Independent auditor's report
To the Members of Jindal Saw Limited
Report on the audit of the Standalone Financial Statements
1. We have audited the accompanying Standalone Financial Statements ofJindal Saw Limited ("the Company") which comprise the balance sheet as at March31 2021 and the statement of Profit and Loss (including Other Comprehensive Income)statement of changes in equity and statement of cash flows for the year then ended andnotes to the Standalone Financial Statements including a summary of significantaccounting policies and other explanatory information and which include the financialstatements of Jindal Saw Employee Welfare Trust (the "Trust") for the year endedon that date.
2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021and total comprehensive income (comprising of profit and other comprehensive income)changes in equity and its cash flows for the year then ended.
Basis for opinion
3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities 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 together with the ethical requirements that are relevant to our audit of theStandalone Financial Statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedand the audit evidence obtained by the other auditor in terms of the report referred to insub-paragraph 14 of the Other Matters paragraph below is sufficient and appropriate toprovide a basis for our opinion.
Emphasis of Matter
4. We draw your attention to Note 60 of the Standalone FinancialStatements which describes the management's assessment of the financial impact of theevents arising out of Coronavirus (Covid-19) pandemic for which a definitive assessmentof the impact in the subsequent period is dependent upon the circumstances as they evolve.Our opinion is not modified in respect of this matter.
Key audit matters
5. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the Standalone Financial Statements ofthe current period. These matters were addressed in the context of our audit of theStandalone Financial Statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.
5.1 Assessment of the carrying value of investment in and loans grantedto a subsidiary Jindal ITF Limited (Refer to note 3.6 and note 61 to the StandaloneFinancial Statements)
Description of Key Audit Matter
The Company has an investment of Rs. 39696.60 lakhs and has advancedloans aggregating Rs. 119305.22 lakhs to its subsidiary Jindal ITF Limited(subsidiary') as at March 31 2021. The subsidiary had entered into a contract witha public sector undertaking (PSU') for transporting imported coal to one of thePSU's power generating stations. The contract was for a period of seven years and thesubsidiary was the sole transporter and accordingly had made significant investments todevelop the facility. The contract had a clause for compensation in case the supply waslesser than the minimum guaranteed quantity (MGQ') mentioned in the contract and hadspecific clauses to be adhered to by both the parties before terminating the contract.
The PSU stopped taking the supplies during the first year of operationand refused to pay compensation towards MGQ and terminated the contract subsequently. Thematter was referred to arbitration where the arbitrator had awarded an interim award infavour of the subsidiary amounting to Rs. 35631.18 lakhs relating to first 2 years of MGQwhich was paid by the PSU. Subsequently the Arbitrator issued the final order in favourof the subsidiary awarding Rs. 189108 lakhs plus interest and applicable taxes.
The PSU has filed an appeal with Hon'ble High Court of Delhi againstthe final arbitration order. The Hon'ble High Court passed an interim order directing thePSU to pay Rs. 50000 lakhs as an interim compensation which was paid by the PSU.Presently the matter is sub-judice before Hon'ble High Court of Delhi. The Management inconsultation with their legal counsel on the likely outcome of the case has assessed thatthere will not be any negative impact on carrying amount of investments and loansincluding interest thereon given by the Company to the subsidiary and the same arerecoverable.
This has been determined as a key audit matter since the investmentmade and loans granted by the Company to the subsidiary are material to the StandaloneFinancial Statements and the subsidiary is currently having insignificant operations.Further the recovery of investment and loan granted depends on the ultimate recovery ofthe remaining compensation from the PSU by the subsidiary.
How our audit addressed the key audit matter
Discussed the matter with the management and obtained anunderstanding of the matter.
Evaluating appropriateness of the accounting policy of theCompany in respect of impairment assessment of equity investments.
Obtained updates over the legal case and the proceedings thattook place during the year.
Reviewed the contract between the subsidiary and the PSU tocorroborate the matters stated in the appeal and details of the claim filed by thesubsidiary with the Arbitration Tribunal and the final arbitration order issued in thisregard.
Performed test of design and operating effectiveness of controlsover recoverability of the investment and the loans given to the subsidiary with specificfocus on whether an impairment provision needs to be recognized.
Evaluated the recoverability of the said loans and investmentsconsidering the arbitration order decided in favour of the subsidiary.
Discussed the matter with the Company's external legal counseland evaluated the opinion issued by them which supports the subsidiary's position.
Based on the procedures above the management's assessment of thecarrying value of the investment and loans was considered to be reasonable.
5.2 Appropriateness of assessment of Impairment in the carrying valueof investment and recoverability of loan to a wholly owned subsidiary Jindal Saw HoldingsFZE
(Refer to note 3.6 and note 62 to the Standalone Financial Statements)
The Company had made investments of Rs. 12060.82 lakhs and alsoadvanced loans aggregating Rs. 15862.69 lakhs to Jindal Saw Holdings FZE(Subsidiary') as at March 31 2021. The Subsidiary has been incurring losses and itsnet worth is lower than the carrying value of investment. This is an indicator ofpotential impairment to the carrying value of investment and the loans.
The management has obtained an external valuation expert's report (the"management expert") on valuation of the said subsidiary using the discountedcash flow model in order to determine the recoverable value for assessing theappropriateness of carrying amount of the investment/loans based on which the managementconcluded that no adjustment is required to the carrying amount.
This has been determined as a key audit matter since the investmentmade and the loans granted to the Subsidiary are material to the Standalone FinancialStatements of the Company and significant judgement is required in selecting anappropriate discount rate growth rates and the terminal value determined in estimatingthe discounted cash flows used by the Management's expert to support the carrying value.
How our audit addressed the key audit matter
Understanding and evaluating the design and testing theoperating effectiveness of the Company's controls over monitoring the performance of theSubsidiary and performing an impairment assessment.
Evaluating appropriateness of the accounting policy of theCompany in respect of impairment assessment of equity investments.
Obtained the management expert's valuation report and discussedthe same with the management and the expert to understand the assumptions including thediscount rate and the growth rates underlying in the forecast.
Assessed the reasonableness of the growth rates used in theforecast with the current orders in hand and historical growth rates.
Assessed with the involvement of auditor's expert theappropriateness of the discount rate and terminal value of the subsidiary used in thevaluation report of the Management's expert.
Performed sensitivity tests over the key assumptions andconsidered them to be within a reasonable and foreseeable range.
Assessed the historical accuracy of the forecasts by comparingthe forecast used in the prior year valuation with the actual performance in the currentyear. In case the actual performance was lower than the forecast we obtained the reasonsthereof from the management.
Tested the mathematical accuracy of the underlying calculations.
As a result of the above audit procedures the Management's assessmentof impairment in the carrying value of investment and recoverability of the loan wasconsidered to be reasonable.
6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sreport and Management Discussions and Analysis report but does not include the StandaloneFinancial Statements and our auditor's report thereon.
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 in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of management and those charged with governance forthe Standalone Financial Statements
7. 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 changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; 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.
8. In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.
Auditor's responsibilities for the audit of the StandaloneFinancial Statements
9. 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.
10. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional 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 control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to StandaloneFinancial Statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause 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.
11. 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.
12. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
13. From the matters communicated with those charged with governancewe determine 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 precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
14. We did not audit the financial statements of the Trust included inthe Standalone Financial Statements of the Company which constitutes total assets of Rs.1521.30 lakhs and net assets of Rs. 20.94 lakhs as at March 31 2021 total income of Rs.36.13 lakhs and excess of income over expenditure of Rs. 19.99 lakhs and net cash flowsamounting to Rs. 218.97 lakhs for the year then ended. These financial statements havebeen audited by other auditor whose report has been furnished to us and our opinion onthe Standalone Financial Statements (including other information) to the extent they havebeen derived from such financial statements is based solely on the report of such otherauditor.
Our opinion on the standalone financial statements and our report onOther Legal and Regulatory Requirements below to the extent applicable to the Trust isnot modified in respect of the above matter with respect to our reliance on the work doneand the report of the other auditor.
Report on other legal and regulatory requirements
15. 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 of the Act we give in the Annexure B a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
16. As required by Section 143(3) of the Act we report 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 beenkept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) the Statement of Changes in Equity and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d) In our opinion the aforesaid Standalone Financial Statements complywith the Accounting Standards specified under Section 133 of the Act.
e) On the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls withreference to Standalone Financial Statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".
g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Financial Statements - Refer Note 52 to theStandalone Financial Statements.
ii. The Company has long-term contracts as at March 31 2021 for whichthere were no material foreseeable losses. The Company did not have any long termderivative contracts as at March 31 2021.
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company except inrespect of dividend amounting to Rs. 281.07 lakhs which according to information andexplanation provided to us by the management has been kept in abeyance due to legal case(refer notes 21(d) and 31 to the standalone financial statements).
iv. The reporting on disclosures relating to Specified Bank Notes isnot applicable to the Company for the year ended March 31 2021.
17. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Membership Number: 057084
Place : Gurugram
Date : May 27 2021
Annexure A to Independent Auditors' Report
Referred to in paragraph 16(f) of the Independent Auditors' Report ofeven date to the members of Jindal Saw Limited on the standalone financial statements forthe year ended March 31 2021
Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls with reference tofinancial statements of Jindal Saw Limited ("the Company") as of March 31 2021in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.
Management's Responsibility for Internal Financial Controls
2. The Company's management 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 (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.
3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing deemed to be prescribed under section 143(10) of the Act to the extent applicableto an audit of internal financial controls both applicable to an audit of internalfinancial controls and both issued by the IcAi. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.
Meaning of Internal Financial Controls with reference to financialstatements
6. A company's internal financial controls with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.
Inherent Limitations of Internal Financial Controls with reference tofinancial statements
7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.
8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. (Also refer Note 4of the main auditor's report).
For Price Waterhouse Chartered Accountants LLP Firm RegistrationNumber: 012754N/N500016 Chartered Accountants
Sougata Mukherjee Partner
Membership Number: 057084 UDIN: 21057084AAAABP2784
Place : Gurugram Date : May 27 2021
Annexure B to Independent Auditors' Report
Referred to in paragraph 15 of the Independent Auditors' Report of evendate to the members of Jindal Saw Limited on the standalone financial statements as of andfor the year ended March 31 2021
i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed
(b) The fixed assets are physically verified by the Managementaccording to a phased programme designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the programme a portion of the fixed assets hasbeen physically verified by the Management during the year and no material discrepancieshave been noticed on such verification.
(c) The title deeds of immovable properties as disclosed in Note 5 onfixed assets to the standalone financial statements are held in the name of the Companyexcept for one case of freehold land having gross value of Rs. 1950 lakhs and net valueof Rs. 1950 lakhs for which the conveyance deed is yet to be executed.
ii. The physical verification of inventory excluding stocks with thirdparties have been conducted at reasonable intervals by the Management during the year. Inrespect of inventory lying with third parties these have substantially been confirmed bythem. The discrepancies noticed on physical verification of inventory as compared to bookrecords were not material and have been appropriately dealt with in the books of accounts.
iii. The Company has granted unsecured loans to six companies coveredin the register maintained under Section 189 of the Act.
(a) In respect of the aforesaid loans the terms and conditions underwhich such loans were granted are not prejudicial to the Company's interest.
(b) In respect of the aforesaid loans the schedule of repayment ofprincipal and payment of interest has been stipulated and the parties are repaying theprincipal amounts as stipulated and are also regular in payment of interest asapplicable. In respect of one of the subsidiaries loan outstanding as at March 31 2021has been fully provided for in the books of account. Refer note 18 to the standalonefinancial statements.
(c) In respect of the aforesaid loans there is no amount which isoverdue for more than ninety days.
iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurity provided by it.
v. During the year the Company has not accepted any deposits from thepublic within the meaning of Sections 73 74 75 and 76 of the Act and the Rules framedthere under to the extent notified. In our opinion and according to the information andexplanations given to us the Company has complied with the provisions of Sections 73 7475 and 76 or any other relevant provisions of the Act and the Rules framed thereunder tothe extent notified with regard to the deposits accepted from the public in earlier yearsand remaining unclaimed as at March 31 2021. According to the information andexplanations given to us no order has been passed by the Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on theCompany in respect of the aforesaid deposits.
vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Wehave not however made a detailed examination of the records with a view to determinewhether they are accurate or complete.
vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our
opinion the Company is generally regular in depositing undisputedstatutory dues in respect of income tax goods and services tax and employees' stateinsurance though there has been a slight delay in a few cases and is regular indepositing undisputed statutory dues including provident fund duty of customs cesslabour welfare fund and other material statutory dues as applicable with the appropriateauthorities.
Further for the period April 2020 to May 2020 the company has paidGoods and Service Tax and filed GSTR-3B (after the due date but) within the timelinesallowed by Central Board of Indirect Taxes and Customs under the Notification No. 31/202032/2020 and 36/2020 - Central Tax dated April 3 2020 on fulfilment of conditionsspecified therein.
Also refer note 52 to the financial statements regarding management'sassessment on certain matters relating to provident fund.
(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of goods and service tax whichhave not been deposited on account of any dispute. The particulars of dues of income taxsales tax service tax duty of customs stamp duty duty of excise and value added tax asat March 31 2021 which have not been deposited on account of a dispute are as follows:
|Name of the statute ||Nature of dues ||Amount (Rs. lakhs)* ||Period to which the amount relates** ||Forum where the dispute is pending |
|Custom Act 1962 ||Custom Duty ||538.00 ||2008-09 ||High Court of Gujarat Ahmedabad |
|Custom Act 1962 ||Custom Duty ||174.67 ||2014-15 ||CESTAT Mumbai |
|Custom Act 1962 ||Custom Duty ||12.50 ||2009-10 ||CESTAT Mumbai |
|Custom Act 1962 ||Custom Duty ||11.47 ||2004-05 ||CESTAT Ahmedabad |
|Custom Act 1962 ||Custom Duty ||24.07 ||2007-08 to 2009-10 ||CESTAT Ahmedabad |
|Bombay Stamp Duty 1958 ||Stamp Duty ||1.20 ||2013-14 ||High Court of Gujarat |
|Central Excise Act 1944 ||Excise Duty ||45.49 ||October 2004 to February 2008 ||Commissioner (A) Rajkot |
|Central Excise Act 1944 ||Excise Duty ||161.43 ||2007-08 to 2009-10 ||Gujarat High Court |
|Central Excise Act 1944 ||Excise Duty ||159.97 ||2008-09 & 2009-10 ||CESTAT Ahmedabad |
|Central Excise Act 1944 ||Excise Duty ||2.00 ||2009-10 ||CESTAT Mumbai |
|Central Excise Act 1944 ||Excise Duty ||65.95 ||February 2010 to March 2012 ||Commissioner (A) New Delhi |
|Central Excise Act 1944 ||Excise Duty ||876.61 ||March2011 to March 2013 ||High Court of Gujarat Ahmedabad |
|Central Excise Act 1944 ||Excise Duty ||610.39 ||2008-09 to 2009-10 ||Commissioner (A) Rajkot |
|Finance Act 1994 ||Service Tax ||70.27 ||December-2012 to February-2014 ||CESTAT Ahmedabad |
|Finance Act 1994 ||Service Tax ||165.41 ||2012-13 to 2015-16 ||Commissioner (A) Rajkot |
|Finance Act 1994 ||Service Tax ||6.17 ||2007-08 ||Commissioner (Appeals) Lucknow |
|Finance Act 1994 ||Service Tax ||3.13 ||2008-09 ||CESTAT Mumbai |
|Finance Act 1994 ||Service Tax ||2.82 ||2008-09 ||Commissioner (A) Nashik |
|Finance Act 1994 ||Service Tax ||1.98 ||2012-13 & 2015-16 ||Commissioner (A) Gujarat |
|Finance Act 1994 ||Service Tax ||1.40 ||2013-14 & 2015-16 ||Commissioner (A) Gujarat |
|Finance Act 1994 ||Service Tax ||0.10 ||2012-13 ||Commissioner (A) Gujarat |
|Finance Act 1994 ||Service Tax ||10.09 ||2013-14 & 2014-15 ||Assistant Commissioner (Audit) LTU Delhi |
|Finance Act 1994 ||Service Tax ||0.16 ||2012-13 to 2015-16 ||Commissioner (A) Gujarat |
|Finance Act 1994 ||Service Tax ||20.37 ||2015-16 ||Commissioner (A) Gujarat |
|Finance Act 1994 ||Service Tax ||0.39 ||2015-16 ||Commissioner (A) Gujarat |
|VAT Act UP 2008 ||Sales Tax ||17.50 ||1996-97 ||High Court of Allahabad |
|VAT Act UP 2008 ||Sales Tax ||2.40 ||2004-05 ||High Court of Allahabad |
|VAT Act UP 2008 ||Sales Tax ||1.42 ||1991-92 ||High Court of Allahabad |
|VAT Act UP 2008 ||Sales Tax ||3.12 ||1995-96 ||High Court of Allahabad |
|VAT Act Andhra Pradesh ||Sales Tax ||1.09 ||2010-11 ||Hon'ble Tribunal. |
|VAT Act Rajasthan 2003 ||VAT ||202.33 ||2014-15 ||Rajasthan Tax Board |
|Income Tax Act 1961 ||Income Tax ||11.45 ||2011-12 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||8.11 ||2004-05 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||363.73 ||2011-12 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||172.78 ||2010-11 ||ITAT New Delhi |
| || || || || |
|Income Tax Act 1961 ||Income Tax ||404.91 ||2009-10 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||130.56 ||2008-09 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||176.79 ||2007-08 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||26.91 ||1994-95 ||High Court |
|Income Tax Act 1961 ||Income Tax ||24.29 ||2008-09 ||ITAT New Delhi |
|Income Tax Act 1961 ||Income Tax ||13649.26 ||2016-17 ||CIT-A New Delhi |
|Income Tax Act 1961 ||Income Tax ||10.79 ||2014-15 ||CIT-A New Delhi |
* Amounts reported above are net of payments made
** In respect of Income Tax the period refers to the Assessment Year.
viii. According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank or Government or dues todebenture holders as at the balance sheet date.
ix. The Company has not raised any moneys by way of initial publicoffer and further public offer (including debt instruments). In our opinion and accordingto the information and explanations given to us the moneys raised by way of term loanshave been applied for the purposes for which they were obtained.
x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.
xi. The Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act. Also refer paragraph 17 of our main audit report.
xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the provisions of Clause 3(xii) of the Order are not applicableto the Company.
xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.
xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.
xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Membership Number: 057084
Place : Gurugram
Date : May 27 2021