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EIH Ltd.

BSE: 500840 Sector: Services
NSE: EIHOTEL ISIN Code: INE230A01023
BSE 00:00 | 16 Aug 156.05 4.10
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NSE 00:00 | 16 Aug 156.20 4.15
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OPEN 153.00
PREVIOUS CLOSE 151.95
VOLUME 17928
52-Week high 171.60
52-Week low 100.15
P/E 202.66
Mkt Cap.(Rs cr) 9,759
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 153.00
CLOSE 151.95
VOLUME 17928
52-Week high 171.60
52-Week low 100.15
P/E 202.66
Mkt Cap.(Rs cr) 9,759
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

EIH Ltd. (EIHOTEL) - Auditors Report

Company auditors report

To The Members of EIH Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial statements of EIHLimited ("the Company") which comprise the Balance Sheet as at March 31 2022and the Statement of Profit and Loss (including Other Comprehensive Income) the Statementof Cash Flows 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 loss total comprehensive loss its cash flows and the changes in equity for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in theAuditor's Responsibility for the Audit of the Standalone Financial Statements sectionof our report. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1. Classification and impairment of investment in a wholly owned subsidiary of the Company as asset held for sale Principal audit procedures performed:
(Refer Note 1(l)(iii) 8 40 54 to the Standalone Financial Statements) • We have understood and tested the design implementation and operating effectiveness of the management controls over the assessment and conclusion over the classification and impairment with regard to the investment in EIH Flight Services Ltd which is held for sale.
The Board of Directors of the Company at its meeting held on March 16 2022 granted an approval for the sale of investment in EIH Flight Services Ltd (EIHFSL) Mauritius a wholly owned subsidiary of the Company subject to regulatory approvals. The Company has issued guarantees to State Bank of Mauritius amounting to INR 622.67 million as at March 31 2022 against financial facilities availed by EIHFSL and the carrying value of the investment at the year end is INR 41.00 million (net of provision for impairment INR 1320.55 million). The investment has been classified as "assets held for sale" as per the provisions of Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations. The Company is of the view that the operations of its subsidiary represent a single cash-generating unit (‘CGU'). • Obtained the board note and read the board minutes and other documents of relevance including reading the terms of firm offer entered by the Company with the proposed acquirer.
The Company has recorded a provision for impairment in value of investment in EIHFSL of INR 694.23 million as an exceptional item based on the impairment assessments carried out during the year and after considering the firm offer received from the proposed acquirer. • Obtained and evaluated the assessment of management in relation to evaluation of conditions required to be satisfied for classification of investment as assets held for sale as per Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations.
The transaction its accounting and disclosure is non-routine and involves significant management judgements that affects timing and measurement of balance sheet items including determining the fair value less costs to sell. • Assessed the appropriateness of the measurement of fair value less costs to sell.
• Obtained and evaluated the management assessment of the firm offer and the profile of the proposed acquirer and the associated credit risk.
• Assessed the adequacy of related disclosures in the notes to the standalone financial statements and their compliance with Ind AS.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORTTHEREON

• The Company's Board of Directors is responsible for theother information. The other information comprises the information included in theManagement Discussion and Analysis Directors' Report including annexures to theDirectors' Report Business Responsibility Report Report on Corporate Governancebut does not include the consolidated financial statements standalone financialstatements and our auditor's report thereon

• 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 FINANCIAL STATEMENTS

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 thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

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

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Cash Flows and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164(2) of the Act.

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

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements. Refer Note 46 to the standalonefinancial statements.;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. Refer Note 43to the standalone financial statements.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. Refer Note 47to the standalone financial statements.

iv. (a) The Management has represented that to the best of it'sknowledge and belief as disclosed in note 64 to the standalone financial statements nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities 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'sknowledge and belief as disclosed in note 64 to the standalone financial statements nofunds have been received by the Company from any persons or entities 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 performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)as provided under

(a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the yearand has not proposed final dividend for the year.

2. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

"Annexure A" To The Independent Auditor's Report

(Referred to in 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 EIH Limited ("the Company") as of March 31 2022 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's Board of Directors is responsible for establishingand maintaining 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 judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting 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.

"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) (a) A. The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant andequipment capital work-in-progress investment properties and relevant details ofright-of-use assets.

B. The Company has maintained proper records showing full particularsof intangible assets.

(i) (b) The Company has a program of verification of property plantand equipment capital work- in progress investment property and right-of-use assets soas to cover all the items in a phased manner over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program certain property plant and equipment capital work-in-progress and right-of-use assets were due for verification during the year and werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.Since no physical verification of investment property was due during the year the questionof reporting on material discrepancies noted on verification does not arise.

(i) (c) With respect to immovable properties (other than propertieswhere the Company is the lessee) disclosed in the standalone financial statements includedin property plant and equipment investment property and non-current assets held forsale according to the information and explanations given to us and based on theexamination of the sale deed / conveyance deed / indenture for sale / completioncertificate / occupation certificate and property tax receipts provided to us we reportthat the title deeds of such immovable properties are held in the name of the Company asat the balance sheet date except as mentioned below:

As at the Balance Sheet date (Rupees Million) Held in the name of Whether promoter director or their relative or employee Period held since Reason for not being held in name of Company
Description of property Gross carrying value Carrying value in the standalone financial statements
Freehold land of The Oberoi Grand located at 15 Jawaharlal Nehru Road Kolkata West Bengal 302.70 (Refer note) 302.70 (Refer note) Chowringhee Properties Limited No March 31 1968 The title deed is executed in the name of Chowringhee Properties Limited. Chowringhee Properties Limited was subsequently amalgamated with The Associated Hotels of India Limited. The Associated Hotels of India Limited was subsequently amalgamated with The East
Building on freehold land of The Oberoi Grand located at 15 Jawaharlal Nehru Road Kolkata West Bengal 464.47 (Refer note) 405.30 (Refer note) Chowringhee Properties Limited No March 31 1968 India Hotels Limited under the Companies Act 1956 in terms of the approval of the Honorable High Court(s) of judicature dated September 191968.Subsequently the name of The East India Hotels Limited was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Freehold land located at Khasra Plot No. 145 Village Tora Agra Uttar Pradesh 1.05 1.05 The East India Hotels Limited No October 22 1992 The indenture of sale is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Freehold land located at Survey No. 120 Matriz No. 846 Cavelossim Village Salcete Taluka Goa 118.71 118.71 The East India Hotels Limited No February 22 1988 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Freehold land located at Survey No. 121 Matriz No. 847 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No February 22 1988
Freehold land located at Survey No. 122 Matriz No. 846 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No February 22 1988
Freehold land located at Survey No. 120 Matriz Nos. 850 851 853 855 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No February 24 1988
Freehold land located at Survey No. 114 Matriz No. 929 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No May 29 1989
Freehold land located at Survey No. 120 121 and 122 Matriz No. 846 847 848 856 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No May 29 1989
Freehold land located at Survey No. 120 Matriz No. 853 851 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No November 22 1991
Freehold land located at Survey No. 120 Matriz No. 851 852 855 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No November 25 1991
Freehold land located at Survey No. 120 Matriz No. 850 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No June 19 1992
Freehold land located at Survey No. 120 Matriz Nos. 850 851 853 855 Cavelossim Village Salcete Taluka Goa The East India Hotels Limited No May 20 1996
Freehold land located at Bittarvali Village Kasha Hobli Belur Taluk Hassan District Karnataka 0.57 0.57 The East India Hotels Limited No April 7 1992 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Freehold land located at village Mohammadpur Gujar near Sohna Road Gurugram Haryana 1.63 1.63 The East India Hotels Limited No January 27 1987 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal. The Board of Directors of the Company at its meeting held on February 3 2022 approved the sale of the Company's land and therefore the same has been classified as held for sale as on March 31 2022 (Refer Note 19(a) - Assets classified as held for sale).
Flat-C 3 III floor Palm Spring Plot No. 157 Cuffe Parade Colaba Mumbai Maharashtra 0.20 0.16 The East India Hotels Limited No June 9 1970 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 4 Block - B Ground floor Usha Sadan Near Colaba Post Office Colaba Mumbai Maharashtra 0.04 0.03 The East India Hotels Limited No July 3 1978 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 3 - C 3rd floor Sagar Sangeet Colaba Mumbai Maharashtra 0.10 0.08 The East India Hotels Limited No January 19 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 14114th floor Sea Lord "A" Cuffe Parade Mumbai Maharashtra 0.08 0.06 The East India Hotels Limited No January 25 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 13213th floor Meher Naz 91 Cuffe Parade Mumbai Maharashtra 0.06 0.05 The East India Hotels Limited No March 29 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 16316th floor Jolly Maker Apartments II Plot 94 Cuffe Parade Colaba Mumbai Maharashtra 0.21 0.16 The East India Hotels Limited No July 18 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat No. 6C 6th floor Sagar Sangeet Colaba Mumbai Maharashtra 0.21 0.16 The East India Hotels Limited No July 27 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 12412th floor Meher Naz 91 Cuffe Parade Mumbai Maharashtra 0.12 0.09 The East India Hotels Limited No August 13 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 502 5th floor Ashiana Plot A-3 of Scheme No. Ill Village Ambivali Andheri Versova Mumbai Maharashtra 0.04 0.03 The East India Hotels Limited No October 18 1979 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 6 1st floor Ratnadeep Vile Parle (East) Mumbai Maharashtra 0.04 0.03 The East India Hotels Limited No January 2 1980 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat No. 106 107 108 109 206 307 407 506 and 507 Gold Crown No. 2 Jaiprakash Road Versova Mumbai Maharashtra 0.47 0.37 The East India Hotels Limited No June 5 1980 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 1 - D 1st floor Sagar Sangeet 58 Colaba Road Mumbai Maharashtra 0.32 0.25 The East India Hotels Limited No November 61982 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 5 3rd floor Sea Lord Apartments Block - B Cuffe Parade Plot No. 119 Block No. V Back Bay Reclamation Mumbai Maharashtra 0.43 0.34 The East India Hotels Limited No June 22 1983 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat No. 19 2nd floor Block - B Near Hill Road Bus Terminal Hill Road Bandra Mumbai Maharashtra 0.12 0.10 The East India Hotels Limited No December 26 1985 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 403 and 404 4th floor Panch Kiran Versova Mumbai Maharashtra 2.53 2.12 The East India Hotels Limited No July 20 1994 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 1031st floor Panch Ratna Versova Mumbai Maharashtra 2.45 2.05 The East India Hotels Limited No July 22 1994 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 601 6th floor Shakti Apartments Sahakar Road Jogeshwari Mumbai Maharashtra 2.07 1.74 The East India Hotels Limited No September 28 1995 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 604A 6th floor Panchsheel I Malad East Mumbai Maharashtra 2.55 2.16 The East India Hotels Limited No August 7 1996 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Flat No. 13 2nd floor 601 Sheel Marie Apartment Khan Abdul Gaffar Khan Road Worli Seaface Mumbai Maharashtra 1.95 (Refer note) 1.86 (Refer note) The East India Hotels Limited No June 5 1996 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Flat no. 506B 5th floor Panchsheel IV Malad East Mumbai Maharashtra 2.32 1.97 The East India Hotels Limited No August 2 1997 The sale deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Building on leasehold land of The Oberoi Mumbai located at Plot No. 233 Back Bay Reclamation Estate Nariman Point Mumbai Maharashtra 1381.50 (Refer note) 1232.57 (Refer note) The East India Hotels Limited No February 1 1971 The title documents are in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Building on leasehold land of The Trident Nariman Point located at Plot No. 234 Back Bay Reclamation Estate Netaji Subhash Chandra Bose Road Nariman Point Mumbai Maharashtra 1597.97 (Refer note) 1406.31 (Refer note) The East India Hotels Limited No August 12 1971 The title documents are in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Building on leasehold land of The Oberoi Bangalore located at 7-39 Mahatma Gandhi Road Yellappa Garden Yellappa Chetty Layout Sivanchetti Gardens Bengaluru Karnataka 545.52 (Refer note) 422.71 (Refer note) The East India Hotels Limited No October 22 1982 The title documents are in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Building on leasehold land of The Oberoi Udaivilas located at Badi-Gorela-Mulla Talai Road Haridas Ji Ki Magri Pichola Udaipur Rajasthan 773.26 (Refer note) 668.06 (Refer note) The East India Hotels Limited No December 17 1992 The title documents are in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Building on leasehold land of The Rajgarh Palace located at Rajgarh tehsil Rajnagar district Chhatarpur Madhya Pradesh 1.77 (Refer note) 1.32 (Refer note) Rajgarh Palace Hotel and Resorts Limited No April 1 2005 The title documents are in the name of Rajgarh Palace Hotel and Resorts Limited. Rajgarh Palace Hotels and Resorts Limited was subsequently amalgamated with EIH Limited under the Companies Act 1956 in terms of the approval of the Honorable High Court(s) of judicature by way of scheme of amalgamation between Rajgarh Palace Hotel and Resorts Limited and EIH Limited effective April 1 2005.
Building on Hebbal land located at Outer Ring Road Hebbal Bengaluru Karnataka 2.60 (Refer note) (Refer note) EIH Limited (Refer remarks) No May 19 2006 (Refer remarks) The title documents executed in the name of EIH Limited effective May 19 2006 for the period of 15 years was valid upto May 18 2021. The Company has made applications dated April 7 2021 and July 9 2021 to the Karnataka State Forest Department requesting further renewal for a period of 15 years in respect of which approval is awaited.

Note: Includes additions (net of deletions/ adjustments] from the dateof execution of the conveyance deed / indenture for sale / sale deed / lease deed uptothe year ended March 31 2022.

Leasehold land of The Oberoi Mumbai located at Plot No. 233 Back Bay Reclamation Estate Nariman Point Mumbai Maharashtra 95.53 80.52 The East India No Hotels Limited February 1 1971 The lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land of The Trident Nariman Point located at Plot No. 234 Back Bay Reclamation Estate Netaji Subhash Chandra Bose Road Nariman Point Mumbai Maharashtra 131.50 110.86 The East India No Hotels Limited August 12 1971 The lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land of The Oberoi Bangalore located at 37- 39 Mahatma Gandhi Road Yellappa Garden Yellappa Chetty Layout Sivanchetti Gardens Bengaluru Karnataka 19.42 16.95 The East India No Hotels Limited October 22 1982 The lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land of The Oberoi Udaivilas located at Badi-Gorela-Mulla Talai Road Haridas Ji Ki Magri Pichola Udaipur Rajasthan 47.86 44.68 The East India No Hotels Limited December 17 1992 The lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land of The Rajgarh Palace located at Rajgarh tehsil Rajnagar district Chhatarpur Madhya Pradesh Khasra No.2033 and 2034 39.46 36.43 Rajgarh No Palace Hotel and Resorts Limited April 1 2005 The lease deed is in favour of Rajgarh Palace Hotel and Resorts Limited. Rajgarh Palace Hotels and Resorts Limited was subsequently amalgamated with EIH Limited under the Companies Act 1956 in terms of the approval of the Honorable High Court(s) of judicature by way of scheme of amalgamation between Rajgarh Palace Hotel and Resorts Limited and EIH Limited effective April 1 2005.
Leasehold land of The Rajgarh Palace located at Rajgarh tehsil Rajnagar district Chhatarpur Madhya Pradesh Khasra No.20112022-2420332035-39 13.67 12.62 Rajgarh No Palace Hotel and Resorts Limited April 1 2005 The lease deed is in favour of Rajgarh Palace Hotel and Resorts Limited. Rajgarh Palace Hotels and Resorts Limited was subsequently amalgamated with EIH Limited under the Companies Act 1956 in terms of the approval of the Honorable High Court(s) of judicature by way of scheme of amalgamation between Rajgarh Palace Hotel and Resorts Limited and EIH Limited effective April 1 2005.
Leasehold land of The Rajgarh Palace located at Rajgarh tehsil Rajnagar district Chhatarpur Madhya Pradesh Khasra No.2012-2020 & 2042-2048 & 2051 2.49 2.08 Rajgarh No Palace Hotel and Resorts Limited May 22 2007 The lease deed is in favour of Rajgarh Palace Hotel and Resorts Limited. Rajgarh Palace Hotels and Resorts Limited was subsequently amalgamated with EIH Limited under the Companies Act 1956 in terms of the approval of the Honorable High Court(s) of judicature by way of scheme of amalgamation between Rajgarh Palace Hotel and Resorts Limited and EIH Limited effective April 1 2005.
Leasehold land located at CB-4 Nayapalli Bhubaneshwar Odisha 0.33 0.31 The East India No Hotels Limited March 7 1986 The lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 301996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land located at Outer Ring Road Hebbal Bengaluru Karnataka 17.20 EIH Limited No (Refer remarks) May 19 2006 - May 18 2021 The initial lease agreement executed in the name of EIH Limited effective May 19 2006 for the period of 15 years was valid upto May 18 2021. The Company has made applications dated April 7 2021 and July 9 2021 to the Karnataka State Forest Department requesting further renewal for a period of 15 years in respect of which approval is awaited.

Immovable properties of land and buildings (including properties wherethe Company is the lessee] whose title deeds/ lease deeds have been pledged as securityfor cash credit facility / term loans are held in the name of the Company based on theconfirmation directly received by us from lender except for the following:

As at the Balance Sheet date (Rupees Million) Held in the name of Whether promoter director or their relative or employee Period held since Reason for not being held in name of Company
Description of property Gross carrying value Carrying value in the standalone financial statements
Freehold land of The Maidens Hotel located at 7 Shamnath Marg Delhi 380.40 (Refer note) 380.40 (Refer note) The Associated Hotels of India Limited No March 31 1968 The original conveyance deed is executed in favour of The Associated Hotels of India Limited. The Associated Hotels of India Limited was subsequently amalgamated with The East India Hotels Limited under the Companies Act 1956 in terms of the approval of the Honorable High
Building on freehold land of The Maidens Hotel located at 7 Shamnath Marg Delhi 230.90 (Refer note) 202.30 (Refer note) The Associated Hotels of India Limited No March 31 1968 Court(s) of judicature dated September 19 1968. Subsequently the name of The East India Hotels Limited was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.
Leasehold land of The Oberoi New Delhi located at Dr Zakir Hussain Marg Delhi Golf Club Golf Links Delhi 382.44 382.44 The East India Hotels Limited No December 19 1963 The perpetual lease deed is in the name of The East India Hotels Limited erstwhile name of the Company which was changed to EIH Limited. Fresh certificate of incorporation consequent to change of name dated October 30 1996 was issued by the Assistant Registrar of Companies West Bengal.

Note: Includes additions (net of deletions/ adjustments) from the dateof execution of the conveyance deed / indenture for sale / sale deed / lease deed uptothe year ended March 31 2022.

(i) (d) The Company has not revalued any of its property plant andequipment (including right-of-use assets) and intangible assets during the year.

(i) (e) No proceedings have been initiated during the year or arepending against the Company as at March 31 2022 for holding any benami property under theBenami Transactions (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder.

(ii) (a) The inventories were physically verified during the year bythe Management at reasonable intervals. In our opinion and according to the informationand explanations given to us the coverage and procedure of such verification by theManagement is appropriate having regard to the size of the Company and the nature of itsoperations. No discrepancies of 10% or more in the aggregate for each class of inventorieswere noticed on such physical verification of inventories when compared with the books ofaccount.

(ii) (b) According to the information and explanations given to us theCompany has been sanctioned working capital limits in excess of INR 5 crores inaggregate at points of time during the year from banks or financial institutions on thebasis of security of current assets. In our opinion and according to the information andexplanations given to us the returns or statements comprising stock statements book debtstatements filed by the Company with three such banks till the date of this report are inagreement with the unaudited books of account of the Company of the respective quartersended June 30 2021 September 30 2021 and December 31 2021 and no materialdiscrepancies have been observed. The Company is yet to submit the return/ statement to besubmitted at the end of the quarter ended March 31 2022 with the Banks.

(iii) The Company has made investments in provided guarantee andgranted loans (secured) to companies or any other parties during the year in respect ofwhich:

(a) The Company has provided loans and stood guarantees during theyear and details of which are given below:

(Rupees Million)

Loans Guarantees
Aggregate amount granted / provided during the year:
Subsidiary - 12.54
Others 0.84 -
Balance outstanding as at balance sheet date in respect of above cases:
Subsidiary - 622.67
Others 1.78 -

The Company has not provided any advances in the nature of loans orsecurity to any other entity during the year.

(b) The investments made guarantees provided and the terms andconditions of grant of all the above-mentioned loans and guarantees provided during theyear are in our opinion prima facie not prejudicial to the Company's interest.

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

(d) According to information and explanations given to us and based onthe audit procedures performed in respect of loans granted by the Company there is nooverdue amount remaining outstanding as at the balance sheet date.

(e) No loan granted by the Company which has fallen due during theyear has been renewed or extended or fresh loans granted to settle the overdues ofexisting loans given to the same parties.

(f) According to information and explanations given to us and based onthe audit procedures performed the Company has not granted any loans or advances in thenature of loans either repayable on demand or without specifying any terms or period ofrepayment during the year. Hence reporting under clause (iii)(f) is not applicable.

The Company has not provided any security and granted any loans(unsecured) or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties during the year.

(iv) The Company has complied with the provisions of Sections 185 and186 of the Companies Act 2013 to the extent applicable in respect of loans grantedinvestments made and guarantees and securities provided as applicable.

(v) The Company has not accepted any deposit or amounts which aredeemed to be deposits. Hence reporting under clause (v) of the Order is not applicable.

(vi) The maintenance of cost records has not been specified for theactivities of the Company by the Central Government under section 148(1) of the CompaniesAct 2013.

(vii)(a) In respect of statutory dues:

Undisputed statutory dues including Goods and Service tax ProvidentFund Employees' State Insurance Income- tax Sales Tax duty of Custom duty ofexcise Value Added Tax cess and other material statutory dues applicable to the Companyhave generally been regularly deposited by it with the appropriate authorities thoughthere have been slight delays in a few cases in respect of remittance of Provident FundEmployees' State Insurance dues and Income-tax.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Employees' State Insurance Income-tax Sales Tax dutyof Custom duty of Excise Value Added Tax cess and other material statutory dues inarrears as at March 31 2022 for a period of more than six months from the date theybecame payable.

(vii)(b) Details of statutory dues referred to in sub-clause (a) abovewhich have not been deposited as on March 31 2022 on account of disputes are given below:

Name of the Statute Nature of the Dues Forum where dispute is pending Period to which the amount relates Amount unpaid (Rupees Million)
The Income Tax Act 1961 Income Tax Assessing officer 2008-09 to 2009-10 ^ Nil
Income Tax Commissioner of Income Tax (Appeals) 2007-08 to 2008-09 2010-11 2014-15 to 2016-17 ^ Nil
Sub-total Nil ##
Finance Act 1994 Service Tax The Customs Excise and Service Tax Appellate Tribunal 20011-12 2015-16 to 2017-18 12.96
Sub-total 12.96 *
Central and Various State Sales Tax Acts Sales Tax and Value Added Tax Appellate Authority upto Commissioner level 2008-09 to 2017-18 64.73
Rajasthan Tax Board 2011-12 to 2013-14 Nil
Mumbai High Court 1999-00 1.23
Sub-total 65.96^^
Customs Act 1962 Customs Duty Delhi High Court 2008-09 429.66
Sub-total 429.66
The Rajasthan Tax on Luxuries (In Hotels and Lodging House) Act 1990 Luxury Tax Jodhpur High Court 2010-11 to 2013-14 1.10
Sub-total 1.10**
Mumbai Municipal Corporation Act 1888 Property Tax Mumbai High Court 2010-11 to 2021-22 287.69
Sub-total 287.69*
Rajasthan Municipalities Act 1959 (Rajasthan Act 38 of 1959) Urban Development Tax Supreme Court 2007-08 to 2021-22 -
Sub-total _***
Employees' State Insurance Act 1948 Employees' State Insurance dues Employees State Insurance Court West Bengal Kolkata 2004-05 to 2005-06 -
Sub-total _###

"Period represents assessment year

## Net of INR 263.63 million adjusted against amount paid under protestand refunds

# Net of INR 0.65 million paid under protest " Net of INR 7.41million paid under protest ** Net of INR 2.40 million paid under protest

* Net of INR 287.68 million paid under protest *** Net of INR 46.94million paid under protest ### Net of INR 1.05 million paid under protest

Notes:

(a) As indicated in note 46 to the financial statements during theyear an order has been received from the Assessing officer with respect to income tax forthe assessment year 2017-18 against which contingent liability amounted to INR 23.72million and an amount of INR 6.47 million is unpaid. The Company has filed an appeal withthe Income Tax Appellate Tribunal subsequent to the year end within the stipulated timefor such appeal.

(b) As indicated in note 46 to the standalone financial statementsduring the year the Company has received a demand order from the Deputy Commissioner ofState Tax with respect to Goods and Service tax under Goods and Service Tax Act 2017 forthe period 201718 amounting to INR 4.24 million and the Company intends to file an appealwithin the stipulated time in respect thereof with the appropriate authorities.

(viii) There were no transactions relating to previously unrecordedincome that were surrendered or disclosed as income in the tax assessments under theIncome Tax Act 1961 (43 of 1961) during the year.

(ix) (a) In our opinion the Company has not defaulted in the repaymentof loans or other borrowings or in the payment of interest thereon to any lender duringthe year.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any government authority.

(c) To the best of our knowledge and belief in our opinion term loansavailed by the Company were applied by the Company during the year for the purposes forwhich the loans were obtained.

(d) On an overall examination of the standalone financial statements ofthe Company funds raised on short-term basis have prima facie not been used during theyear for long-term purposes by the Company.

(e) On an overall examination of the standalone financial statements ofthe Company the Company has not taken any funds from any entity or person on account ofor to meet the obligations of its subsidiaries associates or joint ventures.

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries or joint ventures or associate companies.

(x) (a) The Company has not issued any of its securities (includingdebt instruments) during the year and hence reporting under clause (x)(a) of the Order isnot applicable.

During the year the Company has not made any preferential allotment orprivate placement of shares or convertible debentures (fully or partly or optionally) andhence reporting 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 orreported during the year.

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

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year and provided to us when performing our audit.

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

(xiii) In our opinion the Company is in compliance with Section 177and 188 of the Companies Act where applicable for all transactions with the relatedparties and the details of related party transactions have been disclosed in thestandalone financial statements etc. as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports of the Company issuedtill date for the period under audit.

(xv) In our opinion during the year the Company has not entered intoany non-cash transactions with any of its directors or directors of it's holdingcompany subsidiary company associate company as applicable or persons connected withsuch directors and hence provisions of section 192 of the Companies Act 2013 are notapplicable to the Company.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and(c) of the Order is not applicable.

The Group has more than one CIC as part of the group. There are threeCICs forming part of the group.

(xvii) The Company has not incurred any cash losses in the financialyear covered by our audit but had incurred cash losses amounting to INR 2780.33 millionin the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of theCompany during the year.

(xix) On the basis of the financial ratios ageing and expected datesof realisation of financial assets and payment of financial liabilities other informationaccompanying the standalone financial statements and our knowledge of the Board ofDirectors and Management plans and based on our examination of the evidence supporting theassumptions nothing has come to our attention which causes us to believe that anymaterial uncertainty exists as on the date of the audit report indicating that Company isnot capable of meeting its liabilities existing at the date of balance sheet as and whenthey fall due within a period of one year from the balance sheet date. We however statethat this is not an assurance as to the future viability of the Company. We further statethat our reporting is based on the facts up to the date of the audit report and we neithergive any guarantee nor any assurance that all liabilities falling due within a period ofone year from the balance sheet date will get discharged by the Company as and when theyfall due.

(xx) The Company did not have average net profits during the threeimmediately preceding financial year and therefore was not required to spend any amounttowards Corporate Social Responsibility (CSR) during the year and there are no unspent CSRamounts for the year requiring a transfer to a Fund specified in Schedule VII to theCompanies Act or special account in compliance with the provision of sub-section (6) ofsection 135 of the said Act. Accordingly reporting under clause (xx) of the Order is notapplicable for the year.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Alka Chadha
Partner
(Membership No. 93474)
(UDIN: 22093474AIJAQF5271)
Place: Gurugram
Date: May 4 2022

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