You are here » Home » Companies » Company Overview » Tata Teleservices (Maharashtra) Ltd

Tata Teleservices (Maharashtra) Ltd.

BSE: 532371 Sector: Telecom
NSE: TTML ISIN Code: INE517B01013
BSE 12:23 | 12 Aug 106.00 0.55
(0.52%)
OPEN

105.40

HIGH

107.25

LOW

105.40

NSE 12:09 | 12 Aug 105.90 0.40
(0.38%)
OPEN

106.15

HIGH

107.35

LOW

105.50

OPEN 105.40
PREVIOUS CLOSE 105.45
VOLUME 164711
52-Week high 291.05
52-Week low 33.10
P/E
Mkt Cap.(Rs cr) 20,722
Buy Price 105.90
Buy Qty 512.00
Sell Price 106.10
Sell Qty 136.00
OPEN 105.40
CLOSE 105.45
VOLUME 164711
52-Week high 291.05
52-Week low 33.10
P/E
Mkt Cap.(Rs cr) 20,722
Buy Price 105.90
Buy Qty 512.00
Sell Price 106.10
Sell Qty 136.00

Tata Teleservices (Maharashtra) Ltd. (TTML) - Auditors Report

Company auditors report

To the Members of Tata Teleservices (Maharashtra) Limited Report on the Audit of thefinancial statements

Opinion

1. We have audited the accompanying financial statements of Tata Teleservices(Maharashtra) Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 and the Statement of Profit and Loss (including Other Comprehensive loss)the Statement of Changes in Equity and the Statement of Cash Flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and total comprehensive loss(comprising of loss and other comprehensive loss) changes in equity and its cash flowsfor the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the "Auditor’s Responsibilities for the Audit of the FinancialStatements" section of our report. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key audit matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
1. Accuracy of revenue recorded for telecommunication services given the complexity of the related IT systems
(Refer notes 2.3 and 26 to the financial statements) Our audit procedures included controls testing and substantive procedures covering in particular:
The Company’s revenue from telecommunication services is recorded through a complex automated information technology (IT) structure where the data is processed through multiple systems which requires periodic reconciliation controls to ensure completeness and accuracy. • Understanding and evaluating the relevant IT systems and design of key controls including procedures on testing of IT general controls by involving auditor’s IT specialists.
There is an inherent risk around the accuracy of revenue recorded given the complexity of billing rating and other relevant support systems and the impact of changing pricing models to revenue recognition (tariff structures discounts etc). Accordingly we have determined this as a key audit matter. • Testing operating effectiveness of key controls over:
a) Capturing and recording of revenue transactions;
b) Authorization of rate changes and the input of this information to the billing systems;
c) Accuracy of calculation of amounts billed to customers.
• Testing the end-to-end reconciliation from rating and billing systems to the general ledger. The testing included validating material journal entries processed between the rating and billing system and the general ledger;
• Performing tests on the accuracy of customer bill generation on a sample basis and testing of a sample of credit notes issued;
Based on the procedures performed above we did not note any significant exceptions in the accuracy of telecommunication services revenue recognized during the year.
2. Assessment of contingent liabilities and provisions for litigations Our audit procedures included the following:
(Refer note 2.15 24 33 44 on Companies accounting policies with regard to provision and contingent liabilities.) • Testing design and operating effectiveness of key controls surrounding litigation regulatory and tax procedures and assessment of probable outflow;
The Company has a significant number of litigations related to Regulatory Direct tax and Indirect tax matters which are under dispute with various authorities as more fully described in Note 34 to the financial statements. • Enquired with the relevant company personnel including the Company’s tax and regulatory department heads to understand significant matters under litigation;
The Company exercises significant judgment to determine the possible outcome of these disputes and the necessity of recognising a provision against the same. The management’s assessment is supported by advice obtained from external legal/ tax consultants. • Obtaining and testing evidences to support the management’s assessment and rationale for provisions made or disclosures of contingent liabilities including correspondence with external legal /tax consultants;
We considered this as a Key Audit Matter as the eventual outcome of litigations is uncertain and the positions taken by the Management are based on the application of significant judgement and involves estimation. Any unexpected adverse outcomes could significantly impact the Company’s financial performance and financial position. • Evaluating independence objectivity and competence of the management’s external tax/legal consultants;
• Reading external legal opinions obtained by management where available;
• Reviewing the minutes of Board of Directors’ meetings in respect of discussions relating to litigations/legal matters;
• Considering external information sources such as media reports to identify potential legal actions wherever applicable;
• Obtaining confirmations where appropriate of relevant external legal consultants of the Company and enquiring with them on certain material litigations as required;
• Testing that the adjustments arising on account of reassessment in estimates during the year are either due to changes that occurred in the circumstances on which estimate was based or as a result of more information or more experience gained during the current year.
• Assessing management’s conclusions through understanding legal precedents in similar cases;
• For direct and indirect tax litigations involving auditors’ tax experts to understand the current status of tax litigations and evaluating changes in the disputes by reading external advice received by the Company;
• Assessing the appropriateness of the disclosures made in financial statements.
Based on the above procedures performed we have not identified any significant exceptions relating to disclosure of contingent liabilities and accounting for provisions for litigations.
3. Assessment of Going Concern as a basis of accounting Our audit procedures included the following:
(Refer note 1.3 to the financial statements) • Obtaining management’s assessment of the appropriateness of Going Concern basis of accounting.
The Company has significant accumulated losses and has incurred losses during the current and earlier years. The Company’s net worth is fully eroded and the current liabilities exceed its current assets as at March 31 2022. These conditions raise a doubt regarding the Company’s ability to continue as a going concern. • Reading the minutes of Board of Directors’ meetings for future business plans and their assessment on the Company’s ability to meet its financial obligations in the foreseeable future.
However the financial statements have been prepared on a going concern basis in view of the financial support from the ultimate holding company and the management’s plan to generate cash flows through operations which would enable the Company to meet its financial obligations as and when they fall due. • Obtained cash flow forecast prepared by the Company for 12 months from the balance sheet date and evaluated appropriateness of the assumptions underlying the same.
We considered this to be a key audit matter because management’s assessment is largely dependent from its ultimate holding company indicating that it will on the support letter obtained from its ultimate take necessary actions to organize for any shortfall in holding Company. • Assessed the actions taken by the management against the plans submitted during the previous year’s going concern assessment.
• Verifying the support letter obtained by the Company liquidity in Company that may arise to meet its financial obligations and timely repayment of debt during the period of 12 months from the balance sheet date.
• Evaluation of the financial ability of the ultimate holding company to support the Company by reading its latest audited financial statements.
• Verifying that the ultimate holding Company has supported the Company in the past when the need arose.
• Assessing the appropriateness of the disclosures made in financial statements.
Based on the above procedures the management assessment of going concern basis of accounting is appropriate.

Other Information

5. The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Directors’ Report Corporate Governance Report included in Annual Reportbut does not include the financial statements and our auditor’s report thereon. Ouropinion on the financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financialstatements

6. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

8. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the companyhas adequate internal financial controls with reference to financial statements in placeand the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

10. We communicate with those charged with governance regarding among othermatters 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 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.

12. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour 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

13. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure B" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable. 14. Asrequired by Section 143(3) of the Act we report that: (a) We have sought and obtained allthe information and explanations which to the best of our knowledge and belief werenecessary 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 Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on April1 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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A".

(g) 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 financial statements – Refer Note 33 and 34 to the financialstatements;

ii. The Company has made provision as at March 31 2022 as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts - Refer Note 45. The Company did not have any derivative contracts asat March 31 2022.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2022.

iv. (a) The management has represented that to the best of its knowledge and beliefas disclosed in the notes to the accounts no funds have been advanced or loaned orinvested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other persons or entities 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 50(v) to the financialstatements);

(b) The management has represented that to the best of its knowledge and belief asdisclosed in the notes to the accounts no funds have been received by the Company fromany persons or entities including foreign entities ("Funding Parties") withthe understanding whether recorded in writing or otherwise that the Company shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries (Refer Note 50(v) to the financial statements); and

(c) Based on such audit procedures that we considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (a) and (b) contain any material misstatement. v. TheCompany has not declared or paid any dividend during the year. 15. The Company has notpaid/ provided for managerial remuneration during the year ended March 31 2022.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Nitin Khatri
Partner
Place: Mumbai Membership Number: 110282
Date: April 26 2022 UDIN: 22110282AHUFHX9245

Annexure A to Independent Auditor’s Report

Referred to in paragraph 14(f) of the Independent Auditor’s Report of even date tothe members of Tata Teleservices (Maharashtra) Limited on the financial statements for theyear ended March 31 2022

Report on the Internal Financial Controls with reference to Financial Statements underclause (i) of sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financialstatements of Tata Teleservices (Maharashtra) Limited ("the Company") as ofMarch 31 2022 in conjunction with our audit of the financial statements of the Companyfor the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting ("the Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. 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 with reference to financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor’sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

5. 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 controlssystem with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. A company’s internal financial controls with reference to financial statementsis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles. A company’s internalfinancial controls with reference to financial statements includes those policies andprocedures 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 as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company’s assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

7. Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial control controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2022 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by ICAI.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Nitin Khatri
Partner
Place: Mumbai Membership Number: 110282
Date: April 26 2022 UDIN: 22110282AHUFHX9245

Annexure B to Independent Auditor’s Report

Referred to in paragraph 13 of the Independent Auditor’s Report of even date tothe members of Tata Teleservices (Maharashtra) Limited on the financial statements as ofand for the year ended March 31 2022

i. (a) (A) The Company is maintaining proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment.

(B) The Company is maintaining proper records showing full particulars of IntangibleAssets.

(b) The Property Plant and Equipment are physically verified by the Managementaccording to a phased programme designed to cover all the items over a period of 3 yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. Pursuant to the programme a portion of the Property Plant andEquipment has been physically verified by the Management during the year and no materialdiscrepancies have been noticed on such verification.

(c) The title deeds of all the immovable properties (other than properties where theCompany is the lessee and the lease agreements are duly executed in favour of the lessee)as disclosed in Note 3 on Property Plant and Equipment to the financial statements areheld in the name of the Company.

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

(e) Based on the information and explanations furnished to us no proceedings have beeninitiated on (or) are pending against 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 financial statements does not arise.

ii. (a) The Company is in the business of rendering services and consequently doesnot hold any inventory. Therefore the provisions of clause 3(ii)(a) of the Order are notapplicable to the Company. (b) During the year the Company has not been sanctionedworking capital limits in excess of _ 5 Crores in aggregate from banks and financialinstitutions on the basis of security of current assets and accordingly the question ofour commenting on whether the quarterly returns or statements are in agreement with theunaudited books of account of the Company does not arise.

iii. The Company has not made any investments granted secured/ unsecuredloans/advances in nature of loans or stood guarantee or provided security to anyparties. Therefore the reporting under clause 3(iii) (iii)(a) (iii) (b)(iii)(c)(iii)(d) (iii)(e) and (iii)(f ) of the Order are not applicable to the Company.

iv. The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Sections 185 and 186. Therefore thereporting under clause 3(iv) of the Order are not applicable to the Company.

v. The Company has not accepted any deposits or amounts which are deemed to be depositswithin the meaning of Sections 73 74 75 and 76 of the Act and the Rules framed thereunder to the extent notified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products. We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including goods and services tax provident fundemployees’ state insurance income tax service tax duty of customs cess and othermaterial statutory dues as applicable with the appropriate authorities. Also refer note34 (g) to the financial statements regarding management’s assessment on certainmatters relating to provident fund.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no statutory dues of provident fund employees’state insurance and cess which have not been deposited on account of any dispute. Theparticulars of other statutory dues referred to in subclause (a) as at March 31 2022which have not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount ( In Crores)* Period to which the amount relates Forum where the dispute is pending
0.18 FY 2008-09 to FY 2011-12 Adjudicating Authority
95.16 FY 2010-11 The Superintendent CGST & Central Excise Belapur
1.39 FY 2008-09 Commissioner (Appeals) Raigad
Finance Act 1994 (Service Tax) Service Tax 105.93 FY 2006-07 to FY 2017-18 Customs Excise and Service Tax Appellate Tribunal (CESTAT) Mumbai
55.95 FY 2007-08 to FY2013-14 High Court of Bombay/ Customs Excise and Service Tax Appellate Tribunal (CESTAT) Mumbai
60.40 FY 2003-04 to FY 2007-08 High Court of Bombay
6.28 FY 2004-05 to FY2009-10 Supreme Court/ High Court of Bombay
Good and Service Tax Act 2017 Goods and Service Tax 15.82 FY 2017 - 18 First Appellate Authority/ High Court of Bombay
The Maharashtra Municipal Local Body Tax 3.88 FY 2013-14 to 2015-16 High Court of Bombay
Corporations Act 1949 Income Tax Act 1961 Income Tax 34.41 FY 2008-09 to FY 2011-12 High Court of Bombay
The Maharashtra Municipal Property Tax Property Tax 9.34 FY 2003-04 to FY 2021-22 High Court
Board Act 2011
The Maharashtra Municipal Property Tax Property Tax 88.48 FY 2015-16 to FY 2021-22 Municipal Corporation
Board Act 2011 Customs Act 1962 Import Duty 0.01 FY 2014-15 to FY 2017-18 Directorate of Revenue Intelligence

* Of the Above cases total amount deposited in respect of Service Tax is _ 12.49Crores and Local Body Tax of _ 1.27 Crores viii. According to the information andexplanations given to us and the records of the Company examined by us there are notransactions in the books of account that has been surrendered or disclosed as incomeduring the year in the tax assessments under the Income Tax Act 1961 that has not beenrecorded in the books of account.

ix. (a) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest to any lender during the year.

(b) According to the information and explanations given to us and on the basis of ouraudit procedures we report that the Company has not been declared Wilful Defaulter by anybank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

(d) According to the information and explanations given to us and the proceduresperformed by us and on an overall examination of the financial statements of the Companywe report that no funds raised on short-term basis have been used for long-term purposesby the Company.

(e) According to the information and explanations given to us and procedures performedby us we report that the Company did not have any subsidiaries joint ventures orassociate companies during the year.

(f ) According to the information and explanations given to us and procedures performedby us we report that the Company did not have any subsidiaries joint ventures orassociate companies during the year.

x. (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly the reportingunder clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of sharesor fully or partially or optionally convertible debentures during the year. Accordinglythe reporting under clause 3(x)(b) of the Order is not applicable to the Company.

xi. (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported duringthe 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 of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us a report under Section 143(12)of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 was not required to be filed with the Central Government. Accordingly thereporting under clause 3(xi)(b) of the Order is not applicable to the Company.

(c) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us the Company has receivedwhistle-blower complaints during the year which have been considered by us for anybearing on our audit and reporting. xii. As the Company is not a Nidhi Company and theNidhi Rules 2014 are not applicable to it the reporting under clause 3(xii) of the Orderis not applicable to the Company. xiii. The Company has entered into transactions withrelated parties in compliance with the provisions of Sections 177 and 188 of the Act. Thedetails of such related party transactions have been disclosed in the financial statementsas required 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 and explanation given to usthe Company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) The reports of the Internal Auditor for the period under audit have been consideredby us. xv. The Company has not entered into any non-cash transactions with its directorsor 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 Section 45-IA of theReserve Bank of India Act 1934. Accordingly the reporting under clause 3(xvi)(a) of theOrder is not applicable to the Company.

(b) The Company has not conducted non-banking financial/housing finance activitiesduring the year. Accordingly the reporting under clause 3(xvi)(b) of the Order is notapplicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India. Accordingly the reporting under clause 3(xvi)(c) ofthe Order is not applicable to the Company.

(d) Based on the information and explanations provided by the management of theCompany the Group has Six CICs as part of the Group. We have not however separatelyevaluated whether the information provided by the management is accurate and complete.

xvii. The Company has incurred cash losses of _ 50.48 Crores in the financial year andof _ 801.85 Crores in the immediately preceding financial year.

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

xix. According to the information and explanations given to us and on the basis of thefinancial ratios (Also refer Note 1.3 and 51 to the financial statements) ageing andexpected dates of realisation of financial assets and payment of financial liabilitiesother information accompanying the financial statements our knowledge of the Board ofDirectors support letter from ultimate holding company and management plans and based onour examination of the evidence supporting the assumptions nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof the audit report that Company is not capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

xx. The provisions relating to Corporate Social Responsibility under Section 135 of theAct are not applicable to the Company. Accordingly reporting under clause 3(xx) of theOrder is not applicable to the Company. xxi. The reporting under clause 3(xxi) of theOrder is not applicable in respect of audit of Standalone Financial Statements.Accordingly no comment in respect of the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Nitin Khatri
Partner
Place: Mumbai Membership Number: 110282
Date: April 26 2022 UDIN: 22110282AHUFHX9245

.