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Gujarat Sidhee Cement Ltd.

BSE: 518029 Sector: Industrials
NSE: GSCLCEMENT ISIN Code: INE542A01039
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OPEN 43.90
PREVIOUS CLOSE 42.65
VOLUME 16878
52-Week high 62.60
52-Week low 31.70
P/E 11.66
Mkt Cap.(Rs cr) 378
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.90
CLOSE 42.65
VOLUME 16878
52-Week high 62.60
52-Week low 31.70
P/E 11.66
Mkt Cap.(Rs cr) 378
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Sidhee Cement Ltd. (GSCLCEMENT) - Auditors Report

Company auditors report

To the Members of Gujarat Sidhee Cement Limited

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying standalone financial statements of Gujarat SidheeCement Limited ("the Company") which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity the Statement of Cash Flows for the year then ended andnotes to the standalone financial statements including a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2021 its profit andtotal comprehensive income the changes in equity and its cash flows for the year ended onthat date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the "Auditor’sResponsibilities for the Audit of the Standalone Financial Statements" section of ourreport. We are independent of the Company in accordance with the "Code ofEthics" issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the standalone financialstatements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole for the year ended March 31 2021 and in forming our opinionthereon and we do not provide a separate opinion on these matters. We have determined thematters described below to be the key audit matters to be communicated in our report :

Key Audit Matter How was the matter addressed in our audit
Rebates Discounts and Incentives Our audit procedures included the following :
The Company sells its products through various channels such as dealers and commission agents (customers) and provide various rebates discounts and incentives payable to them under various marketing schemes. l Assessed the design and implementation of controls from the management relating to recording of rebates discounts and incentives based on estimation of revenue and tested the operating effectiveness of such controls.
Revenue is recognised net of rebates discounts and incentives based on the arrangement with customers. Rebates discounts and incentives to customers are administered through various schemes. Amounts involved for such rebates etc. are material items voluminous and complex and also involves significant judgment and estimates. l Tested the inputs used in the estimation of revenue in context of incentives and selecting samples of revenue transactions and circulars to re-check that rebates discounts and incentives were calculated in accordance with the eligibility criteria mentioned in the scheme circular.
The value of rebates discounts and incentives together with the level of judgment involved make its accounting treatment a key audit matter. l Ensured the completeness of liabilities recognised by evaluating the parameters for the schemes.
[Refer Notes 1.11 and 25 to the standalone financial statements.] l Review of inputs used in calculating the amount and in some cases re-performed the calculation.
l Verification of appropriate authorisation.
l Analysed past trends by comparing actuals with the estimates of earlier periods.
l Assessed the disclosures rebates discounts and incentives in accordance with the requirements of Ind AS 115 on "Revenue from Contracts with Customers".

 

Deferred Tax Assets ("DTA") on MAT Credit Entitlement Unabsorbed Depreciation and Business Losses Our audit procedures included the following :
The Company had recognised MAT Credit Entitlement in earlier years and reflect the same as DTA and during the year DTA for a portion of MAT Credit have been utilised and hence reversed. l Considered the Company’s accounting policies with respect to recognition of tax credits in accordance with Ind AS 12 on "Income Taxes".
The recognition of MAT Credit as DTA was on the basis that it is probable that future taxable profits will be available against which such tax credits can be utilised. l Evaluated the Company’s tax positions by comparing it with prior years and past precedents.
The Company had recognised DTA in earlier years on carried forward business losses and unabsorbed depreciation; the carried forward business losses and a portion of unabsorbed depreciation were set off against the profits available during the immediate previous year and the balance of unabsorbed depreciation has been set off against the profits during the year and accordingly DTA on unabsorbed depreciation have been utilised and reversed. l Evaluated the estimates of profitability made by the management on the basis of which it is considered probable that the Company will have sufficient taxable income against which the tax credits will be utilised.
Such recognition and reversal of DTA is a key audit matter as the determination that it is probable that future taxable will be available that is the recoverability of such tax credits of MAT Credit carried forward business losses and unabsorbed depreciation within the allowed time frame involves significant estimate of the financial projections availability of sufficient taxable income in the future and significant judgments in the interpretation of tax regulations and tax positions adopted by the Company. l Discussed with the management the future business plans and financial projections on which the estimate of profitability is made.
[Refer Notes 1.15 18 and 33 to standalone financial statements] l Assessed the management’s long-term financial projections and the key assumptions used in the projections by comparing it to the approved business plan and projections used for impairment assessment where applicable.
l Assessed the disclosures in accordance with the requirements of Ind AS 12 on "Income Taxes".

 

Physical Verification of Inventories Our alternative audit procedures to obtain sufficient appropriate audit evidence regarding the existence and condition of inventories include the following :
The Company has inventories that consist of its raw materials packing materials work-in-progress finished goods stores and spares and fuel. The Company has its manufacturing operations at one location and finished goods are at its manufacturing unit as also depots. Its inventories other than finished goods and those in transit are at its manufacturing unit; finished goods are at its manufacturing unit as well as depots. The management of the Company carried out physical verification of its inventories at the year-end in our virtual presence via video call since due to various restrictions imposed due to COVID-19 outbreak it was impractical for us auditors to physically attend the inventory counting. We performed the alternative audit procedures to obtain sufficient appropriate audit evidence regarding the existence and condition of inventories that is for physical verification of inventories. l Evaluated the control design in respect of inventory process and testing whether such controls have operated effectively during the period of audit. Obtained
This matter is considered to be key audit matter given the circumstances of COVID-19 vis--vis non-COVID-19 scenario. l details/documents of existence of physical inventories as carried out by the management at the year-end.
[Refer Notes 1.7 and 7 to the standalone financial statements regarding accounting policy and the carrying amounts of inventories] l Observed the inventory counting remotely at the year- end via video call; considered the related practical constraints while counting remotely.
The count was carried for all items of inventories on sample basis and in some cases of on the best judgment basis as also based on previous experience of conducting inventory count at the earlier date.
Related documents were verified for the existence of inventories at the year-end.
Employed appropriate cut-off procedures as also verified documentary records for inventories in-transit.

 

Uncertain tax positions Our audit procedures include the following :
Direct and Indirect Taxes l Obtained details of uncertain tax position and gained understanding thereof.
The Company has uncertain tax matters pending litigations under direct tax and various indirect tax laws. The litigation involves significant judgment to determine the possible outcome based on which accounting treatment is given to the disputed amount. Obtained details of tax assessments and also demands raised. and
These matters are considered to be key audit matter given the magnitude of potential outflow of economic resources and uncertainty of potential outcome. Read analysed relevant communication with the authorities and legal consultants.
[Refer Notes 22 and 34 to the standalone financial statements.] Considered the legal advice obtained by the management on possible outcome of the litigation.
Discussed with senior management and evaluated management’s assumptions regarding provisions made.
Assessed the disclosures in accordance with the requirements of Ind AS 37 on "Provisions Contingent Liabilities and Contingent Assets".

NFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR’S REPORTTHEREON

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Board’s Report including Annexures to Board’s Report CorporateGovernance and Shareholder’s Information but does not include the standalonefinancial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course 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 STANDALONE 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 and presentation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance (including other comprehensive income) changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Ind AS specified under Section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the 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 statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements the Board of Directors is responsiblefor assessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative 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 STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements.

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

l Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

l Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

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

l Conclude on the appropriateness of management’s use of the going concernbasis 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 conditionsmay cause the Company to cease to continue as a going concern.

l Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in

(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 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 alsoprovide those charged with governance with a statement that we have complied with relevantethical 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 standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

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 Changes in Equity the Statement of Cash Flows and notes to thestandalone financial statements dealt with by this Report are in agreement with the booksof account;

d. In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended;

e. On the basis of written representations received from the directors as on March 312021 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct;

f. With respect to the internal financial controls with reference to financialstatements of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A";

g. With respect to the matters to be included in the Auditor’s Report inaccordance with requirement 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 paid during the current year by the Company to its directorsis in accordance with the provisions of Section 197 read with Schedule V of the Act and isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) of the Act whichare required to be commented upon by us.

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 standalone financial statements – Refer Note 34 to the standalonefinancial statements;

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses as required under the applicable law oraccounting standards;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312021.

2. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we enclose in the "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

For BANSI S. MEHTA & CO.
Chartered Accountants
Firm Registration No.100991W
PARESH H. CLERK
Partner
PLACE : Mumbai Membership No. 36148
DATED : June 29 2021 UDIN : 21036148AAAACL3352

ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 1(f) under the heading of "Report on Other Legal andRegulatory Requirements" in our Independent Auditor’s Report of even date on theStandalone Financial Statements for the year ended March 31 2021.

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS UNDERCLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THEACT")

We have audited the internal financial controls with reference to standalone financialstatements of Gujarat Sidhee Cement Limited ("the Company") as of March31 2021 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal financial controls with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting ("the Guidance Note") issued by the Instituteof Chartered Accountants of India ("ICAI"). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Act.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI anddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls with reference to financial statements. 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 with reference to financial statements were established and maintainedand if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of internal financial controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor’s judgmentincluding the assessment of the risks of material misstatement of the standalone financialstatements 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 controlswith reference to financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A company’s internal financial control with reference to financial statements 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 controlwith reference to financial statements includes those policies and procedures that :

a. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b. 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

c. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures 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 controlswith reference to the standalone financial statements and such internal financial controlswith reference to standalone financial statements were operating effectively as at March31 2021 based on the internal controls over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note.

For BANSI S. MEHTA & CO.
Chartered Accountants
Firm Registration No.100991W
PARESH H. CLERK
Partner
PLACE : Mumbai Membership No. 36148
DATED : June 29 2021 UDIN : 21036148AAAACL3352

ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 2 under the heading of "Report on Other Legal andRegulatory Requirements" of our Independent Auditors’ Report of even date on theStandalone Financial Statements for the year ended March 31 2021.

Report on the Companies (Auditor’s Report) Order 2016 issued in terms of Section143(11) of the Companies Act 2013 ("the Act") of Gujarat Sidhee Cement Limited("the Company")

i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment ("PPE").

b. PPE have been physically verified by the management according to a phased programmedesigned to cover all the PPE over a period of three years which in our opinion providesfor physical verification of all the items of PPE at reasonable intervals. Pursuant to theprogramme a portion of the items of PPE have been verified by the management during theyear and no material discrepancies were noticed on such verification.

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 asincluded in Note 2 to the standalone financial statements are held in the name of theCompany.

ii. Inventories other than stocks-in-transit have been physically verified by themanagement during the year. For stocks-intransit at the year-end the necessarydocumentary evidences have been obtained. In our opinion the frequency of suchverification is reasonable and no material discrepancies were noticed on such physicalverification.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore reporting requirements as per the provisions of Clause3(iii) [(a) to (c)] of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act with respectto the loans and investments made. The Company has not given any guarantee or provided anysecurity in connection with a loan to any person or other body corporate and accordinglythe question of commenting on compliance with the provisions in respect thereof does notarise.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit from the public. Accordingly paragraph 3(v) of theOrder to comment on whether the Company has complied with the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and rules framed thereunder is not applicable.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as specified by the Central Governmentfor maintenance of cost records under Section 148(1) of the Act in respect of cementmanufactured by the Company and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. However we have not made a detailedexamination of the said accounts and records with a view to determine whether they areaccurate or complete.

vii. a. According to the information and explanations given to us and on the basis ofthe books and records examined by us the Company has been regular in depositingundisputed statutory dues including Provident Fund Income-tax Goods and Services TaxDuty of Customs Duty of Excise Value Added Tax Cess and other statutory dues asapplicable to it with the appropriate authorities. There are no arrears of outstandingstatutory dues on the last day of the financial year for a period of more than six monthsfrom the date they become payable.

b. According to the information and explanations given to us and on the basis of thebooks and records of the Company examined by us as may be applicable given herein beloware the details of dues of Income-tax Sales-tax Duty of Customs Duty of Excise ValueAdded Tax which have not been deposited on account of disputes and the forum where thedispute is pending :

Name of the Statute Forum where the dispute is pending Nature of Dues Period to which amount relates Amounts Rs. in lakhs
Customs Act 1962 Customs Excise and Service Tax Appellate Tribunal Customs Duty 1995-96 35.85
Customs Excise and Service Tax Appellate Tribunal Customs Duty and Penalty 2012-13 420.59 (*42.62)
Central Excise Act 1944 Customs Excise and Service Tax Appellate Tribunal Excise Duty 1992-93 36.72
Customs Excise and Service Tax Appellate Tribunal Excise Duty and Penalty 2008-09 to 2011-12 and 2013-14 to 2016-17 3211.07 (*123.39)
Commissioner (Appeal) GST Junagadh Excise Duty and Penalty 2017-18 23.94 (*2.98)
Commissioner / Add. Commissioner Central Excise Excise Duty and Penalty 2009-10 2010-11 and 2012-13 495.34(*4.95)
Joint Commissioner Central Excise Excise Duty and Penalty 2013-14 5.85(*1.11)
Central Excise / CENVAT Credit Rules 2004 Customs Excise and Service Tax Appellate Tribunal Service Tax and Penalty 2012-13 and 2013-14 138.36(*5.37)
Rajasthan Sales Tax Act 1994 Rajasthan High Court Sales Tax and Penalty 1996-97 24.73
Gujarat Sales Tax Act 1961 Joint Commissioner (A) Rajkot Sales Tax Interest and Penalty 2002-03 to 2004-05 121.21(*37.61)
Gujarat Value Added Tax Act 2003 Joint Commissioner (A) Rajkot Value Added Tax Interest and Penalty 2006-07 and 2007-08 321.88(*54.23)
Maharashtra Value Added Tax Act 2002 Joint Commissioner (A) Mumbai Value Added Tax and Interest 2009-10 3.22
Income-tax Act 1961 CIT (A) National Faceless Appeal Centre (NFAC) Income Tax and Interest 2017-18 302.30(*75.57)

*indicates amount deposited or paid under protest.

viii. According to the information and explanations given to us as also on the basisof the books and records examined by us the Company has not defaulted in repayment ofdues to financial institutions or banks. The Company has not taken any loan or borrowingfrom Government and has not issued any debenture during the year.

ix. According to the information and explanations given to us and on the basis of thebooks and records examined by us the Company has not raised any money by way of initialpublic offer or further public offer (including debt instruments) during the year.Accordingly paragraph 3(ix) of the Order in respect thereof is not applicable. Moneysraised by way of term loans were applied for the purposes for which those are raised.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year in the course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration during the financial year 2020-21 in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order isnot applicable to 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 the provisions of Sections 177 and 188 of the Act where applicable andthe details of such transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and on the basis of thebooks and records examined by us the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly reporting under paragraph 3(xiv) of the Order is notapplicable.

xv. According to the information and explanations given to us and on the basis of thebooks and records examined by us the Company has not entered into non-cash transactionswith any of the directors or any persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable tothe Company.

For BANSI S. MEHTA & CO.
Chartered Accountants
Firm Registration No.100991W
PARESH H. CLERK
Partner
PLACE : Mumbai Membership No. 36148
DATED : June 29 2021 UDIN : 21036148AAAACL3352

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