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Amit International Ltd.

BSE: 531300 Sector: Industrials
NSE: N.A. ISIN Code: INE053D01015
BSE 00:00 | 31 Jan 3.42 -0.17
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NSE 05:30 | 01 Jan Amit International Ltd
OPEN 3.76
PREVIOUS CLOSE 3.59
VOLUME 5651
52-Week high 10.17
52-Week low 2.96
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.76
CLOSE 3.59
VOLUME 5651
52-Week high 10.17
52-Week low 2.96
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amit International Ltd. (AMITINTERNATION) - Auditors Report

Company auditors report

To the Members of

AMIT INTERNATIONAL LIMITED

Report on the Audit of Standalone Ind AS Financial Statements

Qualified Opinion

We have audited the accompanying standalone financial statements of Amit InternationalLimited ("the Company") which comprise the Balance Sheet as at March 31 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

Basis for Qualified Opinion

a) The company has not charged interest to few parties to whom loan is given asspecified in Section 186 of the Companies Act 2013. This matter was also qualified in thereport on the standalone financial statements for the year ended 31 March 2021.

b) We draw attention to Note 4(b) point (d) of the Financial Statements regardingnon-provision for doubtful advance amounting to Rs. 23225603/- given to Topson Iron OreIndia Private Limited. The ultimate outcome of the above matter cannot be presently bedetermined. Being unable to make informed judgement we are unable to express our opinionon the same.

c) The company is required to be registered under section 45- IA of the Reserve Bank ofIndia Act 1934 however the company has not obtained such registration because as permanagement such a situation has arisen as no new project is undertaken by the company.

d) Company is required to get Internal Audit done as per Sec 138 of the Companies Act2013 however the same has not been complied with by the company.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Other Matter

In connection with our audit of the standalone financial statements we would like tostate that:

i) The Ledger Balance confirmations of few parties to whom loan are granted or fromwhom loans are taken by the company during the year is not available and hence cannot beverified by us and same is subject to management written representation letter.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a no materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Ind AS 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 standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibility for the Audit of the Standalone Financial Statements.

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a 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 standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• 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 forexpressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a mannerthatachievesfairpresentation.

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

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during ouraudit.

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 standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

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

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from ourexamination of those books;

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

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014 except Ind AS - 19 Retirement Benefits.

e. On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the director isdisqualified as on 31st March 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 overfinancialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controlsoverfinancial 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 in our opinionand to the best of our information and according to the explanations given to us:

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

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company. HANDARIA 2. As required by the Companies(Auditor's Report) Order 2016 ("the Order") issued by the Central Government interms of Section 143(11) of the Act we give in "Annexure B" a statement on thematters specified in paragraphs 3 and 4 of the Order.

Annexure A to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

In conjunction with my audit of the standalone financial statements of the Company asof and for the year ended 31 March 20221 have audited the internal financial controlsover financial reporting of Amit International Limited ("the Company") inconjunction with my 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 and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsoverfinancial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the ICAI and the Standards on Auditing deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require that Icomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

Acompany's internal financial control overfinancial reporting is a process designed toprovide 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 unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

In my opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

"Annexure B" to the Independent Auditors' Report.

The Annexure referred to in paragraph 1 of my Independent Auditors' Report to themembers of the Company on the standalone financial statements for the year ended 31stMarch 20221 report that:

i. a) A) The Company has maintained proper records

showing full particulars including quantitative details and situation of PropertyPlant and Equipment;

B) The Company does not hold any Intangible Assets.

b) The assets have been physically verified by the management during the year and ascertifiedby the management no material discrepancies were noticed on such verification.

c) The Company does not have any immovable properties (other than properties where theCompany is the lessee and the lease agreements are duly executed in favor of the lessee).Accordingly clause 3(i) (c) of the Order is not applicable.

d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not revalued its propertyplant and equipment (including right of use assets) or intangible assets or both duringthe year.

e) According to the information and explanations given to me and on the basis of ourexamination of the records of the Company there are no proceedings initiated or pendingagainst the Company for holding any benami property under the Prohibition of BenamiProperty Transactions Act 1988 and rules made thereunder.

ii. a) According to the information and explanations given to me and on the basis ofour examination of the records of the Company the Company does not have any inventory andhence the reporting requirements contained in 3(ii) of the order is not applicable

b) According to the information and explanations given to me and on the basis of ourexamination of the records of the Company the Company has not been sanctioned workingcapital limits in excess of five crore rupees in aggregate from banks or financialinstitutions on the basis of the security of current assets at any point of time duringthe year. Accordingly clause 3(ii)(b) of the Order is not applicable to the Company.

iii. According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not made any investments in orprovided security to companies firms limited liability partnerships or any other partiesduring the year. The Company has granted loans and advances in the nature of loans duringthe year to companies and other parties details of which are stated below.

a) • According to the information and explanations given to me the Company doesnot have any subsidiary joint venture or associate. Accordingly clause 3(iii)(a)(A) isnot applicable.

• Based on the audit procedures carried out by me and as per the information andexplanation given to me the Company has granted advances in the nature of loans to otherDarties as below:

Particulars Loans (Rs. In Lakhs)
Aggregate amount during the year 35
Balance Outstanding as at the Balance Sheet date 10

b) According to the information and explanations given to me and based on the auditprocedures conducted by me in our opinion the terms and conditions of the grant of loansand advances in the nature of loans during the year are prima facie not prejudicial tothe interest of the Company.

c) According to the information and explanations given to me and on the basis of myexamination of the records of the Company in our opinion in the case of loans andadvances in the nature of loans given during the current year the repayment of principaland payment of interest has been stipulated and the repayments or receipts have beenregular.

d) According to the information and explanations given to me and on the basis of myexamination of the records of the Company there is no overdue amount for more than ninetydays in respect of loans and advances in the nature of loans given during the year.

e) According to the information and explanations given to me and on the basis of myexamination of the records of the Company in respect of loans or advances in the natureof loan granted during the year which have fallen due during the year no renewal orextension or fresh loans have been granted to settle the overdues of existing loans givento the same parties.

f) According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not granted any loans oradvances in the nature of loans either repayable on demand or without specifying any termsor period of repayment.

iv. According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has neither made any investmentsnor has it given loans or provided guarantee or security as specified under Section 185 ofthe Companies Act 2013 ("the Act") and the Company has not provided anysecurity as specified under Section 186 of the Act except that the Company has notcomplied with the provisions of Section 186 of the Act in relation to loans givenguarantees provided and investments made without charging interest to few parties and samehas been reported in point ‘a)' of Basis for Qualified Opinion of theIndependentAuditors Report.

v. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2022 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under clause 3(vi) of the order is not applicable to theCompany.

vii. a) According to the information and explanations given to me and on the basis ofmy examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to me the Company did not have any dues onaccount of duty of excise sales tax duty of customs service tax or any other statutorydues outstanding for more than 6 months.

b) According to the information and explanations given to me no disputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31st March 2022 for a period of more than six months from the date they became payableexcept as mentioned below:

Name of Statute Nature of dues Amount (Rs. In Lakhs) Period to which the amount relates (Financial Year) Forum where dispute the pending
SEBI (LODR) Regulation 2015 Penalty 14 Securities Appellate Tribunal

viii. According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income Tax Act 1961 as income during the year

ix. a) According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not defaulted in the repaymentof loans or borrowings or in the payment of interest thereon to any lender.

b) According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not been declared a wilfuldefaulter by any bank or financial institution or government or government authority.

c) In our opinion and according to the information and explanations given to me by themanagement term loans were applied for the purpose for which the loans were obtained.

d) According to the information and explanations given to me and on the basis of myexamination of the records of the Company no funds raised for short term basis have beenutilised for long term purposes.

e) According to the information and explanations given to me and on an overallexamination of the standalone financial statements of the Company I report that theCompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries as defined in the Act. The Company does not hold anyinvestment in any associate or joint venture (as defined in the Act) during the year ended31 March 2022.

f) According to the information and explanations given to me and procedures performedby me we report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries (as defined under the Act).

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

b) According to the information and explanations given to me and on the basis of myexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(x)(b) of the Order is not applicable.

xi. a) Based on examination of the books and records of the

Company and according to the information and explanations given to me considering theprinciples of materiality outlined in the Standards on Auditing I report that no fraud bythe Company or on the Company has been noticed or reported during the course of the audit.

b) According to the information and explanations given to me no report undersub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 asprescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment.

c) According to the information and explanations given to me the company has receivednowhistle blower complaints.

xii. In our opinion and according to the information and explanations given to me 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 explanations given to me thetransactions with related parties are in compliance with Section 177 and 188 ofthe Actwhere applicable and the details of the related party transactions have been disclosed inthe standalone financial statements as required by the applicable accounting standards.

xiv. a) Based on information and explanations provided to me and my audit proceduresin my opinion the Company does not have an internal audit system commensurate with thesize and nature of its business. The same has been disclosed vide point 'c' of the Basisfor Qualified Opinion of the IndependentAuditors Report b) As reported in clause3(xiv)(a) above the Company does not have an internal audit system commensurate with thesize and nature of its business hence the reports of Internal Auditors was notavailable.

xv. In our opinion and according to the information and explanations given to me theCompany has not entered into any non-cash transactions with its directors or personsconnected to its directors and hence provisions of Section 192 of the Act are notapplicable to the Company.

xvi. a) According to the information and explanations given to me the company isrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934however the company has not obtained such registration because as per management such asituation has arisen due to no new project is undertaken by the company. Though thecompany is into trading and a manufacturing it could not do any of the trading ormanufacturing activities during the year

b) According to the information and explanations given to me in my opinion theCompany has conducted certain activities which meets the criteria Non-Banking Financialactivities because as per management such a situation has arisen due to no new projectundertaken by the company. No valid Certificate of Registration from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934 was taken. The same has been disclosedvide point'd' of the Basis for Qualified Opinion of the Independent Auditors Report.

c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of the Order is notapplicable.

d) According to the information and explanations provided to us during the course ofaudit the Group does not have any CICS.

xvii. The company has not incurred cash losses in the current and in the immediatelypreceding financial year.

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

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of financial assets and payment of financialliabilities other information accompanying the standalone financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

xx. In our opinion and according to the information and explanations given to me theCompany does not fulfil the thresholds u/s section 135 of Companies Act 2013 and hencethe Company is not AMANDAR liable for any payments towards Corporate SocialResponsibility. Accordingly clause 3(xx) of the Order is not applicable.

xxi. According to the information given to me in my opinion the Company is notrequired to prepare Consolidated Financial Statement as per Ind AS 110 as the Company doesnot control any other entity. Accordingly clause 3(xxi) of the Order is not applicable.

.