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Max Healthcare Institute Ltd.

BSE: 543220 Sector: Health care
NSE: MAXHEALTH ISIN Code: INE027H01010
BSE 00:00 | 25 Jan 371.35 6.15
(1.68%)
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357.05

HIGH

388.20

LOW

345.65

NSE 00:00 | 25 Jan 369.50 3.60
(0.98%)
OPEN

360.00

HIGH

388.00

LOW

345.20

OPEN 357.05
PREVIOUS CLOSE 365.20
VOLUME 3809455
52-Week high 472.60
52-Week low 158.90
P/E 180.27
Mkt Cap.(Rs cr) 36,006
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 357.05
CLOSE 365.20
VOLUME 3809455
52-Week high 472.60
52-Week low 158.90
P/E 180.27
Mkt Cap.(Rs cr) 36,006
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Max Healthcare Institute Ltd. (MAXHEALTH) - Auditors Report

Company auditors report

To the Members of Max Healthcare Institute Limited

REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying Standalone Financial Statements of Max HealthcareInstitute Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow statement and the Statement of Changes in Equity for the year then endedand 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 March 31 2021 and its loss 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.

EMPHASIS OF MATTER

We draw attention to note 29.15 of notes forming part of the Standalone FinancialStatement which describes the circumstances arising due to COVID-19 the uncertaintiesassociated with its nature and duration and the consequential impact of the same on thestandalone financial statement of the Company.

As stated in the said note the Company has made an assessment of likely adverse impacton economic environment in general and potential impact on its operations including thecarrying values of its current and non-current assets including goodwill other intangibleassets property plant and equipment and other financial exposures. However given thenature of the COVID-19 the Company continues to monitor developments to identify andmanage any significant uncertainties relating to its future economic outlook.

Our report on the Standalone Financial Statements is not modified in respect of thismatter.

KEY AUDIT MATTERS

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

S No. Key Audit Matter Auditor's Response
1. Business combination Principal audit procedures performed
(Refer to note 2.1 of the notes forming part of the Standalone Financial Statements) With respect to the accounting for business combination we:
During the year a Composite Scheme of Amalgamation and Arrangement ("the Scheme") between Max Healthcare Institute Limited (‘the Company') Radiant Life Care Private Limited ('Radiant') erstwhile Max India Limited and its subsidiary company Advaita Allied Healthcare Services Limited was approved by National Company Law Tribunal which included demerger of healthcare business of Radiant into the Company and amalgamation of residual Max India in the Company. The above business combination has been treated as a reverse acquisition in accordance with Ind AS 103 with effect from June 01 2020 (‘acquisition-date') with demerged business of Radiant as the ‘Accounting Acquirer' and Max Healthcare Institute Limited as the ‘Accounting Acquiree' and accordingly the assets and liabilities of Radiant are measured at their pre-combination carrying value and the identified assets acquired and liabilities taken over with respect to Max Healthcare Institute Limited being Accounting Acquiree measured at acquisition-date fair values. Identification and valuation of assets (including intangible assets and trademarks) and liabilities (including contractual obligations) as at the acquisition date was performed by the management as part of the Purchase Price Allocation (PPA) in consultation with external fair value specialists (management expert). The assets and liabilities were measured at fair value using various valuation methodology applied according to the nature of respective assets and liabilities. The estimation of fair value requires use of various assumptions estimates of future cash flows as well as use of suitable discount rate. • Obtained an understanding of the transaction from the management and identified key terms relevant to the accounting for the transaction.
• Read relevant parts of the approved Scheme and assessed the Company's conclusion as regard business combination accounting in accordance with Ind AS 103 with respect to Reverse Acquisition and its impact on the financial statements.
• Obtained an understanding of management process and tested the Design Implementation and Operating effectiveness of controls over Purchase Price Allocation (PPA) performed by the management in consultation with external fair valuation specialist (Management expert) and internal controls relating to accounting for the business combination.
• Assessed the competence capabilities and objectivity of the management expert engaged by the Company and obtained understanding of the work of the management experts by reviewing the valuation reports.
• With the assistance of our fair value specialist evaluated the appropriateness of the valuation methodology and reasonableness of the key valuation assumptions used by management and tested mathematical accuracy of the calculations used in the PPA.
• Evaluated the appropriateness of the accounting and disclosures in the financial statements in compliance with the accounting standards.
The above transaction has been identified as a Key Audit Matter as this is significant event which happened during the year and it required compliance of scheme and application of complex accounting policies mainly Ind AS 103 Business Combinations and involved significant judgments and assumptions as part of estimation fair value of asset and liabilities recognised as part of the reverse acquisition.
2. Impairment of intangible assets (Goodwill and trademark) Principal audit procedures performed
(Refer to note 6 and note 7 of the notes forming part of the standalone financial statements) With respect to Impairment of intangible assets (Goodwill and trademark) we:
The Company has intangible asset with indefinite lives comprising Goodwill of INR 94742 Lakh and Trademarks of INR 49378 Lakh arising out of business combinations. • Evaluated the design implementation and operating effectiveness of controls over impairment assessment including controls relating to review of future cash flow forecasts (including forecast of future revenue and operating margins) and controls relating to review of assumptions of discount rates and the long term growth rates.
The Company's evaluation of goodwill and trademark for impairment involves the comparison of the recoverable value of cash generating unit to its carrying value in accordance with Ind AS 36 Impairment of
Assets. The recoverable amount is determined based on the higher of the fair value less cost of disposal or the value in use. • Evaluated the reasonableness of the estimates used by management in assessment of future cash flow forecasts and operating margins by comparing them to Historical revenue and operating margins latest Board approved targets and long term plans.
The Company has determined recoverable value which included use of discounted cash flow model to estimate recoverable value and requires management to make significant estimates and assumptions related to future cash flow forecasts (including forecast of future revenue and operating margins) discount rates and the long term growth rates applied to these future cash flow forecasts. Changes in these estimates and assumptions could have a significant impact on the assessment of the recoverable value and the consequential impact on impairment loss.
The management has concluded that the recoverable value is higher than the carrying amount and accordingly no impairment provision has been recorded as at March 31 2021. Considering the significant degree of judgement and subjectivity involved in the estimates and assumptions used in determining the recoverable value used in the impairment evaluation including those related to the possible effects of the COVID-19 pandemic we have determined impairment of such goodwill and trademark arising from the business combination as a key audit matter for the current year audit. • With the assistance of our fair value specialist evaluated the appropriateness of the valuation methodology and reasonableness of the key valuation assumptions used by management and tested mathematical accuracy of the calculations used in assessment of recoverable value.
• Evaluated the appropriateness of the accounting and disclosures in the financial statements in compliance with the accounting standards.

INFORMATION OTHER THAN THE STANDALONE 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 Board's Report but does notinclude the Standalone Financial Statements and our auditor's report thereon.

• 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 loss 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 financialstatement 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 accordance

with SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal financial 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

any significant 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 books of account.

d) I n our opinion the aforesaid standalone financial statements comply with the IndAS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March312021 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312021 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 on the adequacy and operatingeffectiveness of the Company's internal financial controls over financial 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 - Refer Note 28 of the forming part ofstandalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses - Refer Note 28.C of the notes formingpart of standalone financial statements.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company - Refer Note 29.23 of the notesforming part of standalone financial statements.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order"or "CARO 2016") 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.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 015125N)
RASHIM TANDON
(Partner)
Place: New Delhi (Membership No. 95540)
Date: May 28 2021 (UDIN 21095540AAAABF6049)

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

max healthcare institute limited

(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) OFSUBSECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of MaxHealthcare Institute 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 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 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 ofany evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance 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 2021 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 015125N)

RASHIM TANDON
(Partner)
Place: New Delhi (Membership No. 95540)
Date: May 28 2021 (UDIN 21095540AAAABF6049)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

max healthcare institute limited

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

(i) In respect of its fixed asset (Property Plant and Equipment):

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

(b) According to the information and explanations given to us the Company has aprogram of verification of fixed assets to cover all the items in a phased manner over aperiod of two years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us by the management thetitle deeds of immovable properties included in property plant and equipment are pledgedwith the bank are held in the name of the Company based on the confirmations received byus from the lenders. In respect of immovable properties of land that have been taken onlease and disclosed as part of Right of use assets in the standalone financial statementsthe lease agreements are in the name of the Company.

(ii) As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) I n our opinion and according to the information and explanations given to us theCompany has not advanced loans to directors / to a company in which the Director isinterested to which provisions of section 185 of the Companies Act 2013 apply and hencenot commented upon. Further as per information and explanations given

by the management provisions of section 186 of the Companies Act 2013 in respect ofloans and advances given investments made and guarantees and securities given have beencomplied with by the Company.

(v) I n our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year. The Company does not have anyunclaimed deposits and accordingly the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013 are not applicable to the Company.

(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 sub-section (1) of Section 148 ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

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

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales tax Goods andServices Tax cess and other material statutory dues as applicable to it with theappropriate authorities and there were no undisputed amounts payable in respect of thesedues in arrears as at March 312021 for a period of more than six months from the datethey became payable.

Also refer to note 28.A wherein it is stated the Management has not recognised anddeposited any additional provident fund amount with respect to previous years for thereasons mentioned in the said note.

(b) Details of dues of sales tax which have not been deposited as on March 31 2021 onaccount of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount involved* (INR in Lakh) Amount unpaid (INR in Lakh)
Delhi Value Added Tax Act 2004 Value Added Tax Department of Trade and Taxes Government of NCT of Delhi 2014-15 39 39
Delhi Value Added Tax Act 2004 Value Added Tax Department of Trade and Taxes Government of NCT of Delhi 2015-16 75 75
Delhi Value Added Tax Act 2004 Value Added Tax Department of Trade and Taxes Government of NCT of Delhi 2016-17 130 130

* Refer note 28.A forming part of the Standalone Financial Statements.

There are no dues of Income Tax and Goods and Services Tax as on March 31 2021 onaccount of disputes.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions banks. The Company did not have any outstanding dues from debenture holdersor Government.

(ix) I n our opinion and according to the information and explanations given to usmoney raised by way of further public offer (through Qualified Institutional Placement)and the term loans have been applied by the Company during the year for the purposes forwhich they were raised other than temporary deployment pending application of proceeds.

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

(xi) I n our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 is not applicable.

(xiii) I n our opinion and according to the information and explanations given to usthe Company is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have

been disclosed in the standalone financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made preferential allotment ofshares (through Qualified Institutional Placement) during the year under review.

In respect of the above issue we report that:

a) the requirement of Section 42 of the Companies Act 2013 as applicable have beencomplied with; and

b) t he amounts raised have been applied by the Company during the year for thepurposes for which the funds were raised other than temporary deployment pendingapplication.

(xv) I n our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its subsidiary or persons connected with them and henceprovisions of section 192 of the Companies Act 2013 are not applicable.

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

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 015125N)

RASHIM TANDON
(Partner)
Place: New Delhi (Membership No. 95540)
Date: May 28 2021 (UDIN 21095540AAAABF6049)

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