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Bosch Ltd.

BSE: 500530 Sector: Auto
NSE: BOSCHLTD ISIN Code: INE323A01026
BSE 10:39 | 30 Nov 16864.70 67.65
(0.40%)
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16811.10

HIGH

16937.45

LOW

16811.05

NSE 10:24 | 30 Nov 16894.80 99.60
(0.59%)
OPEN

16879.20

HIGH

16935.85

LOW

16822.50

OPEN 16811.10
PREVIOUS CLOSE 16797.05
VOLUME 283
52-Week high 18300.00
52-Week low 12940.10
P/E 38.50
Mkt Cap.(Rs cr) 49,734
Buy Price 16873.15
Buy Qty 3.00
Sell Price 16899.75
Sell Qty 2.00
OPEN 16811.10
CLOSE 16797.05
VOLUME 283
52-Week high 18300.00
52-Week low 12940.10
P/E 38.50
Mkt Cap.(Rs cr) 49,734
Buy Price 16873.15
Buy Qty 3.00
Sell Price 16899.75
Sell Qty 2.00

Bosch Ltd. (BOSCHLTD) - Auditors Report

Company auditors report

To The Members of BOSCH LIMITED

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying standalone financial statements of BOSCHLIMITED ("the Company") which comprise the Balance Sheet as at March 312022 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to 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 March 31 2022and its profit total comprehensive income its cash flows and the changes in equity forthe year 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. We have determined that there are no key audit matters to communicate inour report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'SREPORT THEREON

• The Company's Board of Directors is responsible for theother information. The other information comprises the information included in the"Financials at a Glance" "Directors' Report including ManagementDiscussion and Analysis" including "Annexures to the Report of Directors"and "Report on Corporate Governance" but does not include the consolidatedfinancial statements standalone financial statements and our auditor's reportthereon.

• Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

• 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.

• If based on the work we have performed we conclude that thereis a material misstatement of this other information we are required to report that fact.We have 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 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 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 concernbasis 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 results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

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 explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

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

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the 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 as on March31 2022 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2022 from being appointed as a Director in terms of Section 164(2) of theAct.

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 controlsover financial 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 opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its Directors during the year is in accordance withthe 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 andbelief as disclosed in the note 45(v) to the standalone financial statements no fundshave been advanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other person(s) orentity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of it's knowledge andbelief as disclosed in the note 45(vi) to the standalone financial statements no fundshave been received by the Company from any person(s) or entity(ies) including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate 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 30(b) to the standalone financial statements the Board of Directorsof the Company has proposed final dividend for the year which is subject to the approvalof the members at the ensuing Annual General Meeting. The dividend proposed is inaccordance with Section 123 of the Act as applicable.

2. 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 wegive in "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Monisha Parikh
Partner
Bengaluru May 19 2022 (Membership No. 47840)
MP/MS/AN/March 2022 UDIN: 22047840AJFKYN7963

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 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 BOSCH LIMITED ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing 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 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 judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

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 isa process 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 controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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.

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 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Monisha Parikh
Partner
Bengaluru May 19 2022 (Membership No. 47840)
MP/MS/AN/March 2022 UDIN: 22047840AJFKYN7963

Annexure "B" to the Independent Auditor's Report

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

In terms of the information and explanations sought by us and given bythe Company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that (i) In respect ofproperty plant and equipment and intangible assets –

(a) A. The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment capitalwork-in-progress investment properties and relevant details of right-of-use assets.

B. As the Company does not hold any intangible assets reporting under clause 3(i)(B)of the Order is not applicable.

(b) The Company has a program of verification of property plant and equipment capitalwork in- progress investment properties and right-of-use assets so to cover all the itemsonce every 3 years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain Property Plant andEquipment were due for verification during the year and were physically verified by theManagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) Based on our examination of the registered sale deed 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 standalone financial statements included in property plantand equipment capital work-in-progress and investment property are held in the name ofthe Company as at the balance sheet date.

(d) The Company has not revalued any of its property plant and equipment (includingRight of Use assets) during the year. The Company does not have any intangible assets.

(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) In respect of inventory –

(a) The inventories except for goods-in-transit and stocks held with third partieswere 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 writtenconfirmations have been obtained during the year and in respect of goods in transit at theyear-end confirmations have been obtained from the parties. No discrepancies of 10% ormore in the aggregate for each class of inventories were noticed on such physicalverification of inventories when compared with the books of account.

(b) According to the information and explanations given to us at any point of time ofthe year the Company has not been sanctioned any working capital facility from banks orfinancial institutions and hence reporting under clause (ii)(b) of the Order is notapplicable.

(iii) The Company has made investments in and granted loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties during the year inrespect of which:

(a) The Company has provided loans during the year and details of which are givenbelow:

Amount (Rs. in million)

Loans
A. Aggregate amount granted during the year:
- Subsidiaries 23
- Others 9685
B. Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries 23
- Others 9185

The Company has not provided any guarantee or security to any entity during the year.

(b) The investments made and the terms and conditions of the grant of all theabove-mentioned loans during the year are in our opinion prima facie notprejudicial to the Company's interest.

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

(d) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted there is no overdue amount remainingoutstanding as at the balance sheet date.

(e) During the year loans aggregating to ` 3935 million were renewed. The details ofsuch loans that fell due and those renewed during the year are stated below:

Amount (Rs. in million)
Name of the Party Aggregate amount of existing loans renewed Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year
Bosch Rexorth (India) Limited 2400 26%
Automobility Services and Solutions Private Limited 35 0.4%
BSH Household Appliances Manufacturing Private Limited 1500 15%

(f) According to information and explanations given to us and based on the auditprocedures performed 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.

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

(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 prescribedcost records have been made and maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

(vii) In respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Goods and Service tax Provident Fund Employees' State InsuranceIncome-tax Sales Tax Service Tax duty of Customs Value Added Tax cess and othermaterial statutory dues applicable to it with the appropriate authorities.

We have been informed that the provisions of Excise Duty are not applicable to theCompany.

There were no undisputed amounts payable in respect of Goods and Service tax ProvidentFund Employees' State Insurance Income-tax Service Tax duty of Customs duty ofExcise Sales Tax Value Added Tax cess and other material statutory dues in arrears asat March 31 2022.

(b) Details of dues of Income-tax Sales Tax Service Tax Customs Duty Excise Dutyand Value Added Tax which have not been deposited as on March 31 2022 on account ofdisputes are given below:

Name of the statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount unpaid (Rs. in million)
Central Excise Act 1944 Excise duty interest and penalty Supreme Court 1985-88 26
Customs Excise and Service Tax 1998-2001 2005-16 359*
Appellate Tribunal
Up to Commissioner level 1992-94 2009-17 13
Customs Act 1962 Customs duty and interest Customs Excise and Service Tax 2008-15 47**
Appellate Tribunal
Up to Commissioner level 1991-92 2009-10 2012-13 2014-15 2017-20 60
Income-tax Act 1961 Income tax and interest Income Tax Appellate Tribunal 2012-13 0#
Commissioner of Income Tax (Appeals) 1979-80 2011-12 2013-16 389@
Up to commissioner level 1983-84 1
Central Sales Tax Act 1956 and VAT laws Sales tax interest and penalty Sales Tax Appellate Tribunal 1996-18 70^
Up to commissioner level 1995-2018 116^^
Goods and Services Tax Act Goods and service tax transitional credit Up to commissioner level 2017-18 20

*Net of ` 12 million paid under protest

**Net of ` 5 million paid under protest

#Net of ` 285 million paid under protest

@Net of ` 619 million paid under protest

^ Net of ` 26 million paid under protest

^^Net of ` 16 million paid under protest

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

(ix) (a) The Company has not taken any loans or other borrowings from any lender. Hencereporting under clause 3(ix)(a) of the Order is not applicable.

(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 obligation ofits subsidiaries associates or joint venture.

(f) The Company has not raised any loans during the year and hence reporting on clause(ix)(f) of the Order is not applicable.

(x) (a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x)(a) of the 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 onthe Company has been noticed or reported during the year.

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

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

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

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

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith 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 up to February 28 2022 and the draft of the internal auditreports where issued after the balance sheet date covering the period March 1 2022 toMarch 31 2022 for the period under audit.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected to its Directors and hence provisionsof Section 192 of the Companies Act 2013 are not applicable to the Company.

(xvi)(a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and (c) ofthe Order is not applicable.

(b) The Group ("Companies in the Group" as defined in the Core InvestmentCompanies (Reserve Bank) Directions) does not have any CIC (Core Investment Company) aspart of the group and accordingly reporting under clause (xvi)(d) of the Order is notapplicable.

(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 thestandalone financial statements and our knowledge of the Board of Directors and Managementplans and based on our examination of the evidence supporting the assumptions nothing hascome to our attention which causes us to believe that any material uncertainty exists ason the date of the audit report indicating that Company is not capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date.

We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards CorporateSocial Responsibility (CSR) and there are no unspent CSR amount for the year requiring atransfer to a Fund specified in Schedule VII to the Companies Act or special account incompliance with the provision of sub-section (6) of Section 135 of the said Act.Accordingly reporting under clause (xx) of the Order is not applicable for the year.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Monisha Parikh
Partner
Bengaluru May 19 2022 (Membership No. 47840)
MP/MS/AN/March 2022 UDIN: 22047840AJFKYN7963

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