You are here » Home » Companies » Company Overview » Glaxosmithkline Pharmaceuticals Ltd

Glaxosmithkline Pharmaceuticals Ltd.

BSE: 500660 Sector: Health care
NSE: GLAXO ISIN Code: INE159A01016
BSE 00:00 | 04 Oct 1408.35 -7.10
(-0.50%)
OPEN

1434.80

HIGH

1434.80

LOW

1403.25

NSE 00:00 | 04 Oct 1405.10 -10.40
(-0.73%)
OPEN

1423.00

HIGH

1433.35

LOW

1401.00

OPEN 1434.80
PREVIOUS CLOSE 1415.45
VOLUME 1870
52-Week high 1917.00
52-Week low 1372.80
P/E 56.15
Mkt Cap.(Rs cr) 23,859
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1434.80
CLOSE 1415.45
VOLUME 1870
52-Week high 1917.00
52-Week low 1372.80
P/E 56.15
Mkt Cap.(Rs cr) 23,859
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Glaxosmithkline Pharmaceuticals Ltd. (GLAXO) - Auditors Report

Company auditors report

To The Members of GlaxoSmithKline Pharmaceuticals Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of GLAXOSMITHKLINEPHARMACEUTICALS LIMITED ("the Company") which comprise the Balance Sheet asat March 312022 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

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 312022and its profit total comprehensive income its cash flows and the changes in equity forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made 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 obtained by us is sufficient and appropriate to provide abasis 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.

Key Audit Matter Auditor's Response
1 Information Technology (IT) systems which Impact financial reporting Principal audit procedures performed with the assistance of our IT specialists:
The IT systems of the Company form a critical component of the Company's financial reporting activities and impact all account balances. IT controls in the context of our scope for the financial audit primarily relate to access security and change control. The purpose of such controls is to prevent inappropriate changes being made to IT systems in relation to application functionality transactional processing and direct changes to underlying data. • We identified the IT risks for each IT system based on our understanding of the flows of transactions and the IT environment.
• We determined whether each general IT control individually or in combination with other controls is appropriately designed to address the associated IT risk.
• We tested the design implementation and operating effectiveness of the relevant general IT controls.
• We tested the mitigating manual controls for the IT control deficiencies noted around privilege access for certain scoped-in IT systems and the associated infrastructure.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholders Information in Annual Report but does not include theconsolidated financial statements standalone financial statements and our auditor'sreport 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 FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing 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 the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause 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.

We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

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 312022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312022 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 internal financialcontrols over financial reporting.

g. With respect to the other matters to be included in the Auditor'sReport in accordance 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 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 the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii. The Company has long term contracts as of March 312022 for whichthere were no material foreseeable losses. The Company did not have any derivativecontracts as at March 312022.

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

iv. (a) The Management has represented that to the best of itsknowledge and belief as disclosed in the note 59(iii) to the standalone financialstatements no funds have been advanced or loaned or invested (either from borrowed fundsor share premium or any other sources or kind of funds) by the Company to or in any otherperson(s) or entity(ies) including foreign entities ("Intermediaries") withthe understanding 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 its knowledgeand belief as disclosed in the note 59 (iv)s to the standalone financial statements nofunds have been received by the Company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing 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 subclause (i) and (ii) of Rule 11(e)as provided under (a) and (b) above contain any material misstatement.

v. The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with section 123 of the Act asapplicable.

As stated in note 60 to the standalone financial statements the Boardof Directors of the Company have proposed final dividend for the year which is subject tothe approval of the members at the ensuing Annual General Meeting. The dividend proposedis in accordance with section 123 of the Act as applicable.

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 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED ("the Company") asof March 312022 in conjunction with our audit of the standalone Ind AS financialstatements 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the 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's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 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 of therisks of material misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess 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 control overfinancial 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 to the members ofGlaxoSmithKline Pharmaceuticals Limited on the financial statements for the year endedMarch 31 2022).

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 and investment properties.

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

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

(c) Based on our examination of the registered sale deed / transferdeed / conveyance deed / court orders approving schemes of arrangements / amalgamationsprovided to us we report that the title deeds of all the immovable properties (otherthan immovable properties where the Company is the lessee and the lease agreements areduly executed in favour of the Company) disclosed in the financial statements included in(property plant and equipment capital work-in progress investment property andnon-current assets held for sale) are held in the name of the Company as at the balancesheet date.

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

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 312022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except for goods-in-transit were

physically verified during the year by the Management at reasonableintervals. In our opinion and according to the information and explanations given to usthe coverage and procedure of such verification by the Management is appropriate havingregard to the size of the Company and the nature of its operations. For stocks held withthird parties at the year-end written confirmations have been obtained and in respect ofgoods-in-transit the goods have been received subsequent to the year end. Nodiscrepancies of 10% or more in the aggregate for each class of inventories were noticedon such physical verification of inventories / alternate procedures performed asapplicable when compared with books of account.

(b) According to the information and explanations given to us at anypoint of time of the year the Company has not been sanctioned any working capitalfacility from banks or financial institutions and hence reporting under clause (ii)(b) ofthe Order is not applicable.

(iii) (a) The Company has granted loans during the year and details ofwhich are given below:

Amount (Rs)

A. Aggregate amount granted during the year:
- Subsidiary 1460 lakhs
- Others (Fellow Subsidiary) 19000 lakhs
B. Balance outstanding as at balance sheet date in respect of above cases
- Subsidiary 1460 lakhs
- Others (Fellow Subsidiary) 19000 lakhs

The Company has not provided any advance in the nature of loans orguarantee or security to any other entity during the year.

(b) The terms and conditions of the above-mentioned loans grantedduring the year are in our opinion prima facie not prejudicial to the Company'sinterest.

(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.

(iv) The Company has complied with the provisions of sections 185 or186 of the Act in respect of grant of loans making investments and providing guaranteesand securities 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 been specified by the CentralGovernment under section 148(1) of the Companies Act 2013 in respect of its products. Wehave broadly reviewed the books of account maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment for maintenance of cost records under Section 148(1) of the Companies Act2013 and are of the opinion that prima facie the prescribed cost records have been madeand maintained by the Company. We have however not made a detailed examination of thecost records with a view to determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Goods and Service tax Provident Fund Employees' StateInsurance Income-tax Sales Tax Service Tax duty of Custom duty of Excise Value AddedTax cess and other material statutory dues applicable to it with the appropriateauthorities.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Employees' State Insurance Income-tax Sales Tax ServiceTax duty of Custom duty of Excise Value Added Tax cess and other material statutorydues in arrears as at March 312022 for a period of more than six months from the datethey became payable.

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

Name of the Statue Nature of Dues Forum where dispute is pending Period to which the amount relates# Amount involved Amount Unpaid
(Rs in lakhs) (Rs in Lakhs)
Income - tax Act 1961 Income-tax Commissioner of Income Tax (Appeals) 2005-06 to 2007-08 2010-11 2012-13 to 2017- 2018 36244.64 19174.35
Income Tax Appellate Tribunal 2001-02 88.02 88.02
Sub-total 36332.66 19262.37
The Central Excise Act 1944 Excise Duty Appellate Authority - up to Commissioners / Revisional authorities Level 1991-92 to 1993-94 1995-96 to 1997-98 14.89 14.89
Customs Excise and Service Tax Appellate Tribunal 1996-97 to 2002-03 2010-11 to 2012-13 552.28 504.32
High Court 1976-77 to 1980-81 1987-88 to 1991-1992 160.83 160.83
Sub-total 728.00 680.04
Custom Act 1962 Custom Duty Appellate Authority - up to Commissioners / Revisional authorities Level 1992-1993 to 1993-94 200304 to 2013-14 2017-18 to 2019-20 259.13 259.13
Customs Excise and Service Tax Appellate Tribunal 1994-95 66.53 66.53
Sub-total 325.66 325.66
Finance Act 1994 Service Tax High Court 2000-012002-03 129.20 129.20
Sub-total 129.20 129.20
Sales Tax and Laws as per statues applicable in various states Sales Tax and VAT Appellate Authority - up to Commissioners / Revisional authorities Level 1983-84 1987-88 to 1994-95 1996-97 to 2006-2017 2385.66 1890.90
Appellate Authority - Tribunal 1998-99 to 1999-00 200102 to 2002-03 2005-06 to 2012-13 6622.75 6155.75
High Court 1990-91 1999-2000 2001-02 to 2005-06 276.06 230.58
Supreme Court 1993-94 1994-95 42.14 42.14
Sub-total 9326.61 8319.37
TOTAL 46842.13 28716.64

(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) The Company has not taken any loans or other borrowings fromany lender. Hence reporting under clause (ix)(a) of the Order is not applicable to theCompany.

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

(c) The Company has not taken any term loan during the year and thereare no unutilised term loans at the beginning of the year and hence reporting underclause (ix)(c) of the Order is not applicable.

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

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiary. The Company did not have any associate or jointventure during the year.

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

(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.

(b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence 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 nomaterial fraud on the Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under subsection (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 upto the date of this report and provided tous 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 the financialstatements 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 issued to the Companyduring the year and till 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 holding companysubsidiary company or persons connected with such directors and hence provisions ofsection 192 of the Companies Act 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b)and (c) of the Order is not applicable.

(b) The Group does not have any CIC as part of the group andaccordingly reporting under clause (xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financialyear covered by our audit and 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 realization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

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

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Rupen K. Bhatt
Partner
Place: Mumbai (Membership No. 046930)
Date: May 16 2022 (UDIN: 22046930AJAKLR8629)

.