You are here » Home » Companies » Company Overview » Honeywell Automation India Ltd

Honeywell Automation India Ltd.

BSE: 517174 Sector: Engineering
NSE: HONAUT ISIN Code: INE671A01010
BSE 16:01 | 29 Oct 28502.25 -96.15
(-0.34%)
OPEN

28270.10

HIGH

28530.00

LOW

28270.10

NSE 15:57 | 29 Oct 28498.15 -100.90
(-0.35%)
OPEN

28590.00

HIGH

28590.00

LOW

28379.45

OPEN 28270.10
PREVIOUS CLOSE 28598.40
VOLUME 58
52-Week high 39499.50
52-Week low 20142.00
P/E 53.14
Mkt Cap.(Rs cr) 25,196
Buy Price 28465.00
Buy Qty 2.00
Sell Price 29000.00
Sell Qty 2.00
OPEN 28270.10
CLOSE 28598.40
VOLUME 58
52-Week high 39499.50
52-Week low 20142.00
P/E 53.14
Mkt Cap.(Rs cr) 25,196
Buy Price 28465.00
Buy Qty 2.00
Sell Price 29000.00
Sell Qty 2.00

Honeywell Automation India Ltd. (HONAUT) - Auditors Report

Company auditors report

To The Members of HONEYWELL AUTOMATION INDIA LIMITED Report on the Audit of theFinancial Statements Opinion

We have audited the accompanying nancial statements of Honeywell Automation IndiaLimited ("the Company") which comprise the Balance Sheet as at March 31 2020the Statement of Pro t and Loss (including Other Comprehensive Income) the Statement ofCash Flow the Statement of Changes in Equity for the year then ended and a summary ofsigni cant accounting policies and other explanatory information(hereinafter referred toas "the nancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid nancial 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 2020 and its pro t total comprehensiveincome its cash ows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the nancial statements in accordance with the Standards onAuditing speci ed under section 143(10) of the Act (SAs). Our responsibilities under thoseStandards are further described in the Auditor's Responsibility for the Audit of theFinancial 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 thenancial statements under the provisions of the Act and the Rules made thereunder and wehave ful lled our other ethical responsibilities in accordance with these requirements andthe ICAI's Code of Ethics. We believe that the audit evidence obtained by us is suf cientand appropriate to provide a basis for our audit opinion on the nancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsigni cance in our audit of the nancial statements of the current period. These matterswere addressed in the context of our audit of the nancial 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 recognition measurement presentation and disclosure of revenues in line with Ind AS 115 Revenue from Principal audit procedures performed:
Contracts with Customers : ? Testing of the design and implementation of controls involved for the determination of the estimates used like total budgeted cost amendments/modi cations to contracts as well as their operating effectiveness;
Revenue from these contracts is recognized over a period of time in accordance with the requirements of Ind AS 115 ? The measurement of revenue recognition requires management's estimates in respect of revenue budgeted costs as well as the percentage of completion for projects.
Revenue from Contracts with Customers. Due to the nature of the contracts revenue recognition involves usage of percentage of completion method which is determined based on proportion of contract costs incurred to date compared to estimated total contract costs which involves signi cant judgments identi cation of contractual obligations and the In our testing of the revenue recognition and provision for upfront losses for the reporting period we selected contracts on a sample basis and:
Company's rights to receive payments for performance completed till date changes in scope and consequential revised contract price and recognition of the liability for loss making contracts/onerous obligations. Cost contingencies are included in these estimates to take into account speci c uncertain risks or disputed claims against the Company arising within each contract. These contingencies are reviewed by the Management on a regular basis throughout the contract life and adjusted where appropriate. Accuracy of revenues onerous obligations and pro ts/loss may deviate signi cantly on account of change in judgements and estimates. For this reason we identi ed revenue recognition from construction contracts as a key audit matter. Refer to Note Number. 2(g) and Note number 21 of the Financial Statements - tested the sample of contracts for appropriate identi cation of performance obligations;
- reviewed the management's evaluation process to recognize revenue over a period of time the status of completion for projects and total cost estimates
- 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.
- assessed 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 and correspondence between the Company and the customers.
- obtained the percentage of completion calculations agreed 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.
- testing a sample of contracts for appropriate identi cation of performance obligations; - tested the reasonableness of forecasted cost to complete by obtaining executed purchase orders and agreements thereby evaluating reasonableness of management's judgements.
- tested on a sample basis the actual costs incurred on construction works during the reporting period.
2 Provision for expected credit losses: Principal audit procedures performed:
The expected credit loss (ECL) in respect of trade receivable and unbilled revenue for goods and services represents management's best estimate of the loss allowance. We tested the key controls relating to calculation of provision for credit losses of trade receivable and unbilled revenue for goods and services. The computation is based on standard debtors and unbilled ageing reports derived from SAP.
The ECL allowance is computed based on a simpli ed model based on judgement considering past experience. We tested the methodology applied in credit loss provision calculation and compared it to the requirements of Ind AS 109
The calculation of ECL allowance is a complex area and requires management to make signi cant assumptions on customer payment behaviour and other relevant risk characteristics when assessing the historical information and estimating the level and timing of expected future cash ows. - Financial Instruments to ensure that the higher of the two was considered for provision.
We also tested the mathematical accuracy and assessed the judgements used in the management's model used to calculate provision for credit losses.
Refer Note 2(O)(iv) and footnotes to Note 6 and Note 9 to the nancial statements We understood and critically assessed the Company's policy for credit loss provisioning. We assessed whether the historic experience on which the policy was determined is representative of current circumstances and the whether the bad debts incurred were within the provisions created.
3 Evaluation of Provisions and analysis with respect to ongoing direct and indirect tax litigations Principal audit procedures performed:
The Company operates in different state level jurisdictions within India and is therefore subject to tax regimes with different rules and regulations. As described in note 3 to the nancial statements on signi cant accounting estimates and judgements signi cant judgement is required in determining provisions for uncertain tax positions including estimates of interest and penalties wherever appropriate. We assessed management's processes and tested the internal controls implemented for the identi cation recognition and measurement of uncertain tax positions and it's assessment of the potential impact on the Company.
For all the claims and assessments against the company management evaluated the possibility probability and remoteness (PPR) of the claims.
We evaluated management's assessments with respect to prospects of success of appeals and tax proceedings. In proceedings involving material amounts we examined the possibility probability and remoteness of the claim/cases for
Refer Note 2(L) and note 34 to the nancial statements. which we have involved internal specialist to challenge the management's position on these select uncertain Direct/ Indirect tax positions.
Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions.
Further we obtained independent external con rmations with respect to majority amounts from the Company's legal advisors /consultants.
We discussed the status of signi cant known actual and potential litigation with appropriate senior management of the Company.

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

? The Company's Board of Directors is responsible for the other information. The otherinformation comprises the nancial information included in the Board's Reporting includingspeci c Annexures to Board's Report and Management Discussion and Analysis but does notinclude the nancial statements and our auditor's report thereon.

? Our opinion on the nancial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

? 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 nancial statements that give atrue and fair view of the nancial position nancial performance including othercomprehensive income cash ows and changes in equity of the Company in accordance with theInd 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 nancial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the nancial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the nancial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the nancial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to in uence the economic decisions of users taken on the basis ofthese nancial statements.

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

? Identify and assess the risks of material misstatement of the nancial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is suf cient 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 nancial 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 nancial controls system in place and the operating effectiveness of suchcontrols.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management.

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast signi cant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe nancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

? Evaluate the overall presentation structure and content of the nancial statementsincluding the disclosures and whether the nancial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the nancial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the nancial statements may be in uenced. 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 anyidenti ed misstatements in the nancial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and signi cant audit ndings including any signicant de ciencies 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 signi cance in the audit of the nancial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest bene ts 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 nancial statements comply with the Ind AS speci edunder Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disquali edas on March 31 2020 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal nancial controls over nancial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure A". Our report expresses an unmodi ed opinion on theadequacy and operating effectiveness of the Company's internal nancial controls overnancial reporting.

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

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration 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 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 nancial positionin its nancial 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. Further thecompany did not have any open derivative contracts as on the balance sheet date;

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 (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters speci ed in paragraphs 3 and 4 of theOrder.

Pune May 22 2020

For Deloitte Haskins & Sells LLP

Chartered Accountants (Firm's Registration No.117366W/W-100018)

Hemant M. Joshi

Partner (Membership No. 38019 UDIN: 20038019AAAADO2737

Annexure "A" to the

Independent Auditor's Report

Report on Internal Financial Controls Over Financial Reporting

(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 nancial controls over nancial reporting of HoneywellAutomation India Limited ("the Company") as of March 31 2020 in conjunctionwith our audit of the Ind AS nancial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalnancial controls based on the internal control over nancial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal nancial controls that wereoperating effectively for ensuring the orderly and ef cient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable nancial information as required under theCompanies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal nancial controlsover nancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal nancial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal nancial controls overnancial reporting was established and maintained and if such controls operated effectivelyin all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal nancial controls system over nancial reporting and their operatingeffectiveness. Our audit of internal nancial controls over nancial reporting includedobtaining an understanding of internal nancial controls over nancial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating 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 nancial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal nancial control over nancial reporting is a process designed toprovide reasonable assurance regarding the reliability of nancial reporting and thepreparation of nancial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal nancial control over nancialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly re ect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of nancial 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 company's assets that could have amaterial effect on the nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancialreporting 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 nancial controls over nancialreporting to future periods are subject to the risk that the internal nancial control overnancial reporting may become inadequate because of changes in conditions or that thedegree 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 nancial controlssystem over nancial reporting and such internal nancial controls over

st

nancial reporting were operating effectively as at March 31 2020 based on thecriteria for internal nancial control over nancial reporting established by the 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.

Pune May 22 2020

For Deloitte Haskins & Sells LLP

Chartered Accountants (Firm's Registration No.117366W/W-100018)

Hemant M. Joshi

Partner (Membership No. 38019 UDIN: 20038019AAAADO2737

(Referred to in paragraph 2 under 'Reporting on Other Legal and RegulatoryRequirements' 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 speci ed 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 andmaintained. We have however not made a detailed examination of the cost records with aview to determine 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 Goods andService 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 Fund Employees'State Insurance Income-tax Customs Duty GST Cess and other material statutory dues inarrears as at March 31 2020 for a period of more than six months from the date theybecame 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 31 2020 on account ofdisputes are given below:

Income Tax Act 1961
Nature of Due Forum where Pending Period to which it pertains Amount unpaid Amount Paid
Income Tax Bombay High Court AY 2011-12 776.25 1871.27
Income Tax Commissioner of Income Tax AY 2014-15 & AY 2015-16 1524.76 287.14
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 Amount Unpaid Amount Paid
(FY)
CST Additional Commissioner Uttar Pradesh 2010-11 6.56 -
VAT Additional Commissioner Jharkhand 2010-11 0.19 -
VAT Additional Commissioner Uttar Pradesh 2012-13 165.06 -
CST Assistant commissioner Tamil Nadu 2013-14 to 2017-18 21.67 -
CST Assistant Commissioner Haryana 2014-15 & 2015-16 73.30 -
CST/VAT Assistant Commissioner Jharkhand 2007-08 18.69 -
CST Assistant Commissioner Maharashtra 2013-14 to 2015-16 68.74 -
VAT Assistant Commissioner Maharashtra 2013-14 to 2016-17 409.13 -
CST/VAT Assistant Commissioner Rajasthan 2006-07 to 2009-10 2014-15 83.27 -
CST/VAT Assistant Commissioner West Bengal 2014-15 25.55 2.68
CST Commercial Tax Of ce West Bengal 2012-13 131.33 15.09
VAT Commercial Tax Of ce West Bengal 2011-12 0.08 -
VAT Commercial tax of cer Andra Pradesh 2014-15 21.81 -
VAT Commercial tax of cer(WC) Kerala 2013-14 46.46 20.39
VAT Commercial Tax Of cer Kerala 2011-12 14.87 2.90
VAT Deputy commissioner (Appeals) Gujarat 2001-02 19.73 -
VAT Deputy commissioner (Appeals) Kerala 2011-12 & 2012-13 91.24 9.63
CST Deputy commissioner (Appeals) 2010-11 20.79 -
Rajasthan
VAT Deputy commissioner (Commercial 2010-11 & 2011-12 17.22 5.74
Tax) Andhra Pradesh
VAT Deputy commissioner (Commercial 2008-09 65.35 -
Tax) Uttar Pradesh
VAT Deputy Commissioner (Commercial 2017-18 15.16 -
Tax) Rajasthan
CST Deputy Commissioner Uttar Pradesh 2006-07 233.76 -
ET Deputy Commissioner Uttar Pradesh 2005-06 & 2006-07 26.00 -
VAT Deputy Commissioner Uttar Pradesh 2011-12 213.62 -
VAT Deputy Commissioner Jharkhand 2014-15 4.33 -
VAT Deputy Commissioner Kerala 2009-10 0.74 0.19
CST Deputy Commissioner Maharashtra 2012-13 & 2013-14 332.85 80.73
CST Deputy Commissioner Uttar Pradesh 2013-14 0.75 0.19
VAT Deputy Commissioner Uttar Pradesh 2014-15 & 2015-16 182.87 -
CST Audit Wing Madhya Pradesh 2016-17 17.25 -
ET Audit Wing Madhya Pradesh 2016-17 2.12 -
VAT Audit Wing Madhya Pradesh 2016-17 271.82 -
CST Joint Commissioner (Appeals) 2009-10 & 2015-16 1506.87 25.70
Maharashtra
MWCT Joint Commissioner (A) Maharashtra 2001-02 13.19 -
VAT Joint Commissioner (A) Maharashtra 2007-08 2009-10 & 2015-16 438.52 20.93
VAT Joint Commissioner Commercial Tax 2014-15 166.62 -
Karnataka
CST Joint Commissioner Cuttack 2011-12 & 2012-13 153.61 -
VAT Joint Commissioner (Appeals) West 2010-11 39.12 -
Bengal
VAT/CST Joint Commissioner Delhi 2005-06 2006-07 2008-09 to 1105.35 91.72
2011-12 2014-15 & 2015-16
VAT Joint Commissioner Karnataka 2009-10 & 2011-12 17.73 40.00
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 2013-14 2015-16 & 2016-17 15.59 2.32
VAT Joint Commissioner West Bengal 2013-14 2015-16 & 2016-17 1087.32 138.26
VAT Sales tax of ce Jharkhand 1997-98 to 1999-00 39.73 -
VAT Senior Joint Commissioner West 2012-13 64.11 13.82
Bengal
CST/VAT Special Commissioner Delhi 2007-08 341.48 -
BST/CST Tribunal Maharashtra 2001-02 245.26 -
CST Assistant Commissioner Telengana 2015-16 7.78 -
The Customs Act 1962
Customs Deputy Commissioner (Customs) 1994-95 & 2007-08 81.35 -
Mumbai
The Central Excise Act 1944
Excise Deputy/Assistant Commissioner 2000-01 2.40 -
Excise Pune

(viii) The Company has not taken any loans or borrowings from nancial 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 nancial 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.

Pune May 22 2020

For Deloitte Haskins & Sells LLP

Chartered Accountants (Firm's Registration No.117366W/W-100018)

Hemant M. Joshi

Partner (Membership No. 38019 UDIN: 20038019AAAADO2737

.