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Jaypee Infratech Ltd.

BSE: 533207 Sector: Infrastructure
NSE: JPINFRATEC ISIN Code: INE099J01015
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Jaypee Infratech Ltd. (JPINFRATEC) - Auditors Report

Company auditors report

TO THE MEMBERS OF

JAYPEE INFRATECH LIMITED

Report on the Standalone financial statements

We have audited the accompanying Standalone financial statements of Jaypee InfratechLimited ("the Company") which comprise the Balance Sheet as at March 31st2020 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").

Opinion

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 March 312020 the loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis of 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'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

We invite attention to:

1. Note no. 31 to Standalone Financial Statements which described the CorporateInsolvency Resolution Process of the Company under Insolvency and Bankruptcy Code 2016(‘the Code') and related matters. Resolution plan of resolution applicant "NBCC(India) Ltd." was approved by Hon'ble National Company Law Tribunal (NCLT) on03.03.2020. NBCC (India) Ltd. filed an appeal against the said order before Hon'bleNational Company Law Appellate Tribunal (NCLAT) on 20.03.2020 which is pending as on date.No effect of Resolution plan is given in the financial statements.

2. Note no. 32 to Standalone Financial Statements which provides that owing tocontinued lockdown due to COVID-19 effective from March 25 2020 the company's operationswere scaled down/shut in accordance with Government Guidelines.

3. Note no. 39(c) to Standalone Financial Statements regarding disclosure of balanceCost estimates based on Independent Consultants report which may vary based on thefactors prevailing at the time of actual execution.

4. Note no. 55 to Standalone Financial Statements which provides that the balances ofcreditors debtors lenders YEIDA advances paid/received and other liabilitiesappearing in the balance sheet are subject to balance confirmation. The management is inthe process of obtaining the respective confirmations in the due course.

Our opinion is not modified in respect of the above matters.

Material Uncertainty Related to Going Concern

We draw attention to Note No. 31 to the standalone financial statements informing theclosure of Corporate Insolvency Resolution Process of the Company under Insolvency andBankruptcy Code 2016 (‘the Code') and the approval of Resolution plan of resolutionapplicant "NBCC (India) Ltd.". The Resolution Plan was not implemented as appealwas filed with Hon'ble NCLAT. The company has taken legal opinion towards nonimplementation of the Resolution Plan during the course of appeal proceedings. Theseevents indicate that a material uncertainty exists that may cast significant doubt on thecompany's ability to continue as a going concern. Our opinion is not modified in respectof this 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.

Key Audit Matters How the matter was addressed in our audit
1. Evaluation of uncertain direct and indirect tax positions
The Company has material uncertain direct Our audit included but was not limited to the following procedures:
and indirect tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. • We have evaluated the appropriateness of the design and tested the operating effectiveness of the management's controls over the tax litigation matters.
The Company has disputes pending at various levels of tax authorities over the past several years as on March 31 2020 the company has total such disputed demands amounting to Rs. 1537.40 Crores. We have considered these as Key Audit Matter as it requires significant management judgment including accounting estimates that involves high estimation uncertainty. • Obtained details of completed tax assessments and demands during the year ended March 312020 from Management.
• We reviewed the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes.
• Additionally we considered the effect of the outcomes of the Appellate Orders received during the year in respect of uncertain tax positions as at April 1 2019 to evaluate whether any change was required to management's position on these uncertainties.
• We have verified the orders from tax and appellate authorities for the previous year and relied on management judgements in evaluating the tax provisions for the Current Financial Year.
• Further we have relied upon the management judgements and estimates for possible outflow and opinion of legal advisors/ internal experts of the company in relations to such disputed tax positions.
• Assessed the appropriateness of the disclosure made in the standalone financial statements.

Information Other than the Standalone Financial Statements and Auditor's ReportThereon

The Company's Management is responsible for the preparation of the other information.The other information comprises the information included in the Board's Report includingAnnexures to Board's Report Management Discussion and Analysis/ Business ResponsibilityReport/Corporate Governance and Shareholder's Information but does not include thestandalone financial statements and our auditor's report thereon. The above-referredinformation is expected to be made available to us after the date of this audit report.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated.

When we read the other information if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and take appropriate actions necessitated by the circumstances and theapplicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The company was undergoing Corporate Insolvency Resolution Process ("CIRP")in terms of the provisions of the Insolvency & Bankruptcy Code 2016 ("IBC")vide order dated 09.08.2017 and 14.08.2018 passed by the Hon'ble National Company LawTribunal ("NCLT") Allahabad read with order dated 09.08.2018 passed by theHon'ble Supreme Court of India in Writ Petition (Civil) No. 744/2017 and order dated06.11.2019 passed by the Hon'ble Supreme Court of India in the matter of JaiprakashAssociates Ltd. & Anr. Vs. IDBI Bank Ltd. & Anr. As per Section 20 of theInsolvency Code management & operations of the Company were being managed by InterimResolution Professional Mr. Anuj Jain on a Going Concern Basis.

The Committee of Creditor ("CoC") approved the Resolution Plan of NBCC IndiaLimited ("NBCC") on 17.12.2019. The Hon'ble NCLT Principal Bench (Delhi) videits order dated 03.03.2020 approved the Resolution Plan of NBCC. However the ResolutionPlan is not implemented and NBCC filed an appeal against Hon'ble NCLT order on 20.03.2020with Hon'ble National Company Law Appellate Tribunal (NCLAT).

Further Hon'ble NCLAT vide its order dated 22.04.2020 provides that the approvedResolution Plan may be implemented subject to outcome of appeal and Interim ResolutionProfessional (IRP) may constitute an Interim Monitoring Committee ("IMC")comprising of IRP NBCC and three largest lenders of JIL i.e. IDBI Bank Limited IndiaInfrastructure Limited (IIFCL) and Life Insurance Corporation of India (LIC). IMC in itsfirst meeting dated 27.04.2020 determined role responsibilities powers and functions ofIMC including manage the operations of the company as going concern.

The Company's management is responsible for the matters stated in Section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation of theseStandalone financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due 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.

The Management is 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 controls 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 management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the 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) 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 appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the non independentdirectors of the company as on 31st March 2020 pending to be taken on record by theBoard of Directors of the company due to pendency of appeal of successful ResolutionApplicant with Hon'ble NCLAT none of the non independent directors is disqualified as on31st March 2020 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's InternalFinancial Controls with reference to financial statements.

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 no remuneration paid by the Company to its directors during the year.

h) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the companies (Audit and Auditors) Rule 2014 in our opinion and to thebest of our information and according to the explanation given to us:

i. The company has disclosed the impact of pending litigation on its financial positionin its standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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 of India in terms of sub-section (11) of Section 143 ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA PANKAJ MANGAL)
Date: 30th July 2020 PARTNER
Place: Noida Membership No. 097890

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Jaypee Infratech Limited of evendate)

Report on the Internal Financial Controls with reference to Financial Statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the Internal Financial Controls with reference to financial statementsof JAYPEE INFRATECH LIMITED ("the Company") as of March 31 2020 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The company was undergoing Corporate Insolvency Resolution Process ("CIRP")in terms of the provisions of the Insolvency & Bankruptcy Code 2016 ("IBC")vide order dated 09.08.2017 and 14.08.2018 passed by the Hon'ble National Company LawTribunal ("NCLT") Allahabad read with order dated 09.08.2018 passed by theHon'ble Supreme Court of India in Writ Petition (Civil) No. 744/2017 and order dated06.11.2019 passed by the Hon'ble Supreme Court of India in the matter of JaiprakashAssociates Ltd. & Anr. Vs. IDBI Bank Ltd. & Anr. As per Section 20 of theInsolvency Code management & operations of the Company were being managed by InterimResolution Professional Mr. Anuj Jain on a Going Concern Basis.

The Committee of Creditor ("CoC") approved the Resolution Plan of NBCC IndiaLimited ("NBCC") on 17.12.2019. The Hon'ble NCLT Principal Bench (Delhi) videits order dated 03.03.2020 approved the Resolution Plan of NBCC. However NBCC filed anappeal against Hon'ble NCLT order on 20.03.2020 with Hon'ble National Company LawAppellate Tribunal (NCLAT).

Further Hon'ble NCLAT vide its order dated 22.04.2020 provides that the approvedResolution Plan may be approved subject to outcome of appeal and Interim ResolutionProfessional (IRP) may constitute an Interim Monitoring Committee ("IMC")comprising of IRP NBCC and three largest lenders of JIL i.e. IDBI Bank Limited IndiaInfrastructure Limited (IIFCL) and Life Insurance Corporation of India (LIC). IMC in itsfirst meeting dated 27.04.2020 determined role responsibilities powers and functions ofIMC including manage the operations of the company as going concern.

The Management of the company 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 with reference to financialstatements issued by the Institute of Chartered Accountants of India ("ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's Internal FinancialControls with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls withreference to financial statements (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate Internal Financial Controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the Internal Financial Controls with reference to financial statements andtheir operating effectiveness. Our audit of Internal Financial Controls with reference tofinancial statements included obtaining an understanding of Internal Financial Controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standalonefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's Internal Financial Controls with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A company's Internal Financial Controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's Internal FinancialControls with reference to financial statements includes those policies and proceduresthat (1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

Because of the inherent limitations of Internal Financial Controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theInternal Financial Controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company have in all material respects an adequate InternalFinancial Controls with reference to financial statements and such Internal FinancialControls with reference to financial statements were operating effectively as at 31 March2020 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls with reference to financial statements issuedby the Institute of Chartered Accountants of India.

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA PANKAJ MANGAL)
Date: 30th July 2020 PARTNER
Place: Noida Membership No. 097890

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT (Referred to in paragraph 2under ‘Report on Other Legal and Regulatory Requirements' section of our report tothe Members of Jaypee Infratech Limited of even date)

i. In respect of the Company's fixed assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) A substantial portion of fixed assets has been physically verified by themanagement during the year and in our opinion the frequency of verification is reasonablehaving regard to the size of the company the nature of its assets. According to theinformation given to us and to the best of our knowledge no material discrepancies werenoticed on such physical verification.

(c) According to the information and explanations given to us and the records examinedby us we report that the title deeds comprising the immovable property of Land areheld in the name of company as at the balance sheet date.

ii. (a) As explained to us the Inventory has been physically verified by themanagement at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us nomaterial discrepancies were noticed on physical verification.

iii. According to the information and explanations given to us and the records examinedby us the Company has not granted secured or unsecured loan to companies firms limitedliability partnerships and other parties covered in the register maintained under section189 of the Companies Act 2013.

iv. In our opinion and according to the information and explanations given to us theCompany has not granted any loans made any investment given any guarantee or providedany security to the parties covered under section 185 and 186 of the Companies Act 2013except for financial assistance availed by Jaiprakash Associates Limited the holdingcompany from its lenders. (Refer Note No. 38 of the standalone financial statements.)

v. According to the information and explanations given to us the company has notaccepted deposits during the year. The company generally complied with the provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013. Howeverthere has been delay in repayment of fixed deposits. The fixed deposit holders being thefinancial creditors are a part of the Committee of Creditors (CoC) as per Insolvency codeand the repayment thereof is incumbent upon successful resolution plan for the Company.

vi. According to the information and explanations given to us cost records asprescribed by the central Government under Section 148(1) of the Companies Act 2013 arebeing made and maintained.

vii. (a) According to the information and explanations given to us and the recordsexamined by us in our opinion the company has generally been regular in depositing withappropriate authorities undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Service tax value added tax Goods and Service tax cess andany other material statutory dues applicable to it. There were no arrears of such dues atthe yearend which have remain outstanding for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and the records examinedby us company has following dues in respect of Income Tax Service Tax and value addedtax which has not been deposited on account of any dispute:

Nature of Statute (Nature of Dues) Period to which amount relates Forum where dispute in pending Amount (in Rs. Lacs)
Income Tax (TDS) AY 2011-12 AO Noida 0.45
Income Tax (TDS) AY 2012-13 AO Noida 0.44
Income Tax (TDS) AY 2013-14 AO Noida 0.44
Income Tax (TDS) AY 2014-15 AO Noida 0.44
Income Tax AY 2012-13 ITAT New Delhi 138948.51
Service Tax July 2010-June 2012 Tribunal 3467.03
Service Tax July 2012 - March 2015 Tribunal 3378.89
Service Tax (Penalty) July 2012 - March 2015 Tribunal 3652.85
Service Tax April 2015 - June 2017 Additional Commissioner CGST 346.85
Service Tax July 2012 - June 2017 Additional Commissioner CGST 160.00
Service Tax July 2012 - June 2017 Additional Commissioner CGST 172.97
Service Tax July 2012 - June 2017 Additional Commissioner CGST 0.10
Value Added Tax AY 2014-15 Deputy Commissioner Commercial Tax 172.06

viii. Based on the audit procedure and according to the information and explanationsgiven to us we are of the opinion that the company has defaulted in repayment ofprincipal and/or interest to banks financial institutions & debenture holders whereinthe period of delay ranges from 1 to 1664 days. Details of overdue interest on borrowingsamounting to Rs. 555646.77 lakhs reflected in Note no. 21 to the standalone financialstatements which were outstanding as at 31st March 2020 are given below:

Name of Lender Interest Default (In Rs. Lacs)* Period of Default*
Axis Bank 6478.64 1 to 1035 days
Corporation Bank 43186.04 1 to 1583 days
ICICI Bank 13678.48 1 to 1005 days
IIFCL 57532.71 1 to 1339 days
State Bank of India 39290.81 1 to 1370 days
Bank of Maharashtra 25300.56 1 to 1552 days
IDBI Bank 247933.31 1 to 1339 days
Jammu & Kashmir Bank 14157.85 1 to 1521 days
Syndicate Bank 21109.92 1 to 1552 days
IFCI Limited 19614.22 1 to 1431 days
Union Bank of India 19354.08 1 to 1560 days
LIC of India 46370.53 1 to 1582 days
SREI Equipment Finance Limited 1639.62 1 to 928 days
Total 555646.77

*As per agreements with respective banks/financial institutions subject to ongoingappeal filed by successful Resolution Applicant with Hon'ble NCLAT (Refer Note No. 16 ofthe standalone financial statements.).

Details of overdue principal repayments of borrowings amounting to Rs.173685.26 Lacsreflected in Note no. 21 to the standalone financial statements which were outstanding asat 31st March 2020 are given below:

Name of Lender Principal Default (In Rs. Lacs)* Period of Default*
Axis Bank 21195.00 821 days
Corporation Bank 12350.00 1185 days
ICICI Bank 5400.00 820 days
State Bank of India 24540.00 1185 days
Bank of Maharashtra 13750.00 1185 days
IDBI Bank 23250.00 1185 days
Jammu & Kashmir Bank 5400.00 820 days
Syndicate Bank 13750.00 1185 days

 

Name of Lender Principal Default (In Rs. Lacs)* Period of Default*
IFCI Limited 4140.00 820 days
Union Bank of India 12400.00 1185 days
LIC of India 34800.00 1664 days
SREI Equipment Finance Limited 2060.26 867 days
IIFCL 450.00 90 days
Total 173685.26

*As per agreements with respective banks/financial institutions subject to ongoingappeal filed by successful Resolution Applicant with Hon'ble NCLAT (Refer Note No. 16 ofthe standalone financial statements).

ix The company has not raised moneys by way of further public offer. Further in ouropinion and according to the information and explanations given to us the moneys raisedby way of debt instruments and term loans have been applied by the company for thepurposes for which they are raised.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the company and no material fraud on the company by its officers oremployees noticed or reported to us by the management during the year.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid or provided formanagerial remuneration.

xii. In our opinion and according to the information and explanations given to usCompany is not a Nidhi Company. Accordingly reporting under paragraph 3(xii) of the Orderis not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year and hence reporting under clause 3(xiv) are not applicable to the company.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly reporting underparagraph 3(xv) of the Order are not applicable.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA PANKAJ MANGAL)
Date: 30th July 2020 PARTNER
Place: Noida Membership No. 097890

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