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Lemon Tree Hotels Ltd.

BSE: 541233 Sector: Services
NSE: LEMONTREE ISIN Code: INE970X01018
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OPEN 64.45
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VOLUME 347259
52-Week high 71.40
52-Week low 36.10
P/E
Mkt Cap.(Rs cr) 5,074
Buy Price 64.00
Buy Qty 250.00
Sell Price 64.05
Sell Qty 433.00
OPEN 64.45
CLOSE 63.10
VOLUME 347259
52-Week high 71.40
52-Week low 36.10
P/E
Mkt Cap.(Rs cr) 5,074
Buy Price 64.00
Buy Qty 250.00
Sell Price 64.05
Sell Qty 433.00

Lemon Tree Hotels Ltd. (LEMONTREE) - Auditors Report

Company auditors report

To The Members of Lemon Tree Hotels Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofLemon Tree Hotels Limited ("the Company") which comprise the Balance Sheet asat March 312021 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us and based on the consideration of report of the other auditor onseparate financial statements of the Trust referred to in the Other Matters section belowthe aforesaid standalone financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 312021 and its loss total comprehensiveloss its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities 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 and the audit evidence obtained by theother auditors in terms of their report referred to in the Other Matters section below issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Emphasis of Matter

Attention is invited to Note 29 of the standalone financial statementswhich sets out the Company's assessment of going concern assumption and financial impacton account of COVID 19 pandemic situation. Based on these assessments the management hasconcluded that the Company will continue as a going concern and will be able to meet allof its obligations as well as recover the carrying amount of its assets as on March312021.

Our opinion is not modified in respect of this matter.

Key Audit Matters

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

Key Audit Matter Auditor's Response
Impairment of Investment in subsidiaries and associates (Refer Note 29(2) to the Standalone Financial Statements) Principal audit procedures performed:
At each reporting period the Company assesses the carrying amounts of investment in subsidiaries and associates to determine whether there is any indication that those investments have suffered an impairment loss. If any indication exists the Company estimates the investment's recoverable amount. Where the carrying amount of CGU exceeds its recoverable amount the investment is considered impaired and is written down to its recoverable amount. Obtained an understanding and assessed the Company's impairment process and tested the design and implementation of internal control established to the estimates and judgments for the carrying values of investment in subsidiaries and associates.
Our audit procedures include challenging management on the appropriateness of the impairment models by performing the following:
The Company holds investment in subsidiaries and associates located in India amounting to INR 79278.35 lacs as at March 312021. i) Assessed the reasonableness of the assumptions used to determine the fair value of investment in subsidiaries and associates including discount rate and long term growth rate using our valuation expertise;
The Company has undertaken an assessment of indicators of impairment in respect of the investment in subsidiaries and associates as mentioned in Note 8 of the standalone financial statements considering the qualitative factors such as current economic situation of the hospitality industry. ii) Assessed the reliability of cash flow forecasts through a review of actual past performance;
To assess the recoverability of the investment in subsidiaries and associates management is required to make significant estimates and assumptions related to forecast of future revenue operating margins growth rate and selection of the discount rates. The Company used the discounted cash flow approach to determine the recoverable value of the investments. Further the Company has appointed independent valuer to calculate the fair value of certain hotels owned by these subsidiary Companies. We have identified the estimation of the recoverable amount of the investments as a key audit matter because these assumptions are of particular importance due to the level of uncertainties and judgment involved thus changes in these assumptions could have a significant impact on the recoverable value of the investments. iii) Challenged the assumptions used in the cash flow forecasts which includes occupancy rate average room rate along with impact of COVID-19 on the same. To consider forecasting risk we also performed sensitivity analysis over these assumptions. We have tested the arithmetical accuracy of the impairment model. We have assessed the net worth of the subsidiaries and associates on the basis of latest available financial statements. We have checked the computation of the Company's share in that respective company's enterprise value (EV) and Compared the book value of investments as at the balance sheet date with the amount calculated. We have assessed the disclosures made by the Company in relation to this matter.
Impairment assessment of hotel properties (Refer Note 29(2) to the Standalone Financial Statements) Principal audit procedures performed:
At each reporting period the Company assesses the carrying amounts of hotel properties (CGU) to determine whether there is any indication that those assets have suffered an impairment loss. If any indication exists the Company estimates the asset's recoverable amount. Obtained an understanding of the Company's process for projecting the future cash flows and evaluated the significant assumptions used for determining the recoverable amount of CGU. Tested the design implementation and operating effectiveness of relevant internal controls relating to estimate of future cash flows for the purpose of determining recoverable amount of CGU.
To assess the recoverability of the CGU management is required to make significant estimates and assumptions related to forecast of future revenue operating margins growth rate and selection of the discount rates. The Company used the discounted cash flow approach to determine the recoverable value of the CGU. These assumptions are of particular importance due to the level of uncertainties and judgment involved thus changes in these assumptions could have a significant impact on the recoverable value of the hotel properties. We have identified the estimation of the recoverable amount of the hotel properties as a key audit matter because these assumptions are of particular importance due to the level of uncertainties and judgment involved thus changes in these assumptions could have a significant impact on the recoverable value of the CGU.
Our assessment included:
i) Challenged Company's key market related assumptions used in the model including discount rate long term growth rates against external data using our valuation expertise;
ii) Assessed the reliability of cash flow forecasts through a review of actual past performance;
iii) Challenged the assumptions used in the cash flow forecasts which includes occupancy rate average room rate along with impact of COVID-19 on the same. To consider forecasting risk we also performed sensitivity analysis over these assumptions.
We have used valuation specialist to assess the appropriateness of the weighted average cost of capital used in the determining recoverable amount.
We have tested the arithmetical accuracy of the model and assessed the disclosures made by the Company in relation to this matter.

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion & Analysis Board's Report Business Responsibility Report and Report onCorporate Governance but does not include the standalone financial statements and ourauditor'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 during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

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

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

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

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

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

• Conclude on the appropriateness of management's use of 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.

• Obtain sufficient appropriate audit evidence regarding thefinancial information of the Company and its trust to express an opinion on the standalonefinancial statements.

We are responsible for the direction supervision and performance ofthe audit of the financial statements of such entities or business activities included inthe standalone financial statements of which we are the independent auditors. For theother entities or business activities included in the standalone financial statementswhich have been audited by the other auditors such other auditors remain responsible forthe direction supervision and performance of the audits carried out by them. We remainsolely responsible for our audit opinion.

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

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave 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.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation 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.

Other Matters

We did not audit the financial statements of Krizm Hotels PrivateLimited Employees Welfare Trust (the "Trust") whose financial statements reflecttotal assets of ' 506.85 Lacs as at March 31 2021 and total revenue of 'Nil and net cash outflows of ' 20.45 lacs for the year ended March 31 2021 asconsidered in the standalone financial statements. These financial statements have beenaudited by other auditor whose report have been furnished to us by the management and ouropinion on the standalone financial statements in so far as it relates to the amounts anddisclosures included in respect of such trust is based solely on the report of otherauditor.

Our opinion on the standalone financial statements and our report onOther Legal and Regulatory Requirements below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit and onthe consideration of the reports of the other auditors on the separate financialstatements of the Trust referred to in the Other Matters section above we report to theextent applicable 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 and thereports of the other auditors.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended Inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its directors during the year is in accordancewith the provisions of section 197 of the Act.

h) 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 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements. (Refer note 31)

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.(Refer note 44)

iii. There were no amount which were required to be transferred to theInvestor Education and Protection Fund by the Company.(Refer note 45)

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Lemon Tree Hotels Limited ("the Company") as of March 31 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

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. 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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

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

Meaning of Internal Financial Controls Over Financial Reporting

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

Inherent Limitations of Internal Financial Controls Over FinancialReporting

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

Opinion

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

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

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

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a program of verification of fixed assets to coverall the items in a phased manner over a period of two years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program certain fixed assets were physically verified by the Management during theyear and no discrepancies were noticed on such verification.

(c) According to the information explanations given to us and therecords examined by us we report that:

i. based on the examination of the confirmation received by us fromKotak Mahindra Bank Limited HDFC Bank Limited Axis Trustee Services Limited (custodian)on behalf of Aditya Birla Finance Limited in respect of immovable properties (freeholdland and buildings disclosed as Property Plant & Equipment in the financialstatements) whose title deeds have been pledged as security for loans are held in thename of the Company. Other than the freehold land and buildings located at Ahmedabadadmeasuring 2093 square yards and whose title deeds are in the name of the MuskanProperties Pvt. Ltd. erstwhile companies that was merged with the Company under Section394 of the Companies Act 2013 in terms of the approval of the Delhi High Court.

ii. based on the examination of the registered conveyance deed ofremaining immovable properties provided to us we report that the title deeds comprisingall the immovable properties of land and buildings which are freehold are held in thename of the Company as at the balance sheet date.

(ii) As explained to us the inventories were physically verifiedduring the year by the Management at reasonable intervals and no discrepancies were notedon physical verification.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms Limitedliability Partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 186 of the CompaniesAct 2013 in respect of making investments. The Company has not granted any loans madeinvestments or provide guarantees under Section 185 of the Companies Act 2013. As perSection 186 (11) read with Schedule VI provisions of Section 186 with respect to grant ofloans and providing guarantees would not apply to the Company as the Company is providinginfrastructural facilities.

(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposit from the public. The Company doesnot have any unclaimed deposits and accordingly the provisions of Sections 73 to 76 or anyother relevant provisions of the Companies Act 2013 are not applicable to the Company.

(vi) According to the information and explanations given to us themaintenance of cost records has not been specified by the Central Government under section148(1) of the Companies Act 2013 hence reporting under clause (vi) of the Companies(Auditor's Report) Order 2016 ("CARO 2016") is not applicable.

(vii) According to the information and explanations given to us and therecords of the Company examined by us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employee's State Insurance Income-tax SalesTax Value Added Tax Goods and Services Tax cess and other material statutory duesapplicable to it to the appropriate authorities. We are informed that the Excise duty andCustoms duty is not applicable to the Company.

(b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income-tax Sales Tax Value Added Tax Goods andServices Tax cess and other material statutory dues in arrears as at March 31 2021 for aperiod of more than six months from the date they became payable.

(c) There are no dues of Income tax Sales tax Customs Duty ValueAdded tax and Excise duty which have not been deposited as on March 312021 on account ofdisputes. Details of dues of Service Tax which have not been deposited as on March 312021 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount Unpaid (Rs. in Lacs)
Service Tax Rule 1994 Service Tax Central Excise and Service Tax Appellate tribunal FY 2007-09 to 2012-13 113.55

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tofinancial institutions and banks. The Company has not taken any loans or borrowings fromgovernment and not issued any debentures.

(ix) In our opinion and according to the information and explanationgiven to us the term loan have been applied by the Company during the year for thepurposes for which they were raised. The Company has not raised any money by way ofinitial public offer or further public offer (including debt instruments).

(x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid / provided managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Companies Act 2013.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 for all transactions with the related parties entered during the year and thedetails of related party transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

(xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures andhence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its directors or directors of its subsidiary or associate company or personsconnected with them and hence provisions of section 192 of the Companies Act 2013 are notapplicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934 and hence reporting under clause (xvi) of CARO 2016is not applicable to the Company.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W / W-100018)
Vijay Agarwal
Place: Gurugram (Partner)
Date: June 15 2021 (Membership No. 094468)
UDIN: 21094468AAAAFB8078

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