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Tarsons Products Ltd.

BSE: 543399 Sector: Others
NSE: TARSONS ISIN Code: INE144Z01023
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VOLUME 23311
52-Week high 928.65
52-Week low 570.00
P/E 42.69
Mkt Cap.(Rs cr) 4,104
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 779.90
CLOSE 779.90
VOLUME 23311
52-Week high 928.65
52-Week low 570.00
P/E 42.69
Mkt Cap.(Rs cr) 4,104
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tarsons Products Ltd. (TARSONS) - Auditors Report

Company auditors report

OR'S REPORT

To the Members of Tarsons Products Limited (Formerly Tarsons ProductsPrivate Limited)

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

1. We have audited the accompanying standalone financial statements ofTarsons Products Limited (Formerly Tarsons Products Private Limited) ("theCompany") which comprise the Standalone Balance Sheet as at March 31 2022 and theStatement of Profit and Loss (including Other Comprehensive Income) the StandaloneStatement of Changes in Equity and the Standalone Statement of Cash Flows for the yearthen ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations 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 accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312022and total comprehensive income (comprising of profit and other comprehensive income)changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the "Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements" section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the standalone financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matter

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters. We have determined the matter describedbelow to be the key audit matter to be communicated in our report.

Key Audit Matter How our audit addressed the key audit matter
Revenue recognition as per Ind AS 115 Our audit procedures included the following:
Refer to Note-2.12 (Significant Accounting Policies) and Note 20 (Revenue from Operations) of the standalone financial statements a) We evaluated the design and tested operating effectiveness of the relevant controls with respect to revenue recognition.
The Company's revenue for the year ended March 312022 is Rs 3007.94 millions. b) We assessed the appropriateness of the revenue recognition accounting policy in line with Ind AS 115.
The Company recognises revenue from sale of products in accordance with the accounting principles prescribed under Ind AS 115 Revenue from contracts with customers. Revenue is recognised when the company satisfies a performance obligation by transferring control of the products being sold to the customer. The control in respect of sale of products is transferred when the products are delivered to the customers in accordance with the terms of contract with the customer i.e. either when the goods are shipped or delivered to the specific location. Revenue is measured at the fair value of consideration received or receivable net of trade discounts volume rebates and taxes or duties collected. c) We performed substantive testing of revenue transactions on a sample basis recorded during the year by testing the underlying documents which included contracts with the customers goods dispatch notes shipping documents (e.g. lorry receipts bill of lading Airway bill etc.) and customer acknowledgments as applicable.
We identified revenue recognition as a key audit matter as revenue is significant to the standalone financial statements owing to its large volume and results in greater audit effort to address the matter. d) We assessed the different types of delivery terms agreed by the Company with its customers to evaluate the point of time when control of the products being sold is transferred to the customer either through shipment of goods or through delivery of goods to specific location and determine whether performance obligation specified in the underlying contracts is satisfied.
e) We tested on a sample basis specific revenue transactions recorded before and after the financial year end date by testing the underlying shipping documents and customer acknowledgements as applicable.
f) We examined on a sample basis credit notes issued after the year end wherever applicable to determine whether the revenue has been recognised in the appropriate financial period.
g) We have tested a sample of revenue adjustment manual journal entries recorded by the Company to identify unusual items if any.
Based on the above procedures performed no significant exception was noted by us in the revenue recognised by the Company during the year.

Other Information

5. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sReport along with its Annexures in the Company's Annual Report but does not include thestandalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility 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 in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance forthe standalone financial statements

6. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

7. 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 intend? to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financialstatements

8. 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.

9. As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism 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 controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to standalonefinancial statements in place and the operating effectiveness of such controls.

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

10. 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.

11. We also provide those charged with governance with a statement thatwe have 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.

12. From the matters communicated with those charged with governancewe determine 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

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

14. As required by Section 143(3) of the Act we report 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 havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and the Statement of CashFlows dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors taken on record by the Board of Directors none of the directors is disqualifiedas on March 312022 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controlswith reference to standalone financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A".

(g) 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 does not have any pending litigations which would impactits financial position.

ii. The Company was not required to recognise a provision as at March31 2022 under the applicable law or accounting standards as it does not have anymaterial foreseeable losses on long-term contract. The Company did not have any derivativecontracts as at March 31 2022.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312022.

iv. (a) The management has represented that to the best of itsknowledge and belief as disclosed in the notes

to the accounts no funds have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by theCompany to or in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries (Refer Note 46 (i) to the standalonefinancial statements);

(b) The management has represented that to the best of its knowledgeand belief as disclosed in the notes to the accounts no funds have been received by theCompany from any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities 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 (Refer Note 46 (ii) to the standalone financialstatements); and

(c) Based on such audit procedures that we considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

v. The Company has not declared or paid any dividend during the year.

15. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Amit Peswani
Partner
Place: Gurugram Membership Number 501213
Date: 27th May 2022 UDIN: 22501213AJRWNB9836

Annexure A to Independent Auditor's Report

Referred to in paragraph 14(f) of the Independent Auditor's Reportof even date to the members of Tarsons Products

Limited (Formerly Tarsons Products Private Limited) on the standalonefinancial statements as of and for the year ended 31st March 2022.

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONEFINANCIAL STATEMENTS UNDER

CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE ACT

1. We have audited the internal financial controls with reference tostandalone financial statements of Tarsons Products Limited (Formerly Tarsons ProductsPrivate Limited) ("the Company") as of March 312022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

2. 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 ("the Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to standalone financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note and the Standards onAuditing deemed to be prescribed under Section 143(10) of the Act to the extent applicableto an audit of internal financial controls both applicable to an audit of internalfinancial controls and both issued by the ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tostandalone financial statements was established and maintained and if such controlsoperated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to standalone financial statements included obtaining anunderstanding of internal financial controls with reference to standalone financialstatements 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 standalone financial statements whether due tofraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalonefinancial statements

6. A company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal financial controls with reference to standalone financial statementsincludes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of standalone financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorisations of management and directorsof the company; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference tostandalone financial statements

7. Because of the inherent limitations of internal financial controlswith reference to standalone financial statements including the possibility of collusionor improper management override of controls material misstatements due to error or fraudmay occur and not be detected. Also projections of any evaluation of the internalfinancial controls with reference to standalone financial statements to future periods aresubject to the risk that the internal financial controls with reference to standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to standalone financialstatements and such internal financial controls with reference to standalone financialstatements were operating effectively as at March 312022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by ICAI.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Amit Peswani
Partner
Place: Gurugram Membership Number 501213
Date: 27th May 2022 UDIN: 22501213AJRWNB9836

Annexure B to Independent Auditors' Report

Referred to in paragraph 13 of the Independent Auditors' Report ofeven date to the members of Tarsons Products

Limited (Formerly Tarsons Products Private Limited) on the standalonefinancial statements as of and for the year ended 31st March 2022

i. (a) (A) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(B) The Company is maintaining proper records showing full particularsof Intangible Assets.

(b) The Property Plant and Equipment of the Company have beenphysically verified by the Management during the year and no material discrepancies havebeen noticed on such verification. In our opinion the frequency of verification isreasonable.

(c) The title deeds of all the immovable properties (other thanproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) as disclosed in Note 3(a)(ii) to the standalone financialstatements are held in the name of the Company.

(d) The Company has not revalued its Property Plant and Equipment(including Right of Use assets) or intangible assets or both during the year.Consequently the question of our commenting on whether the revaluation is based on thevaluation by a Registered Valuer or specifying the amount of change if the change is 10%or more in the aggregate of the net carrying value of each class of Property Plant andEquipment (including Right of Use assets) or intangible assets does not arise.

(e) Based on the information and explanations furnished to us noproceedings have been initiated on the Company for holding benami property under theProhibition of Benami Property Transactions Act 1988 (as amended in 2016) (formerly theBenami Transactions (Prohibition) Act 1988 (45 of 1988)) and Rules made thereunder andtherefore the question of our commenting on whether the Company has appropriatelydisclosed the details in its standalone financial statements does not arise. (Refer Note46(iii) to the Standalone Financial Statements)

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

(b) During the year the Company has been sanctioned working capitallimits in excess of Rs 5 crores in aggregate from banks on the basis of security ofcurrent assets. The Company has filed quarterly returns or statements with such bankswhich are not in agreement with the unaudited books of account as set out below. (Alsorefer Note 43 to the standalone financial statements)

Name of the Bank Aggregate working capital limits sanctioned (Rs in millions) Nature of Current Assets/ Liabilities where differences were observed Quarter ended Amount disclosed as per quarterly return/ statement (Rs in millions Amount as per books of account (Rs in millions) Difference (Rs in millions) Reasons for difference
HDFC Bank and Axis Bank 210 from each of the banks Current Assets 30th June 2020 1074.20 983.86 90.34 Note 1
Current Liabilities 403.90 435.05 (31.15)
Revenue from Operations 436.10 419.08 17.02
210 from each of the banks Current Assets 30th September 2020 1196.40 1116.91 79.49 Note 1
Current Liabilities 490.50 489.36 1.14
Revenue from Operations 1016.70 1007.54 9.16
210 from each of the banks Current Assets 31st December 2020 1183.20 1091.80 91.40 Note 1
Current Liabilities 459.30 431.81 27.49
Revenue from Operations 1623.40 1606.11 17.29
Name of the Bank Aggregate working capital limits sanctioned (Rs in millions) Nature of Current Assets/ Liabilities where differences were observed Quarter ended Amount disclosed as per quarterly return/ statement (Rs in millions Amount as per books of account (Rs in millions) Difference (Rs in millions) Reasons for difference
210 from each of the banks Current Assets 31st March 2021 1156.40 1124.80 31.60 Note 1
Current Liabilities 414.80 417.99 (3.19)
Revenue from Operations 2324.00 2279.09 44.91
310 from each of the banks Current Assets 30th June 2021 1402.40 1411.90 (9.50) Note 1
Current Liabilities 695.70 759.03 (63.33)
Revenue from Operations 688.70 688.73 (0.03)
310 from each of the banks Current Assets 30th September 2021 1828.20 1815.17 13.03 Note 1
Current Liabilities 905.50 903.61 1.89
Revenue from Operations 1445.30 1445.37 (0.07)
310 from each of the banks Current Assets 31st December 2021 2871.10 2865.81 5.29 Note 1
Current Liabilities 808.70 810.90 (2.20)
310 from each of the banks Current Assets 31st March 2022 2446.70 2445.25 1.45 Note 1
Current Liabilities 348.30 349.14 (0.84)

Note 1 - The Bank returns were prepared and filed before the completionof all standalone financial statement closure activities including Ind AS relatedadjustments/ reclassifications as applicable which led to these differences between thefinal books of accounts and the bank return based on provisional books of accounts.

iii. (a) The Company has not made any investments during the year inany Company / firm / Limited Liability Partnership.

The Company has not granted secured/ unsecured loans/advances in natureof loans to any Company / firm / Limited Liability Partnership/ other party other thanunsecured loan to 4 employees. The Company did not stood guarantee or provided securityto any Company / firm / Limited Liability Partnership/ other party. The aggregate amountduring the year and balance outstanding at the balance sheet date with respect toaforesaid loans are as per the table given below:

Guarantees Security Loans (Rs in millions) Advances in nature of loans
Aggregate amount granted/ provided during the year - Others (Employees) Nil Nil 0.62 Nil
Balance outstanding as at balance sheet date in respect of the above case - Others (Employees) Nil Nil 0.50 Nil

(Also refer Note 4 to the standalone financial statements)

(b) In respect of the aforesaid loan to employees (which are interestfree) the terms and conditions under which such loans were granted are not prejudicial tothe Company's interest.

(c) In respect of the aforesaid loan to employees the schedule ofrepayment of principal has been stipulated and the employees are repaying the principalamounts as stipulated in a regular manner.

(d) In respect of the aforesaid loan to employees there is no amountwhich is overdue for more than ninety days.

(e) There were no loans which fell due during the year and wererenewed/extended. Further no fresh loans were granted to same employee? to settle theexisting overdue loans.

(f) The loans granted to employees during the year had stipulated thescheduled repayment of principal and the same were not repayable on demand. There were noloans/advances in nature of loans which were granted during the year to promoter/relatedparties.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurity provided by it.

v. The Company has not accepted any deposits or amounts which aredeemed to be deposits within the meaning of Sections 73 74 75 and 76 of the Act and theRules framed there under to the extent notified.

vi. The Central Government of India has not specified the maintenanceof cost records under sub-section (1) of Section 148 of the Act for any of the products ofthe Company.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is generallyregular in depositing undisputed statutory dues in respect of provident fund though therehas been a slight delay in a few cases and is regular in depositing undisputed statutorydues including employees' state insurance sales tax income tax service tax duty ofcustoms duty of excise value added tax cess goods and services tax and other materialstatutory dues as applicable with the appropriate authorities. Also refer Note 33 tothe standalone financial statements regarding management's assessment on certain mattersrelating to provident fund.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no statutory dues referred to insub-clause (a) which have not been deposited on account of any dispute.

viii. According to the information and explanations given to us and therecords of the Company examined by us there are no transactions in the books of accountthat has been surrendered or disclosed as income during the year in the tax assessmentsunder the Income Tax Act 1961 that has not been recorded in the books of account.

ix. (a) According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or other borrowings or in the payment of interest to any lender during the year.

(b) According to the information and explanations given to us and onthe basis of our audit procedures we report that the Company has not been declared WilfulDefaulter by any bank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanationsgiven to us the term loans have been applied for the purposes for which they wereobtained. (Also refer Note 14(d) to the standalone financial statements)

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the standalone financialstatements of the Company we report that no funds raised on short-term basis have beenused for long-term purposes by the Company.

(e) According to the information and explanations given to us and on anoverall examination of the standalone financial statements of the Company we report thatthe Company has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries joint ventures or associatecompanies.

x. (a) In our opinion and according to the information andexplanations given to us the monies raised by way of initial public offer during the yearhave been applied for the purposes for which they were obtained and as explained in Note45 to the Standalone financial statement there were no delays/ default regarding theapplication. Further the Company has not raised any money by way of further public offer(including debt instruments) during the year.

(b) The Company has not made any preferential allotment or privateplacement of shares or fully or partially or optionally convertible debentures during theyear. Accordingly the reporting under clause 3(x)(b) of the Order is not applicable tothe Company.

xi. (a) During the course of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanations given to us we have neithercome across any instance of material fraud by the Company or on the Company noticed orreported during the year nor have we been informed of any such case by the Management.

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

(c) During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us and as representedto us by the management no whistle-blower complaints have been received during the yearby the Company. Accordingly the reporting under clause 3(xi)(c) of the Order is notapplicable to the Company.

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

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired under Indian Accounting Standard 24 "Related Party Disclosures"specified under Section 133 of the Act.

xiv. (a) In our opinion and according to the information andexplanation given to us the Company has an internal audit system commensurate with thesize and nature of its business.

(b) The reports of the Internal Auditor for the period under audit havebeen considered by us.

xv. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly the reporting on compliance with theprovisions of Section 192 of the Act under clause 3(xv) of the Order is not applicable tothe Company.

xvi. (a) The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Accordingly the reporting under clause3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted non-banking financial / housingfinance activities during the year. Accordingly the reporting under clause 3(xvi)(b) ofthe Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly the reporting under clause3(xvi)(c) of the Order is not applicable to the Company.

(d) Based on the information and explanations provided by themanagement of the Company the Group does not have any CICs which are part of the Group.We have not however separately evaluated whether the information provided by themanagement is accurate and complete. Accordingly the reporting under clause 3(xvi)(d) ofthe Order is not applicable to the Company.

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

xviii. There has been no resignation of the statutory auditors duringthe year and accordingly the reporting under clause (xviii) is not applicable.

xix. According to the information and explanations given to us and onthe basis of the financial ratios (Also refer Note 40 to the standalone financialstatements) ageing and expected dates of realisation of financial assets and payment offinancial liabilities other information accompanying the standalone financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing has come to our attention whichcauses us to believe that any material uncertainty exists as on the date of the auditreport that Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get discharged bythe Company as and when they fall due.

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

xxi. The reporting under clause 3(xxi) of the Order is not applicablein respect of audit of Standalone Financial Statements. Accordingly no comment in respectof the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Amit Peswani
Partner
Place: Gurugram Membership Number 501213
Date: 27th May 2022 UDIN: 22501213AJRWNB9836

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