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Infosys Ltd.

BSE: 500209 Sector: IT
NSE: INFY ISIN Code: INE009A01021
BSE 14:55 | 04 Aug 1640.55 -13.55
(-0.82%)
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1665.20

HIGH

1680.00

LOW

1639.40

NSE 14:44 | 04 Aug 1642.00 -13.20
(-0.80%)
OPEN

1669.10

HIGH

1679.90

LOW

1639.15

OPEN 1665.20
PREVIOUS CLOSE 1654.10
VOLUME 321783
52-Week high 1680.00
52-Week low 912.60
P/E 37.24
Mkt Cap.(Rs cr) 698,723
Buy Price 1639.70
Buy Qty 84.00
Sell Price 1640.55
Sell Qty 12.00
OPEN 1665.20
CLOSE 1654.10
VOLUME 321783
52-Week high 1680.00
52-Week low 912.60
P/E 37.24
Mkt Cap.(Rs cr) 698,723
Buy Price 1639.70
Buy Qty 84.00
Sell Price 1640.55
Sell Qty 12.00

Infosys Ltd. (INFY) - Auditors Report

Company auditors report

To the members of Infosys Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofINFOSYS LIMITED (the "Company") which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of significant accounting policies and other explanatory information(hereinafter referred to as the "standalone financial statements"). In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid standalone financial statements give the information required by theCompanies Act 2013 (the "Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and its profit total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing ("SA"s) specified under section143(10) of the Act. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's 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 standalonefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We_have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter
1 Revenue recognition The Company's contracts with customers include contracts with multiple products and services. The Company derives revenues from IT services comprising software development and related services maintenance consulting and package implementation licensing of software products and platforms across the Company's core and digital offerings and business process management services. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables involves significant judgement.
In certain integrated services arrangements contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor and gross when the Company is the principal for the transaction. In doing so the Company first evaluates whether it controls the products or service before it is transferred to the customer. The Company considers whether it has the primary obligation to fulfil the contract inventory risk pricing discretion and other factors to determine whether it controls the products or service and therefore is acting as a principal or an agent.
Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive.
The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.
As certain contracts with customers involve management's judgment in (1) identifying distinct performance obligations (2) determining whether the Company is acting as a principal or an agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method revenue recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.
Refer Notes 1.4 and 2.17 to the Standalone financial statements.
Auditor's Response
Principal Audit Procedures Performed
Our audit procedures related to the (1) identification of distinct performance obligations (2) determination of whether the Company is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the following among others:
• We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations
(b)_determination of whether the Company is acting as a principal or an agent and (c) determination of whether fixed price maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage
of completion method.
• We selected a sample of contracts with customers and performed the following procedures:
– Obtained and read contract documents for each selection including master service agreements and other documents that were part of the agreement.
– Identified significant terms and deliverables in the contract to assess management's conclusions regarding the
(i) identification of distinct performance obligations (ii) whether the Company is acting as a principal or an agent and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method.
Sr. No. Key Audit Matter
2 Revenue recognition - Fixed price contracts using the percentage of completion method
Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive.
Revenue from other fixed-price fixed-timeframe contracts where the performance obligations are satisfied over time is recognized using the percentage-of-completion method.
Use of the 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 judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Provisions for estimated losses if any on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.
We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.
This estimate has a high inherent uncertainty and requires consideration of progress of the contract efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the term of the contracts.
This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.
Refer Notes 1.4 and 2.17 to the Standalone financial statements
Auditor's Response
Principal Audit Procedures Performed
Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the following among others:
• We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations and (2) access and application controls pertaining to time recording allocation and budgeting systems which prevents unauthorised changes to recording of efforts incurred.
• We selected a sample of fixed price contracts with customers measured the using percentage-of-completion method and performed the following:
– Evaluated management's ability to reasonably estimate the progress towards satisfying the performance obligation by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance obligations that have been fulfilled.
– Compared efforts or costs incurred with Company's estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract.
– Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones which require changes in estimated costs or efforts to complete the remaining performance obligations.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Informationbut does not include the standalone financial statements and our auditor's reportthereon.

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

In connection with our audit of the standalone financial statementsour responsibility 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 amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibilities for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the standalone financialstatements management is responsible for assessing the Company's ability to continueas a going concern disclosing as applicable matters related to going concern and usingthe going concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. The Board ofDirectors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.As part of an audit in accordance with SAs we exercise professional judgment and maintainprofessional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe 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 wereport that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit. (b) In our opinion proper books of account as required by law have been kept bythe Company so far as it appears from our examination of those books. (c) The BalanceSheet the Statement of Profit and Loss including Other Comprehensive Income Statement ofChanges in Equity and the Statement of Cash Flows dealt with by this Report are inagreement with the books of account. (d) In our opinion the aforesaid standalonefinancial statements comply with the Ind AS specified under Section 133 of the Act. (e) Onthe basis of the written representations received from the directors as on March 31 2021taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2021 from being appointed as a director in terms of Section 164(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 unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controlsover financial reporting. (g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended: In our opinion and to the best of our information and according to 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 (h) With respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to thebest of our 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. ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts; iii. There has been no delay in transferringamounts required to be transferred to the 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) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Sanjiv V. Pilgaonkar
Partner
Place: Mumbai (Membership No.039826)
Date: April 14 2021 UDIN: 21039826AAAACR7067

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Infosys Limited ofeven date) Report on the Internal Financial Controls Over Financial Reporting under Clause(i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act") Wehave audited the internal financial controls over financial reporting of INFOSYS LIMITED(the "Company") as of March 31 2021 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Management of the Company is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (the"ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the ICAI andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial 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 financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Sanjiv V. Pilgaonkar
Partner
Place: Mumbai (Membership No.039826)
Date: April 14 2021 UDIN: 21039826AAAACR7067

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Infosys Limited ofeven date) i. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets. (b) The Company has aprogram of verification to cover all the items of fixed assets in a phased manner whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. Pursuant to the program certain fixed assets were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given to us therecords examined by us and based on the examination of the conveyance deeds / registeredsale deed provided to us we report that the title deeds comprising all the_immovableproperties of land and buildings which are freehold are held in the name of the Companyas at the balance sheet date. ii. The Company is in the business of providing softwareservices and does not have any physical inventories. Accordingly reporting under clause 3(ii) of the Order is not applicable to the Company. iii. According to the information andexplanations given to us the Company has granted unsecured loans to four bodiescorporate covered in the register maintained under section 189 of the Companies Act2013 in respect of which: (a) The terms and conditions of the grant of such loans are inour opinion prima facie not prejudicial to the Company's interest.

(b) The schedule of repayment of principal and payment of interest hasbeen stipulated and repayments or receipts of principal amounts and interest have beenregular as per stipulations.

(c) There is no overdue amount remaining outstanding as at theyear-end. iv. In our opinion and according to the information and explanations given tous the Company has complied with the provisions of Sections 185 and 186 of the Act inrespect of grant of loans making investments and providing guarantees and securities asapplicable. There were no loans granted during the year under Section 185 of the Act. v.The Company has not accepted deposits during the year and does not have any unclaimeddeposits as at March 31

2021 and therefore the provisions of the clause 3 (v) of the Order arenot applicable to the Company. vi. The maintenance of cost records has not been specifiedby the Central Government under section 148(1) of the

Companies Act 2013 for the business activities carried out by theCompany. Thus reporting under clause 3(vi) of the order is not applicable to the Company.vii. According to the information and explanations given to us in respect of statutorydues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income TaxGoods and Service Tax Customs Duty Cess and other material statutory dues applicable toit with the appropriate authorities. (b) There were no undisputed amounts payable inrespect of Provident Fund Employees' State Insurance Income Tax Goods and ServiceTax Customs Duty Cess and other material statutory dues in arrears as at March 31 2021for a period of more than six months from the date they became payable. (c) Details ofdues of Income Tax Sales Tax Service Tax Excise Duty Value Added Tax and Goods andService Tax which have not been deposited as at March 31 2021 on account of dispute aregiven below:

Nature of the statute Nature of dues Forum where Dispute is Pending Period to which the Amount Relates Amount Rs Crores
The Income Tax Income Tax Appellate Tribunal(1) A.Y. 2012-13 and A.Y. 2016-17 1030
Act 1961 Income Tax Income Tax Authority A.Y. 2008-09 to A.Y. 2011-12; A.Y.
upto Commissioner's 2013-14 to A.Y. 2016-17 and A.Y.
Level 2018-19 to A.Y. 2021-22 1053
Finance Act 1994 Service Tax Appellate Tribunal(2) F.Y. 2004-05 to F.Y.2014-15 60
Central Excise Act 1944 Excise Duty Supreme Court(2) F.Y. 2005-06 to F.Y. 2015-16 68
Excise Duty Appellate Tribunal F.Y. 2015-16 –*
Customs Act 1962 Custom Specified Officer of SEZ F.Y. 2008 -09 to F.Y. 2011-12
Duty and Interest 5
Sales Tax Act and VAT Laws Sales Tax and interest High Court F.Y. 2007-08 –*
Sales Tax and interest Appellate Authority upto Commissioner's Level(2) F.Y. 2006-07 to F.Y. 2010-11 and F.Y. 2014-15 to F.Y. 2016-17 21
Central sales tax act 1956 Central sales tax Appellate Authority upto Commissioner's Level F.Y. 2016-17 –*
Goods and Service tax Act 2017 Goods and Service tax Appellate Authority upto Commissioner's F.Y. 2019-20
Level 6

(1) In respect of A.Y. 2012-13 stay order has been granted against theamount of Rs 1029 crore disputed and not been deposited. (2) Stay order has been granted.

* Less than Rs 1 crore. viii. The Company has not taken any loans orborrowings from financial institutions banks and government or has not issued anydebentures. Hence reporting under clause 3 (viii) of the Order is not applicable to theCompany. ix. The Company has not raised moneys by way of initial public offer or furtherpublic offer (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 andaccording to the information and explanations given to us no fraud by the Company or nomaterial fraud on the Company by its officers or employees has been noticed or reportedduring the year. xi. In our opinion and according to the information and explanationsgiven to us the Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct. 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 theinformation and explanations given to us the Company is in compliance with

Section 177 and 188 of the Companies Act 2013 where applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the standalone financial statements as required by the_applicableaccounting standards. xiv. During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly paid convertible debenturesand hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.xv. In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its Directors orpersons connected to its directors and hence provisions of section 192 of the CompaniesAct 2013 are not applicable to the Company. xvi. The Company is not required to beregistered under 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)
Sanjiv V. Pilgaonkar
Partner
Place: Mumbai (Membership No.039826)
Date: April 14 2021 UDIN: 21039826AAAACR7067

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