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Mayur Uniquoters Ltd.

BSE: 522249 Sector: Industrials
NSE: MAYURUNIQ ISIN Code: INE040D01038
BSE 00:00 | 30 Nov 455.95 9.40
(2.11%)
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439.70

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458.00

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439.70

NSE 00:00 | 30 Nov 455.85 9.85
(2.21%)
OPEN

449.00

HIGH

459.00

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OPEN 439.70
PREVIOUS CLOSE 446.55
VOLUME 4049
52-Week high 635.00
52-Week low 319.40
P/E 21.02
Mkt Cap.(Rs cr) 2,004
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 439.70
CLOSE 446.55
VOLUME 4049
52-Week high 635.00
52-Week low 319.40
P/E 21.02
Mkt Cap.(Rs cr) 2,004
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mayur Uniquoters Ltd. (MAYURUNIQ) - Auditors Report

Company auditors report

To the Members of Mayur Uniquoters Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial Statements of Mayur UniquotersLimited ("the Company") which comprise the Standalone Balance Sheet as at March31 2022 and the Standalone Statement of Profit and Loss (Including Other ComprehensiveIncome) the Standalone Statement of Changes in Equity and the Standalone Statement ofCash Flows for the year then ended and notes to the Standalone Financial Statementsincluding a summary of significant accounting policies and other explanatory information.

2. 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 accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2022 and total comprehensive income(comprising profit and other comprehensive income) changes in equity and its cash flowsfor the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the "Auditor’s Responsibilities for the Audit of the StandaloneFinancial Statements" section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Financial Statements under the provisions of the Act and the Rules there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw your attention to Note 36 to the Standalone Financial Statements whichdescribes the management’s assessment of the impact of the outbreak of Coronavirus(Covid-19) pandemic on the business operations of the Company. The management believesthat no adjustments other than those already considered are required in the StandaloneFinancial Statements. However given the evolving scenario and uncertainties with respectto its nature and duration of pandemic and highly uncertain economic environment adefinitive assessment of the impact on the subsequent periods is highly dependent uponcircumstances as they evolve.

Our opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that in our 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 matter described below to be thekey audit matter to be communicated in our report.

Key audit matter How our audit addressed the key audit matter
Recoverability of trade receivables Our audit procedures included the following:
(Refer Notes 1(j) 1(l)(iv) 2 10 and 45(A) of the Standalone Financial Statements) • Obtained an understanding of the processes for evaluating the recoverability of trade receivables including collection process and the allowances for impaired trade receivables.
In respect of trade receivable (net of impairment provision) management of the Company estimated the level of expected losses by assessing future cash flows for each group of trade receivables based on twelve month rolling historical credit loss experience by customer segment geographical region tenure and type of customer and applying to the receivables held at year end. • Understood and evaluatedthe design implementation and tested the operating effectiveness of relevant internal controls relating to collection of trade receivables and the calculation of the allowance for trade receivables.
The impact of economic factors both current and future is considered in assessing the likelihood of recovery from customers. • Evaluated reasonableness of the method and assumptions and judgements used by the management with respect to recoverability of trade receivables.
This matter was identified as a key audit matter due to the significant judgement involved. • Assessed the profile of trade receivables and the economic environment applicable to these debtors.
• Evaluated the appropriateness of the simplified approach applied by the Company to identify lifetime expected credit losses. In doing so obtained the schedule of receivables ageing enquired into aged balances and assessed management’s explanation for collectability. Also tested the management’s working for provision for expected credit losses.
• Verified receipts from debtors subsequent to the financial year-end relating to trade receivable balances as at March 31 2022 with bank statements and relevant underlying documentation for selected samples.
• Evaluated the appropriateness of the presentation and disclosures made in the Standalone Financial Statements Based on the procedures as mentioned above management’s assessment regarding trade receivables are supported by the available evidence.

Other Information

6. The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the annual report but does notinclude the Standalone Financial Statements and our auditor’s report thereon. Theannual report is expected to be made available to us after the date of this auditor’sreport. Our opinion on the Standalone Financial Statements does not cover the otherinformation and we will not express any form of assurance conclusion thereon. Inconnection with our audit of the Standalone Financial Statements our responsibility is toread the other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the StandaloneFinancial Statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. When we read the annual report if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance and take appropriate action as applicable under the relevant laws andregulations.

Responsibilities of Management and Those Charged With Governance for the StandaloneFinancial Statements

7. The Company’s Board of Directors is responsible for the matters stated inSection 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 financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safe guardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Financial Statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

8. In preparing the Standalone Financial Statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

9. 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone Financial Statements.

10. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to Standalone Financial Statements inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis 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 conditionsmay cause the Company to cease to continue 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.

11. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

12. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

13. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the Standalone FinancialStatements of the current period and are therefore the key audit matters. We describethese 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.

Report on Other Legal and Regulatory Requirements

14. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

15. As required by Section 143(3) of the Act 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 Standalone Balance Sheet the Standalone Statement of Profit and Loss(Including Other Comprehensive Income) the Standalone Statement of Changes in Equity andthe Standalone Statement of Cash Flows dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controls with reference toStandalone Financial Statements of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure A".

(g) 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 37 to the StandaloneFinancial Statements;

ii. The Company was not required to recognise a provision as at March 31 2022 underthe applicable law or accounting standards as it did not have any material foreseeablelosses on long-term contracts. The Company did not have any derivative contracts as atMarch 31 2022.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. (a) The management has represented that to the best of its knowledge and beliefas disclosed in the notes to the Standalone Financial Statements no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other person(s) or entity(ies)including foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries (Refer Note51(ii) to the Standalone Financial Statements);

(b) The management has represented that to the best of its knowledge and belief asdisclosed in the notes to the Standalone Financial Statementsno funds have been receivedby the Company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries (Refer Note 51(ii) to the StandaloneFinancial Statements); and (c) Based on such audit procedures that we consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under subclause (a) and (b) contain anymaterial misstatement.

v. The dividend declared and paid during the year by the Company is in compliance withSection 123 of the Act.

16. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Anurag Khandelwal
Partner
Place : Jaipur Membership Number: 078571
Date : May 30 2022 UDIN : 22078571AJVTQD4623

Annexure A to Independent Auditor’s Report

Referred to in paragraph 15(f) of the Independent Auditor’s Report of even date tothe members of Mayur Uniquoters Limited on the Standalone Financial Statements for theyear ended March 31 2022

Report on the Internal Financial Controls with reference to Standalone FinancialStatements under clause (i) of subsection 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to StandaloneFinancial Statements of Mayur Uniquoters Limited ("the Company") as of March31 2022 in conjunction with our audit of the Standalone Financial Statements of theCompany for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting ("the Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany’s policies the safe guarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to Standalone Financial Statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingdeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to StandaloneFinancial Statements was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to Standalone FinancialStatements and their operating effectiveness. Our audit of internal financial controlswith reference to Standalone Financial Statements included obtaining an understanding ofinternal financial controls with reference to Standalone Financial Statements assessingthe risk that a material weakness exists and testing and evaluating the design andoperating 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.

5. 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 controlssystem with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone FinancialStatements

6. A company’s internal financial controls with reference to Standalone FinancialStatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of Standalone Financial Statements for externalpurposes in accordance with generally accepted accounting principles. Acompany’sinternal financial controls with reference to Standalone Financial Statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the Company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of Standalone Financial Statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of theCompany are being made only in accordance with authorisations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company’s assetsthat could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to StandaloneFinancial Statements

7. Because of the inherent limitations of internal financial controls with reference toStandalone Financial Statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to Standalone Financial Statements to future periods are subjectto the risk that the internal financial controls with reference to Standalone FinancialStatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to Standalone Financial Statements and suchinternal financial controls with reference to Standalone Financial Statements wereoperating effectively as at March 31 2022 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note issued by ICAI. Also refer paragraph 4 ofthe main audit report.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Anurag Khandelwal
Partner
Place : Jaipur Membership Number: 078571
Date : May 30 2022 UDIN : 22078571AJVTQD4623

Annexure B to Independent Auditor’s Report

Referred to in paragraph 14 of the Independent Auditor’s Report of even date tothe members of Mayur Uniquoters Limited on the Standalone Financial Statements as of andfor the year ended March 31 2022

i. (a) (i) The Company is maintaining proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment.

(ii) The Company is maintaining proper records showing full particulars of IntangibleAssets.

(b) The Property Plant and Equipment are physically verified by the Managementaccording to a phased programme designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the programme a portion of the Property Plant andEquipment has been physically verified by the Management during the year and no materialdiscrepancies have been noticed on such verification.

(c) The title deeds of all the immovable properties (other than properties where theCompany is a lessee and the lease agreements are duly executed in favour of the lessee)as disclosed in Note 3(a) on Property Plant and Equipment to the Standalone FinancialStatements are held in the name of the Company including those relating to Dhodsar landand Gwalior land which are pledged with the bank.

(d) The Company has chosen cost model for its Property Plant and Equipment (includingRight of Use assets) and Intangible Assets.Consequently as stated in Note 51(vi) to theStandalone Financial Statements the question of our commenting on whether the revaluationis based on the valuation by a Registered Valuer or specifying the amount of change ifthe change is 10% or more in the aggregate of the net carrying value of each class ofProperty Plant and Equipment (including Right of Use assets) or Intangible Assets doesnot arise.

(e) Based on the information and explanations furnished to usas stated in Note 51(i)to the Standalone Financial Statements no proceedings have been initiated on or arepending against the Company for holding benami property under the Prohibition of BenamiProperty Transactions Act 1988 (as amended in 2016) (formerly the Benami Transactions(Prohibition) Act 1988 (45 of 1988)) and Rules made there under and therefore thequestion of our commenting on whether the Company has appropriately disclosed the detailsin its Standalone Financial Statements does not arise.

ii. (a) The physical verification of inventory excluding stocks with third parties andgoods-in-transit has been conducted at reasonable intervals by the Management during theyear and in our opinion the coverage and procedure of such verification by Management isappropriate. In respect of inventory lying with third parties these have substantiallybeen confirmed by them. The discrepancies noticed on physical verification of inventory ascompared to book records were not 10% or more in aggregate for each class of inventory.

(b) During the year the Company has been sanctioned working capital limits in excessof Rs. 5 crores in aggregate from banks on the basis of security of current assets. TheCompany has filed quarterly returns or statements with such banks which are in agreementwith the unaudited books of account. (Also refer Note 51(viii) to the Standalone FinancialStatements)

iii. (a) The Company has made investments in one Company and six other parties duringthe year. The Company has not granted secured/ unsecured loans/advances in nature ofloans or stood guarantee or provided security to any parties. Therefore the reportingunder clause 3(iii)(c) (iii)(d) (iii)(e) and (iii)(f) of the Order are not applicable tothe Company.

(b) In respect of the aforesaid investments the terms and conditions under which suchinvestments were made are not prejudicial to the Company’s interest.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Companies Act 2013 inrespect of the investments made by it. The Company has not granted any loans or providedany guarantees or security to the parties covered under Sections 185 and 186 of theCompanies Act 2013. Therefore the provisions of Clause 3(iv) of the said Order to thatextent are not applicable to the Company.

v. The Company has not accepted any deposits or amounts which are deemed to be depositswithin the meaning of Sections 73 74 75 and 76 of the Act and the Rules framed thereunder to the extent notified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products.We have broadly reviewed the same and are of the opinion that prima faciethe prescribed accounts and records have been made and maintained. We have not howevermade a detailed examination of the records with a view to determine whether they areaccurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of provident fund employees’ state insuranceandduty of customs though there has been a slight delay in a few cases and is regular indepositing undisputed statutory dues including income tax professional tax goods andservices tax and other material statutory dues as applicable with the appropriateauthorities. Also refer note 37(ii) to the Standalone Financial Statements regardingmanagement’s assessment on certain matters relating to provident fund.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no statutory dues of duty of customs goods and servicestax provident fund income tax employees’ state insurance and professional taxwhich have not been deposited on account of any dispute. The particulars of other materialstatutory dues referred to in sub-clause (a)as at March 31 2022 which have not beendeposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs. in lakhs) Amount paid under protest (Rs. in lakhs) Amount unpaid (Rs. in lakhs) Period to which the amount relates Forum where dispute is pending
Textile Committee (Cess) Rules 1975 Textile Committee Cess 7.69 - 7.69 Financial Year 1994-95 to 2002-03 Textile Cess Appellate Tribunal

viii. According to the information and explanations given to us as stated in Note51(iv) to the Standalone Financial Statements and the records of the Company examined byus there are no transactions that have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 that have not been recorded inthe books of account.

ix. (a) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest to any lender during the year.

(b) According to the information and explanations given to us and on the basis of ouraudit procedures we report that the Company has not been declared Wilful Defaulter by anybankor financial institution or government or any government authority. (Also refer Note51(ix) to the Standalone Financial Statements).

(c) In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained. (Also referNote 51(ii) to the Standalone Financial Statements)

(d) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the Standalone Financial Statements ofthe Company we report that no funds raised on short-term basis have been used forlong-term purposes by the Company.

(e) According to the information and explanations given to us and on an overallexamination of the Standalone Financial Statements of the Company we report that theCompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries.

(f) According to the information and explanations given to us and procedures performedby us we report that the Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries.

x. (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly the reportingunder clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of sharesor fully or partially or optionally convertible debentures during the year. Accordinglythe reporting under clause 3(x)(b) of the Order is not applicable to the Company.

xi. (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported duringthe year nor have we been informed of any such case by the Management.

(b) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us a report under Section 143(12)of the Act in Form ADT-4as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014was not required to be filed with the Central Government. Accordingly thereporting under clause 3(xi)(b) of the Order is not applicable to the Company.

(c) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to usand as represented to us by themanagement no whistle-blower complaints have been received during the year by theCompany. Accordingly the reporting under clause 3(xi)(c) of the Order is not applicableto the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Section 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the Standalone Financial Statements as required underIndian Accounting Standard 24 "Related Party Disclosures" specified underSection 133 of the Act.

xiv. (a) In our opinion and according to the information and explanation given to usthe Company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) The reports of the Internal Auditor for the period under audit have been consideredby us.

xv. The Company has not entered into any non-cash transactions with its directors orpersons connected with them.

Accordingly the reporting on compliance with the provisions of Section 192 of the Actunder clause 3(xv) of the Order is 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.

Accordingly the reporting under clause 3(xvi)(a) of the Order is not applicable to theCompany.

(b) The Company has not conducted non-banking financial / housing finance activitiesduring the year. Accordingly the reporting under clause 3(xvi)(b) of the Order is notapplicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly the reporting under clause 3(xvi)(c) ofthe Order is not applicable to the Company.

(d) Based on the information and explanations provided by the management of theCompany the Group as interpreted in accordance with Notification No. DNBS. (PD)219/CGM(US)-2011 dated January 5 2011 issued by Reserve Bank of India. does not have anyCICs which are part of the Group. We have not however separately evaluated whether theinformation provided by the management is accurate and complete. Accordingly thereporting under clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii. The Company has not incurred any cash losses in the financial year or in theimmediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year andaccordingly the reporting under clause 3(xviii) is not applicable.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios (Also refer Note 50 to the Standalone Financial Statements) ageing andexpected dates of realisation of financial assets and payment of financial liabilitiesother information accompanying the Standalone Financial Statements our knowledge of theBoard of Directors and management plans and based on our examination of the evidencesupporting the assumptions nothing has come to our attention which causes us to believethat any material uncertainty exists as on the date of the audit report that the Companyis not capable of meeting its liabilities existing at the date of Standalone Balance Sheetas and when they fall due within a period of one year from the Standalone Balance Sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the Standalone Balance Sheet date will getdischarged by the Company as and when they fall due.

xx. As at the Standalone Balance Sheet date the Company does not have any amountremaining unspent under Section 135(5) of the Act. Accordingly reporting under clause3(xx) of the Order is not applicable.

xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect ofaudit of Standalone Financial Statements.

Accordingly no comment in respect of the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Anurag Khandelwal
Partner
Place : Jaipur Membership Number: 078571
Date : May 30 2022 UDIN : 22078571AJVTQD4623

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