You are here » Home » Companies » Company Overview » Barbeque-Nation Hospitality Ltd

Barbeque-Nation Hospitality Ltd.

BSE: 543283 Sector: Services
NSE: BARBEQUE ISIN Code: INE382M01027
BSE 00:00 | 01 Jul 1061.05 -22.55
(-2.08%)
OPEN

1080.75

HIGH

1096.15

LOW

1054.85

NSE 00:00 | 01 Jul 1058.80 -25.15
(-2.32%)
OPEN

1085.00

HIGH

1097.85

LOW

1051.00

OPEN 1080.75
PREVIOUS CLOSE 1083.60
VOLUME 6236
52-Week high 1949.70
52-Week low 850.00
P/E
Mkt Cap.(Rs cr) 4,132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1080.75
CLOSE 1083.60
VOLUME 6236
52-Week high 1949.70
52-Week low 850.00
P/E
Mkt Cap.(Rs cr) 4,132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Barbeque-Nation Hospitality Ltd. (BARBEQUE) - Auditors Report

Company auditors report

To

The Members of

BARBEQUE-NATION HOSPITALITY LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofBARBEQUE-NATION HOSPITALITY LIMITED ("the Company") which comprise the BalanceSheet as at 31 March 2021 and the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us 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 31 March 2021and its loss total comprehensive loss its cash flows and the changes in equity for theyear ended on that date.

Basis for Opinion

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 theAuditor's Responsibility for the Audit of the Standalone Financial Statements sectionof our report. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were 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 these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Response to Key Audit Matter
1 Impairment assessment in respect of Goodwill
Refer note 6 of the standalone financial statements. Principal audit procedures performed:
The Company has goodwill of RS. 189.66 million as at 31 March 2021 arising out of a past business combination and is subjected to impairment test as part of Cash Generating Unit (CGU) which includes goodwill. The goodwill is tested by the Management atleast annually or more frequently if the events or changes in circumstances indicate that the asset might be impaired. The evaluation requires a comparison of the estimated recoverable value of the CGU to the carrying value of the assets in the CGU. Tested the design and operating effectiveness of the Company's controls around the impairment testing of carrying value of goodwill.
The annual impairment testing of goodwill within such CGU was considered to be a key audit matter due to significant judgement involved to estimate the recoverable amount. The recoverable amount of the CGU (including goodwill) which is the value in use has been derived from discounted forecast cash flow models. These models use several key assumptions of which the assumptions with highest degree of estimation subjectivity and impact on value in use are forecasted sales volumes and revenues and the weighted average cost of capital (discount rate) and potential impact of COVID-19 on these assumptions if any. Understood the key assumptions considered in the management's estimates of future cash flows related to forecasted revenue and discount rate.
The annual impairment testing was significant to our audit because of the significance of the goodwill and related assets and involvement of significant judgement estimates and assumptions as aforesaid. Involved our independent valuation specialist to assist in evaluating the discount rates applied which included comparing the weighted average cost of capital with sector averages for the relevant markets in which the CGUs operate;
Compared the historical cash flows (including for current year) against past projections of the management for the same periods and gained understanding of the rationale for the changes.
Evaluated the reasonableness of Management projections for forecasted revenue by comparing the historical cash flows including cashflows subsequent to reporting date with the past projections of the management for the same periods.
Performed sensitivity analysis on the key assumptions of revenue growth during the forecast period and the discount rate applied to the future cash flows. We ascertained the extent to which a change in these assumptions both individually or in aggregate would result in impairment and considered the likelihood of such events occurring.
2 Impairment of investments in Red Apple Kitchen Consultancy Private Limited
Refer note 7of the standalone financial statements. Principal audit procedures performed:
In the standalone financial statements of the Company the gross carrying value of investments in Red Apple Kitchen Consultancy Private Limited a subsidiary of the Company is RS. 674.87 million as at 31 March 2021 against which a provision of RS. 271 million has been recognised. Tested the design and operating effectiveness of the Company's controls around the impairment testing of the investment.
Determination of the carrying value of the investment in the subsidiary is a key audit matter as the determination of recoverable value and/ or impairment involves significant management estimates and judgement and have been derived from discounted forecast cash flow models of the underlying assets of such subsidiary. These models use several key assumptions of which the assumptions with highest degree of estimation subjectivity and impact on value in use are forecasted sales volumes and revenues and the weighted average cost of capital (discount rate) and potential impact of COVID-19 on these assumptions if any. Understood the key assumptions considered in the management's estimates of future cash flows related to forecasted revenue and discount rate.
The aforesaid impairment testing was significant to our audit because of the significance of the carrying value of the investment and involvement of significant judgement estimates and assumptions as aforesaid. Involved our independent valuation specialist to assist in evaluating the discount rate applied which included benchmarking the weighted average cost of capital with sector averages for the relevant markets in which the CGU operates and considering Company specific factors.
Evaluated the reasonableness of Management projections for forecasted revenue by comparing the historical cash flows including cashflows subsequent to reporting date with the past projections of the management for the same periods.
Performed sensitivity analysis on the key assumptions of revenue growth during the forecast period and the discount rate applied to the future cash flows. We ascertained the extent to which a change in these assumptions both individually or in aggregate would result in impairment and considered the likelihood of such events occurring.

Emphasis of Matter

We draw attention to Note 35 to the standalone Ind AS financialStatements for the year ended March 31 2021 which describes the management'sevaluation of COVID-19 impact on the carrying value of its assets as at March 31 2021. Inview of the uncertain economic conditions the management's evaluation of the impacton the subsequent periods is highly dependent upon conditions as they evolve. Our opinionis not modified in respect of this matter.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's report including Annexures to Board's reportCorporate Governance and Shareholder's Information but does not include theconsolidated financial statements standalone financial statements and our auditor'sreport thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon Inconnection with our audit of the standalone financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring 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 amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

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 could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also: Identify andassess the risks of material misstatement of the standalone financial statements whetherdue to fraud or error design and perform audit procedures responsive to those risks andobtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 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.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability 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 conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin

(i) planning the scope of our audit work and in evaluating the 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 tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our 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 precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Cash Flows and 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 31 March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2021 from being appointed as a director in termsof Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations on itsfinancial position in note 37 of its standalone financial statements;

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

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

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragrapRs. 1(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 ("theAct")

We have audited the internal financial controls over financialreporting of BARBEQUE-NATION HOSPITALITY LIMITED ("the Company") as of March 312021 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management 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 issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguardingof its 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 Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with 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

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould 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 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.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 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.

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragrapRs. 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) Some of the fixed assets were physically verified during the yearby the Management in accordance with a programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

(c) The Company does not have any immovable properties of freehold orleasehold land and building and hence reporting under clause (i) (c) of the Order is notapplicable.

(ii) As explained to us the inventories were physically verified bythe Management at reasonable intervals during the year and no material discrepancies werenoticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanationsgiven to us 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) According to the information and explanations given to us theCompany has not accepted any deposit during the year.

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

(vii) According to the information and explanations given to us inrespect of statutory dues: (a) The Company has not been regular in depositing undisputedstatutory dues including Provident Fund Tax deducted at source value added tax Goodsand Services Tax and other material statutory dues applicable to it for the period fromApril 2020 to December 2020 to the appropriate authorities and there have been delays ina large number of cases.

(b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income-tax Customs Duty Goods and Services Taxcess and other material statutory dues in arrears as at March 31 2021 for a period ofmore than six months from the date they became payable.

(c) Details of dues of Income-tax and Value Added Tax which have notbeen deposited as on March 31 2021 on account of disputes are given below:

Name of Statute Nature of dues Forum where the dispute is pending Period to which the amount relates Amount involved (Rs. in Million) Amount unpaid (Rs. in Million)
Punjab Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Chandigarh 2011-2014 1.90 1.25
Maharashtra Value Added Tax 2002 Value Added Tax Commercial Tax Officer Maharashtra 2011-2014 1.08 0.91
Gujarat Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Gujarat January 2013 to December 2016 4.17 2.67
Gujarat Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Gujarat 2014-16 2.03 1.53
Delhi Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Delhi 2014-16 2.67 2.48
Rajasthan Value Added Tax Act 2003 Value Added Tax Commercial Tax Officer Rajasthan 2014-16 0.63 -
Tamilnadu Value Added Tax Act 2006 Value Added Tax Commercial Tax Officer Tamilnadu 2016-17 155.41 155.41
Punjab Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Chandigarh 2013-14 1.72 1.72
Gujarat Value Added Tax Act 2005 Value Added Tax Commercial Tax Officer Gujarat 2016-17 1.32 1.32
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2011-12 26.76 26.76
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2012-13 25.64 20.51
Income Tax Act 1961 Income tax Assistant Commissioner of Income tax Indore 2013-14 1.42 1.42
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2013-14 27.87 22.29
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2014-15 13.25 10.60
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2015-16 8.88 7.11
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2016-17 47.63 38.11
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2017-18 2.84 2.28
Income Tax Act 1961 Income tax Commissioner of Income Tax (Appeals) 2016-17 266.07 266.07*

*Represents the disputed due relating to subsidiary disposed off duringthe FY 2018-19.

(viii)In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tofinancial institutions and banks. However there have been delays in repayment of upto 46days in the repayment of principal dues amounting to RS. 72.65 million and upto 36 days inrepayment of interest dues amounting to RS. 1.12 million in respect of loans from banksbetween October 2020 to December 2020.

The Company has not issued any debentures. (ix) In our opinion andaccording to the information and explanations given to us money raised by way of the termloans have been applied by the Company during the year for the purposes for which theywere raised other than temporary deployment pending application of proceeds. The Companyhas not raised moneys by way of initial public offer or further public offer (includingdebt instruments).

(x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid / provided managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act 2013.

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

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

(xiv) According to the information and explanations given to us theCompany has made preferential allotment or private placement of shares during the year.

In respect of the above issue we further report that:

a) the requirement of Section 42 of the Companies Act 2013 asapplicable have been complied with; and

b) the amounts raised have been applied by the Company during the yearfor the purposes for which the funds were raised other than temporary deployment pendingapplication.

(xv) In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its directors or directors of its subsidiary company or persons connected with themand hence provisions of section 192 of the Companies Act 2013 are not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For Deloitte Haskins & Sells

Chartered Accountants

Firm's Registration No. 008072S
Sathya P Koushik

Partner

Bengaluru (Membership No. 206920)
May 24 2021 UDIN: 21206920AAAAFF8759

.