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Prime Focus Ltd.

BSE: 532748 Sector: Media
NSE: PFOCUS ISIN Code: INE367G01038
BSE 00:00 | 06 Feb 66.20 -1.45
(-2.14%)
OPEN

68.40

HIGH

69.00

LOW

64.75

NSE 00:00 | 06 Feb 66.25 -3.45
(-4.95%)
OPEN

69.95

HIGH

69.95

LOW

64.85

OPEN 68.40
PREVIOUS CLOSE 67.65
VOLUME 1316
52-Week high 102.75
52-Week low 60.35
P/E 264.80
Mkt Cap.(Rs cr) 1,983
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.40
CLOSE 67.65
VOLUME 1316
52-Week high 102.75
52-Week low 60.35
P/E 264.80
Mkt Cap.(Rs cr) 1,983
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prime Focus Ltd. (PFOCUS) - Auditors Report

Company auditors report

To The Members of Prime Focus Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofPrime Focus Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022and its profit total comprehensive income its cash flows and the changes in equity forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent year. We have determined that there are no key audit matters to communicate in ourreport.

Information Other than the Financial Statements and Auditor's ReportThereon

• The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information

included in the Management Discussion and Analysis and Board's Reportincluding Annexures to Board's report but does not include the consolidated financialstatements standalone financial statements and our auditor's report thereon.

• Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

• In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

• If based on the work we have performed we conclude that thereis a material misstatement of this other information we are required to report that fact.We have nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

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

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

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

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

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

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

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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

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

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act based on our audit wereport that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

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

d. In our opinion the aforesaid standalone financial statement complywith the Ind AS specified under section 133 of the Act.

e. On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A" Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

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

h. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

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

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of it'sknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of it's knowledgeand belief no funds have been received by the Company from any person(s) or entity(ies)including foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)as provided under (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the yearand has not proposed final dividend for the year.

2. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

Annexure "A" to the Independent Auditor's Report

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

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

We have audited the internal financial controls over financialreporting of Prime Focus Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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

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

Meaning of Internal Financial Controls Over Financial Reporting

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

Inherent Limitations of Internal Financial Controls Over FinancialReporting

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

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Deloitte Haskins & Sells Chartered Accountants LLP

Chartered Accountants

(Firm's Registration No.117364W / W100739)

Varsha A. Fadte

Partner

(Membership No. 103999)

UDIN: 22103999AJTUGI3064

Panaji Goa May 27 2022

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 and explanations sought by us and given bythe Company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that:

(i)(a)(A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment (plant and equipmentcapital work in progress and relevant details of right to use assets).

(i)(a)(B) The Company has maintained proper records showing full particulars ofintangible assets.

(i)(b) Some of the Property Plant and Equipment (plant and equipment capital work inprogress and right to use assets) were physically verified during the year by theManagement in accordance with a programme of verification which in our opinion providesfor physical verification of all the Property Plant and Equipment (plant and equipmentcapital work in progress and right to use assets) at reasonable intervals having regard tothe size of the Company and the nature of its activities.

According to the information and explanations given to us no material discrepancieswere noticed on such verification.

(i)(c) Based on our examination of the registered sale deed / transfer deed /conveyance deed provided to us we report that the title deeds of all the immovableproperties (other than immovable properties where the Company is the lessee and the leaseagreements are duly executed in favour of the Company) disclosed in the financialstatements included in (property plant and equipment and capital work-in progress) areheld in the name of the Company as at the balance sheet date.

(i)(d) The Company has not revalued any of its property plant and equipment (includingRight of Use assets) and intangible assets during the year.

(i)(e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii)(a) The Company does not have any inventory and hence reporting under clause(ii)(a) of the Order is not applicable.

(ii)(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs.5 crores in aggregate at points oftime during the year from a bank on the basis of security of current assets. In ouropinion and according to the information and explanations given to us the quarterlyinventory & receivable statements comprising of receivables sales creditors etc.submitted by the Company with such bank are in agreement with the unaudited books ofaccount of the Company of the respective quarters. The Company is yet to submit thestatement for the quarter ended March 31 2022 with a bank.

(iii)(a) The Company has made investment in and granted unsecured loansto companies in respect of which:

Rupees in crore
Particulars Loans
A. Aggregate amount granted/ provided during the year:
- Subsidiaries 162.33
B. Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries 356.22

The Company has not provided any advances in the nature of loans andsecurity to any other entity during the year.

(iii)(b) The investments made security given and the terms andconditions of the grant of all the above-mentioned loans during the year are in

our opinion prima facie not prejudicial to the Company's interest.

(iii)(c) The Company has granted loans which are payable on demand.During the year the Company has not demanded such loan or advances in the nature of loan.Having regard to the fact that the repayment of principal or payment of interest has notbeen demanded by the Company in our opinion the repayments of principal amounts andreceipts of interest are regular. (Refer reporting under clause (iii)(f) below)

(iii)(d) According to information and explanations given to us andbased on the audit procedures performed in respect of loans granted by the Company thereis no overdue amount remaining outstanding as at the balance sheet date.

(iii)(e) None of the loans granted by the Company have fallen dueduring the year.

(iii)(f) The Company has granted Loans which are repayable on demand details of which are given below: Rupees in crore
Particulars Related parties
Aggregate of loans
- Repayable on demand (A) 162.33
- Agreement does not specify any terms or period of repayments (B) -
Total (A+B) 162.33
Percentage of loans to total loans 46.67

(iv) The Company has complied with the provisions of sections 185 and186 of the Companies Act 2013 in respect of loans granted investments made andguarantees and securities provided as applicable.

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

(vi) The maintenance of cost records has not been specified for theactivities of the Company by the Central Government under section 148(1) of the CompaniesAct 2013.

(vii) (a) In respect of statutory dues:

Undisputed statutory dues including Goods and Service Tax ProvidentFund Employees' State Insurance Income-tax Sales Tax duty of Custom duty of ExciseValue Added Tax cess and other material statutory dues applicable to the Company havegenerally been regularly deposited by it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods andService tax Provident Fund Income-tax Sales Tax Service Tax duty of Custom Duty ofExcise Value Added Tax cess and other material statutory dues applicable to Company inarrears as at March 31 2022 for a period of more than six months from the date theybecame payable.

(vii)(b) Details of statutory dues referred to in sub-clause (a) abovewhich have not been deposited as on March 31 2022 on account of disputes are given below:

Name of the statue Nature of dues Forum where dispute is pending Period to which the amount relates Amount (Rupees in crore)
The Mumbai Municipal Corporation Act 1888 Octroi Duty Metropolitan Magistrate 42nd Court FY 16-17 1.74*
* excluding interest and penalty.

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

(ix) (a) In our opinion the Company has not defaulted in the repaymentof loans or other borrowings or in the payment of interest thereon to any lender duringthe year except as under:

Nature of borrowing Name of lenders Amount not paid on due date (Rupees in crore) Whether principal or interest No. of days delay or unpaid Remarks if any
Term loans Others- (one party) 20.00 Interest 304 Remained unpaid till audit report date

(ix)(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

(ix)(c) To the best of our knowledge and belief in our opinion term loans availed bythe Company were applied by the Company during the year for the purposes for which theloans were obtained.

(ix)(d) On an overall examination of the financial statements of the Company fundsraised on short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(ix)(e) On an overall examination of the financial statements of the Company theCompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries.

(ix)(f) The Company has not raised loans during the year on the pledge of securitiesheld in its subsidiaries companies.

(x)(a) The Company has not issued any of its securities (including debt instruments)during the year and hence reporting under clause (x)(a) of the Order is not applicable.

(x)(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

(xi)(a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(xi)(b) To the best of our knowledge no report under sub-section (12) of section 143of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government during the year and upto thedate of this report.

(xi)(c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year.

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

(xiii) In our opinion the Company is in compliance with section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

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

(xiv)(b) We have considered the internal audit reports issued to the Company duringthe year and covering the period upto February 28 2022.

(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) The Group does not have any Core Investment Company (CIC)as part of the Group as per the definition of Group contained in the Core InvestmentCompanies (Reserve Bank) Directions 2016 and hence the reporting under clause (xvi)(d) ofparagraph 3 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 was not having turnover of rupees one thousand crore or more or a netprofit of rupees five crore or more during the immediately preceding financial year andhence provisions of Section 135 of the Act are not applicable to the Company during theyear. Accordingly reporting under clause 3(xx) of the Order is not applicable for theyear.

For Deloitte Haskins & Sells Chartered Accountants LLP
Chartered Accountants
(Firm's Registration No.117364W / W100739)
Varsha A. Fadte
Partner
(Membership No. 103999)
UDIN: 22103999AJTUGI3064
Panaji Goa May 27 2022

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