporting under Clause (v) of the Order is not applicable.

06. The maintenance of cost records has not been specified by theCentral Government under Section 148(1) of the Companies Act 2013.

07. According to the information and explanations given to us inrespect of statutory dues: a) The Company has generally been regular in depositingundisputed statutory dues of the year including goods and service tax provident fundemployees' state insurance income tax customs duty cess and other material statutorydues applicable to it to the appropriate authorities.

There were no undisputed amounts payable in respect of goods andservice tax provident fund employees' state insurance income tax customs duty cessand other material statutory dues in arrears as at March 31 2022 for a period of morethan six months from the date they became payable. b) There are no disputed dues of incometax and goods and services tax which have not been deposited as on March 31 2022. Detailsof dues of sales tax which have not been deposited as on March 31 2022 on account ofdisputes are given below:

Name of statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount (Rs. in lakh)
The Gujarat Sales Tax Act 1969 Sales tax (including interest and penalty) High Court of Gujarat 1999-00 10.39
The Gujarat Sales Tax Act 1969 Sales tax (including interest and penalty) Joint Commissioner Surat 2001-02 to 2003-04 52.47

08. There were no transactions relating to previously unrecorded incomethat were surrendered or disclosed as income in the tax assessments underthe Income TaxAct 1961 (43 of 1961) during the year.

09. a) In our opinion the Company has not taken any loans or borrowingsfrom any lender. Hence reporting under Clause (ix) (a) of the Order is not applicable tothe Company.

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

c) The Company has not taken any term loan during the year and thereare no unutilised term loans at the beginning of the year and hence reporting underClause (ix)(c) of the Order is not applicable.

d) According to the information and explanations given to us Clause(ix)(d) is not applicable since the Company has not taken funds on short-term basis.

e) We report that the Company has neither taken any funds from anyentity or person during the year nor it had any unutilised funds as at the beginning ofthe year of the funds raised through issue of shares or borrowings in the previous yearand hence reporting under Clause (ix)(e) of the Order is not applicable.

f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries or joint ventures or associate companies.

10. a) The Company has not issued any of its securities (including debtinstruments) during the year and hence reporting under Clause (x)(a) of the Order is notapplicable. b) During the year the Company has not made any preferential allotment orprivate placement of shares or convertible debentures (fully or partly or optionally) andhence reporting under Clause (x)(b) of the Order is not applicable to the Company.

11. a) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company and no material fraud on the Companyhas been noticed or reported during the year.

b) No report under Sub-section (12) of Section 143 of the CompaniesAct 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year.

c) As represented to us by the Management there were no whistleblowercomplaints received by the Company during the year.

12. The Company is not a Nidhi Company and hence reporting under Clause(xii) of the Order is not applicable.

13. In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Sections 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the Standalone Financial statements etc.as required by the applicable accounting standards.

14. a) In our opinion the Company has an adequate internal audit systemcommensurate with the size and the nature of its business.

b) We have considered the internal audit reports issued to the Companyduring the year and covering the period upto February 2022 and the internal audit for themonth of March 2022 will be covered in the next cycle falling due in the next FinancialYear.

15. In our opinion during the year the Company has not entered intoany non-cash transactions with its Directors or Directors of its subsidiary companies orpersons connected with them and hence provisions of Section 192 of the Companies Act 2013are not applicable.

16. a) In our opinion the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under Clause(xvi)(a) (b) and (c) of the Order is not applicable. b) In our opinion the Group (theCompany and its subsidiary company) does not have any core investment company (as definedin the Core Investment Companies (Reserve Bank) Directions 2016) as part of the group andaccordingly reporting under Clause (xvi)(d) of the order is not applicable.

17. The Company has not incurred cash losses during the financial yearcovered by our audit and the immediately preceding financial year.

18. There has been no resignation of the Statutory Auditors of theCompany during the year.

19. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the Financial Statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the Audit Report indicating that Company is notcapable of meeting its liabilities existing at the date of Balance Sheet as and when theyfall due within a period of one year from the Balance Sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the Audit Report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the Balance Sheet date will get discharged by the Company as and when they falldue.

20. The Company has fully spent the required amount towards CorporateSocial Responsibility (CSR) and there are no unspent CSR amount for the year requiring atransfer to a Fund specified in Schedule VII to the Companies Act or special account incompliance with the provision of Sub-Section (6) of Section 135 of the said Act.Accordingly reporting under clause (xx) of the Order is not applicable for the year.

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm registration number: 117366W W-100018
Ketan Vora
Partner
Mumbai Membership number: 100459
April 22 2022 UDIN: 22100459AIAOWU5124

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