You are here » Home » Companies » Company Overview » Asian Paints Ltd

Asian Paints Ltd.

BSE: 500820 Sector: Consumer
NSE: ASIANPAINT ISIN Code: INE021A01026
BSE 00:00 | 23 Sep 3393.75 -41.90
(-1.22%)
OPEN

3426.95

HIGH

3435.00

LOW

3384.00

NSE 00:00 | 23 Sep 3395.25 -40.75
(-1.19%)
OPEN

3435.00

HIGH

3437.95

LOW

3382.70

OPEN 3426.95
PREVIOUS CLOSE 3435.65
VOLUME 29322
52-Week high 3588.05
52-Week low 2560.25
P/E 90.55
Mkt Cap.(Rs cr) 325,528
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3426.95
CLOSE 3435.65
VOLUME 29322
52-Week high 3588.05
52-Week low 2560.25
P/E 90.55
Mkt Cap.(Rs cr) 325,528
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asian Paints Ltd. (ASIANPAINT) - Auditors Report

Company auditors report

To the Members of Asian Paints Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying Standalone Financial Statements of Asian PaintsLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 and the Statement of Profit and Loss (including other comprehensive income)Cash Flow Statement and Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2022 and its profittotal comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities 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

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements of the current period.These matters were 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 aseparate opinion on these matters. We have determined the matter described below to be thekey audit matter to be communicated in our report.

The Key Audit Matter How was the matter addressed in our audit
Revenue recognition (Refer note 1.3 (f) and 22A of the Standalone Financial Statements)
Revenue is one of the key profit drivers and is therefore susceptible to misstatement. Cut-off is the key assertion insofar as revenue recognition is concerned since an inappropriate cut-off can result in material misstatement of results for the year. Our audit procedures with regard to revenue recognition included testing controls automated and manual around dispatches/deliveries inventory reconciliations and circularization of receivable balances testing of cut-offs and performing analytical review procedures.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises Board's Report and Business Responsibility report but does notinclude the Consolidated Financial Statements Standalone Financial Statements and ourauditor'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 material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

Management's Responsibility for the Standalone 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 includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the 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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

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 skepticism 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 control 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 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 the 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 manner that achieves fairpresentation.

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 Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the Standalone Financial Statements.

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the 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 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 the Cash Flow Statement and the statement of changes in Equity dealt with by thisReport are in agreement with the relevant books of accounts.

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified under Section 133 of the Act.

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 directors isdisqualified as on 31st March 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 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 onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of Section 197 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

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

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

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

iv. (a) The Management has represented that to the best of it's knowledge and beliefas disclosed in the notes to the accounts no funds have been advanced or loaned orinvested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies) including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of 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 it's knowledge and belief asdisclosed in the notes to accounts no funds have been received by the Company from anyperson(s) or entity(ies) including foreign entities ("Funding Parties") withthe understanding whether recorded in writing or otherwise that the Company shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

(c) Based on the audit procedures that has been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under subclause (i) and (ii) of Rule 11(e) as provided 2 under h (iv)(a) and (b) above contain any material misstatement.

v. The final dividend proposed in the previous year declared and paid by the Companyduring the year is in accordance with section 123 of the Act as applicable.

The interim dividend declared and paid by the Company during the year and until thedate of this report is in compliance with section 123 of the Act.

As stated in Note 30 to the financial statements the Board of Directors of the Companyhave proposed final dividend for the year which is subject to the approval of the membersat the ensuing Annual General Meeting. The amount of dividend proposed is in accordancewith section 123 of the Act as applicable.

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

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm's Registration No: 117366W/W-100018
Rupen K. Bhatt
Partner
Place: Mumbai Membership No: 046930
Date: May 10 2022 UDIN: 22046930AIRNOZ1411

Annexure "A" to The Independent Auditor's Report

(Referred to in paragraph 1(F) under 'Report on Other Legal and RegulatoryRequirements' section 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 AsianPaints Limited ("the Company") as of 31st March 2022 in conjunctionwith our audit of the Standalone Financial Statements of the Company for the year ended onthat 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"). 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover 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 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 our opinion to the best of our information and according to the explanations 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 31st March 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm's Registration No: 117366W/W-100018
Rupen K. Bhatt
Partner
Place: Mumbai Membership No: 046930
Date: May 10 2022 UDIN: 22046930AIRNOZ1411

Annexure "B" to The Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that

(i) (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment 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 Plantand Equipment in a phased manner over a period of 3 years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program certain Property Plant and Equipment were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) Based on the examination of the registered sale deed/transfer deed/conveyance deedprovided to us we report that the title deeds of all the immovable properties (otherthan immovable properties where the Company is the lessee and the lease agreements areduly executed in favour of the Company) disclosed in the financial statements included inProperty Plant and Equipment are held in the name of the Company as at the balance sheetdate.

(d) The Company has not revalued its Property Plant and Equipment (includingRight-of-Use assets) and intangible assets during the year.

(e) No proceedings have been initiated or are pending against the Company as at 31stMarch 2022 for holding any benami property under the Benami Transactions (Prohibition)Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except goods-in-transit and stocks lying with third partieshave been physically verified by the management during the year. In our opinion and basedon 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 stocks held with third parties at the year-end writtenconfirmations have been obtained. No discrepancies of 10% or more in the aggregate foreach class of inventories were noticed on such physical verification of inventories.

(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs.5 crores in aggregate at points oftime during the year from bank on the basis of security of current assets. In our opinionand according to the information and explanations given to us the quarterly statementsfiled by the Company with the bank are in agreement with the audited books of account ofthe Company of the respective quarters.

(iii) (a) The Company has not provided any guarantee or security or granted any loansor advances in the nature of loans secured or unsecured to companies firms LimitedLiability Partnerships or any other parties during the year and hence sub-clauses iii(a) (d) (e) (f) under clause (iii) of the Order are not applicable.

(b) The investments made during the year are prima facie not prejudicial to theCompany's interest.

(c) In respect of loans granted by the Company the schedule of repayment of principaland payment of interest has been stipulated and the repayments of principal amounts andreceipts of interest are regular as per stipulation.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of grant of loans making investments and providingguarantees and securities as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to bedeposits.

Hence reporting under clause (v) of the Order is not applicable.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been made and maintained.

(vii) (a) Undisputed statutory dues including Goods and Service tax Provident FundEmployees' State Insurance Income-tax Sales Tax duty of Customs duty of Excise ValueAdded Tax Cess and other material statutory dues applicable to the Company have beenregularly deposited by it with the appropriate authorities in all cases during the year.

There were no undisputed amounts payable in respect of Goods and Services taxProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax CustomsDuty Excise Duty Value Added Tax Cess and other material statutory dues in arrears asat 31st March 2022 for a period of more than six months from the date theybecame payable.

(b) Details of statutory dues referred to in sub clause (a) above which have not beendeposited as on 31st March 2022 on account of disputes are given below:

Name of Statute Nature of Dues Forum where dispute is pending Period to which the Amount Relates Amount involved C in crores) Amount Unpaid C in crores)
Income Tax IT Matters under dispute CIT (A) A.Y. 2018-19 77.69 64.11
CIT (A) A.Y. 2017-18 77.18 37.96
CIT (A) A.Y. 2016-17 67.40 51.23
Tribunal/CIT (A) A.Y. 2015-16 13.92 6.05
Tribunal/CIT (A) A.Y. 2014-15 9.72 -
Tribunal/CIT (A) A.Y. 2013-14 2.61 -
Tribunal/CIT (A) A.Y. 2012-13 2.92 -
Assessing Officer A.Y. 2006-07 0.82 -
High Court A.Y. 2007-08 0.09 0.09
Assessing Officer A.Y. 2009-10 0.11 0.11
Tribunal A.Y. 2010-11 0.13 0.13
CIT (A) A.Y. 2011-12 0.40 0.32
Tribunal A.Y. 2011-12 0.31 0.31
Total 253.30 160.31
Sales tax Assessment Dues Assessing Authority F.Y. 1997-98 68.93 67.97
F.Y. 2000-01
F.Y. 2002-03
F.Y. 2004-05 to F.Y. 2017-18
First Appellate level F.Y. 1997-98 to F.Y. 1998-99 79.24 71.08
F.Y. 2000-01 to F.Y. 2017-18
Second Appellate level F.Y. 2003-04 to F.Y. 2004-05 0.05 0.01
F.Y. 2013-14
F.Y. 2017-18
Tribunal F.Y. 1991-92 16.13 10.05
F.Y. 1993-94
F.Y. 1996-97 to F.Y. 2003-04
F.Y. 2005-06 to F.Y. 2013-14
F.Y. 2016-17
High court F.Y. 1993-94 1.79 0.92
F.Y. 2000-01 to F.Y. 2005-06
F.Y. 2007-08
Total 166.14 150.03
Central Excise Act 1944 Finance Act 1994 and Customs Act 1962 Assessment dues Adjudicating Authority F.Y. 2020-21 1.32 -
First Appellate F.Y. 1986-87 7.65 7.10
F.Y. 1996-97
F.Y. 2005-06 to F.Y. 2011-12
F.Y. 2013-14 to F.Y. 2016-17
F.Y. 2018-19 to F.Y. 2020-21
Tribunal F.Y. 2005-06 to F.Y. 2016-17 6.81 5.11
F.Y. 2018-19
FY 2020-21
Employee Provident Fund Act PF contribution High court FY 2006-07 to FY 2007-08 0.39 0.39
Commission FY 2017-18
FY 2017-18 1.18 1.18
Minimum Wages Act Wage Payments High Court FY 2002-03 2.73 2.59
Municipal Corporation Act Property Tax Panchayat FY 2019-20 to 2021-22 0.34 0.34
High Court FY 2008-09 0.21 0.16
Municipal Corporation FY 2013-14 0.33 -
Octroi Municipal Corporation FY 1991-92 to 1997-98 0.89 -
FY 2012-13 to FY 2013-14 0.68 -
Employee State Insurance Act ESI Contributions High Court FY 2002-03 to FY 2007-08 0.02 0.02

(viii) There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year.

(ix) (a) In our opinion the Company has not defaulted in the repayment of loans orother borrowings or in the payment of interest thereon to any lender during the year.

(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no unutilisedterm loans at the beginning of the year and hence reporting under clause (ix)(c) of theOrder is not applicable.

(d) On an overall examination of the Financial Statements of the Company funds raisedon short-term basis have prima facie not been utilised during the year for long-termpurposes by the Company.

(e) The Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries or associates during the year and hencereporting under clause (ix)(e) of the Order is not applicable.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries or associate companies.

(x) (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause(x)(a) of the Order is not applicable.

(b) The Company has not made any preferential allotment or private placement of sharesor convertible debenture (fully or partly or optionally) during the year and hencereporting under clause (x)(b) of the Order is not applicable to Company.

(xi) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under sub-section (12) of section 143 ofthe Companies Act 2013 has been filed in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government during the yearand upto the date of this report.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year (and upto the date of this report) and provided to us whenperforming our audit.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the Financial Statements asrequired by the applicable accounting standards.

(xiv) (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 Company during theyear and covering the period upto 31st March 2022.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with any of its directors or persons connected with such directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence reporting under clause (xvi)(a) (b) (c) and (d) of theOrder are not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet and when they fall due within a period of one yearfrom 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) The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there are no unspent CSR amount for the year requiring a transferto a Fund specified in Schedule VII to the Companies Act or special account in compliancewith the provision of sub-section (6) of section 135 of the said Act. Accordinglyreporting under clause (xx) of the Order is not applicable for the year.

For Deloitte Haskins & Sells LLP
Chartered Accountants
Firm's Registration No: 117366W/W-100018
Rupen K. Bhatt
Partner
Place: Mumbai Membership No: 046930
Date: May 10 2022 UDIN: 22046930AIRNOZ1411

.