To the members of Atul Ltd
Report on the audit of the Standalone
01. We have audited the accompanying Standalone Financial Statements ofAtul 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 total incomeits cash flows and the changes in equity for the year ended on that date.
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 the matter that in our professional judgementwas of most significance in our audit of the Standalone Financial Statements of thecurrent period. This matter was addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on this matter. We have determined the matter described as follows tobe the key audit matter to be communicated in our report.
|Key audit matter ||Auditor's response |
|Allowance for credit losses ||Our principle procedures included the following but were not limited to: |
|The Company determines the allowance for credit losses on trade receivables based on historical loss experience adjusted to reflect current and estimated future economic conditions of its customers their industries and geography of operations. ||Testing the effectiveness of controls over the: |
|In calculating expected credit loss the Company also considers the insurance covers and other securities besides other related information for its customers including credit reports to estimate the probability of default in future and has taken into account estimates of possible effect from the COVID-19 pandemic. The Management has exercised significant judgement in estimating the allowance for credit losses. ||- classification of customers by the businesses and computing the net exposure as at the reporting date |
|Refer Note 10 and 28.8(c) to the Standalone Financial Statements. ||- development of the expected credit model for the allowance for credit losses including consideration of the current and estimated future economic conditions |
| ||- completeness and accuracy of information used in the estimation of probability of default and |
| ||- computation of the allowance for credit losses. |
| ||Testing the arithmetical accuracy and computation of the allowances prepared by the Management. |
| ||Testing the allowance for credit loss through alternate scenarios including profiling of customers based on their attributes with various sensitivities around approach the assumptions and factoring the possible effect of the pandemic to independently validate the Management estimates. |
Information other than the Financial Statements and Auditor's Reportthereon
05. The Board of Directors is responsible for the other information.The other information comprises the information included in the letter to theshareholders operational highlights financial charts Directors' Report and itsannexure Management Discussion and Analysis Corporate Governance Report BusinessResponsibility and Sustainability Report Dividend Distribution Policy and performancetrend but does not include the Standalone Financial Statements the ConsolidatedFinancial Statements and our Auditor's Report 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 isa material 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 FinancialStatements
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 scepticism 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.
f) Obtain sufficient appropriate audit evidence regarding the financialinformation of the Company to express an opinion on the Standalone Financial Statements.
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 resultsof our work and
ii) to evaluate the effect of any identified misstatements in theStandalone Financial Statements.
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 are therefore the key audit matters. 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 must not be communicated in our report because the adverse consequences of doing sowill 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 Statement of Cash Flows and Statement of changes in equity dealtwith by this Report are in agreement with the 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 interms of 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 has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
iv. a) The Management has represented
that to the best of its knowledge and belief other than as disclosedin the notes to the accounts 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 have been considered reasonableand appropriate 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.
v. As stated in Note 28.17 to the Standalone
a) The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.
b) The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing AnnualGeneral Meeting. The amount of dividend proposed declared is in accordance with Section123 of the Act as applicable.
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 givein Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.
Annexure A to the Independent Auditor's Report
Referred to in para 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 Atul 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.
01. Our responsibility is to express an opinion on the internalfinancial controls of the Company over financial reporting based on our audit. Weconducted our audit in accordance with the Guidance Note issued by the ICAI and theStandards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to theextent 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 include 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 as necessary topermit preparation of Standalone Financial Statements in accordance with the GenerallyAccepted Accounting Principles and that receipts and expenditures of the Company arebeing made only in accordance with authorisations of Management and Directors of theCompany and iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the assets of the Company that can have amaterial 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 financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
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 control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.
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 bearerplants capital work-in-progress investment properties and relevant details ofright-of-use asset.
ii. The Company has maintained proper records showing full particularsof intangible assets.
b) The Company has a program of verification of property plant andequipment bearer plants capital work-in-progress investment properties and right-of-useasset so as to cover all the items in a phased manner once over a period of three yearswhich in our opinion is reasonable having regards to size of the Company and the natureof its assets. Pursuant to the program certain fixed assets were due for verificationduring the year and were physically verified by the Management during the year. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.
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 investmentproperties 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 thefollowing:
|Particulars of land and building ||Carrying value as at March 31 2022 (Rs cr) ||Held in the name of ||Whether promoter Director or their relative or employee ||Held since ||Reason for not being held in the name of the Company |
|Freehold land ||0.15 ||Atul Products Ltd ||No ||February 26 1992 ||In process of transfer in the name of Company |
|Freehold land ||0.27 ||Various individuals ||No ||December 21 2019 ||In process of transfer in the name of Company |
|Building in Delhi ||0.01 ||Atul Products Ltd ||No ||March 31 1968 ||In process of transfer in the name of Company |
|Freehold Land Others ||4.73 ||Various individuals ||No ||August 24 2021 ||In process of transfer in the name of Company |
d) The Company has not revalued any of its property plant andequipment (including right- of-use assets) and intangible 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 were physically verified during the year by theManagement at reasonable intervals except goods-in-transit and stocks lying with thirdparties. In our opinion the coverage and procedure of such verification by the Managementis appropriate having regard to the size of the Company and the nature of its operations.In respect of inventory lying with third parties at the year end written confirmationshave been obtained by the Management and in respect of goods-in-transit the goods havebeen received subsequent to the year end. No discrepancies of 10% or more in the aggregatefor each class of inventories were noticed on such physical verification of inventorieswhen compared with the books of account.
b) The Company has been sanctioned working capital limits in excess ofRs 5 cr in aggregate during the year from banks or financial institutions on the basisof security of current assets. In our opinion and according to the information andexplanations given to us the quarterly returns or statements comprising (stockstatements book debt statements and other stipulated financial information) filed by theCompany with such banks or financial institutions are in agreement with the unauditedbooks of account of the Company of the respective quarters. The Company is yet to submitthe return statement for the quarter ended March 31 2022 with the banks or financialinstitutions.
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 or advances in the nature of loansduring the year and details of which are given below:
|Particular ||Amount (Rs cr) |
|A. Aggregate amount granted provided during the year: || |
|- Subsidiary companies ||290.23 |
|- Joint operation ||94.62 |
|- Others ||2.00 |
|B. Balance outstanding as at Balance Sheet date in respect of the above cases: || |
|- Subsidiary companies ||307.46 |
|- Joint operation ||68.28 |
The Company has not provided any guarantee or security to any otherentity during the year.
b) The investments made and the terms and conditions of the grant ofall the above mentioned loans during the year are in our opinion not prejudicial to theinterests 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 granted by the Company which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the overdues ofexisting loans given 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 the Company has complied with the provisions ofSections 185 and 186 of the Companies Act 2013 in respect of grant of loans granted andinvestments.
05. The Company has not accepted or is not holding any deposit oramounts which are deemed to be deposits during the year. In respect of unclaimeddeposits the Company has complied with the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013. No order has been passed by the CompanyLaw Board or the National Company Law Tribunal or the Reserve Bank of India or any Courtor any other Tribunal against the Company in this regard.
06. The maintenance of cost records has been specified by the CentralGovernment under Section 148(1) of the Companies Act 2013. We have broadly reviewed thebooks of account maintained by the Company pursuant to the Companies (Cost Records andAudit) Rules 2014 as amended prescribed by the Central Government under Sub-section (1)of Section 148 of the Companies Act 2013 and are of the opinion that the prescribedcost records have been made and maintained by the Company. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.
07. In the respect of statutory dues:
a) The Company has been regular in depositing undisputed statutory duesof the year including provident fund employees' state insurance income tax customsduty cess goods and service tax and other material statutory dues applicable to it tothe appropriate authorities.
There were no undisputed amounts payable in respect of provident fundemployees' state insurance income tax customs duty cess goods and service tax andother material statutory dues in arrears as at March 31 2022 for a period of more thansix months from the date they became payable.
b) Details of statutory dues referred to in Sub-clause (a) above whichhave not been deposited as on March 31 2022 on account of disputes are given as follows:
|Name of statute ||Nature of dues ||Forum where dispute is pending ||Period to which the amount relates ||Amount unpaid (Rs cr) ||Amount paid under protest (Rs cr) |
|Income Tax Act 1961 ||Income tax ||Commissioner of Income Tax (Appeals) ||Assessment year 2011- 12 and 2012- 13 ||2.61 ||1.69 |
| || ||Income Tax Appellate Tribunal ||2010-11 ||* ||0.87 |
|The Central Excise Act 1944 and Chapter V of the Finance Act 1994 ||Excise duty and Service tax ||Commissioner (Appeals) ||1993-2016 ||0.53 ||# |
| || ||Customs Excise and Service Tax Appellate Tribunal ||1992-2018 ||1.64 ||0.14 |
| || ||High Court ||1994-95 ||3.53 ||- |
|Customs Act 1962 ||Custom duty ||Commissioner (Appeals) ||1994-2009 ||3.19 ||- |
| || ||High Court ||2017-18 ||1.76 ||- |
08. There were no transactions relating to previously unrecorded incomethat were surrendered or disclosed as income in the tax assessments under the Income TaxAct 1961 (43 of 1961) during the year.
09. a) The Company has not defaulted in the repayment of loans orborrowings or in the payment of interest thereon to any lender during the year.
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 loans during the year and thereare no outstanding term loans at the beginning of the year and hence reporting underclause (ix)(c) of the Order is not applicable.
d) On an overall examination of the Standalone Financial Statements ofthe Company funds raised on short-term basis have not been used during the year forlong-term purposes by the Company.
e) On an overall examination of the Standalone Financial Statements ofthe Company the Company has not taken any funds from any entity or person on account ofor to meet the obligations of its subsidiary companies.
f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiary or joint venture company.
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 allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under clause (x)(b) of the Order is not applicable to the Company.
11. a) No fraud by the Company and no material fraud on the Company hasbeen noticed or reported during the year.
b) No report under Sub-section (12) of Section 143 of the CompaniesAct2013 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 and upto the date ofthis report.
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 the Company is in compliance with Section 177 and188 of the Companies Act 2013 where applicable for all transactions with the relatedparties and the details of related party transactions have been disclosed in theStandalone Financial Statements 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 till date in determining the nature timing and extent of our auditprocedures.
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 (the Company and its subsidiary companiesjoint venture company and joint operation) does not have any core investment company (asdefined in the Core Investment Companies (Reserve Bank) Directions 2016) as part of theGroup and accordingly 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 Standalone Financial Statements and our knowledge of the Board ofDirectors and the Management plans and based on our examination of the evidence supportingthe assumptions nothing has come to our attention which causes us to believe that anymaterial uncertainty exists as on the date of the audit report indicating that the Companyis not capable of meeting its liabilities existing at the date of Balance Sheet as andwhen they fall due within a period of one year from the Balance Sheet date. We howeverstate that this is not an assurance as to the future viability of the Company. We furtherstate that our reporting is based on the facts up to the date of the audit report and weneither give any guarantee nor any assurance that all liabilities falling due within aperiod of one year from the Balance Sheet date will get discharged by the Company as andwhen they fall due.
20. a) In respect of other than ongoing projects
the Company has transferred the unspent Corporate Social Responsibility(CSR) amount to a fund specified in Schedule VII to the Companies Act 2013 before thedate of this report and within a period of six months of the expiry of the financial yearin compliance with second proviso to Sub-section (5) of Section 135 of the said Act.
b) In respect of ongoing projects the Company has transferred unspentCSR amount to a special account before the date of this report and within a period of 30days from the end of the financial year in compliance with the provision of Section 135(6)of the Act.
|For Deloitte Haskins & Sells LLP || |
|Chartered Accountants || |
|Firm registration number: 117366WW-100018 || |
| ||Ketan Vora |
| ||Partner |
|Mumbai ||Membership number: 100459 |
|April 26 2022 ||UDIN: 22100459AIAQGV9242 |