TO THE MEMBERS OF HONEYWELL AUTOMATION INDIA LIMITED Report on the Audit of theFinancial Statements
Opinion
We have audited the accompanying financial statements of Honeywell Automation IndiaLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 and the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Cash Flow and the Statement of Changes in Equity for the year then endedand a summary of significant accounting 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 March 31 2022 and its profit total comprehensiveincome 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 ("SA"s) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor’sResponsibility for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI’s Code of Ethics. We believe that theaudit evidence obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.
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.
| Sr. No. Key Audit Matter | Auditor’s Response |
| 1 Accuracy of revenue recognition in line with Ind AS 115 Revenue from Contracts with Customers: | Principal Audit Procedures Performed: |
| The Company recognizes revenue from turnkey contracts on a percentage of completion basis using cost-based input method which is determined by using a cost-to-cost input method. | • We tested the effectiveness of internal controls over the recognition of revenue on Percentage of Completion basis and the determination of estimated contract costs including controls over the review of management’s assumptions and key inputs used to recognize revenue and costs on long-term contracts using the cost-to-cost input method. |
| The estimation of total costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Cost contingencies are included in these estimates to take into account specific uncertain risks arising within each contract. Provisions for estimated losses if any on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. | • We tested the relevant underlying computer application systems used in recording revenue/project costs and budgeting systems including system generated reports. |
| Given the significance of the judgments necessary to estimate costs associated with these long-term contracts (which varies upon the length of the contract) auditing long-term contracts requires a high degree of auditor judgment. | We selected samples of ongoing turnkey contracts wherein revenue was recorded on percentage of completion basis and performed the following: |
| Refer to Note Number. 2(g) and Note number 21 of the Financial Statements | - tested contractual terms by agreeing these back to signed contracts tested the mathematical accuracy of the cost incurred till date to budgeted total cost and re-performed the calculation of revenue recognized during the year based on the percentage of completion; |
| - tested the actual costs incurred on construction works during the reporting period with supporting system reports on project status and extent of obligations fulfilled against the Company’s estimates as provided in prior periods or initial budget to identify significant variations and evaluate whether those variations have been considered appropriately and timely |
| - performed enquiries with the project managers for the samples selected and corroborated their responses to the contract testing. |
| - tested management’s estimates of the impact to revenue and budgeted costs arising from scope changes made to the original contracts claims disputes and liquidation damages with reference to supporting documents including variation orders/executed purchase orders and correspondences between the Company and the customers. |
| - performed a retrospective review of costs incurred with costs estimated to assess management’s ability to achieve estimates and to identify potential bias in the recognition of revenue over time. |
| 2 Evaluation of Provisions disclosures and analysis with respect to ongoing direct and indirect tax litigations | Principal Audit Procedures Performed: |
| The Company has various ongoing direct and indirect taxes related disputes/litigations in various states and at various levels of appellate authorities. | • We assessed management’s processes and tested the internal controls implemented for the identification recognition and measurement of tax positions and its assessment of the potential impact on the Company. |
| The evaluation of the Company’s position and determination of possible outcome of these disputes and provisions and related disclosures if any required to be made in the books involves significant management judgment. | • We received a statement of all ongoing disputes/litigations along with the necessary documentation and |
| Refer Note 2(L) and note 34 to the financial statements. | - We evaluated management’s assessments including advice/ opinion obtained from external consultants/legal advisors with respect to prospects of success of appeals and tax proceedings. |
| - We involved our internal experts to challenge the management’s position on these select litigations and to consider legal precedence and other rulings in evaluating management’s position on these tax positions. |
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Company’s Board of Directors is responsible for the other information.The other information comprises the information included in the Board’s Reportincluding specific Annexures to Board’s Report and Management Discussion andAnalysis but does not include the financial statements and our auditor’s reportthereon.
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. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.
The 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal financial 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 system in place and the operating effectiveness ofsuch 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 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act based on our audit 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 relevant 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 March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.
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 controlsover financial reporting. g) With respect to the other matters to be included in theAuditor’s Report in accordance with the requirements of section 197(16) of the Actas amended
In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act. h) With respect to the othermatters to be included in the Auditor’s Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best ofour information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements
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;
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company .
iv. (a) The Management has represented that to the best of its knowledge and beliefno funds
(which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether 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 its knowledge and belief nofunds
(which are material either individually or in the aggregate) have been received by theCompany from any person or entity including foreign entity ("Funding Parties")with the understanding whether recorded in writing or otherwise that the Company shallwhether directly or indirectly lend or invest in other persons or entities identified inany 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 that has been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.
v. As stated in Note 39 to the Financial Statement (a) The final dividend proposed inthe previous year declared and paid by the Company during the year is in accordance withsection 123 of the Act as applicable.
(b) The Board of Directors of the Company have proposed final dividend for the yearwhich is subject to the approval of the members at the ensuing Annual General Meeting. Theamount of dividend proposed is in accordance with section 123 of the Act as applicable.
2. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.
| For Deloitte Haskins & Sells LLP |
| Chartered Accountants |
| (Firm’s Registration No. 117366W/W-100018) |
| Saira Nainar |
| Partner |
| (Membership No. 040081) |
| UDIN: 22040081AIWAQB8328 |
| Place: Pune | |
| Date: May 12 2022 | |
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 HoneywellAutomation India Limited ("the Company") as of March 31 2022 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat 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 (the "ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.
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 our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") issued by ICAI and the Standards on Auditing prescribed under Section 143(10)of the Act 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 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 controlssystem over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally 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 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 respective Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.
| For Deloitte Haskins & Sells LLP |
| Chartered Accountants |
| (Firm’s Registration No. 117366W/W-100018) |
| Saira Nainar |
| Partner |
| (Membership No. 040081) |
| UDIN: 22040081AIWAQB8328 |
| Place: Pune | |
| Date: May 122022 | |
ANNEXURE "B" TO THE INDEPENDENT AUDITORS’ REPORT
(Referred to in paragraph 2 under ‘Reporting 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 maintainedproper records showing full particulars including quantitative details and situation ofProperty Plant and Equipment Capital work-in-progress and relevant details ofright-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 to coverall the items in a phased manner over a period of three years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program certain Property Plant and
Equipment 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 title deeds and property tax paid receipts providedto us we report that the title deed of all the immovable property (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 and capital work-in progress) are held in the name of the Company as at thebalance sheet date.
(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 31st
March 2022 for holding any benami property under the Benami Transaction(Prohibition)Act 1988 (as amended in 2016) and rules made thereunder.
(ii) The inventories were physically verified during the year by the Management atreasonable intervals. In our opinion and according to the information and explanationgiven to us the coverage and procedure of such verification by the Management isappropriate having regard to the size of the Company and the nature of its operations. Nodiscrepancies of 10% or more in the aggregate for each class of inventories were noticedon such physical verification of inventories when compared with books of account.
(b) According to the information and explanation given to us at any point of time ofthe year the Company has not been sanctioned any working capital facility from banks orfinancial institutions and hence reporting under clause 3 (ii) (b) of the order is notapplicable.
(iii) The Company has not made any investments in provided any guarantee or securityand granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties during the year andhence reporting under clause 3 (iii) of the Order is not applicable.
(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 in respect ofinvestments made by the Company. According to the information and explanations given tous the Company has not granted loans or provided guarantees and securities.
(v) The Company has not accepted any deposits from the public and hence reporting underclause 3 (v) of the Order is not applicable to the Company.
(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the
Companies Act2013. We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost Records and Audit) Rules 2014 as amended prescribed bythe Central Government under sub-section (1) of Section 148 of the Companies Act 2013 andare of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete. (vii) In respect of statutorydues:
(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 generally been regularly deposited by it with theappropriate authorities though the delays in respect of remittance of There were noundisputed amounts payable in respect of Provident Fund Employees’ State Insurance
Income-tax Customs Duty GST Cess and other material statutory dues in arrears as atMarch 31st 2022 for a period of more than six months from the date they became payable.
(b) Details of statutory dues referred to in sub- clause (a) above which have not beendeposited as on
March 31st 2022 on account of disputes are given below:
Income Tax Act 1961
| Nature of Dues | Forum where Dispute is Pending | Period to which the amount relates | Amount unpaid | Amount Paid |
| Income Tax | Assessing office/ Transfer Pricing officer | AY 2003-04 | 349.19 | 195.08 |
| Income Tax | Commissioner of Income Tax Appeals | AY 2008-09 | 167.59 | - |
| Income Tax | Assessing office/ Transfer Pricing officer | AY 2009-10 | 45.88 | - |
| Income Tax | Commissioner of Income Tax Appeals | AY 2010-11 | 121.69 | - |
| Income Tax | Commissioner of Income Tax Appeals | AY 2011-12 | 9.80 | - |
| Income Tax | Commissioner of Income Tax Appeals | AY 2012-13 | 11.86 | - |
| Income Tax | Commissioner of Income Tax Appeals | AY 2013-14 | 445.99 | - |
| Income Tax | Assessing office/ Transfer Pricing officer | AY 2015-16 | 566.52 | 23.50 |
| Income Tax | Commissioner of Income Tax Appeals | AY 2017-18 | 91.89 | 105.49 |
Respective Sales tax laws- Sales tax Value added tax (VAT) Central Sales Tax (CST)Works Contract Tax Entry Tax etc
| Nature of Dues | Forum where pending | Period to which it pertains (FY) | Amount Unpaid | Amount Paid |
| BST | Tribunal Maharashtra | 2001-02 | 32.28 | - |
| CST | Additional Commissioner (appeals) Bihar | 2015-16 | 13.16 | 3.82 |
| CST | Additional Commissioner Uttar Pradesh | 2010-11 | 6.56 | - |
| CST | Appellate authority -I Commercial Tax Department Jaipur Rajasthan | 2012-13 | 39.93 | - |
| CST | Appellate Deputy Commissioner Andhra Pradesh (New) | 2016-17 | 1.94 | - |
| CST | Assessing officer Karnataka | 2017-18 | 10.11 | - |
| CST | Assessing officer Gurugram | 2015-16 to 2017-18 | 112.94 | - |
| CST | Assistant commissioner Maharashtra | 2013-14 to 2015-16 | 68.74 | - |
| CST | Assistant commissioner Tamil Nadu | 2013-14 to 2017-18 | 21.68 | - |
| CST | Deputy Commissioner Kerala | 2010-11 and 2012-13 | 15.23 | - |
| CST | Deputy Commissioner Maharashtra | 2012-13 and 2013-14 | 137.49 | 276.09 |
| CST | Deputy Commissioner Uttar Pradesh | 2016-17 and 2017-18 | 18.73 | 18.02 |
| CST | Joint commissioner (Appeals) | 2015-16 to 2017-18 | 1587.77 | 19.30 |
| Maharashtra | | | |
| CST | Joint Commissioner Maharashtra | 2010-11 | 103.52 | 18.16 |
| CST | Joint Commissioner West Bengal | 2014-15 to 2016-17 | 9.81 | 1.04 |
| CST | Revision board-Bench - VII West Bengal | 2012-13 and 2013-14 | 126.97 | 17.04 |
| CST | Special Objection Hearing Authority Delhi | 2007-082015-16 to 2017-18 | 201.50 | - |
| CST | Tribunal Maharashtra | 2001-02 and 2009-10 | 211.38 | 32.42 |
| Entry Tax | Assessing officer Uttar Pradesh | 2005-06 and 2006-07 | 26.00 | - |
| Entry Tax | Deputy Commissioner of Commercial Tax Madhya Pradesh | 2016-17 | 6.18 | 2.06 |
| GST | Deputy Commissioner of Commercial Tax (Appeals) Jammu | 2017-18 | 36.19 | - |
| VAT | Additional Commissioner (appeals) Bihar | 2015-16 | 15.69 | 3.40 |
| VAT | Additional Commissioner Uttar Pradesh | 2012-13 | 144.33 | 20.73 |
| VAT | Appellate authority -I commercial tax | 2012-13 | 42.31 | 0.99 |
| dept. Jaipur Rajasthan | | | |
| VAT | Assessing officer Uttar Pradesh | 2006-07 | 233.76 | - |
| VAT | Assistant Commissioner of Commercial Taxes Goa | 2017-18 | 2.31 | 0.29 |
| VAT | Assistant commissioner (Commercial tax) Karnataka | 2012-13 2014-15 and 2016-17 | 138.14 | 72.94 |
| VAT | Assistant Commissioner Jharkhand | 2007-08 and 2014-15 | 12.81 | - |
| VAT | Assistant commissioner Maharashtra | 2013-14 | 116.94 | - |
| VAT | Assistant commissioner Tamil Nadu | 2010-11 | 5.80 | - |
| VAT | Deputy commissioner (Commercial Tax) Telangana | 2010-11 and 2011-12 | 22.96 | - |
| VAT | Deputy Commissioner of Commercial Tax Madhya Pradesh | 2016-17 | 3.18 | 1.06 |
| VAT | Deputy Commissioner Gujarat | 2001-02 | 19.73 | - |
| VAT | Deputy Commissioner Kerala | 2009-10 to 2015-16 | 529.63 | 33.10 |
| VAT | Deputy Commissioner Uttar Pradesh | 2008-09 2011-12 2014-15 to 2016-17 | 453.77 | 11.55 |
| VAT | Joint commissioner (Appeals) Maharashtra | 2015-16 | 190.86 | 8.02 |
| VAT | Joint Commissioner Maharashtra | 2011-12 | 52.67 | 131.23 |
| VAT | Joint Commissioner West Bengal | 2015-16 and 2016-17 | 1053.30 | 128.41 |
| VAT | Joint Excise & taxation Commissioner (Appeals) Faridabad Haryana | 2017-18 | 6.10 | - |
| VAT | Revision board-Bench - VII West Bengal | 2010-11 2012-13 to 2014-15 | 157.23 | 25.69 |
| VAT | Sales tax office Jharkhand | 1997-98 to 1999-00 | 39.73 | - |
| VAT | Deputy Commissioner (Commercial Tax) Andhra Pradesh (New) | 2014-15 | 21.14 | - |
| VAT | Special Objection Hearing Authority Delhi | 2007-08 2010-11 2011-12 2014-15 to 2017-18 | 1378.76 | 106.20 |
| VAT | Tribunal Maharashtra | 2007-08 and 2009-10 | 208.48 | 52.09 |
| VAT | Tribunal West Bengal | 2011-12 | 0.08 | - |
| WCT | Additional Commissioner Odisha | 2011-12 and 2012-13 | 153.61 | - |
| WCT | | | | |
| Customs | Deputy Commissioner (Customs) Mumbai | 1994-95 & 2007-08 | 81.35 | - |
| The Central Excise Act 1944 | | | | |
| Excise | Deputy/Assistant Commissioner Excise Pune | 2000-01 | 2.4 | - |
(viii) There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year.
(ix) (a) The Company has not taken any loans or borrowings from any lender. Hencereporting under clause 3 (ix)(a) of the Order is not applicable to the Company.
(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 unutilisedterm loans at the beginning of the year and hence reporting under clause 3 (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 did not have any subsidiary or associate or joint venture during theyear and hence reporting under clause 3 (ix)(e) of the Order is not applicable.
(f) The Company has not raised any loans during the year and hence reporting on clause3 (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 3 (x) (a) of the Order is not applicableto the Company.
(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 3 (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 3 (xii) ofthe Order is not applicable. (xiii) In our opinion the Company is in compliance withSection 177 and 188 of the 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 audit system commensuratewith the size and nature of its business.
(b) We have considered the internal audit reports issued to the Company during theyear and covering period upto March 2022 and the draft of the internal audit reports whereissued after the balance sheet date covering period April-22 for the period under audit.
(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with them and hence provisions ofSection 192 of the Companies Act2013 are not applicable to the Company.
(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Hence reporting under clause 3 (xvi) (a) (b) and (c) of theOrder is not applicable.
The group does not have any CIC as a part of the group and accordingly reporting underclause 3 (xvi) (d) of the order is not applicable.
(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 the Company is not capable of meeting its liabilitiesexisting at the date of the balance sheet as and when they fall due within 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 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 VII to the Companies Act or special account in compliance with theprovisions of sub-section (6) of the section 135 of the said Act. Accordingly reportingunder clause 3 (xx) of the order is not applicable for the year.
| For DELOITTE HASKINS & SELLS LLP |
| Chartered Accountants |
| (Firm’s Registration No. 117366W/W-100018) |
| Saira Nainar |
| Partner |
| (Membership No. 040081) |
| UDIN: 22040081AIWAQB8328 |
| Place: Pune | |
| Date: May 12 2022 | |
