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Shree Ajit Pulp and Paper Ltd.

BSE: 538795 Sector: Industrials
NSE: N.A. ISIN Code: INE185C01017
BSE 00:00 | 08 Dec 291.10 -0.80
(-0.27%)
OPEN

294.95

HIGH

299.00

LOW

284.30

NSE 05:30 | 01 Jan Shree Ajit Pulp and Paper Ltd
OPEN 294.95
PREVIOUS CLOSE 291.90
VOLUME 1091
52-Week high 414.00
52-Week low 253.05
P/E 10.85
Mkt Cap.(Rs cr) 156
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 294.95
CLOSE 291.90
VOLUME 1091
52-Week high 414.00
52-Week low 253.05
P/E 10.85
Mkt Cap.(Rs cr) 156
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Ajit Pulp and Paper Ltd. (SHAJITPULP) - Auditors Report

Company auditors report

To The Members of Shree Ajit Pulp and Paper Limited Report on the Auditof the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofShree Ajit Pulp and Paper Limited (“the Company”) which comprise the BalanceSheet as at March 31 2022 and the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory 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 theAuditor?s Responsibility for the Audit of the Standalone Financial Statements sectionof our report. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI?s Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis 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 period. We have determined that there are no key audit matters to communicate inour report.

Information Other than the Financial Statements and Auditor?sReport Thereon

The Company?s Board of Directors is responsible for the otherinformation. The other information comprises the information included in theDirectors? report Chairman and Managing Director?s message to stake holders andCorporate Governance Report but does not include the consolidated financial statementsstandalone financial statements and our auditor?s report thereon.

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

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 there isa material misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management?s Responsibility for the Standalone FinancialStatements

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 professional judgment and maintainprofessional 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 relevant tothe audit in order to design audit procedures that are appropriate in the circumstances.Under section 143(3)(I) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor?s report. However future events orconditions may cause 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 factors(i) in 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 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.

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 precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so 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 been kept by theCompany so far as it appears from our examination of those books.

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

d. In our opinion the aforesaid standalone financial statements 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 internalfinancial controls over financial reporting.

g. With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended in our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations 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 hasbeen no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of it?sknowledge and belief as disclosed in the notes to the financial statements no funds havebeen advanced or loaned or invested (either from borrowed funds or share premium or anyother sources or kind of funds) by the Company to or in any other person(s) orentity(ies) including foreign entities (“Intermediaries”) with theunderstanding whether recorded in writing or otherwise that the Intermediary shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of it?sknowledge and belief as disclosed in the notes to financial statements no funds havebeen received by 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 directly or indirectly lend or invest in other personsor entities identified in any manner whatsoever by or on behalf of the Funding Party(“Ultimate Beneficiaries”) or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

(c) Based on the audit procedure 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 final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with section 123 of the Act asapplicable. As stated in note 33.14 to the financial statements the Board of Directors ofthe Company have proposed final dividend for the year which is subject to the approval ofthe members at the ensuing Annual General Meeting. The amount of dividend proposed is inaccordance with section 123 of the Act as applicable.

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

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm‘s Registration No.117366W/W-100018)
Place: Mumbai Manoj H. Dama
Date: May 28 2022 (Partner)
(Membership No. 107723)
(UDIN: 22107723AJULFW5979)

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 safeguardingof its 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 ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls 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 LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Place: Mumbai Manoj H. Dama
Date: May 28 2022 (Partner)
(Membership No. 107723)
(UDIN: 22107723AJULFW5979)

ANNEXURE “B” TO THE INDEPENDENT AUDITOR?S REPORT TO THEMEMBERS OF SHREE AJIT PULP AND PAPER LIMITED

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements? 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:

( ) (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment capital work-in-progress and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) The Property Plant and Equipment were physically verified duringthe year by the Management which in our opinion provides for physical verification atreasonable intervals. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) Based on our examination of the registered sale deed provided tous we report that the title deeds of all the immovable properties (other than immovableproperties where the Company is the lessee and the lease agreements are duly executed infavour of the Company) disclosed in the financial statements included in property plantand equipment are held in the name of the Company as at the balance sheet date.

(d) According to the information and explanations given to us theCompany the Company has not revalued any of its property plant and equipment (includingRight of Use assets) and intangible assets during the year.

(e) To the best of our knowledge and according to information andexplanations given to usno proceedings have been initiated during the year or are pendingagainst the Company as at 31 March 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except for (goods-in-transit) were physicallyverified during the year by the Management at reasonable intervals. In our opinion andbased on information and explanations given to us the coverage and procedure of suchverification by the Management is appropriate having regard to the size of the Company andthe nature of its operations. In respect of goods in transit the goods have been receivedsubsequent to the year end. No discrepancies of 10% or more in the aggregate for eachclass of inventories were noticed on such physical verification of inventories whencompared with the books of account.

(b) According to the information and explanations given to us theCompany has been sanctioned working capital limits in excess of Rs. 5 crores inaggregate at points of time during the year from banks or financial institutions on thebasis of security of current assets. In our opinion and according to the information andexplanations given to us the quarterly returns or statements comprising (stockstatements book debt statements statements on ageing of the debtors) filed by theCompany with such banks or financial institutions are in agreement with the unauditedbooks of account of the Company of the respective quarters and no material discrepancieshave been observed.

(iii) The Company has granted unsecured loans to companies or any otherparties during the year in respect of which:

(a) The Company has provided loans during the year and details of whichare given below:

Loans (Rs. In Lakhs)
A. Aggregate amount granted/ provided during the year:
- Joint Ventures 60.00
- Others 30.00
B. Balance outstanding as at Balance sheet date:
- Others 10.59

The Company has not provided any advances in nature of loan guaranteeor security to Subsidiary and Joint Venture and any other parties during the year.

b) The terms and conditions of the grant of all the above-mentionedloans during the year are in our opinion prima facie not prejudicial to theCompany?s interest.

c) In respect of employee loan schedule of repayment has beenstipulated in the policy and repayments are regular. The Company has also granted loanswhich are payable on demand which has been repaid during the year. Having regard to thefact that the loans given are repayable on demand in our opinion the repayments ofprincipal amounts and receipts of interest are regular. (Refer reporting under clause(iii)(f) below).

d) According to information and explanations given to us and based onthe audit procedures performed in respect of loans granted by the Company there is noamount overdue for more than 90 days at the balance sheet date.

e) No loan or advance in the nature of loan granted by the Companywhich has fallen due during the year has been renewed or extended or fresh loans grantedto settle the overdues of existing loans given to the same parties.

f) According to information and explanations given to us and based onthe audit procedures performed the Company has granted loans repayable on demand detailsof which are given below. ((Rs. In Lakhs)

All Parties Promoters Related Parties
Aggregate of loans/advances in nature of loans - Repayable on demand (A) 60.00 - 60.00
Total (A) 60.00 - 60.00
Percentage of loans in nature of loans to total loans 66.67% 66.67%

(iv) The Company has complied with the provisions of Section 185 and186 of the Companies Act 2013 in respect of loans granted and investments made asapplicable. The Company has not provided any guarantee or securities that are coveredunder the provisions of sections 185 and 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposit from the public in accordance withthe provisions of Sections 73 to 76 or any other relevant provisions of the Act and therules framed thereunder and hence reporting under clause (v) of paragraph 3 of the Orderis 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) In respect of statutory dues:

(a) Undisputed statutory dues including Goods and Service taxProvident Fund Employees? State Insurance Income-tax duty of Custom cess andother material statutory dues applicable to the Company have generally been regularlydeposited by it with the appropriate authorities. There were no undisputed amounts payablein respect of Goods and Service tax Provident Fund Employees? State InsuranceIncome-tax duty of Custom cess and other material statutory dues in arrears as at March31 2022 for a period of more than six months from the date they became payable.

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

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount Involved (Rs. In lakh) Amount Unpaid (Rs. In lakh)
Finance Act 1994 Service Tax Additional Commissioner April 2014- March 2015 9.30 9.30
The Customs Act 1962 Custom Duty CESTAT April 2011- March 2013 62.07 56.54
The Goods and Service Tax Act 2017 Goods and Service Tax Assistant Commissioner of Goods and Service Tax April 2018- March 2019 5.63 5.63
The Income Tax Act 1961 Income Tax Commissioner of Income Tax April 2020- March 2021 0.07 0.07

(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) Loans amounting to Rs. 3303.96 lakhs outstanding as at 31March 2022 are repayable on demand. According to the information and explanations givento us such loans and interest thereon have not been demanded for repayment during thefinancial year. Considering the above in our opinion the Company has not defaulted inthe repayment of loans or other borrowings or in the payment of interest thereon to anylender during the year.

(b) The Company has not been declared willful defaulter by any bank orfinancial institution or government or any government authority.

(c) To the best of our knowledge and belief in our opinion term loansavailed by the Company were applied by the Company during the year for the purposes forwhich the loans were obtained.

(d) On an overall examination of the financial statements of theCompany the funds raised on short term basis have prima facie not been used during theyear for long-term purposes by the Company.

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries or joint ventures.

(f) The Company has not raised any loans by way of pledge of securitiesheld in its subsidiaries or joint venture companies during the year and hence reporting onclause (ix)(f) is not applicable.

(x) (a) The Company has not raised moneys by way of initial publicoffer or further public offer (including debt instruments) during the year and hencereporting under clause (x)(a) of paragraph 3 of the Order is not applicable.

(b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under clause (x)(b) of paragraph 3 of the Order is not applicable tothe Company.

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

(b) To the best of our knowledge no report under sub-section (12) ofsection 143 of the Companies Act 2013 has been filed in Form ADT-4 as prescribed underrule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government duringthe year and upto the date of this report.

(c) As represented to us by the Management there were no whistleblower complaints received by the Company during the year and up to the date of report.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of paragraph 3 of the Order is not applicable.

(xiii) In our opinion the Company is in compliance with Section 177and 188 of the Companies Act 2013 where applicable for all transactions with therelated parties and the details of related party transactions have been disclosed in thefinancial statements as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports of the company issuedtill date for the period under audit.

(xv) In our opinion during the year the Company has not entered intoany non-cash transactions with its directors or persons connected with its directors andhence provisions of section 192 of the Companies Act 2013 are not applicable to theCompany.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and(c) of paragraph 3 of the Order is not applicable.

The Group does not have any Core Investment Company (CIC) as part ofthe Group as per the definition of Group contained in the Core Investment Companies(Reserve Bank) Directions 2016 and hence the reporting under clause (xvi)(d) of paragraph3 of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financialyear covered by our audit and in the immediately preceding financial year. (xviii) Therehas been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios ageing and expected datesof realization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue. (xx) The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there are 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 paragraph 3 of the Order is not applicable.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm‘s Registration No.117366W/W-100018)
Place: Mumbai Manoj H. Dama
Date: May 28 2022 (Partner)
(Membership No. 107723)
(UDIN: 22107723AJULFW5979)

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