You are here » Home » Companies » Company Overview » Munjal Showa Ltd

Munjal Showa Ltd.

BSE: 520043 Sector: Auto
NSE: MUNJALSHOW ISIN Code: INE577A01027
BSE 00:00 | 02 Dec 111.25 1.15
(1.04%)
OPEN

110.65

HIGH

112.65

LOW

110.65

NSE 00:00 | 02 Dec 111.05 0.75
(0.68%)
OPEN

110.50

HIGH

112.80

LOW

110.00

OPEN 110.65
PREVIOUS CLOSE 110.10
VOLUME 3013
52-Week high 139.00
52-Week low 92.70
P/E
Mkt Cap.(Rs cr) 445
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 110.65
CLOSE 110.10
VOLUME 3013
52-Week high 139.00
52-Week low 92.70
P/E
Mkt Cap.(Rs cr) 445
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Munjal Showa Ltd. (MUNJALSHOW) - Auditors Report

Company auditors report

To the Members of Munjal Showa Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Munjal Showa Limited("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information. In our opinion and tothe best of our information and according to the explanations given to us the aforesaidfinancial statements give the information required by the Companies Act 2013 ("theAct") in the manner so required and give a true and fair view in conformity with theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibility for the Audit of theFinancial 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 (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. We havedetermined that there are no key audit matters to communicate in our report.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's Report including Annexuresto Board's Report Corporate Governance Management Discussion and Analysis andShareholder's Information but does not include the financial statements and our auditor'sreport thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

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

Management's Responsibility for the 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 financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial 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 system in place and the operating effectiveness ofsuch controls.

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

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

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the 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 de_ciencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirementsregardingindependenceandtocommunicate with them all relationships andother matters that may reasonably be thought to bear on our independence and whereapplicable related safeguards.

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) Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss including Other Comprehensive Income the Statement of Cash Flows and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account. d) In our opinion the aforesaid financial statements comply with the Ind ASspecified under Section 133 of the Act. e) On the basis of the written representationsreceived from the directors as at March 31 2022 taken on record by the Board ofDirectors none of the directors is disqualified as at March 31 2022 from being appointedas a director in terms of Section 164(2) of the Act. f) With respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's internal financial controls over financial reporting. g) With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended: In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act. h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its financial statements - Refer Note 31(b) of the financialstatements. ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses - Refer Note 45 of thefinancial statements. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company - Refer Note 46of the financial statements.

iv. (a) The Management has represented that to the best of it's knowledge andbelief as disclosed in the note 40(e) to the financial statements no funds have beenadvanced or loaned or invested (either from borrowed fundsorsharepremiumoranyothersourcesor kind of funds) by the Company to or in any other person(s) or entity(ies) includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of it's knowledge and belief asdisclosed in the note 41(f) to the financial statements no funds have been received bythe Company from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement. v. The final dividend proposedin the previous year declared and paid by the Company during the year is in accordancewith section 123 of the Act as applicable.

As stated in note 13 to the financial statements the Board of Directors of the Companyhas proposed final dividend for the year which is subject to the approval of the membersat the ensuing Annual General Meeting. The dividend proposed is in accordance with section123 of the Act as applicable.

2. As required by the Companies (Auditor's Report) Order 2016 ("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)
Jaideep Bhargava
Partner
Place: Gurugram (Membership No. 090295)
Date: May 30 2022 (UDIN: 22090295AJWNCF1961)

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 MunjalShowa Limited ("the Company") as at March 31 2022 in conjunction with ouraudit of the financial statements of the Company for the year 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 FinancialReporting" (the "Guidance Note") issued by the Institute of CharteredAccountants of India. 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 safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as 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 based on our audit. We conducted our audit in accordancewith the Guidance Note issued by the Institute of Chartered Accountants of India and theStandards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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 internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by the Institute ofChartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Jaideep Bhargava
Partner
Place: Gurugram (Membership No. 090295)
Date: May 30 2022 (UDIN: 22090295AJWNCF1961)

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) In terms of the information andexplanations sought by us and given by the Company and the books of account and recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe state that: (i) (a) A. The Company has maintained proper records showing fullparticulars including quantitative details and situation of the property plant andequipment and capital work-in-progress.

B. The Company is maintaining proper records showing full particulars of intangibleassets. b) The Company has a program of verification of Property Plant and Equipment andcapital work-in-progress so to cover all the items once every three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program no such assets were due for physical verification duringthe year. Since no physical verification of property plant and equipment was due duringthe year the question of reporting on material discrepancies notes on verification doesnot arise. c) With respect to immovable properties disclosed in the financial statementsincluded in Property Plant and Equipment according to the information and explanationsgiven to us and based on the examination of the registered sale deed and 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:

Description of Property As at Balance Sheet Date (Rs in Lakhs) Gross Carrying Value Held in the name of Whether promoter director or their relative or employee Period held since Reason for not being held in name of Company
Freehold land located at Manesar admeasuring 59273 Sq. ft. 2377.36 Haryana State Industrial and Infrastructure Development Corporation (‘HSIIDC') No April 25 2003 Registration is pending on account of some portion of land not being acquired by HSIIDC.

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year. (e) No proceedings have been initiated during the yearor are pending against the Company as at March 31 2022 for holding any benami propertyunder the Benami Transactions (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder.

(ii) (a) The inventories except for goods-in-transit and stocks held with thirdparties were physically verified during the year by the Management at reasonableintervals. In our opinion and based on information and explanations given to us thecoverage and procedure of such verification by the Management is appropriate having regardto the size of the Company and the nature of its operations. For stocks held with thirdparties at the year-end written confirmations have been obtained in most of the cases andin respect of goods in transit the goods have been received subsequent to the year end inmost of the cases. No discrepancies of 10% or more in the aggregate for each class ofinventories were noticed on such physical verification of inventories when compared withthe books of account.

(b) According to the information and explanations given to us the Company has beensanctioned working capital limit in excess of Rs 5 crores in aggregate at points of timeduring the year from banks or financial institutions on the basis of security of currentassets. In our opinion and according to the information and explanations given to us thequarterly statements comprising stock and book debt statements filed by the Company withsuch banks or financial institutions are in agreement with the unaudited books of accountof the Company of the respective quarters and no material discrepancies have beenobserved. (iii) The Company has made investments in granted loans or advances in thenature of loans secured or unsecured to companies firms Limited Liability Partnershipsor any other parties during the year in respect of which: a) The Company has providedloans or advances in the nature of loans during the year and details of which are givenbelow:

Loans or advances in the nature of loans
A. Aggregate amount granted / provided during the year:
- Loan to Employees 320.65
- Loan to Vendors 1972.00
B. Balance outstanding as at balance sheet date in respect of above cases*:
- Loan to Employees 384.12
-

Loan to Vendors

695.00

* The amounts reported are at gross amounts without considering provisions made of Rs62.31 lakhs. The Company has not provided any guarantee or security to any entity duringthe year. b) The investments made and the terms and conditions of the grant of all theabove-mentioned loans and advances in the nature of loans during the year are in ouropinion prima facie not prejudicial to the Company's interest. c) In respect of loansgranted and advances in the nature of loans provided by the Company the schedule ofrepayment of principal and payment of interest has been stipulated and the repayments orreceipts of principal amounts and interest have been regular as per stipulations exceptfor the following:

Name of the entity Nature Amount ( Rs Lakhs) Due date Extent of delay Remarks
Emkay Automobiles Industries Limited Loans against supply of goods 62.31 October 11 2021 171 days The amount due has been provided as doubtful loans and advances

d) In respect of loans granted in iii(c) above provided by the Company which have beenoverdue for more than 90 days at the balance sheet date as explained to us theManagement has taken reasonable steps for recovery of the principal amounts and interest.e) No loan granted by the Company which has fallen due during the year has been renewedor extended or fresh loans granted to settle the overdues of existing loans given to thesame parties.

f) According to information and explanations given to us and based on the auditprocedures performed the Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentduring the year. Hence reporting under clause (iii)(f) is not applicable.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted.

(v) The Company has not accepted any deposit or amounts which are deemed to bedeposits. Hence reporting under clause (v) of the Order is not applicable. (vi) Themaintenance of cost records has not been specified for the activities of the Company bythe Central Government under section 148(1) of the Companies Act 2013.

(vii) (a) Undisputed statutory dues including Goods and Services tax Provident FundEmployees' State Insurance Income-tax duty of Customs cess and other material statutorydues applicable to the Company have generally been regularly deposited by it with theappropriate authorities in all cases during the year. Based on the operations of theCompany Sales Tax Service Tax duty of Excise and Value Added Tax are not applicable tothe Company during the year. There were no undisputed amounts payable in respect of Goodsand Services tax Provident Fund Employees' State Insurance Income-tax duty of Customscess and other material statutory dues in arrears as at March 31 2022 for a period ofmore than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not beendeposited as on March 31 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 Lakhs)* Amount paid under protest Rs ( . in Lakhs)#
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal AY 2010-11 640.21 435.36
Income Tax Act 1961 Income Tax Commissioner of Income Tax AY 2010-11 441.50 -
Income Tax Act 1961 Income Tax Set aside by Income Tax Appellate Tribunal pending with assessing officer. AY 2011-12 2060.47 1442.73
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal AY 2015-16 45.40 33.72
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal AY 2016-17 59.10 -
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal AY 2017-18 81.46 -

*Amount as per demand orders including interest and penalty wherever quanti_ed in theOrder. #exclude amount fully paid under protest for disputed dues amounting to Rs 3339.61lakhs.

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

(ix) a) In our opinion the Company has not defaulted in the repayment of loans orother borrowings or in the payment of interest thereon to any lender during the year. b)The Company has not been declared wilful defaulter by any bank or financial institution orgovernment or any government authority. c) The Company has not taken any term loan duringthe year and there are no unutilised term loans at the beginning of the year and hencereporting under clause (ix)(c) of the Order is not applicable. d) On an overallexamination of the financial statements of the Company funds raised on short-term basishave prima facie not been used during the year for long-term purposes by the Company. e)The Company did not have any subsidiary or associate or joint venture during the year andhance reporting under clause (ix)(e) of the Order is not applicable. f) The Company hasnot raised any loans during the year and hence reporting on clause (ix)(f) of the Order isnot applicable. (x) (a) The Company has not issued any of its securities (including debtinstruments) during the year and hence reporting under clause (x)(a) of the Order is notapplicable. (b) During the year the Company has not made any preferential allotment orprivate placement of shares or convertible debentures (fully or partly or optionally) andhence reporting 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 upto 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 upto the date of this report. (xii) TheCompany is not a Nidhi Company and hence reporting under clause (xii) of the Order is notapplicable.

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

(xx) The Company 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 sub-section (6) of section 135 of the said Act. Accordinglyreporting under clause (xx) of the Order is not applicable for the year.

(xxi) The Company did not have any subsidiary or associate or joint venture during theyear and hence reporting under clause (xxi) of the Order is not applicable

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Jaideep Bhargava
Partner
Place: Gurgaon (Membership No. 090295)
Date: May 30 2022 (UDIN: 22090295AJWNCF1961)

.