To The Members of HONEYWELL AUTOMATION INDIA LIMITED Report on the Audit of theFinancial Statements
We have audited the accompanying financial statements of Honeywell Automation IndiaLimited ("the Company") which comprise the Balance Sheet as at 31 March 2021and the Statement of Pro t and Loss (including Other Comprehensive Income) the Statementof Cash Flow and the Statement of Changes in Equity for the year then ended and a summaryof significant accounting policies and other explanatory information. In our opinion andto the best of our information and according to the explanations given to us theaforesaid financial statements give the information required by the Companies Act 2013("the Act") in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31 March 2021 and its profit total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditors Responsibility for the Auditof the Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAIs Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.
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.
We have determined the matters described below to be the key audit matters to becommunicated in our report.
|Key Audit Matter ||Auditors Response |
|1 Accuracy of recognition measurement presentation and disclosure of revenues from turnkey contracts 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 based on proportion of contract costs incurred to date compared to estimated total contract costs. The use of percentage of completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or 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 or disputed claims against the Company 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. || Evaluated the design and implementation and testing the operating effectiveness of controls on a sample basis relating to |
|Accuracy of revenues onerous obligations and pro ts/ loss may deviate significantly on account of change in judgements and estimates. For this reason we identified revenue recognition from turnkey contracts as a key audit matter. ||(i) identi cation and recording of costs incurred and |
|Refer to Note Number. 2(g) and Note number 21 of the Financial Statements ||(ii) basis for the estimates used like total budgeted cost duly factoring the amendments/ modi cations to contracts; |
| || We tested the relevant underlying ERP (SAP) and reports used in recording revenue/project costs and budgeting systems including companys system generated reports. |
| ||We selected samples of ongoing turnkey contracts wherein revenue was recorded on percentage of completion basis and performed the following: |
| ||- tested for appropriate identi cation of performance obligations by agreeing key contractual terms 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 Companys estimates as provided in prior periods or initial budget to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract; |
| ||- performed corroborative enquiries with the project managers for the samples selected and reconciled their responses to the contract testing and/or the executed nal contract and related amendments. |
| ||- tested the reasonableness of forecasted cost to complete by obtaining executed purchase orders and agreements thereby evaluating reasonableness of managements judgements; |
| ||- tested managements 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 and correspondence between the Company and the customers. |
| ||- performed a retrospective review of costs as incurred with costs as estimated to determine if the basis of estimation considered was appropriate and if there were variations if the major reasons for such variations were evaluated and where necessary factored in determining cost to complete for ongoing projects. |
|2 Provision for expected credit losses (ECL): ||Principal audit procedures performed: |
|The ECL allowance in respect of trade receivable and unbilled revenue is computed based on a practical expedient considering a provision matrix based on past experience adjusted to reflect current and estimated future economic conditions. || Evaluated the design and implementation including the operating effectiveness of the controls over : |
|While calculating the ECL allowance the Company has made certain judgments and estimates with regard to customer payment behavior and other relevant risk characteristics when assessing the historical information and estimating the level and timing of expected future cashflows. and effect from the pandemic relating to COVID-19 if any. ||- Basis of consideration with respect to credit risk review of the customers |
|We identified allowance for credit losses as a key audit matter because the Company exercises significant judgment in calculating the ECL allowance. ||- Completeness and accuracy of the data used in estimation of probability of default |
|Refer Note 2(O)(iv) and footnotes to Note 6 and Note 9 to the financial statements ||- Computation of the ECL allowance. |
| ||We received the ECL workings for the provision required as at the year end and : |
| ||- Veri ed the computation of ageing report which is based on standard ageing report from the ERP. |
| ||- veri ed the Companys consideration for credit loss provisioning with publicly available information. |
| ||- Tested a sample of invoices to test the accuracy of the ageing data |
| ||- Recomputed the expected credit loss allowance considering the above determined input data and compared the amounts so recomputed with the amounts recorded by the Management to determine if there were any material differences individually or in the aggregate. |
|3 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 managements processes and tested the internal controls implemented for the identi cation recognition and measurement of tax positions and its assessment of the potential impact on the Company. |
|The evaluation of the Companys position and determination of possible outcome of these disputes and provisions 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 managements assessments with respect to prospects of success of appeals and tax proceedings with respect to major claims by involving our internal experts to challenge the managements position on these select litigations. We also had corroborative discussion with the appropriate senior personnels of the Company. |
| ||- Our internal experts also considered legal precedence and other rulings in evaluating managements position on these tax positions. |
| ||- We obtained independent external confirmations with respect to majority amounts of disputed demands from the Companys legal advisors/consultants. |
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information.The other information comprises the information included in the Boards Reportingincluding specific Annexures to Boards Report and Management Discussion andAnalysis but does not include the financial statements and our auditors 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.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements management is responsible for assessing theCompanys ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
Those Board of Directors are also responsible for overseeing the Companysfinancial reporting process.
Auditors 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 auditors 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 managements 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 theCompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors 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 auditors 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 ndings 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 ourauditors report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act based on our audit 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 Pro t and Loss including Other ComprehensiveIncome the Statement of Cash Flow 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 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodi ed opinion onthe adequacy and operating effectiveness of the Companys internal financial controlsover financial reporting.
g. With respect to the other matters to be included in the Auditors Report inaccordance with the requirements of section 197(16) of the Act as amended
In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration 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 other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.
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; and
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditors Report) Order 2016 ("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 |
| ||(Firms Registration No. 117366W/W-100018) |
| ||Saira Nainar |
| ||(Partner) |
|Place: Mumbai ||(Membership No. 040081) |
|Date: May 312021 ||UDIN: 21040081AAAACL9372 |
ANNEXURE "A" TO THE INDEPENDENT AUDITORS 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 HoneywellAutomation India Limited ("the Company") as of March 31 2021 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective companys policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Companys internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditors judgement including the assessment of the risks of material misstatementof 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 Companys internal financial controlssystem over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys 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 companys internal financial control overfinancial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the companys assets that could havea 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.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the 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 |
| ||(Firms Registration No. 117366W/W-100018) |
| ||Saira Nainar |
| ||(Partner) |
|Place: Mumbai ||(Membership No. 040081) |
|Date: May 312021 ||UDIN: 21040081AAAACL9372 |
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under Reporting on Other Legal and
Regulatory Requirements section of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of xed assets.
(b) The Company has a program of veri cation of xed assets to cover all the items in aphased manner over a period of ve years which in our opinion is reasonable having regardto the size of the Company and the nature of its assets. Pursuant to the program certainxed assets were physically veri ed by the Management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchveri cation.
(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the copy of the registered sale deed title searchreport and tax paid receipts provided to us we report that the title deeds comprisingall the immovable properties of land and buildings which are freehold are held in thename of the Company as at the balance sheet date. The Company does not have any immovableproperties of leasehold land and building.
(ii) As explained to us the inventories were physically veri ed during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalveri cation.
(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.
(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) According to the information and explanations given to us the Company has notaccepted any deposits from the public and hence reporting under clause 3 (v) of the Orderis not applicable to the Company.
(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of Act. 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 Act and are of theopinion that prima facie the prescribed cost records have been made and maintained.
We have however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.
(vii) According to the information and explanations given to us in respect ofstatutory dues:
(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income-tax Customs Duty Goodsand Service Tax (GST) Cess and other material statutory dues applicable to it to theappropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident FundEmployees State Insurance Income-tax Customs Duty GST Cess and other materialstatutory dues in arrears as at March 31st 2021 for a period of more than six months fromthe date they became payable.
(c) Details of dues of Income-tax Sales Tax Service Tax Customs Duty Excise DutyValue Added Tax and GST which have not been deposited as on March 31st 2021 on account ofdisputes are given below:
Income Tax Act 1961 (INR in lakhs)
|Nature of Due ||Forum where Pending ||Period to which it pertains ||Amount unpaid ||Amount Paid |
|Income Tax ||Assessing of ce/ Transfer Pricing of cer ||AY 2003-04 ||349.19 ||195.08 |
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 |
|CST ||Joint Commissioner Delhi ||2015-16 & 2016-17 ||116.62 ||- |
|VAT ||Joint Commissioner Delhi ||2016-17 & 2017-18 ||23.98 ||- |
|CST ||Additional Commissioner (A) Uttar Pradesh ||2016-17 ||16.13 ||- |
|VAT ||Additional Commissioner GR-2 (Appeal) Lucknow-III ||2016-17 ||3.48 ||- |
|WCT ||Additional Commissioner Odisha ||2011-12 & 2012-13 ||153.61 ||- |
|CST ||Additional Commissioner Uttar Pradesh ||2010-11 ||6.56 ||- |
|VAT ||Additional Commissioner Jharkhand ||2010-11 & 2012-13 ||165.25 ||- |
|CST ||Appellate Joint commissioner (ST) Hyderabad ||2015-16 ||7.78 || |
|Entry Tax ||Deputy Commissioner Uttar Pradesh ||2005-06 & 2006-07 ||259.76 ||- |
|CST ||Deputy Commissioner Uttar Pradesh ||2015-16 2016-17 & 2017-18 ||112.93 ||- |
|CST ||Assistant commissioner Tamil Nadu ||2013-14 2014-15 2015-16 2016-17 & 2017-18 ||21.68 ||- |
|VAT ||Assistant commissioner (Commercial tax) Karnataka ||2012-13 & 2014-15 ||128.20 ||72.95 |
|CST ||Assistant commissioner -commercial tax Jaipur ||2016-17 ||3.01 ||- |
|VAT ||Assistant commissioner -commercial tax Jaipur ||2016-17 & 2017-18 ||42.72 ||- |
|CST ||Assistant Commissioner Jharkhand ||2007-08 ||7.60 ||- |
|VAT ||Assistant Commissioner Jharkhand ||2007-08 ||11.09 ||- |
|CST ||Assistant commissioner Maharashtra ||2013-14 2014-15 & 2015-16 ||68.74 ||- |
|VAT ||Assistant commissioner Maharashtra ||2013-14 2014-15 2015-16 & 2016-17 ||409.13 ||- |
|CST ||Assistant Commissioner Rajasthan ||2014-15 ||0.26 ||- |
|VAT ||Assistant Commissioner Rajasthan ||2014-15 ||26.25 ||- |
|CST ||Assistant Commissioner West Bengal ||2014-15 ||6.32 ||0.66 |
|VAT ||Commercial tax of cer (WC) Kerala ||2013-14 ||46.46 ||20.39 |
|VAT ||Commercial tax of cer Andhra Pradesh ||2014-15 ||21.81 ||- |
|VAT ||Commercial tax of cer Kerala ||2011-12 ||14.87 ||2.90 |
|VAT ||Deputy commissioner (Commercial Tax) Uttar Pradesh ||2008-09 ||65.35 ||- |
|VAT ||Deputy commissioner (Commercial Tax) Andhra Pradesh ||2010-11 & 2011-12 ||17.21 ||5.74 |
|CST ||Deputy Commissioner (Sector) 8 Commercial Tax Lucknow ||2017-18 ||20.63 ||- |
|CST ||Deputy Commissioner Gujarat ||2001-02 ||19.73 ||- |
|VAT ||Deputy Commissioner Jharkhand ||2014-15 ||4.33 ||- |
|VAT ||Deputy Commissioner Kerala ||2009-10 2011-12 & 2012-13 ||91.98 ||9.82 |
|CST ||Deputy Commissioner Maharashtra ||2012-13 & 2013-14 ||322.50 ||91.09 |
|CST ||Deputy Commissioner Rajasthan ||2006-07 2007-08 2008-09 & 2009-10 ||53.96 ||- |
|VAT ||Deputy Commissioner Rajasthan ||2006-07 2007-08 2008-09 & 2009-10 ||2.81 ||- |
|CST ||Deputy commissioner (Appeals) Rajasthan ||2010-11 ||20.79 ||- |
|CST ||Deputy Commissioner Uttar Pradesh ||2013-14 ||0.75 ||0.19 |
|VAT ||Deputy Commissioner Uttar Pradesh ||2011-12 2014-15 & 2015-16 ||396.49 ||- |
|WCT ||Joint Commissioner (Appeals) Maharashtra ||2001-02 ||13.19 ||- |
|VAT ||Joint Commissioner (Appeals)Maharashtra ||2015-16 ||190.86 ||8.02 |
|CST ||Joint commissioner (Appeals) Maharashtra ||2015-16 ||1501.02 ||0.75 |
|VAT/ CST ||Joint Commissioner Delhi ||2014-15 & 2015-16 ||1096.48 ||91.72 |
|CST ||Joint Commissioner Maharashtra ||2010-11 ||103.52 ||18.16 |
|VAT ||Joint Commissioner Maharashtra ||2011-12 ||52.67 ||131.23 |
|CST ||Joint Commissioner West Bengal ||2015-16 ||0.95 ||0.10 |
|VAT ||Joint Commissioner West Bengal ||2015-16 ||552.21 ||63.12 |
|VAT ||Joint Commissioner Delhi ||2010-11 & 2011-12 ||5.44 ||- |
|CST ||Joint commissioner West Bengal ||2015-16 ||2.54 ||0.27 |
|VAT ||Joint Excise & taxation Commissioner (Appeals) Faridabad ||2017-18 ||6.10 ||- |
|CST ||Joint Commissioner West Bengal ||2012-13 & 2013-14 ||143.43 ||17.04 |
|VAT ||Joint Commissioner West Bengal ||2013-14 & 2015-16 ||535.10 ||75.14 |
|VAT ||Joint Commissioner (Appeals) West Bengal ||2010-11 ||39.12 ||- |
|VAT ||Senior Joint Commissioner West Bengal ||2012-13 ||64.11 ||13.82 |
|VAT/ CST ||Joint Commissioner West Bengal ||2014-15 ||19.22 ||2.02 |
|VAT ||Sales tax of ce Jharkhand ||1997-98 1998-99 & 1999-00 ||39.73 ||- |
|CST ||Special Commissioner Delhi ||2007-08 ||74.14 ||- |
|VAT ||Special Commissioner Delhi ||2007-08 ||267.34 ||- |
|Entry Tax ||Deputy Commissioner of Commercial Tax- Madhya Pradesh ||2016-17 ||6.18 ||2.06 |
|VAT ||Deputy Commissioner of Commercial Tax- Madhya Pradesh ||2016-17 ||3.18 ||1.06 |
|BST ||Tribunal Maharashtra ||2001-02 ||32.28 ||- |
|CST ||Tribunal Maharashtra ||2001-02 & 2009-10 ||211.38 ||32.42 |
|VAT ||Tribunal Maharashtra ||2007-08 & 2009-10 ||239.64 ||20.93 |
|VAT ||Tribunal West Bengal ||2011-12 ||0.08 ||- |
|The Customs Act 1962 || || || || |
|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) The Company has not taken any loans or borrowings from financial institutionsbanks and government or has not issued any debentures. Hence reporting under clause 3(viii) of the Order is not applicable to the Company.
(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.
(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its of cersor employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) ofthe Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 188 and 177 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements etc. as required by the applicable accountingstandards.
(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3 (xiv) of the Order is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with them and hence provisions of Section 192 of the Actare 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.
| ||For DELOITTE HASKINS & SELLS LLP |
| ||Chartered Accountants |
| ||(Firms Registration No. 117366W/W-100018) |
| ||Saira Nainar |
| ||Partner |
|Place: Mumbai ||(Membership No. 040081) |
|Date: May 31 2021 ||UDIN: 21040081AAAACL937 |