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DCM Shriram Ltd.

BSE: 523367 Sector: Others
NSE: DCMSHRIRAM ISIN Code: INE499A01024
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OPEN 992.35
PREVIOUS CLOSE 983.85
VOLUME 4858
52-Week high 1249.95
52-Week low 370.30
P/E 20.07
Mkt Cap.(Rs cr) 15,852
Buy Price 1020.95
Buy Qty 1.00
Sell Price 1027.45
Sell Qty 50.00
OPEN 992.35
CLOSE 983.85
VOLUME 4858
52-Week high 1249.95
52-Week low 370.30
P/E 20.07
Mkt Cap.(Rs cr) 15,852
Buy Price 1020.95
Buy Qty 1.00
Sell Price 1027.45
Sell Qty 50.00

DCM Shriram Ltd. (DCMSHRIRAM) - Auditors Report

Company auditors report

To the Members of

DCM Shriram Limited

Report on the audit of the Standalone financial statements

Opinion

1. We have audited the accompanying standalone financial statements ofDCM Shriram Limited ( the Company ) which comprise the balance sheet as at March 312021 and the statement of Profit and Loss (including Other Comprehensive Income)statement of changes in equity and statement of cash flows for the year then ended andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ( the Act ) in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2021 and totalcomprehensive income (comprising of profit and other comprehensive income) changes inequity and its cash flows for the year then ended.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. ^We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matter How our audit addressed the key Audit Matter
4.1 Determination of carrying value of inventory of sugar including related joint and other products as at the year ended March 312021 (Refer to the accompanying notes 1.3 (f) 6 and 52 forming integral part of the Standalone Financial Statements) We understood the design and tested the operating effectiveness of controls as established by the management in determination of cost for joint products and estimated net realizable value of inventory of sugar and related products.
We considered various factors including technical assessment of the management industry practice significance of the products manufacturing objective in determination of classification of the products as 'joint products'; the relative net realisable value of sugar and B- heavy molasses based ethanol in determination of a rational basis for allocation of cost between the joint products; and the actual selling price prevailing prior and subsequent to the year end minimum selling price monthly quota and other notifications of the Government of India initiatives taken by the Government with respect to sugar industry as a whole.
As on March 31 2021 the Company had an inventory of sugar and related products i.e. molasses ethanol etc. with a carrying value of Rs.1218.53 crores. During the previous year the Company had commenced production of ethanol at its Distillery units using a particular type of molasses (B-heavy a product produced along with sugar).
Sugar and B-heavy molasses have been recognised as joint products and the cost of production has been allocated between these joint products based on technical estimates.
We considered the determination of carrying value of the inventory (i.e. lower of cost and NRV) of joint products sugar and B-heavy molasses as a Key Audit Matter given the relative size in the standalone financial statements and significant judgement involved in analysing the relevant factors such as basis for classification of B- heavy molasses as a joint product determination of a rational basis for allocation of cost i.e. on technical estimates between the joint products in calculating the cost of inventories and NRV determined basis minimum sale price monthly quota fluctuation in selling prices and the related notifications of the Government authorities. Based on the above procedures performed the carrying value and existence of inventory of sugar and related products as at the year-end determined by the management is considered to be reasonable.
4.2 Assessment of impairment of investments and loans/advances given to subsidiaries (Refer to the accompanying notes 1.4(iii) 3.13.2 7.4 9 25 31 and 52 forming integral part of the Standalone Financial Statements) We understood the design and tested the operating effectiveness of controls as established by management in determination of appropriateness of the carrying value of investments loans and
The Company has given loans and advances to subsidiaries aggregating to Rs. 182.78 crores as at March 31 2021 and has investments amounting to Rs. 150.86 crores in this regard. We evaluated the Company's process regarding impairment assessment by involving our valuation experts (auditor's expert) to assist in assessing the appropriateness of the impairment model including the independent assessment of the underlying assumptions relating to discounts rate economic growth rate terminal value sensitivity analysis etc. and also evaluated the cash flow forecasts (with underlying economic growth rate) by comparing them to the updated budgets provided by the management.
These subsidiaries have incurred loss during the year and as at the year end their net worth stands substantially eroded which indicates potential impairment of investment in those subsidiaries along with loans and advances given to such subsidiaries.
The Company has recognized impairment of Rs 123.14 crores as at March 31 2021 (including Rs Nil during the year) against the above investments and loans and advances.
We checked the mathematical accuracy of the impairment model and the appropriate accounting in the standalone financial statements.
We considered this a Key Audit Matter given the relative significance of value of investment and loans and advances to the standalone financial statements and extent of management's judgements and estimates involved such as future cash flows discount rate terminal value and economic growth rates etc. around the impairment assessment done by the management. Based on the above procedures performed we observed the management's impairment assessment related to loans / advances given to subsidiaries to be reasonable.
4.3 Impact of government policies/ notifications on recognition of subsidy accruals/claims and their recoverability (Refer to the accompanying notes 1.3 (g)(ii) 1.4(v)(b) 19 29 45.1 and 52 forming integral part of the Standalone Financial Statements) We understood the design and tested the operating effectiveness of controls as established by management in recognition and assessment of the recoverability of the claims.
We evaluated the management's assessment regarding reasonable certainty for complying with the relevant conditions as specified in the Notifications / policies and collections.
During the year the Company has recognized accruals/subsidy claims amounting to Rs.683.98 crores (net) and as at March 31 2021 the Company has receivables of Rs. 153.07 crores relating to such claims which is significant to the standalone financial statements.
We considered the relevant notifications/policies issued by various authorities to ascertain the appropriateness of the recognition of accruals/claims adjustments to claims already recognised pursuant to changes in the rates and basis for determination of claims.
We focused on this area because recognition of accruals/claims and assessment of recoverability of the claims is subject to significant judgement of the management. The area of judgement includes certainty around the satisfaction of conditions specified in the notifications/policies collections provisions thereof likelihood of variation in the estimation of the related computation rates and the final notification and basis for determination of accruals/claims.
We tested the ageing analysis and assessed the information used by the management to determine the recoverability of the claims by considering historical trends of collection against claims the level of credit loss charged over time provisions created and reversal thereof in the financial statements.
Based on the above procedures performed the managements estimates related to recognition of subsidy accruals/claim and their recoverability are considered to be reasonable.
4.4 Appropriateness of Carrying amount of deferred tax assets relating to Minimum Alternate Tax (MAT) credit (Refer to the accompanying notes 1.3 (m) 1.4(iv) 4 26 42 and 52 forming integral part of the Standalone Financial Statements) We understood the design and tested the operating effectiveness of Company's controls relating to taxation and the assessment of carrying amount of deferred tax assets.
We reviewed the Company's accounting policy in respect of recognizing deferred tax assets on unutilised MAT credits.
The Company has recognised deferred tax assets on the unutilised tax credits representing Minimum Alternate Tax (MAT) paid on the accounting profit in earlier years over and above the normal taxable profit in accordance with the provisions of Section 115JB of the Income- tax Act 1961 and related rules. The carrying amount of MAT Credit included under Deferred Tax Assets (net) is Rs. 393.72 crores as at the balance sheet date.
We evaluated whether the tax credit entitlements are legally available to the Company in respect of the future years as estimated by the management while projecting the taxable profits considering to the provisions of Income-tax Act 1961.
We assessed the reasonableness of the assumptions underlying management's profit projections such as the growth rates in light of the relevant economic and industry indicators.
We considered this as a Key Audit Matter as the assessment of the appropriateness of the carrying amount of deferred tax asset relating to MAT involves significant management judgement in assessing the availability of future taxable profits to offset the accumulated MAT credits assessment of assumptions (internal / external factors) underlying the future profit projections to establish reasonable certainty around utilization of the asset.
We also assessed the sensitivity analysis applied by the Company and evaluated if any change in the assumptions will lead to any material change in carrying amount. We checked the mathematical accuracy of the underlying calculations of the profit projections. We also evaluated the adequacy and appropriateness of disclosures made in the standalone financial statements.
Based on the above procedures performed the carrying amount of deferred tax assets including disclosure relating to MAT credit are considered to be reasonable.

Other Information

5. The Companys Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annual reportbut does not include the financial statements and our auditors report thereon.

6. Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

7. In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance forthe standalone financial statements

8. The Companys 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 changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act. This respons ibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

9. In preparing the 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 foroverseeing the Companys financial reporting process.

Auditor's responsibilities for the audit of the standalone financialstatements

10. 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.

11. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of thefinancial 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 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 with reference to financial statements inplace and the operating effectiveness of such

* Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by 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 theCompanys 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However future events or conditions may cause the Company tocease to continue as a going concern.

* Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

12. 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.

13. We also provide those charged with governance with a statement thatwe have 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.

14. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other legal and regulatory requirements

15. As required by the Companies (Auditors Report ) Order 2016("the Order") issued by the Central Government of India in terms of subsection(11) of section 143 of the Act we give in the Annexure B a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

16. As required by Section 143(3) of the Act we report 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 havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act.

(e) On the basis of written representations received from the directorsas on March 31 2021 taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2021 from being appointed as a director in terms of Section164(2) of the A ct.

(f) With respect to the adequacy of the internal financial controlswith reference to financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in Annexure A .

(g) With respect to the other matters to be included in the AuditorsReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 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 itsfinancial position in its standalone financial statements — Refer Note 28 to thestandalone financial statements)

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

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection F und by the Company.

iv. The reporting on disclosures relating to Specified Bank Notes isnot applicable to the Company for the year ended March 31 2021.

17. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Harinderjit Singh
Place: Gurugram Partner
Date: May 04 2021 Membership Number: 086994
UDIN: 21086994AAAAAI9097

Annexure A to Independent Auditors Report

Referred to in paragraph 16 (f) of the Independent Auditors Report ofeven date to the members of DCM Shriram Limited on the standalone financial statements forthe year ended March 312021

Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference tofinancial statements of DCM Shriram Limited ( the Company ) as of March 31 2021 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

2. 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 Au dit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the Guidance Note ) and the Standards on Auditingdeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

6. A company's internal financial controls with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A companys internal financialcontrols with reference to financial statements includes those policies and proceduresthat (1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Ai so projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialRe porting issued by the Institute of Chartered Accountants of India.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Harinderjit Singh
Place! Gurugram Partner
Date! May 04 2021 Membership Number: 086994
UDIN! 21086994AAAAAI9097

Annexure B to Independent Auditors Report

Referred to in paragraph 15 of the Independent Auditors Report of evendate to the members of DCM Shriram Limited on the standalone financial statements as ofand for the year ended March 312021

i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed

(b) The fixed assets (property plant and equipment) are physicallyverified by the Management according to a phased programme designed to cover all the itemsover a period of 3 years which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. Pursuant to the programme a portion of thefixed assets (property plant and equipment) has been physically verified by theManagement during the year and no material discrepancies have been noticed on suchverification.

(c) The title deeds of immovable properties as disclosed in Note 2.1on fixed assets (property plant and equipment) to the financial statements are held inthe name of the Company except for in case where such immovable properties have beentransferred pursuant to the scheme of amalgamation under section 391 to 394 of theCompanies Act 1956 the transfer is through the Order of the Honble High Courts. Furtherfreehold land located at Hyderabad (Gross block - Rs.1.56 crores and Net block — Rs.1.56 crores) and freehold land located at Uttar Pradesh (Gross block - Rs.0.31 crores andNet block —Rs. 0.31 crores) are pending for registration in favour of the Company.

ii. The physical verification of inventory excluding stocks with thirdparties have been conducted at reasonable intervals by the Management of certain types ofinventories during the year/at the year-end. In respect of inventory lying with thirdparties these have substantially been confirmed by them. The discrepancies noticed onphysical verification of inventory as compared to book records were not material.

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 Act. Therefore the provisions of Clause 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurity provided by it.

v. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 73 74 75 and 76 orany other relevant provisions of the Act and the Rules framed thereunder to the extentnotified with regard to the deposits accepted from the public. According to theinformation and explanations given to us no order has been passed by the Company LawBoard or National Company Law Tribunal or Reserve Bank of India or any Court or any otherTribunal on the Company in respect of the aforesaid deposits.

vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products related to Sugar Cement Fertiliser Chemicals Poly vinylchloride (PVC) resin Unplasticized polyvinyl chloride (UPVC) Doors and windows andelectrical energy businesses. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Wehave not however made a detailed examination of the records with a view to determinewhether they are accurate or complete.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is generallyregular in depositing the undisputed statutory dues including provident fund employeesstate insurance income tax sales tax service tax duty of customs duty of excisevalue added tax cess goods and service tax and other material statutory dues asapplicable with the appropriate authorities. Also refer note 28(i)(b) to the financialstatements regarding management's assessment on certain matters relating to providentfund.

Further for the period April 012020 to May 312020 the Company haspaid Goods and Service Tax and filed GSTR 1 and GSTR 3B after the due date but within thetimelines allowed by Ministry of Finance under the Notification No. 35/2020- GST datedApril 03 2020 on fulfilment of conditions specified therein.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of goods and service tax whichhave not been deposited on account of any dispute. The particulars of dues of income taxsales tax service tax duty of customs duty of excise value added tax as at March312021 which have not been deposited on account of a dispute are as follows:

N S""" Nature of Due Forum where Dispute is Pending Period to which the Amount Relates (Rs in crores) Amount paid under protest (Rs. in crores) Amount Unpaid (Rs. in crores)
Central Excise Act 1944 Excise duty Customs Excise and Service Tax Appellate Tribuna 2008-09 2011-12 2012-13 2016-17 0.54 0.54
Central Excise Act 1944 Excise duty Appellate Authority 2009-2010 2010-11 2011-12 0.06 0.06
Finance Act 1994 Service Tax Appellate Authority upto Commissioner's 2005-06 2016-17 0.31 0.31
Sales Tax Laws Sales Tax Asst. Commissioner department 2011-12 0.12 0.05 0.07
Sales Tax Laws Sales Tax Rajasthan State Board 2011-12 0.28 0.28 -
Sales Tax Laws Sales Tax Appellate Authority 1999-2000 2000-01 2001-02 2002-03 2004-05 2007-08 2015-16 2016-17 1.48 0.44 1.04
Customs duty Act 1962 Customs duty Customs Excise and Service Tax Appellate Tribunal 2012-2013 9.82 0.62 9.20
Customs duty Act 1962 Customs duty Appellate Authority 2012-13 2014-15 and 2018-19 0.05 0.05

The following matters have been decided in favour of the Companyalthough the Departments have preferred appeal at higher levels.

Name of Statute Nature of Dues Dispute is pending Period to which the amount relates Amount involved (Rs. in crores)
Central Excise Act 1944 Excise High Court 2005-06 2008-092011-12 2012-13 4.68
Central Excise Act 1944 Excise Customs Excise and Service Tax Appellate Tribunal 2012-13 2013-14 2014-15 0.05
Central Excise Act 1944 Excise Up to Commissioner level 2005-06 2015-16 2016-17 0.50
Finance Act 1994 Service Tax Supreme Court 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 31.66
Sales Tax Laws Sales Tax Supreme Court 2000-012003-04 17.05
Name of Statute Nature of Dues Dispute is pending Period to which the amount relates Amount involved (Rs. crores)
Sales Tax Laws Sales Tax High Court 2005-06 2006-07 2007-08 0.85
Sales Tax Laws Sales Tax Appellate Authority upto Commissioner's level 2007-08 2015-16 0.01
Income Tax Act Income Tax High Court 2001-02 1.99

Also refer Note 36 to the financial statements.

viii According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank or Government or dues todebenture holders as at the balance sheet date.

ix. The Company has not raised any moneys by way of initial publicoffer further public offer (including debt instruments) and term loans. Accordingly theprovisions of Clause 3(ix) of the Order are not applicable to the Company.

x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

xi. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act. Also refer paragraph 17 of our main audit report.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the provisions of Clause 3(xii) of the Order are not applicableto the Company.

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in Note 31 to the financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

xv. The Company has not entered into non-cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Harinderjit Singh
Place: Gurugram Partner
Date: May 04 2021 Membership Number: 086994
UDIN: 21086994AAAAAI9097

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