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Garden Reach Shipbuilders & Engineers Ltd.

BSE: 542011 Sector: Others
NSE: GRSE ISIN Code: INE382Z01011
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OPEN 192.05
PREVIOUS CLOSE 191.20
VOLUME 4658
52-Week high 227.05
52-Week low 166.05
P/E 11.25
Mkt Cap.(Rs cr) 2,185
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 192.05
CLOSE 191.20
VOLUME 4658
52-Week high 227.05
52-Week low 166.05
P/E 11.25
Mkt Cap.(Rs cr) 2,185
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garden Reach Shipbuilders & Engineers Ltd. (GRSE) - Auditors Report

Company auditors report

To the Members of Garden Reach Shipbuilders & Engineers Limited

Report on the Audit of the Financial Statements

This report supersedes our earlier report dated 17th May 2021. Please referto the OTHER MATTERS section of this report.

Opinion

We have audited the accompanying financial statements of Garden Reach Shipbuilders& Engineers Limited ("the Company") [The audit covered the Corporate Officeand all units across India.] which comprise the Balance Sheet as at March 31 2021 and theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Cash Flow Statement for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and its profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the financial statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Emphasis of Matters

1) We draw attention to note no. 49 of the accompanying financial statements as atMarch 31 2021 regarding impact of the pandemic (COVID 19) on the operations of theCompany which affected the revenue and financial performance of the Company for thereporting period. Management has assessed the potential impact of COVID-19 based on thecurrent circumstances and expects no significant impact on the continuity of operation ofthe business on long term basis. However the actual impact may be different from theestimate as at the date of approval of the financial statements.

2) Attention is invited to the treatment of ' 2074.94 lakh shown as Exceptional Item(Note no 50) due to loss of production hours and non-usage of Plant and Machinery duringthe days of lockdown during the year.

3) Attention is invited to note no 1.2 (q) and 32(ii)( c) with respect to change inaccounting policy regarding classification of Provident Fund Contribution from DefinedContribution plan to Defined Benefit plan. This change in Accounting policy was appliedand it was observed that the net assets available for the benefits are in excess incomparison to the present value of retirement benefits. Thus there is no impact in thebooks of account of the Company in the current year.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key Audit Matters (KAM) are those matters that in our professional judgment were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters. We have determined the matters described below to be the key audit matters to becommunicated in our report.

Sl. No. Key Audit Matters Our Response
1 Contract revenue from shipbuilding Referred to in Note No.1.2(i)(A)(i) and No.20 of the financial statements. Our audit procedures on revenue recognized from shipbuilding contracts included:
The Company has adopted Ind AS 115 "revenue from contract with customers" which is a new accounting standard effective from April 2018. The Company recognizes revenue for a performance obligation satisfied over time only when it can reasonably measure its progress towards complete satisfaction of performance obligation. Progress with respect to ship construction is recognized over time using input method i.e. by comparing the actual costs anticipated for the entire contract. The application of the accounting standard is complex and is an area of focus in the audit. a) Understanding of the systems processes and control implemented by management for recording and calculating revenue based on input cost method deriving the associated contract assets
b) Assessment of the operating effectiveness of Key IT Controls including:
i) Treating the IT Controls over the completeness and accuracy of the cost and revenue reports generated by the systems.
We identified revenue recognition of shipbuilding contracts as a KAM considering: ii) On selected samples of contracts we tested that the revenue recognized is in accordance with the applicable accounting standards.
(a) The revenue standard establishes a comprehensive framework for determining whether how much and when revenue is recognized. c) Evaluated the appropriateness of the disclosures provided under the new accounting standard.
This involves certain key judgments relating to identification of distinct performance obligations determining transaction price of identified performance obligation determining variable consideration and to measure variable consideration the appropriateness of the basis used to measure revenue recognized over a period. Recognition of work-in-progress (Contract Assets) in the Balance Sheet has been checked with the relevant Statement of Computation of Work-in-progress as on the reporting date and other relevant records of the Company
(b) The standard mandates robust disclosures in respect of revenue and periods over which the remaining performance obligations will be satisfied subsequent to balance sheet date.
(c) There is significant involvement of IT systems.
At the year-end a significant amount of work-in-progress (contract assets) related to these contracts is recognized in the balance sheet.
2 Onerous Contract Referred to in Note No 19 of the financial statements.
Our audit procedures on "onerous contracts" included the following
The Company has assessed a contract of a new FPV as "onerous" in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The Company has provided the estimated loss in the books of account. 1) Evaluating the reason as why the contract appears to be onerous from the records and estimates given by the management.
2) Evaluating the details of unavoidable costs from the records provided by the management.
3) Understanding the terms of the contract and communication with the customer.
4) Evaluation of the same possibility in case of other existing contracts.

Information Other than the financial statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance or conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management and Those Charged with Governance for the FInancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with

SAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matter

(i) Amount shown in Note No. 30 (Contingent Liabilities) does not include interest/penalty that may be payable on final settlement of claims.

(ii) We issued an audit report dated 17th May 2021 (the original report) onthe financial statements as approved by the Board of Directors on that date. Pursuant tothe observations from the office of Comptroller and Auditor General of India under Section143 (6) (a) of the Companies Act 2013 the financial statements have been revised and therevised statements have been approved by the Board of Directors on 26.07.2021. The impactof the revision amounting to ' 7068.90 lakh with respect to fresh accounting forstocks-in-transit and corresponding trade payables along with other consequential effectsis stated in note no 52 of these financial statements. Accordingly we have issued thisrevised report which supersedes our earlier report dated 17th May 2021.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure-A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

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

(c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with the companies (Indian Accounting Standards) Rules2015 as amended.

(e) In our opinion provisions under section 164(2) of the Act regardingdisqualification of Directors are not applicable to a Government Company in terms ofNotification No. G.S.R. 463(E) dated June 5 2015 issued by Ministry of Corporate Affairs.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure-B.

(g) In our opinion reporting requirements under provisions under section 197 of theAct regarding the remuneration paid by the Company to its directors during the year arenot applicable to a Government Company in terms of Notification No. G.S.R. 463(E) datedJune 5 2015 issued by Ministry of Corporate Affairs.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer to Note. 30 - Contingent Liabilities to thefinancial statements ) ;

ii. The Company did not have any long term contract including derivative contracts forwhich there were any material foreseeable losses except provision for loss on onerouscontract for ' 1177 lakh has been provided as stated in note no 19;

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

3. As required by Section 143(5) of the Act we give in Annexure-C a statement on thematters specified in directions issued by the Comptroller & Auditor General of Indiain respect of the company.

For Mookherjee Biswas & Pathak
Chartered Accountants
Firm's Registration Number 301138E
Sd/-
(Sudersan Mukherjee)
Partner
Place: Kolkata Membership No. 059159
Date: July 26 2021 ICAI UDIN: 21059159AAAAB05181

Annexure - A to the Independent Auditor's Report

(Referred to in paragraph no. 1 under "Report on Other Legal and RegulatoryRequirement's section of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all assets are verified in a phased manner over a period of three years.Accordingly fixed assets of some division/ unit of the Company were verified internallyby management during the year. Discrepancies noticed on such verification have beenproperly dealt with in the accounts. In our opinion the periodicity of such physicalverification is reasonable having regard to the size of the Company and nature of itsassets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company. In case of "Right of use" assets leaseagreements have been duly executed in the name of the Company.

(ii) The inventories (other than those lying with third parties) have been physicallyverified during the year by the management. The discrepancies between physical stock andbook records arising out of physical verification have been properly dealt with in thebooks of account.

(iii) According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has not given any loan guarantee or provided any securities in connection withsuch loan and given/made any loan/investment within the meaning of Section 185 and 186 ofthe Companies Act 2013. Further in terms of Notification No. G.S.R. 463(E) dated June 52015 the provisions of section 186 of the Companies Act 2013 are not applicable to theCompany as the Company is a Government Company engaged in defence production and as suchreporting under this clause is not applicable to the Company.

(v) The Company has not accepted any deposits during the year within the meaning ofsection 73 to 76 or any other relevant provision of the Companies Act 2013 and does nothave any unclaimed deposits as at March 31 2021 as such reporting under this clause isnot applicable to the Company.

(vi) According to the information and explanations given to us maintenance of costrecords by the Company has been prescribed by the Central Government under section 148(1)of the Companies Act 2013 in respect of construction of ships manufacturing ofengineering goods and diesel engines. We have broadly reviewed such cost records and areof the opinion that prima facie prescribed accounts and records have been made andmaintained.

(vii) (a) According to information and explanations given to us and on the basis ofour examination of books and accounts the Company has been generally regular indepositing undisputed statutory dues including provident fund ESI income tax goods andservices tax duty of customs duty of excise cess and any other statutory dues with theappropriate authorities and no undisputed amount payable in respect of aforesaid dues ason March 31 2021 for a period of more than six months from the date they become payable.

(b) According to the records of the Company and information and explanations given tous the following are the details of disputed dues not deposited on March 31 2021:

Sl. No. Name of the Statute Nature of dues Year to which pertains Amount (' in Lakh) Forum where the dispute is pending
1 West Bengal Value Added Tax Act 2003 Value Added Tax 2007-08 506.83 West Bengal Taxation Tribunal
2 Central Excise Act 1944 Central Excise 2016-17 106.54 Additional Secretary Revision Application Govt of India New Delhi.
3 Income Tax Act 1961 Income Tax 2008-09 352.85 Commissioner of Income Tax (Appeals)
4 Income Tax Act 1961 Income Tax 2013-14 1.92 Commissioner of Income Tax (Appeals)
5 Income Tax Act 1961 Income Tax 2016-17 8.61 Commissioner of Income Tax (Appeals)
Total 976.65

The amounts mentioned above are exclusive of interest and penalties that may be payableon final settlement of pending cases.

(viii) The Company has not taken any loans or borrowings from financial institutionsbanks and government or has not issued any debentures. Hence reporting under clause3(viii) of the Order is not applicable to the Company. Only non funded facilities of bankguarantees and letter of Credit has been availed from banks.

(ix) On the basis of our examination of records and according to the information andexplanations given to us the Company has not raised any money by way of initial publicoffer or further public offer (including Debt Instruments) and term loans during the yearand as such reporting under this clause is not applicable to the Company.

(x) According to the information and explanations given to us no fraud by the Companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) In view of exemption given vide Notification No. G.S.R. 463(E) dated June 5 2015issued by Ministry of Company Affairs provision of section 197 read with Schedule V tothe Companies Act 2013 regarding managerial remuneration are not applicable to aGovernment Company and as such reporting under this clause is not applicable to theCompany.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and as such reporting under this clause is not applicableto the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year and as such reporting under this clause is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them and as such reporting underthis clause is not applicable to the Company.

(xvi) The Company is not required to be registered under section 45- IA of the ReserveBank of India Act 1934 and as such reporting under this clause is not applicable to theCompany.

For Mookherjee Biswas & Pathak
Chartered Accountants
Firm's Registration Number 301138E
Sd/-
(Sudersan Mukherjee)
Partner
Membership No. 059159
ICAI UDIN: 21059159AAAAB05181
Place: Kolkata
Date: July 26 2021

Annexure - B to the Independent Auditor's Report

Report on the Internal Financial Controls under clause (i) of subsection 3 of Section143 of the Companies Act 2013 ("The Act")

We have audited the internal financial controls over financial reporting of GardenReach Shipbuilders & Engineers Limited ("the Company") as of March 31 2021in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls 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 FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). 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 safeguarding ofits 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's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing both issued by ICAI andprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting were established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the ICAI.

For Mookherjee Biswas & Pathak
Chartered Accountants
Firm's Registration Number 301138E
Sd/-
(Sudersan Mukherjee)
Partner
Membership No. 059159
ICAI UDIN: 21059159AAAAB05181
Place: Kolkata
Date: July 26 2021

Annexure- C to the Independent Auditor's Report

Sl. No. Direction Auditor's Comments
1 Whether the Company has system in place to process all the accounting transactions through IT system? If yes the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications if any may be stated. Yes the Company has system in place to process all the accounting transactions through IT system and no accounting transaction is processed outside IT system. Therefore any implication of processing accounting transactions outside IT system on the integrity of the accounts along with financial implication does not arise.
2 Whether there is any restructuring of an existing loan and cases of waiver/write off of debts/loans/interest etc. made by a lender to the Company due to the Company's inability to repay the loan? If yes the financial impact may be stated. Whether such cases are properly accounted for? (In case lender is a Government company then this direction is also applicable for statutory auditor of lender company) There is no instance of restructuring of an existing loan and cases of waiver/written off of debts/loans/interest etc. made by any lender to the Company due to the Company's inability to repay the loan. Therefore the financial impact due to above reasons does not arise.
3 Whether funds (grants/subsidy etc.) received/receivable for specific schemes from Central/State Government or its agencies were properly accounted for/utilized as per its term and conditions? List the cases of deviation. No such cases of receipts/receivables of any amount by the Company in the financial year 2020-21 for specific scheme from Central/ Government or its agencies have come to our notice nor have we been informed of receipts/receivables of any such amount by the management.

 

For Mookherjee Biswas & Pathak
Chartered Accountants
Firm's Registration Number 301138E
Sd/-
(Sudersan Mukherjee)
Partner
Membership No. 059159
ICAI UDIN: 21059159AAAAB05181
Place: Kolkata
Date: July 26 2021

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