To The Members of Blue Star Limited
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Blue Star Limited("the Company") which comprise the Standalone Balance Sheet as at March 312022 and the Standalone Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement for the year thenended and a summary 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 March 312022 and its profit totalcomprehensive income its changes in equity and the cash flows for the year ended on thatdate.
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). Our responsibilities under those Standards arefurther described in the Auditor's Responsibility for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.
Key Audit Matters
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 matters described below to bethe key audit matters to be communicated in our report.
|No Key Audit Matter ||Auditor's Response |
|1 Accounting for Fixed Price Contracts: ||Principal audit procedures performed: |
|Estimate of cost is a critical estimate to determine revenues from fixed price contracts and liability for onerous obligations. This estimate has an inherent uncertainty as it requires measurement of the progress of contracts which is based on cost till date and total cost required to complete the contract performance obligations. ||i. assessed the appropriateness of the accounting policy for recognizing revenue on fixed price contracts with the requirements of Ind AS 115. |
|(Refer note 15 23 27 and 48) ||ii. evaluated the design and implementation of internal controls over recording of actual cost till date and estimation of total cost required to complete the performance obligations. |
| ||iii. tested the operating effectiveness of the said internal controls for a selected sample of contracts. |
| ||iv. verified the measurement of the actual cost till date and the total estimated cost for completion of performance obligations for a selected sample of contracts. |
| ||v. performed substantive tests on a sample of contracts to identify if any significant |
| ||variations in actual costs till date and total costs required to complete the performance obligations and verified whether the revenue was recognised based on such costs after considering the effects of variations if any in the total costs required to complete the performance obligations. |
| ||vi. identified onerous contracts to record a provision for expected costs to be incurred till completion of the contract. |
|2 Assessment of the carrying value of trade receivables and contract assets: ||Principal audit procedures performed: |
|The appropriate valuation of certain trade receivables and contract assets is dependent on a number of factors such as age credit worthiness and ability of counterparties to make payment. ||i. evaluated the design and implementation of internal controls over the review of valuation of trade receivables and contract assets. |
|(Refer Note 12 and 15) ||ii. tested the operating effectiveness of the said internal controls for selected samples. |
| ||iii. scrutinised a sample of receivable accounts to confirm management's assessment about recoverability of the receivables having regards to credit worthiness of the counterparties to make payment based on passage of time and/ or information available with management. |
| ||iv. verified subsequent receipts for selected samples post balance sheet date. |
| ||v. verified the management's estimates for provision of expected credit loss in terms of Ind AS 109 on Financial Instruments. |
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 the information included in the Integrated Report Board's ReportManagement Discussion and Analysis Business Responsibility Report and the Dynamics ofBlue Star's Growth (hereinafter referred to as "other information") but doesnot include 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 materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Management's Responsibility for the Standalone 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 changes in equity and cash flows 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 with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statement that give a true and fair view and are free frommaterial misstatement whether due 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.
Obtain sufficient appropriate audit evidence regarding the financial informationof the Company to express an opinion on the standalone financial statements.
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.
We consider quantitative materiality and qualitative factors in (i) planning the scopeof our audit work and in evaluating the results of our work; and (ii) to evaluate theeffect of any 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 Standalone Balance Sheet the Standalone Statement of Profit and Loss includingOther Comprehensive Income Statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account.
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 taken onrecord by the Board of Directors none of the directors are disqualified as on March 312022 from being appointed as a director in terms of 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 has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that
to the best of it's knowledge and belief as disclosed in the Note 9 to the financialstatements no funds have been advanced or loaned or invested (either from borrowed fundsor share premium or any other sources or kind of funds) by the Company to or in any otherperson or entity including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shalldirectly or indirectly lend or invest in other person or entity identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented that to the best of it's knowledge and belief asdisclosed in the Note 19 to financial statements no funds have been received by theCompany from any person or entity including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall directly or indirectly lend or invest in other person or entity identifiedin any manner 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 sub-clause (i) and (ii) of Rule 11 (e) as provided under (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.
As stated in note 18 to the financial statements the Board of Directors of the Companyhas proposed final dividend for the year which is subject to the approval of the membersat the ensuing Annual General Meeting. The dividend proposed is in accordance with section123 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 and Sells LLP
(Firm's Registration No. 117366W/W-100018)
Samir R. Shah
(Membership No. 101708)
Place : Mumbai
Date : May 5 2022
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 Blue StarLimited ("the Company") as of March 31 2022 in conjunction with our audit ofthe standalone Ind AS financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India (the"ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
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 issued by the ICAI and the Standards onAuditing prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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.
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 March 31 2022 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.
For Deloitte Haskins and Sells LLP
(Firm's Registration No.117366W/W-100018)
Samir R. Shah
(Membership No. 101708)
Place : Mumbai
Date : May 5 2022
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 to the members of Blue Star Limited 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 capitalwork-in-progress investment property and relevant details of right-of-use assets.
(B) The Company has maintained proper records showing full particulars of intangibleassets (including intangible assets under development).
(b) The Company has a program of verification of property plant and equipment capitalwork-in-progress and right-of-use assets so to cover all the items once every 2 yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. Pursuant to the program certain Property Plant and Equipment weredue for verification during the year and were physically verified by the Management duringthe year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.
(c) Based on our examination of the registered title deeds provided to us we reportthat the title deeds of all the immovable properties (other than immovable propertieswhere the Company is the lessee and the lease agreements are duly executed in favour ofthe Company) disclosed in the financial statements included in (property plant andequipment capital work-in progress and non-current assets held for sale) are held in thename of the Company as at the balance sheet date.
(d) The Company has not revalued any of its property plant and equipment (includingRight of Use assets) and intangible assets during the year.
(e) No proceedings have been initiated during the year or are pending against theCompany as at
March 31 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 for goods-in-transit were
physically verified during the year by the Management at reasonable intervals. In ouropinion and based on information and explanations given to us the coverage and procedureof such verification by the Management is appropriate having regard to the size of theCompany and the nature of its operations. For stocks held with third parties at theyear-end written confirmations have been obtained and in respect of goods in transit thegoods have been received subsequent to the year end or confirmations have been obtainedfrom the parties. No discrepancies of 10% or more in the aggregate for each class ofinventories were noticed on such physical verification of inventories/alternate proceduresperformed as applicable when compared with the books of account.
(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of '5 crores in aggregate at points of timeduring the year from banks on the basis of security of current assets. In our opinion andaccording to the information and explanations given to us the quarterly returns orstatements comprising (stock book debt statements statements on ageing analysis of thedebtors and other stipulated financial information) filed by the Company with such banksare in agreement with the unaudited books of account of the Company of the respectivequarters. The Company has not been sanctioned any working capital facility from financialinstitutions.
(iii) The Company has made investments in provided guarantee and granted unsecuredloans to companies and other parties during the year in respect of which:
(a) The Company has provided unsecured loans and stood guarantee during the year anddetails of which are given below:
|Particulars ||Loans ||Guarantees |
|A. Aggregate amount granted / provided during the year: || || |
|- Subsidiaries ||5 ||76.20 |
|- Others (Employees) ||1.86 ||- |
|B. Balance outstanding as at balance sheet date in respect of above cases: || || |
|- Subsidiaries ||5 ||76.20 |
|- Others (Employees) ||6.16 ||- |
(b) In our opinion the investments made and the terms and conditions of the grant ofall the above- mentioned loans and guarantees provided during the year are in ouropinion prima facie not prejudicial to the Company's interest.
(c) In respect of loans granted the schedule of repayment of principal and payment ofinterest has been stipulated and the repayments of principal amounts and receipts ofinterest are regular as per stipulation other than loan of '4.46 crores to a joint venturewhich has been fully provided for in earlier years - refer note 9 to the financialstatements.
(d) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted by the Company there is no overdueamount remaining outstanding as at the balance sheet date other than the loan fullyprovided for is earlier years referred above.
(e) No loan granted by the Company which has fallen due during the year has beenrenewed or extended or fresh loans granted to settle the overdues of existing loans givento the same parties.
(f) According to information and explanations given to us
and based on the audit procedures performed the Company has not granted any loanseither repayable on demand or without specifying any terms or period of repayment duringthe year. Hence reporting under clause (iii)(f) is not applicable.
(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.
(v) The Company has not accepted any deposit or amounts
which are deemed to be deposits. Hence reporting under clause (v) of the Order is notapplicable.
(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under sub-section (1) of Section 148 ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords 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.
(vii) In respect of statutory dues:
(a) Undisputed statutory dues including Goods and Service tax Provident FundEmployees' State Insurance Income-tax Sales Tax Service Tax duty of Custom duty ofExcise Value Added Tax cess and other material statutory dues applicable to the Companyhave been regularly deposited by it with the appropriate authorities in all cases duringthe year. There were no undisputed amounts payable in respect of Goods and Service taxProvident Fund Employees' State Insurance Income-tax Sales Tax Service Tax duty ofCustom duty of Excise Value Added Tax cess and other material statutory dues in arrearsas at March 31 2022 for a period of more than six months from the date they becamepayable.
(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on March 31 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 (Rs. in crores) ||Amount unpaid (Rs. in crores) |
|Income Tax Act 1961 ||Income Tax ||High Court ||PY 1997-98 PY 1999-2000 PY 2001-02 PY 2002-03 PY 2003-04 ||4.61 ||4.61 |
| || ||Income Tax Appellate Tribunal (ITAT) ||PY 2005-06 PY 2006-07 ||4.94 ||4.20 |
| || ||Commissioner of Income Tax Appeals ||PY 2007-08 PY 2008-09 PY 2013-14 to PY 2017-18 ||63.45 ||63.45 |
|Local Sales Tax Act Central Sales Tax Act and VAT Act ||VAT CST Sales Tax Entry Tax ||Supreme Court ||FY 2001-02 to FY 2010-11 ||7.85 ||7.85 |
| || ||High court ||FY 2004-05 FY 2006-07 ||5.57 ||5.57 |
| || ||Tribunal and Appellate Board ||FY 2001-02 FY 2002-03 FY 2006-07 to FY 2015-16 ||22.69 ||15.33 |
| || ||Commissioner Appeals Commercial Tax Officer and Assessing Officer (CWG) ||FY 2000-01 to FY 2002-03 FY 2004-05 FY 2008-09 to FY 2017-18 ||40.30 ||36.15 |
|Service tax under Finance Act 1994 ||Service tax ||CESTAT ||FY 2002-03 to FY 2013-14 ||244.10 ||237.67 |
| || ||Commissioner (Appeals) ||FY 2003-04 FY 2005-06 to FY 2009-10 FY 2012-13 FY 2014-15 and FY 2015-16 ||2.96 ||2.93 |
| || ||High court ||FY 2004-2005 ||6.85 ||6.85 |
|Customs Act1962 and Central Excise Act1944 ||Excise Duty and Customs ||CESTAT ||FY 1988-89 FY 1994-95 to FY 1995-96 and FY 2007-08 to FY 2015-16 ||0.73 ||0.69 |
| || ||Commissioner (Appeals) and Superintendent ||FY 1987-88 to FY 1989-90 and FY 2006-07 to FY 2015-16 ||4.18 ||4.15 |
(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 or other borrowings or in the payment of interest thereon to anylender 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 used during the year for long-termpurposes by the Company.
(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries or joint ventures.
(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries or joint ventures companies.
(x) (a) The Company has not issued any of its securities
(including debt instruments) during the year and hence reporting under clause (x)(a) ofthe Order is not applicable.
(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge no fraud by the
Company and no material fraud on the Company has been noticed or reported during theyear.
(b) To the best of our knowledge no report under subsection (12) of section 143 of theCompanies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government during the year and upto the dateof this report.
(c) We have taken into consideration the whistle blower complaints received by theCompany during the year and provided to us when performing 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 etc.as required by the applicable accounting standards.
(xiv) (a) In our opinion the Company has an adequate internal
audit system commensurate 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 March 312022.
(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with any of its directors or directors of it's holding company subsidiarycompany or persons connected with such directors and hence provisions of section 192 ofthe Companies Act 2013 are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under
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) The Group does not have any CIC as part of the group and accordingly reportingunder clause (xvi)(d) of the Order is 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 as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.
(xx) (a) The Company has fully spent the required amount
towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount forthe year requiring a transfer to a Fund specified in Schedule VII to the Companies Act orspecial account in compliance with the provision of sub-section (6) of section 135 of thesaid Act. Accordingly reporting under clause (xx) of the Order is not applicable for theyear.
(b) In respect of ongoing projects the Company does not have any unspent CorporateSocial Responsibility (CSR) amount as at the end of the previous financial year and alsoat the end of the current financial year. Hence reporting under this clause is notapplicable for the year.
| ||For Deloitte Haskins and Sells LLP |
| ||Chartered Accountants |
| ||(Firm's Registration No.117366W/W-100018) |
| ||Samir R. Shah |
| ||Partner |
| ||(Membership No. 101708) |
| ||(UDIN: 22101708AIKTBC8105) |
|Place : Mumbai || |
|Date : May 5 2022 || |