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Indus Towers Ltd.

BSE: 534816 Sector: Infrastructure
NSE: INDUSTOWER ISIN Code: INE121J01017
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OPEN 199.65
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VOLUME 177935
52-Week high 332.60
52-Week low 181.15
P/E 9.62
Mkt Cap.(Rs cr) 52,241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 199.65
CLOSE 199.65
VOLUME 177935
52-Week high 332.60
52-Week low 181.15
P/E 9.62
Mkt Cap.(Rs cr) 52,241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indus Towers Ltd. (INDUSTOWER) - Auditors Report

Company auditors report

To

The Members of Indus Towers Limited (formerly Bharti Infratel Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Indus TowersLimited (formerly Bharti Infratel Limited) ("the Company") which comprise theBalance Sheet as at 31 MarcRs 2021 and the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31 MarcRs 2021 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those

Standards are further described in the Auditor's Responsibility for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance 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 thestandalone financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

Emphasis of Matter Material uncertainty arising out of certain developments and itsconsequential impact on business operations

We draw your attention to note 51 of the standalone financial statements whichdescribes the effect on business operations and financial position of the Company onaccount of the one of the largest customer's ability to continue as going concern. TheCustomer's assumption of going concern is essentially dependent on successful negotiationswith lenders and its ability to generate the cash flow from its operations that it needsto settle/refinance its liabilities and guarantees as they fall due. The Board ofDirectors of the customer at their meeting held on 4 September 2020 have approved thefund-raising plan of up to RS 250000 million.

Our opinion is not modified in respect of above matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

No. Key Audit Matter Auditor's Response
1 Revenue recognition accuracy of revenue recorded Principal audit procedures performed:
We identified revenue recognition as a key audit matter because there is a risk around the accuracy of revenue recorded at rates other than the approved contracts / agreements. This is because the Company's billing systems are complex and process large volume of data including combination of different components of revenue. (Refer to note 4.1(i) and 26 to the standalone financial statements) Our audit approach consisted evaluation of design and implementation of controls and testing the operating effectiveness of the internal controls over:
• Capture and recording of revenue transactions;
• Authorisation of rates changes and input of the rate changes into the billing systems;
• Preparation and validation of the billing schedule; and
• Calculations of amounts billed to operators in line with underlying contracts / agreements;
We tested a sample of invoices issued to operators to ensure that the revenue recorded are agreeing to the relevant underlying supporting documentation. We also performed substantive analytical procedures to test the recorded rental revenue;
We involved our internal IT specialists to test IT general controls and application specific controls surrounding billing system including testing of system generated reports used in our audit;
2 Contingent Liabilities and Provisions: Disputed tax matters Principal audit procedures performed:
Company is subjected to a number of significant income tax litigations and indirect tax litigations ("litigations") which are in appeal before various judicial forums. Our audit procedures included evaluation of design and implementation of controls and testing of operating effectiveness of the Company's controls over identification of litigations and evaluation of possible outcomes around litigations.
The eventual outcome of these litigations are uncertain and the positions taken by the management are based on the application of significant judgement and estimation. The review of these matters requires application and interpretation of tax laws and reference to applicable judicial pronouncements. We obtained the list of litigations from the management and reviewed their assessment of the likelihood of outflow of economic resources being probable possible or remote in respect of these tax litigations.
Given the uncertainty and application of significant judgment in this area in terms of the eventual outcome of litigations we determined this to be a key audit matter. (Refer to note 4.1(p)(ii) and note 38(b) to the standalone financial statements) We involved our internal direct and indirect tax experts who obtained an understanding of the current status of the litigations conducted discussions with the management reviewed independent legal advice obtained by management if any and considered relevant legal provisions and available precedents to challenge management's underlying assumptions in estimating the possible outcome of these litigations; and
We assessed and validated the adequacy and appropriateness of the disclosures made by the management in the standalone financial statements.
3 Accounting for business combination Principal audit procedures performed:
Effective November 19 2020 erstwhile Indus Towers Limited and Bharti Infratel Limited merged pursuant to scheme of amalgamation and arrangement which resulted into formation of a joint arrangement between existing shareholders of both companies. The Company accounted for the merger under the pooling of interest method. We have determined this to be a key audit matter in view of complexity involved in selection of method of accounting for formation of the joint arrangement. (Refer to note 3 to the standalone financial statements) We read and examined the scheme of amalgamation and arrangement pursuant to which merger was carried out along with regulatory approvals required for the scheme to take effect.
We evaluated the appropriateness of pooling of interest method of accounting adopted by the management to account for the merger with reference to the requirements of the accounting principles generally accepted in India.
We have assessed the adequacy and appropriateness of the disclosures around selection of method of accounting for this transaction in accordance with the accounting standards.

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 information included in the Management Discussion and AnalysisBoard's

Report Business Responsibility Report and Report on Corporate Governance but does notinclude the standalone financial statements and our auditor's report thereon.

• Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon

• In connection with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the 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 standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the

Company's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

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

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such 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 concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements. We communicate withthose charged with governance regarding among other matters the planned scope and timingof the audit and significant audit findings including any significant deficiencies ininternal 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 standalone financial statementsof the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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) Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss including Other Comprehensive Income the Statement of Cash Flows and Statementof Changes in Equity dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act. e) On the basis of the written representationsreceived from the directors as on 31 March 2021 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2021 from being appointedas a director in terms of Section 164(2) of the Act. f) With respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's internal financial controls over financial reporting. g) With respect to theother matters to be included in the

Auditor's Report in accordance with the requirements of section 197(16) of the Act asamended h) In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act. i) With respect tothe other matters 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 hasdisclosed the impact of pending litigations on its financial position in its standalonefinancial statements. Refer Note 38(b) to the standalone financial statements. ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses. Refer Note 46 to the standalone financialstatements. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. Refer Note 47to the standalone financial statements.

2. As required by the Companies (Auditor's Report) Order

2016 ("the Order") issued by the Central Government in terms of Section143(11) of the Act we give in "Annexure B" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Vijay Agarwal
Partner
(Membership No.094468)
UDIN: 21094468AAAADC5493
Place: Gurugram
Date: April 22 2021

Annexure "A" to the Independent Auditor's Report

(Referred to in paragrapRs 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 IndusTowers Limited (formerly Bharti Infratel Limited) ("the Company") as of March31 2021 in conjunction with our audit of the standalone Ind AS financial statements ofthe Company for the year ended on that 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". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 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 theauditor's judgement including the assessment of the risks of material misstatement of thefinancial 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 controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 2021 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India".

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Vijay Agarwal
Partner
(Membership No.094468)
UDIN: 21094468AAAADC5493
Place: Gurugram
Date: April 22 2021

Annexure "B" to the Independent Auditor's Report

(Referred to in paragrapRs 2 under ‘Report 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 property plant and equipment.

(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 and capital work in progress werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us the title deedscomprising the immovable property of land included in property plant and equipment areheld in the name of the Company as at the balance sheet date.

(ii) The Company does not have any inventory and hence reporting under clause (ii) ofthe CARO 2016 is not applicable. (iii) The Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013.

(iv) The Company has not granted any loans made investments or provided guarantees andhence reporting under clause (iv) of the CARO 2016 is not applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposit during the year and does not have any unclaimed deposits as at March31 2021 and therefore the provisions of the clause 3 (v) of the Order are not applicableto the Company.

(vi) The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013.

(vii) According to the information and explanations given to us in respect ofstatutory dues: a) The Company has been regular in depositing undisputed statutory duesincluding Provident Fund Employees'

State Insurance Income-tax Goods and Services Tax cess and other material statutorydues applicable to it to the appropriate authorities. b) There were no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income-tax Goods andServices Tax cess and other material statutory dues in arrears as at March 31 2021 for aperiod of more than six months from the date they became payable.

c) Details of dues of Income-tax Sales Tax Service Tax Entry tax Value Added Taxand Goods and Services Tax which have not been deposited as on March 31 2021 on accountof disputes are given below:

Name of Statue Nature of dues Period to which the amount relates Forum where dispute is pending Unpaid amount (Rs in Mn)#
The finance Act 1994 Service Tax on Capital Goods FY 2007-08 to 2014-15 Hon'ble Supreme Court of India 35392
The finance Act 1994 Service Tax on Service Revenue FY 2009-10 to 2014-15 The Custom Excise and Service Tax Appellate Tribunal Chandigarh 1593
The finance Act 1994 Service Tax on sale of Capital Goods FY 2014-15 to 2015-16 Hon'ble Supreme Court of India 150
The finance Act 1994 Service Tax on sale of Capital Goods FY 2013-14 to 2017-18 The Custom Excise and Service Tax Appellate Tribunal Chandigarh 1299
The finance Act 1994 Service Tax on sale of Capital Goods FY 2010-11 to 2014-15 The Custom Excise and Service Tax Appellate Tribunal Delhi 1125
The Income Tax Act 1961 Corporate Tax FY 2009-10 to 2013- 14 and FY 2015-16 to 2017-18 Commissioner of Income Tax (Appeals) Delhi 36042
The Income Tax Act 1961 Corporate Tax FY 2007-08 to FY 2018-19 Assessing Officer (TDS) 2
The Tamil Nadu Value Added Tax 2006 VAT on service Revenue FY 2008-09 to 2010-11 High court of madras 6171
The Gujarat Value Added Tax 2003 VAT on service Revenue FY 2009-10 to 2014-15 Hon'ble Supreme Court of India 5270
The Gujarat Value Added Tax 2003 VAT on service Revenue FY 2015-16 Gujarat Value Added Tax Tribunal Ahmedabad 4326
The Gujarat Value Added Tax 2003 VAT on service Revenue FY 2014-15 2016-17 & 2017-18 Deputy Commissioner (Appeals) Ahmedabad 9807
Uttar Pradesh VAT Act 2008 Penalty case FY 2017-18 Deputy comm. of commercial Taxes *
Maharashtra VAT Act 2002 Non-Receipt of F-Forms FY 2012-13 & 2013-14 JC of Sales Tax (Appeal) *
Kerala VAT Act 2003 Assessment order FY 2014-15 State Tax Officer (Works Contract) 96
Uttar Pradesh Value Added Tax Act 2008 Madhya Pradesh VAT Act 2002 Tripura VAT Act Haryana CST Act Assessment FY 2010-11 FY 2014- 15 & FY 2015-16 Tax Appellate Authority *
Uttar Pradesh Value Added Tax Act 2008 Assessment FY 2010-11 Additional Commissioner Appeals Lucknow *
Uttar Pradesh Value Added Tax Act 2008 Andhra Pradesh VAT Assessment FY 2008-09 Deputy Commissioner Commercial Tax *
Bihar Value Added Tax Act 2005 Assessment FY 2014-15 Joint Commissioner Appeal *
The Central Sales Tax Act 1956 - Uttar Pradesh Sales Tax on stock transfer FY 2012-13 to 2013-14 & 2015-16 to 2016-17 Uttar Pradesh commercial Tax tribunal Commercial Tax Officer 5
The Central Sales Tax Act 1956 - Gujarat Non submission of C forms and F Forms FY 2014-15 to 2017-18 Deputy Commissioner (Appeals) 137
The Central Sales Tax Act 1956 - Telangana Non submission of C forms and F Forms FY 2015-16 Assistant Comm. Commercial tax Dept Begumpet Division *
The Central Sales Tax Act 1956 - Maharashtra Discrepancies in Statutory Forms FY 2013-14 JC of Sales Tax (Appeal) *
The Central Sales Tax Act 1956 - Haryana Discrepancies in Statutory Forms FY 2015-16 Commissioner of Sales tax 5
The Central Sales Tax Act 1956 - Kerala Sales concealment FY 2008-09 Joint Commissioner (Appeals) *
The Central Sales Tax Act 1956 - Delhi Discrepancies in Statutory Forms FY 2016-17 AVATO 72
Madhya Pradesh Goods and Service Tax Act Goods and Service Tax FY 2018-19 Commercial Tax Officer *
Rajasthan Entry Tax Act Entry Tax - Original Assessment FY 2008-09 to 2017-18 Hon'ble Rajasthan High Court 162
Rajasthan Entry Tax Act Entry Tax - Mis match in challan FY 2015-16 Hon'ble Rajasthan High Court 8
Maharashtra Entry Tax Act Entry Tax FY 2009-10 Deputy Commissioner Maharashtra *
Bihar Entry Tax Act Jammu and Kashmir Entry Tax Act
Madhya Pradesh Entry Tax Act
Himachal Pradesh Entry Tax Act
Mizoram Entry Tax Act Assam Entry Tax Act Orissa Entry Tax Entry Tax FY 2007-08 to FY 2017-18 Hon'ble High Court 638
Act Rajasthan Entry Tax Act
Chhattisgarh Entry Tax Act;
Nagaland Entry Tax Act
Bihar Entry Tax Act Entry Tax 2014-15 Additional Commissioner 65
Commercial Tax
Madhya Pradesh Entry Tax Act Orissa Entry Tax Act Entry Tax FY 2007-08 to FY 2012-13 Tribunal 66
Madhya Pradesh Entry Tax Act Assam Entry Tax Act Entry Tax FY 2014-15 and FY 2016-17 Additional commissioner Appeals 1
Uttar Pradesh Entry Tax Act Entry Tax FY 2008-09 to FY 2009-10 Deputy Commissioner Appeal *
Uttar Pradesh Entry Tax Act Entry Tax FY 2008-09 & 2009-10 Deputy Commissioner *

* - Less than RS 1 million

# - Net of amount paid under protest amounting to Rs 404 Mn Rs 3173 Mn 3 Mn and1993 Mn against Service tax Income tax VAT and Entry tax respectively.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions and banks. The Company has not taken any loan or borrowing from governmentand has not issued any debentures.

(ix) In our opinion and according to the information and explanations given to usmoney raised by way of the term loans have been applied by the Company during the year forthe purposes for which they were raised. The Company has not raised moneys by way ofinitial public offer or further public offer (including debt instruments).

(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 officersor 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 CompaniesAct 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable. (xiii) In our opinion and according to the informationand explanations given to us the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsetc. as required by the applicable accounting standards.

(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 (xiv) of CARO 2016 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 theCompanies Act 2013 are not applicable. (xvi) The Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Vijay Agarwal
Partner
(Membership No.094468)
UDIN: 21094468AAAADC5493
Place: Gurugram
Date: April 22 2021

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