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GE T&D India Ltd.

BSE: 522275 Sector: Engineering
NSE: GET&D ISIN Code: INE200A01026
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VOLUME 8357
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OPEN 129.00
CLOSE 129.25
VOLUME 8357
52-Week high 142.15
52-Week low 82.00
P/E
Mkt Cap.(Rs cr) 3,357
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

GE T&D India Ltd. (GET&D) - Auditors Report

Company auditors report

To The Members of GE T&D India Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of GE T&D India Limited ("theCompany") which comprise the Balance Sheet as at 31 March 2022 and the Statement ofProfit and Loss (including Other Comprehensive Income) the Statement of Cash Flows andthe Statement of Changes in Equity for the year then ended and a summary of significantaccounting policies and other explanatory 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 Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2022 and its loss total comprehensiveloss its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibility for the Audit of the

Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Emphasis of Matter

Attention is invited to note 44 (c) of the financial statement which explains theaccounting of transfer of Global Engineering Operating Division (Engineering division)(GEOD) to a common control entity at fair value and approved by the non-controllingshareholders resulting in gain of Rs 1231.4 million recognized in the statement of profitand loss.

Our opinion is not modified in respect of the above matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

1. Revenue recognition

Key audit matter description A significant portion of the Company's business comprises long-term projects including construction-type and fixed price projects. Revenue from these contracts is recognized in accordance with accounting policies as detailed in "significant accounting policies" in the financial statements.
There are various areas involving complexities judgements and estimates involved in accounting for revenue recognized on "over the time" basis including:
• Estimation of total contract costs at inception and remaining costs to complete.
• Assessment of various risks emanating from operational delays contract terms changes in estimations.
This requires the Company to estimate various costs to capture such risks including commodity inflation and liquidated damages.
• Accounting for variations and claims including timing of recognition
Revenues contract costs and resultant margin recognition may deviate significantly from original estimates.
Such deviations may be caused due to inherent risks in this business.
In view of above we determined this area to be an area involving significant estimates and an area of audit focus and accordingly a key audit matter.
Principal Audit Procedures In view of the significance of the matter following audit procedures were applied in this area amongst others to obtain sufficient and appropriate audit evidence:
• Obtained an understanding of the processes adopted to carry out accounting for revenue on "over the time" basis.
• Tested design and operating effectiveness of the key controls over project accounting on the above- mentioned projects.
• For selected contracts (selected on the basis of size of contracts quantum of changes in margins completion progress and other relevant criteria) tested the following:
i) Examined contracts its significant terms and conditions and correspondences with customers;
ii) Evaluated various assumptions and estimates including estimated contract revenue/ costs contract variation claims provision for liquidated damages contract modifications etc;
iii) In respect of contracts with significant changes in margins during the year read the "project management review" documents (as evidence of project reviews) wherever available. Discussed with project controllers the reasons for such changes in revenues/ cost;
iv) Obtained a detailed breakdown of the total estimated costs to completion for contracts in progress during the year and compared actual costs incurred involving estimates of cost incurred at the reporting date on test check basis.
• Assessed the appropriateness of the related disclosures in the financial statements

2. Claims and Litigations:

Key audit matter description The Company's operations are subject to lawsuits and claims arising from applicability of various laws and regulations with respect to positions on matters relating to income tax sales tax goods and services tax service tax excise customs etc. (either past or present). Provision for taxes is recognized or contingent liabilities are disclosed in accordance with accounting policies as detailed in "significant accounting policies" in the financial statements.
Judgment is required in assessing the range of possible outcomes for some of these matters. These judgments could change over time as each of the matter progresses depending on experience on actual assessment proceedings by tax and other authorities and other judicial precedents.
The Company makes an assessment to determine the outcome of these tax positions and decides to make an accrual or consider it to be a possible contingent liability. In particular this affects the measurement and accuracy of provision for taxes.
Due to above mentioned factors we have determined this to be a key audit matter.
Principal Audit Procedures In view of the significance of the matter following audit procedures were applied in this area amongst others to obtain sufficient and appropriate audit evidence:
• Obtained an understanding of the key uncertain tax positions based on list of ongoing litigations and tax computations for the current year.
• Analysed select key correspondences with the authorities to identify any additional uncertain tax positions.
• Evaluated the Company's processes and controls over litigations operated by Management through meetings with in-house legal counsels and review of relevant evidences.
• Assessed correspondence with the Company's external counsel accompanied by formal confirmations from that external counsel and discussions with and representations from in-house counsel on selected basis;
• Involved our tax specialists to evaluate estimates on the basis of the facts of each case internal evaluations legal precedence and external legal opinions;
• Assessed whether the Company's disclosures detailing the litigation in Note 39 to the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's annual report but doesnot 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 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 work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive Income cash flows and changes in equity of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility 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 SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 the management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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

We also provide those charged with governance a statement that we have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships 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 Matters

The Comparative financial statements of the Company for the year ended March 31 2021prepared in accordance with Ind AS included in these standalone financial statements havebeen audited by the predecessor auditor. The report of the predecessor auditor on thecomparative financial statements expressed an unmodified opinion.

Our report is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. 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 Cash Flows and Statement of Changes in Equity 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.

e. On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration/ commission paid/ provided by the Company to its directorsduring the year is in excess of the limits laid down under section 197 of the Act. Theremuneration/commission paid in excess of the limit laid down under this section is Rs 7.4million to a managerial personnel and independent directors which is subject to theshareholders approval by a special resolution by the shareholders in the ensuing AnnualGeneral Meeting - Refer Note 38 (i) to the financial statements

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

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. – Refer note no. 39 to the financial statements

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long- term contracts includingderivative contracts.- Refer note no. 18 to the financial statements

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. - Refer note no. 21 to thefinancial statements.

iv. a) The Management has represented that to the best of it's knowledge and beliefother than as disclosed in the note 19 (i) to the financial statements no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other person or entity includingforeign entity ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

b) The Management has represented that to the best of it's knowledge and belief asdisclosed in the note 19 (ii) to the financial statements no funds have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has notproposed 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) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Vijay Agarwal
(Partner)
Place: Gurugram (Membership No. 094468)
Date: 20 May 2022 (UDIN: 22094468AJHQNG5677)

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of GE T&DIndia Limited ("the Company") as of March 31 2022 in conjunction with our auditof the Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

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

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

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 2022 based on "the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India".

For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Vijay Agarwal
(Partner)
Place: Gurugram (Membership No. 094468)
Date: 20 May 2022 (UDIN: 22094468AJHQNG5677)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

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

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that:

(i) (a) A. The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment capitalwork-in-progress and relevant details of right-of-use assets.

B. The Company has maintained proper records showing full particulars of intangibleassets.

(b) The Company has a program of verification of property plant and equipment capitalwork-in-progress right-of-use assets so to cover all the items once every 3 years andwhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. Pursuant to the program certain Property Plant and Equipment weredue for verification during the year and were physically verified by the Management duringthe year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) Based on our examination of the registered sale deed / transfer deed provided tous we report that the title deeds of all the immovable properties (other than immovableproperties where the Company is the lessee and the lease agreements are duly executed infavour of the Company) disclosed in the financial statements included in property plantand equipment are held in the name of the Company as at the balance sheet date other thana leasehold land located at Chennai measuring 4.84 acre amounting to Rs 0.25 Mnwhose (lease term is expired on September 13

1989) renewal of lease agreement is under process. (Also Refer Note 3(1) of thefinancial statements)

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

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31 March 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories (Other than goods-in-transit and stocks held with thirdparties) were physically verified during the year by the Management at reasonableintervals. In our opinion and based on information and explanations given to us thecoverage and procedure of such verification by the Management is appropriate having regardto the size of the Company and the nature of its operations. For stocks held with thirdparties at the year-end written confirmations have been obtained and in respect of goodsin transit the goods have been received subsequent to the year-end. No discrepancies of10% or more in the aggregate for each class of inventories were noticed on such physicalverification of inventories when compared with the books of account.

(b) According to the information and explanations given to us at any point of time ofthe year the Company has not been sanctioned any working capital facility from banks orfinancial institutions on the basis of security of current assets and hence reportingunder clause (ii)(b) of the Order is not applicable.

(iii) The Company has granted unsecured loans to its fellow subsidiary company duringthe year in respect of which:

(a) Aggregate amount granted during the year and balance outstanding as at 31st march2022 is of Rs 143 Mn and Nil respectively.

(b) the terms and conditions of the grant during the year are in our opinion primafacie not prejudicial to the Company's interest.

(c) the loan is payable on demand and the company has demanded such loan during theyear. In our opinion the repayment of principal amount and receipt of interest areregular.

(d) there is no overdue amount remaining outstanding as at the balance sheet date.

(e) The recovery has made on the date the loan is fallen due hence the provisions ofclause (iii)(e) is not applicable.

(f) The aggregate amount of loan repayable on demand is of Rs 143 Mn as against theaggregate amount of loan to promoters/ Related parties/ Others is of Rs 143 Mn i.e 100% oftotal loans granted during the year.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

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

(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the books of accountmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government for maintenance of cost records under

Section 148(1) of the Companies Act 2013 and are of the opinion that prima faciethe prescribed cost records have been made and maintained by the Company. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues including Goods and Service tax Provident FundEmployees' State Insurance Income-tax duty of Custom cess and other material statutorydues applicable to the Company have been regularly deposited by it with the appropriateauthorities in all cases during the year.

There were no undisputed amounts payable in respect of Goods and Service tax ProvidentFund Employees' State Insurance Income-tax duty of Custom cess and other materialstatutory dues in arrears as at March 31 2022 for a period of more than six months fromthe date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on March 31 2022 on account of disputes are given below:

Name of the Statue Nature of dues Amount of demand (Rs millions) Amount deposited against the demand (Rs millions) Period to which the amount relates Forum where dispute is pending
The Central Excise Act 1944 Excise duty 0.4 - 2008-09 Appellate Authority- up to Commissioner level
38.2 3.1 2011-12 to 2016-17 Central Excise and Service Tax Appellate Tribunal
15.2 0.2 2008-09 & 2018-19 High Court
Custom Act 1962 Custom duty 62 - 2002-03 Supreme Court
444.3 - 2002-03 to 2013-14 High Court
151.3 1.3 2012-13 to 2017-18 Custom Excise and Service Tax Appellate Tribunal
177.6 - 2001-02 2015 to 2016 Appellate Authority- up to Commissioner Level
The Finance Act 1994 Service tax 1.5 0.1 2015-16 & 2017-18 Up to Commissioner Level
173.5 68.4 2011-12 to 2013-14 2015-16 to 2019-20 Central Excise and Service Tax Appellate Tribunal
Central Sales Tax Act Sales tax 6.0 1.7 2012-13 High Court
and Local Sales Tax Acts (including works contract tax) 4697.7 1326.0 1986-87 2000-01 to 2017-18 Appellate Authority- upto Commissioner level
2007-08 to 2016-17 Sales Tax Appellate Tribunal
395.5 219.1
The Goods & Service Tax Act Goods & Service Tax 300.0 34.4 2017-18 & 2020-21 Appellate Authority- upto Commissioner level
Income Tax Act 1961 Income Tax 608.4 - 2005-06 2011-12 2012-13 High Court
1901.75 147.72 2006-07 to 2009-10 2011-12 to 2017-18 Commissioner of Income Tax (Appeals)
596.28 - 2008-09 & 2010-11 Income Tax Appellate Tribunal

The following matters have been decided in favour of the Company although theDepartments have preferred appeal at higher levels:

Name of the Statue Nature of dues Amount of demand (Rs millions) Amount deposited against the demand (Rs millions) Period to which the amount relates Forum where dispute is pending
The Finance Act 1994 Service tax 109.03 - 2012-13 High Court
314.66 46.93 2010-11 to 2012-13 Supreme Court

(viii) (a) There were no transactions relating to previously unrecorded income thatwere surrendered or disclosed as income in the tax assessments under the Income Tax Act1961 (43 of 1961) during the year.

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

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

(c) The Company has not taken any term loan during the year and there are no unutilizedterm loans at the beginning of the year and hence reporting under clause (ix)(c) of theOrder is not applicable.

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(e) The Company does not have investment in subsidiaries associates or joint venturesand hence reporting under clause (ix)(e) of the Order is not applicable.

(f) The Company does not have investment in subsidiaries associates or joint venturesand hence reporting under clause (ix)(f) of the Order is not applicable.

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

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

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

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

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

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

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) We have considered the internal audit reports issued to the Company during theyear and covering the period upto June 2021 and the draft of the internal audit reportswhere issued after the balance sheet date covering the period from January 2020 toDecember 2021 for the period under audit. (xv) In our opinion during the year the Companyhas not entered into any non-cash transactions with its directors or persons connectedwith its 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 undersection 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause(xvi)(a) (b) and (c) of the Order is not applicable.

(d) As informed by management of the Company the group has one CIC as part of thegroup.

(xvii) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there are no unspent CSR amount for the year requiring a transferto a Fund specified in Schedule VII to the Companies Act or special account in compliancewith the provision of sub-section (6) of section 135 of the said Act. Accordinglyreporting under clause (xx) of the Order is not applicable for the year.

(xxi) According to the information and explanations given to us the Company does nothave investment in subsidiaries associates or joint ventures and hence reporting underclause (xxi) of the Order is not applicable.

For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Vijay Agarwal
(Partner)
Place: Gurugram (Membership No. 094468)
Date: 20 May 2022 (UDIN: 22094468AJHQNG5677)

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