You are here » Home » Companies ยป Company Overview » Shriram Pistons & Rings Ltd

Shriram Pistons & Rings Ltd.

BSE: 533021 Sector: Auto
NSE: SHRIPISTON ISIN Code: INE526E01018
BSE 05:30 | 01 Jan Shriram Pistons & Rings Ltd
NSE 00:00 | 03 Feb 1150.00 17.80
(1.57%)
OPEN

1131.00

HIGH

1165.00

LOW

1131.00

OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Shriram Pistons & Rings Ltd. (SHRIPISTON) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHRIRAM PISTONS & RINGS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Shriram Pistons& Rings 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 the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.This matter was addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on this matter. We have determined the matters described below to be thekey audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1. (a) Revenue recognition with respect to cut-off: Principal audit procedures performed:
Revenue from contracts with customers for the period ended March 31 2022 is Rs. 20646.63 Million. • We have assessed the Company's accounting policy relating to revenue recognition. We have compared the policy with the Accounting Standards on "Revenue Recognition";
Revenue from sale of products is recognized upon transfer of control to the customers. There is risk of cut-off in which revenue transactions occurring close to and after the year- end could be recorded in the financial year ending March 31 2022. This is considered as a key audit matter.
(Refer to Note 20 to the standalone financial statements) • We understood the processes and evaluated the design and implementation of the Company's controls;
• We tested the operating effectiveness of the Company's controls over the recording of sales close to the year end;
• We selected samples for detailed testing. We obtained the understanding of the terms of sales and tested the documentation including proof of delivery of the goods underlying contracts and agreements.

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 Management Discussion and AnalysisBoard's Report including Annexures to the Board's Report and Business ResponsibilityReport but does not include the consolidated financial statements standalone financialstatements and our auditor's report thereon.

• Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

• In connection with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

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

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

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

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

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

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

• Obtain sufficient appropriate audit evidence regarding the financial informationof the Company to express an opinion on the standalone financial statements.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

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

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

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

iv. (a) The Management has represented that to the best of it's knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(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's knowledge and belief nofunds have been received by the Company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recordedin writing or otherwise that the Company shall directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that has been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v. The interim dividend declared and paid by the Company during the year and until thedate of this report is in accordance with section 123 of the Companies Act 2013.

As stated in note 12 to the financial statements the Board of Directors of the Companyhave proposed final dividend for the year which is subject to the approval of the membersat the ensuing Annual General Meeting. The amount of dividend proposed is in accordancewith 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) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

Per Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Jitendra Agarwal
Place: New Delhi (Partner)
Date : May 06 2022 (Membership No. 087104)
(UDIN: 22087104AINJQV6611)

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 ShriramPistons & Rings Limited ("the Company") as of March 31 2022 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Jitendra Agarwal
Place: New Delhi (Partner)
Date : May 06 2022 (Membership No. 087104)
(UDIN: 22087104AINJQV6611)

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

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

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest 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 Capital work-in-progress and relevant details of right-of-use assets.

B. The Company has maintained proper records showing full particulars of intangibleassets.

(b) The Property Plant and Equipment capital work-in-progress and right-of-useassets were physically verified during the year by the Management which in our opinionprovides for physical verification at reasonable intervals.

No material discrepancies were noticed on such verification.

(c) Based on the examination of confirmation received by us from "IDBI Bank"custodian on behalf of all the term loans and working capital loan lenders we reportthat the title deeds of all the immovable properties where the Company is the lessee andthe lease agreements are duly executed in favour of the Company disclosed in the financialstatements included in Right of use Assets are held in the name of the Company as at thebalance sheet date.

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

(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 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 and in respect of goodsin transit the goods have been received subsequent to the year end or confirmations havebeen obtained from the parties. No discrepancies of 10% or more in the aggregate for eachclass of inventories were noticed on such physical verification of inventories/alternateprocedures performed as applicable when compared with the books of account.

(b) According to the information and explanations given to us at any point of time ofthe year the Company has been sanctioned working capital limits in excess of Rs.5 croresin aggregate from banks or financial institutions on the basis of security of currentassets of the Company. In our opinion and according to the information and explanationsgiven to us the quarterly returns or statements comprising Status of working capitalfunds and Levels of Inventory/Receivables/Sundry Creditors filed by the Company with suchbanks or financial institutions till the date of this report are in agreement withunaudited books of account of the Company of the respective quarters. The Company is yetto submit the return/statement for the quarter ended March 31 2022 with the banks orfinancial institutions.

(iii) The Company has not provided guarantee or security and granted loans or advancesin the nature of loans secured or unsecured to companies firms Limited LiabilityPartnerships or any other parties during the year. However the Company has madeinvestment during the year in respect of which:

(a) Details are as mentioned below:

(Amount in Rs. Million)
Name of the Party Type of instrument Gross Amount of Investment Made
Lalganj Power Private Limited Equity instrument 48.00

(b) 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) According to information and explanation given to us the Company has not grantedany loans made investments or provided guarantees or securities that are covered underthe provisions of sections 185 or 186 of the Companies Act 2013 and hence reportingunder clause (iv) of the Order is not applicable.

(v) In our opinion the Company has complied with the provisions of Sections 73 to 76 orany other relevant provisions of the Companies Act 2013 and the Companies (Acceptance ofDeposits) Rules 2014 as amended with regard to the deposits accepted and amounts deemedto be deposits accepted. According to the information and explanations given to us noorder has been passed by the Company Law Board or the National Company Law Tribunal or theReserve Bank of India or any Court or any other Tribunal against the Company in thisregard.

(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the books of accountmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government for maintenance of cost records underSection 148(1) of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been made and maintained by the Company.

We have however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues including Goods and Service tax Provident FundEmployees' State Insurance Income- tax duty of Custom cess and other material statutorydues applicable to the Company have been regularly deposited by it with the appropriateauthorities in all cases during the year.

There were no undisputed amounts payable in respect of Goods and Service tax ProvidentFund Employees' State Insurance Income-tax duty of Custom cess and other materialstatutory dues in arrears as at March 31 2022 for a period of more than six months fromthe date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above and dues related tosales tax and service tax which have not been deposited as on March 31 2022 on account ofdisputes are given below:

Name of the Statute Nature of the Dues Period to which the amount relates (various years covering the period) Forum where dispute is pending Amount Involved* (Rs. Million) Amount Unpaid (Rs. Million)
The Income tax Act 1961 Income tax 2003-04 2004-05 2015-16 2016-17 2017-18 & 2018-19 Appellate authority up to Commissioners' level 54.58 0.00
Central Sales Tax Act 1956 Sales Tax 2013-14 2014-15 2015-16 2017-18 Appellate authority up to Commissioners' level 31.07 28.99
Central Sales Tax Act 1956 Sales Tax 2005-06 2006-07 2012-13 2013-14 & 2014-15 Appellate Tribunal 2147.94 2045.92
Finance Act 1994 Service Tax 2012-13 2013-14 2014-15 & 2015-16 Custom Excise & Service Tax Appellate Tribunal (CESTAT) 17.67 17.16
Finance Act 1994 Service Tax 2015-16 2016-17 2017-18 Commissioner (Appeal) 0.97 0.94
Sales Tax Laws Sales Tax / Value Added Tax/ Entry Tax 2007-08 2008-09 2013-14 2014-15 2015-16 2016-17 & 2017-18 Appellate authority up to Commissioners' level 659.14 580.34
Sales Tax Laws Sales Tax / Value Added Tax/ Entry Tax 2009-10 2010-11 2011-12 & 2012-13 Appellate Tribunal 3.30 1.27

*amount as per demand orders including interest and penalty wherever quantified inorder.

The following matters which have been excluded from the table above have been decidedin favour of the company but the department has preferred appeals at higher levels.

The details are given below:

Name of the Statute Nature of the Dues Period to which the amount relates (various years covering the period) Forum where dispute is pending Amount* (Rs Million)
The Income tax Act 1961 Income tax 2013-14 & 2014-15 Income tax Appellate Tribunal 10.03

*amount as per demand orders including interest and penalty wherever quantified in theorder.

(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 willful defaulter by any bank or financialinstitution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no unutilisedterm loans at the beginning of the year and hence reporting under clause (ix)(c) of theOrder is not applicable.

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

(e) The Company has not made any investment in or given any new loan or advances to anyof its subsidiaries associates or joint ventures during the year and hence reportingunder clause (ix) (e) of the Order is not applicable.

(f) The Company has not raised loans during the year on the pledge of securities heldin its subsidiaries or joint ventures or associate 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.

(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.

(b) To the best of our knowledge no report under sub-section (12) of section 143 ofthe 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.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year and provided to us when performing our audit.

(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.

(b) We have considered the internal audit reports finalised and issued to the Companyduring the year and covering the period upto September 30 2021. We have been explainedthat the some of the internal audit reports for the period under audit (as per internalaudit program of the Company) are under finalisation as on date of issue of thesefinancial statements and hence we were unable to consider such internal audit reports inour audit.

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with any of its directors or directors of it's holding company subsidiarycompany associate company or persons connected with such directors and hence provisionsof 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 CIC as part of the group and accordingly reportingunder clause (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) In respect of ongoing projects the Company has transferred unspent CorporateSocial Responsibility (CSR) amount to a Special account before the date of this reportand within a period of 30 days from the end of the financial year in compliance with theprovision of section 135(6) of the Act.

Per Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No. 015125N)
Jitendra Agarwal
Place: New Delhi (Partner)
Date: May 06 2022 (Membership No. 087104)
(UDIN: 22087104AINJQV6611)

.