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JSW Ispat Special Products Ltd.

BSE: 513446 Sector: Metals & Mining
NSE: JSWISPL ISIN Code: INE743C01021
BSE 00:00 | 07 Dec 31.45 -0.30
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31.80

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31.80

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31.35

NSE 00:00 | 07 Dec 31.45 -0.35
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31.50

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31.95

LOW

31.35

OPEN 31.80
PREVIOUS CLOSE 31.75
VOLUME 24579
52-Week high 45.45
52-Week low 22.20
P/E
Mkt Cap.(Rs cr) 1,477
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.80
CLOSE 31.75
VOLUME 24579
52-Week high 45.45
52-Week low 22.20
P/E
Mkt Cap.(Rs cr) 1,477
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

JSW Ispat Special Products Ltd. (JSWISPL) - Auditors Report

Company auditors report

To the Members of JSW Ispat Special Products Limited (formerly known as Monnet Ispatand Energy Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of JSW Ispat SpecialProducts Limited (formerly known as Monnet Ispat and Energy Limited) ("theCompany") which comprise the Balance Sheet as at 31 March 2022 and the Statement ofProfit and Loss (including Other Comprehensive Income) the Statement of Cash Flows andthe Statement of Changes in Equity for the year then ended and a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under Section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31 March 2022 and its profit totalComprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the standalone financial statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone financial statements.

Key audit matter

Key audit matter is the matter that in our professional judgment was of mostsignificance in our audit of the standalone financial statements of the current period.This matter was 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 this matter. We have determined the matter described below to be thekey audit matter to be communicated in our report.

Key audit matter Auditor's response
Recoverable value assessment of Property plant and equipment Our principle procedures included but were not limited to:
With continuing pressure on margins the management has assessed the recoverable value of property plant and equipment engaging an independent external expert. Replacement cost estimation involves significant judgement and estimates. - Evaluated the design and implementation and testing the operating effectiveness of the relevant controls over determination of recoverable value of property plant and equipment.
Refer note 4(ii) to the financial statements - Assessed the competence and independence of the valuation expert engaged by the Company for determining the replacement cost of property plant and equipment.
- Reviewed the information shared with the independent expert engaged by the management.
- Evaluated the reasonableness of the valuation provided by the independent expert by challenging the significant assumptions used and estimates and judgements made in deriving the valuation with the help of internal fair value specialist.
- Verification of accounting implications and appropriateness of disclosures in the financial statements.

Information other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Directors' report Managementdiscussion and analysis Corporate governance report and Business responsibility reportbut does not include the consolidated financial statements the standalone financialstatements and our auditor's report thereon.

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 and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

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

Management's responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements the 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 unlessthe management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting 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:

a) Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

b) Obtain an understanding of internal financial control relevant to the audit in orderto 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.

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

d) Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

e) Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

f) Obtain sufficient appropriate audit evidence regarding the financial information ofthe Company to express an opinion on the standalone financial statements.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in i) planning the scope of ouraudit work and in evaluating the results of our work; and ii) to evaluate the

effect of any identified misstatements in the standalone 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 mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

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

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164(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 controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in 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 have been no delays in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented

that to the best of it's knowledge and belief as disclosed in the Note 49 to thefinancial statements no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person or entity including foreign entities ("Intermediaries")with the understanding whether recorded in writing or otherwise that the Intermediaryshall directly or indirectly lend or invest in other person or entity identified in anymanner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of it's knowledge and belief asdisclosed in the Note 49 to financial statements no funds have been received by theCompany from any person or entity including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall directly or indirectly lend or invest in other person or entity identifiedin any manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has notproposed final dividend for the year.

2. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W W-100018)
Mehul Parekh
Partner
(Membership No. 121513)
(UDIN: 22121513AIULUQ2914)
Place: MUMBAI
Date: 11 May 2022

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 of even date)

Report on the Internal Financial Controls over financial reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Controls over financial reporting of JSW IspatSpecial Products Limited ("the Company") as of 31 March 2022 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining InternalFinancial Controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over financial reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate Internal Financial Controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of Internal Financial Controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate Internal FinancialControls over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls system over financial reporting and their operatingeffectiveness. Our audit of Internal Financial Controls over financial reporting includedobtaining an understanding of Internal Financial Controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the Auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone Financial Statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's Internal Financial Controls systemover financial reporting.

Meaning of Internal Financial Controls over financial reporting

A Company's Internal Financial Control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withGenerally Accepted Accounting Principles. A Company's Internal Financial Control overfinancial reporting includes those policies and procedures that i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial statements in accordance with Generally Accepted Accounting Principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of Management and Directors of the Company; and iii) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the standaloneFinancial Statements.

Inherent limitations of Internal Financial Controls over financial reporting

Because of the inherent limitations of Internal Financial Controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal Financial Controls over financialreporting to future periods are subject to the risk that the Internal Financial Controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate Internal Financial Controlssystem over financial reporting and such

Internal Financial Controls over financial reporting were operating effectively as at31 March 2022 based on the internal financial control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the Institute of Chartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W W-100018)
Mehul Parekh
Partner
(Membership No. 121513)
(UDIN: 22121513AIULUQ2914)
Place: MUMBAI
Date: 11 May 2022

Annexure B To The Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(i) In respect of the Company's Property Plant and Equipment capitalwork-in-progress investment properties:

(a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment capitalwork-in-progress and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(b) The Company has a program of verification of Property Plant and Equipment capitalwork-in-progress and right-of-use assets so as to cover all the items over a period of 3years which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the program certain Property Plant and Equipmentwere due for verification during the year and were physically verified by the Managementduring the year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) Based on our examination of the registered sale deed / transfer deed / conveyancedeed provided to us we report that the title deeds of all the immovable properties(other than immovable properties where the Company is the lessee and the lease agreementsare duly executed in favour of the Company) disclosed in the financial statements includedin (property plant and equipment capital work- in progress and right-of-use assets) areheld in the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its property plant and equipment (includingright- of-use assets) during the year. The company does not have any intangible assets.

(e) No proceedings have been initiated during the year or are pending against theCompany as at 31 March 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except for (goods-in-transit and stocks held with thirdparties) were physically verified during the year by the Management at reasona bleintervals. In our opinion and based on information and explanations given to us thecoverage and procedure of such verification by the Management is appropriate having regardto the size of the Company and the nature of its operations. For stocks held with thirdparties at the year-end written confirmations have been obtained and in respect of goods-in-transit the goods have been received subsequent to the year end or confirmations havebeen obtained from the parties by the Management. No discrepancies of 10% or more in theaggregate for each class of inventories were noticed on such physical verification ofinventories/alternate procedures performed as applicable when compared with the books ofaccount.

(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs. 5 crores in aggregate at points oftime during the year from banks or financial institutions on the basis of security ofcurrent assets. In our opinion and according to the information and explanations given tous the quarterly returns or statements comprising stock statements book debt statementsstatements on ageing analysis of the debtors/other receivables and other stipulatedfinancial information filed by the Company with such banks or financial institutions arein agreement with the unaudited books of account of the Company of the respectivequarters.

(iii) (a) The Company has not made any investments

in provided any guarantee or security and granted any loans or advances in the natureof loans secured or unsecured to companies firms Limited Liability Partnerships or anyother parties during the year and hence reporting under clause (iii) (a) (b) and (f) ofthe Order are not applicable.

(b) The Company has granted loans of Rs. 57.12 crore for which schedule of repayment ofprincipal and payment of interest has been stipulated and loans of Rs. 140.96 crore arepayable on demand. As described in note 16 to the financial statements these loans weregranted prior to NCLT order approving the Resolution Plan under IBC and have been providedfor being non-recoverable at the time of implementation of resolution plan. Of the aboveprovision against loan of Rs. 8.34 crore has been reversed during the year and isrepayable on (June 30 2022) as per schedule of repayment.

(c) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted and advances in the nature of loansprovided by the Company there is no overdue amount remaining outstanding as at thebalance sheet date other than the loans fully provided for in earlier years referred inparagraph (iii) (b) above.

(d) None of the loans or advances in the nature of loans granted by the Company havefallen due during the year.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to bedeposits. Hence reporting under clause (v) of the Order is not applicable.

(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under subsection (1) of Section 148 of theCompanies Act 2013 and are of the opinion that prima facie the prescribed cost recordshave been made and maintained by the Company. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues including Goods and Service tax Provident FundEmployees' State Insurance Income-tax Sales Tax Service Tax duty of Custom duty ofExcise Value Added Tax cess and other material statutory dues applicable to the Companyhave been regularly deposited by it with the appropriate authorities in all cases duringthe year.

There were no undisputed amounts payable in respect of Goods and Service tax Provident

Fund Employees' State Insurance Income- tax Sales Tax Service Tax duty of Customduty of Excise Value Added Tax cess and other material statutory dues in arrears as at31 March 2022 for a period of more than six months from the date they became payable.

(b) There are no statutory dues referred in sub-clause (a) above which have not beendeposited on account of disputes as on 31 March 2022. The disputes pertaining to theperiods prior to the NCLT Order approving the Resolution Plan have not been considered forreporting under this clause (refer note 37 to the standalone financial statements).

(viii) There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year.

(ix) (a) In our opinion the Company has not defaulted

in the repayment of loans or other borrowings or in the payment of interest thereon toany lender during the year.

(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

(c) To the best of our knowledge and belief in our opinion term loans availed by theCompany were applied by the Company during the year for the purposes for which the loanswere obtained.

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries or joint ventures companies.

(x) (a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x) (a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under sub-section (12) of section 143 ofthe Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government during the year and upto thedate of this report.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year (and upto the date of this report) and provided to us whenperforming our audit.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

(xiv) (a) I n our opinion the Company has an adequate internal audit systemcommensurate with the size and the nature of its business.

(b) We have considered the internal audit reports issued to the Company during theyear and covering the period upto 31 March 2022.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with any of its directors or directors of it's holding company subsidiarycompany or persons connected with such directors and hence provisions of section 192 ofthe Companies Act 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of India Act 1934. Hence reporting underclause (xvi)(a) (b) and (c) of the Order is not applicable.

(b) The Group has more than one CIC as part of the group. There are 4 CIC forming partof the group.

(xvii) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

(xx) The Company is not required to contribute any amount towards Corporate SocialResponsibility (CSR) considering the past losses and accordingly reporting under clause 3(xx) of the Order is not applicable for the year.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W W-100018)
Mehul Parekh
Partner
(Membership No. 121513)
(UDIN: 22121513AIULUQ2914)
Place: MUMBAI
Date: 11 May 2022

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