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Maruti Suzuki India Ltd.

BSE: 532500 Sector: Auto
NSE: MARUTI ISIN Code: INE585B01010
BSE 00:00 | 04 Oct 8687.45 143.05
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NSE 00:00 | 04 Oct 8690.50 143.50
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OPEN 8661.05
PREVIOUS CLOSE 8544.40
VOLUME 12183
52-Week high 9450.00
52-Week low 6540.00
P/E 60.49
Mkt Cap.(Rs cr) 262,430
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8661.05
CLOSE 8544.40
VOLUME 12183
52-Week high 9450.00
52-Week low 6540.00
P/E 60.49
Mkt Cap.(Rs cr) 262,430
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Maruti Suzuki India Ltd. (MARUTI) - Auditors Report

Company auditors report

TO THE MEMBERS OF MARUTI SUZUKI INDIA LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of MARUTI SUZUKIINDIA LIMITED ("the Company") which comprise the Balance Sheet as at 31March 2022 and the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Cash Flows 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 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 Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matter to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1 Evaluation of uncertain tax positions relating to Income taxes and Excise duty Principal audit procedures performed:
The Company has material uncertain tax positions including matters under disputes relating to Income tax. Further the Company has matters under litigation relating to Excise duty. These matters involve significant management judgement to determine the possible outcome of disputes. Refer note 2.4 and 37 (i) and (iv) of the financial statements. a) We evaluated the design and implementation of internal controls and tested the operating effectiveness of controls for estimation of the amount of financial impact and outcome of Income Tax and Excise duty litigations and claims and consequent recording /disclosure in the financial statements.
b) We obtained details of Income tax and Excise duty assessment orders and management's evaluation of those assessment orders and performed the following procedures:
- We verified the arithmetical accuracy of the computation prepared by management based on Income Tax and Excise Orders received to determine the financial impact of the matters under dispute and consequent recording/disclosure in the financial statements.
- We involved our tax specialists to challenge the management's underlying assumptions in estimating the financial impact and the possible outcome of the litigations and disputes after considering the legal precedence and other rulings.
We assessed the accounting principles applied by the Company to measure and disclose the financial impact of these litigations in accordance with the Indian Accounting Standards applicable regulatory financial reporting framework and other accounting principles generally accepted in India

Information Other than the Financial Statements and Auditor's Report Thereon

• The Company's Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Board's Report including Annexures to Board's Report and Corporate GovernanceReport but does not include standalone financial statements and our auditor's reportthereon.

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

• In connection with our audit of the standalone financial statements ourresponsibility 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 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 judgements 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 management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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 judgement andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

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

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the 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 ofany 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 Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant 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 opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the 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 - Refer to note 37 to standalone financialstatements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. Refer to Note 16 to thestandalone financial statements.

iv. (a) The Management has represented that to the best of it's knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")or provide 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 nofunds have been received by the Company from any person or entity including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries.

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

v. As stated in note 14.4 to the standalone financial statements

(a) The final dividend proposed in the previous year declared and paid by the Companyduring the year is in accordance with Section 123 of the Act as applicable.

(b) The Board of Directors of the Company have proposed final dividend for the yearwhich is subject to the approval of the members at the ensuing Annual General Meeting. Theamount of dividend proposed is in accordance with Section 123 of the Act as applicable.

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)
Jitendra Agarwal
Partner
Place: New Delhi (Membership No. 87104)
Date: April 29 2022 (UDIN: 22087104AIBDDX3715)

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 MARUTISUZUKI INDIA LIMITED ("the Company") as of March 31 2022 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to respective company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial 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 financialreporting were operating effectively as at March 31 2022 based on "the criteria forinternal financial control over financial reporting established by the respective Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm‘s Registration No.117366W/W-100018)
Jitendra Agarwal
Partner
Place: New Delhi (Membership No. 87104)
Date: 29 April 2022 (UDIN: 22087104AIBDDX3715)

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)

To the best of our information and according to the explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

(i) In respect of Company's Property Plant and Equipment and Intangible Assets:

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

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

(b) The Property Plant and Equipment and right-of-use assets except furniture andfixtures office appliances and certain other Property Plant and Equipment having acarrying value of Rs.2575 million were physically verified during the year by theManagement which in our opinion provides for physical verification at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) With respect to immovable properties disclosed in the financial statements includedin Property Plant and Equipment according to the information and explanations given tous and based on the examination of the registered sale deed/ transfer deed/conveyance deedprovided to us we report that the title deeds of such immovable properties are held inthe name of the Company as at the balance sheet date except for the following:

As at Balance Sheet date (Rs. in million)

Description of Property Gross carrying value Net Carrying value Held in the name of Whether director or their relative or employee Period held since Reason for not being held in name of Company
4 residential flats located at Mundra Port 12 10 Adani Ports and Special Economic Zone Limited (APSEZL) No 08-Jun-2011 The Company is in possession and occupant of the flats but conveyance deed has not been executed by the APSEZL. The Company is in discussion with APSEZL to register the flats in its name.
3 residential flats in Ranchi 12 10 Excel Venture Construction Private Limited/Jharkhand State Housing Board No 01-Apr-2012 There is an ongoing litigation between Excel Venture Construction Pvt. Ltd. (Builder) and Jharkhand Housing Board (JHB) regarding the percentage ownership of the project as land is owned by JHB and construction was done by the Builder. As informed to us by the management the registration can be done after settlement of the litigation and they are in continuous discussion with the Builder for early resolution.
51.59 acres Land at Gujarat 113 113 State Government of Gujarat No 18-Nov-13 As informed to us by the management Title of the Land acquired by the Company got reversed in the name of Government of Gujarat as per the order passed by the District Collector and the Company is in discussion for early resolution

• In respect of immovable properties that have been taken on lease and disclosedin the financial statements as right- of use asset as at the balance sheet date the leaseagreements are duly executed in favour of the Company except for the following lease deedwhich is under dispute:

As at Balance Sheet date (Rs. in million)

Description of Property Gross carrying value Net Carrying value Held in the name of Whether director or their relative or employee Period held since Reason for not being held in name of Company
Land for RTC Kolkata at Plot No. 15A Sector C (Area 11.44 Cottah) 7 5 Kolkata Metropolitan Development Authority (KMDA) No 26-Jun-2003 Title and possession of KMDA is not clear and the Company is in discussion with KMDA to resolve the same

(d) The Company has not revalued any of its Property Plant and Equipment (includingright of use assets) and intangible assets during the year.

(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 loose tools and machinery spares were physically verified during the year by theManagement at reasonable intervals. In our opinion and based on information andexplanations given to us the coverage and procedure of such verification by theManagement is appropriate having regard to the size of the Company and the nature of itsoperations. For stocks held with third parties at the year-end written confirmations havebeen obtained in most of the cases and in respect of goods in transit the goods have beenreceived subsequent to the year end in most of the cases. No discrepancies of 10% or morein the aggregate for each class of inventories were noticed on such physical verificationof inventories when compared with the books of account.

(b) According to the information and explanations given to us at any point of time ofthe year the Company has not been sanctioned any working capital facility from banks orfinancial institutions on the basis of security of current assets and hence reportingunder clause (ii)(b) of the Order is not applicable.

(iii) The Company has made Investments in Companies and in debt based mutual funds andgranted advances in the nature of loans to its employees during the year in respect ofwhich:

(a) The Company has provided advances in the nature of loans to their employees anddetails of which are given below:

Particulars Advances in the nature of loans (Rs. in million)
A. Aggregate amount granted/ provided during the year: Employees 479
B. Balance outstanding as at balance sheet date in respect of above 306

The Company has not provided any loan or stood guarantee or provided security to anyother entity during the year.

(b) The investments made and the terms and conditions of the above-mentioned advancesin the nature of loans provided during the year are in our opinion prima facie notprejudicial to the Company's interest.

(c) In respect of advances in the nature of loans the schedule of repayment ofprincipal has been stipulated and the repayments of principal amounts are regular as perstipulation.

(d) In respect of advances in the nature of loans provided by the Company there is nooverdue amount remaining outstanding as at the balance sheet date.

(e) No advance in the nature of loan granted by the Company which has fallen due duringthe year has been renewed or extended or fresh loans granted to settle the overdues ofexisting loans given to the same parties.

(f) The Company has not granted any loan or advance in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment during theyear. Hence reporting under clause 3(iii)(f) is not applicable.

(iv) The Company has not granted any loan or provided any guarantee or security asspecified under Sections 185 and 186 of the Companies Act 2013. In respect of investmentsmade by the Company during the year the Company has complied with the provisions of 186of the Companies Act 2013.

(v) The Company has not accepted or is not holding any deposit or amounts which aredeemed to be deposits during the year. Hence reporting under clause (v) of the Order isnot applicable.

(vi) The maintenance of cost records has been specified by the Central Government underSection 148(1) of the Companies Act 2013 for "Manufacturing of Engines" and"Generation of Power". We have broadly reviewed the books of account maintainedby the Company pursuant to the Companies (Cost Records and Audit) Rules 2014 as amendedprescribed by the Central Government for maintenance of cost records under Section 148(1)of the Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords have been made and maintained by the Company. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues including Goods and Services tax Provident FundIncome-tax duty of Custom cess and other material statutory dues applicable to theCompany have been regularly deposited by it with the appropriate authorities in all casesduring the year.

There were no undisputed amounts payable in respect of Goods and Services taxProvident Fund Employees' State Insurance Income-tax duty of Custom cess and othermaterial statutory dues in arrears as at 31 March 2022 for a period of more than sixmonths from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on 31 March 2022 on account of disputes are given below:

Name of the Statute Nature of the Dues Forum where Dispute is pending Period to which the amount relates (Financial year) Amount (Rs. in million)* Amount unpaid (Rs. in million)
Income Tax Act 1961 Income Tax High Court 1991-92 1994-95 to 1995-96 1997-98 2003-04 to 2004-05 2007-08 903 -
Income Tax Appellate Tribunal (ITAT) 2002-03 2008-09 to 2015-16 101863 94777
Up to Commissioner (Appeals) 2006-07 to 2020-21 69 63
Wealth tax Act 1957 Wealth tax High Court 1996-97-1997-98 1 -
The Central Excise Act 1944 Excise Duty Customs Excise & Service Tax Appellate Tribunal (CESTAT) 2002-03 to 2017-18 16580 14353
The Finance Act 1994 Service Tax Customs Excise & Service Tax Appellate Tribunal (CESTAT) 2005-06 to 2017-18 4719 4628
Customs Act 1962 Customs Duty Commissioner (Appeals) 2012-13 to 2020-21 2077 2077
Sales Tax Laws Haryana General Sales Tax Act Assessing Authority Gurgaon by Sales Tax Tribunal. 1983-84 to 1984-85 1987-88 2016-17 24 23
Central Sales Tax (Gujarat) Appeal pending with Dy Commissioner ( appeal) 2012-13 to 2013-14 6 6
Goods and Service Tax Goods and Service Tax Rajasthan High Court 2019-20 10 10

*amount as per demand orders including interest and penalty wherever quantified in theOrder.

The following matters have been decided in favour of the Company but department haspreferred appeals before higher authorities.

Name of the Statute Nature of the Dues Forum where Dispute is pending Period to which the amount relates (Financial year) Amount (Rs. in million)# Amount unpaid (Rs. in million)
Income Tax Act 1961 Income Tax Supreme Court 1993-94 to 2000-01 2003-04 to 2005-06 5904 5904
High Court 1996-97 to 1999-00 2003-04 to 2004-05 2006-07 to 2008-09 7725 7725
Income Tax Appellate Tribunal (ITAT) 2002-03 2010-11 5641 5641
The Central Excise Duty Supreme Court 2000-01 to 2007-08 395 395
Excise Act 1944 High court 1986-87 1988-89 to 1993-94 517 517
Customs Excise & Service Tax Appellate Tribunal (CESTAT) 2006-07 to 2015-16 222 222
The Finance Act 1994 Service Tax Supreme Court 2003-04 to 2012-13 256 256
CESTAT 2002-03 2004-05 to 2010-11 17 17

#amount as per demand orders including interest and penalty wherever quantified in theOrder.

(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) The Company has not defaulted in the repayment of loans or other borrowings orin the payment of interest thereon to any 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) The Company has not taken any term loan during the year and there are no unutilisedterm loans at the beginning of the year and hence reporting under clause (ix)(c) of theOrder is not applicable.

(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 overall examination of the financial statements of the Company the Company hasnot taken any funds from any entity person on account of or to meet the obligations ofits subsidiaries associates or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries or joint ventures or associate 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) No fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

(b) No report under sub-section (12) of Section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and up to the date of this report.

(c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year and up to the date of this report.

(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) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) We have considered the internal audit reports issued to the Company during theyear and draft of the internal audit reports issued after the balance sheet date for theperiod under audit.

(xv) In our opinion during the year the Company has not entered into any non-cashtransaction with any of its directors or directors of it's holding company subsidiarycompanies associate companies or persons connected with such directors and henceprovisions of Section 192 of the Companies Act 2013 are not applicable to the Company.

(xvi)(a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and (c) ofthe Order is not applicable.

(b) In our opinion there is no core investment company within the Group andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(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 realisation 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 has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there is no unspent CSR amount for the year requiring a transferto a Fund specified in Schedule VII to the Companies Act or special account in compliancewith the provision of subsection (6) of Section 135 of the said Act. Accordinglyreporting under clause (xx) of the Order is not applicable for the year.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Jitendra Agarwal
Partner
Place: New Delhi (Membership No. 87104)
Date: April 29 2022 (UDIN: 22087104AIBDDX3715)

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