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Tinna Rubber & Infrastructure Ltd.

BSE: 530475 Sector: Others
NSE: N.A. ISIN Code: INE015C01016
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NSE 05:30 | 01 Jan Tinna Rubber & Infrastructure Ltd
OPEN 309.00
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VOLUME 4812
52-Week high 404.35
52-Week low 69.45
P/E 16.36
Mkt Cap.(Rs cr) 274
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 309.00
CLOSE 303.80
VOLUME 4812
52-Week high 404.35
52-Week low 69.45
P/E 16.36
Mkt Cap.(Rs cr) 274
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tinna Rubber & Infrastructure Ltd. (TINNARUBBER) - Auditors Report

Company auditors report

To

The Members of

TINNA RUBBER AND INFRASTRUCTURE LIMITED

Tinna House

No. 6 Sultanpur (Mandi Road)

Mehrauli Delhi-110030

Report on the Standalone Ind AS Financial Statements Qualified Opinion

We have audited the accompanying standalone Ind AS financial statements o f TINNARUBBER AND INFRASTRUCTURE LIMITED ("the Company") which comprise the BalanceSheet as at March 31 2022 and the Statement of Profit and Loss (including othercomprehensive income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as Ind AS Financial Statements).

In our opinion and to the best of our information and according to the explanationgiven to us except for the effects of the matter described in the basis of QualifiedOpinion section of our report the aforesaid standalone Ind AS financial statements givethe information required by the Companies Act 2013 in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 312022 net profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Qualified Opinion

The Company has opted for Vivaad Se Vishwas Settlement Scheme as appropriatelydescribed in note no. 33(3) of the standalone financial statements. Consequently the taxexpense of Rs. 556.51 Lakhs arising due to above Scheme has been directly written off inother equity through retained earnings instead of charging it to the statement of profitand loss. Therefore the profit after tax for the year is overstated by Rs.556.51 Lakhsdue to above.

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 as amended ("The Act"). Ourresponsibilities under those Standards are

Caring for Environment

further described in the "Auditor's Responsibilities for the Audit of theStandalone Financial Results" 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 financial statement under the provisions of the Act and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence obtained by us is sufficientand appropriate to provide a basis for our qualified opinion.

Emphasis of Matter

a) We draw attention to note no. 33(2) of the accompanying statement in relation toaccounting of financial guarantee provided by the company in respect of borrowingsavailable by one of its associate and other group companies based in India and disclosureof the same as contingent liability as is more fully described therein.

b) The Company has an investment of Rs.541.25 lakhs in TP Buildtech Private Limited anassociate Company the net worth of which as at 31 March 2022 has substantially eroded.Considering this matter to be fundamental to the understanding of the users of standalonefinancial statements we draw attention to Note 33(4) of the financial statementregarding the Company's non-current investment in associate company TP Buildtech PrivateLimited. Based on disclosures in the said note no provision for impairment has beenconsidered necessary in the Financial Statements.

Our opinion is not modified in respect of above matters.

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.These matters were 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 these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. Key Audit Matter No. Auditor' Response
1 Evaluation of uncertain tax positions Principal Audit Procedures
The Company has material uncertain t a x p o s i t i o n s including matters under dispute which involves significant judgment to d e t e r m i n e t h e possible outcome of these disputes. O b t a i n e d d e t a i l s o f completed tax assessments and demands for the year ended March 31 2022 from management. We involved our internal experts to challenge the management' underlying assumptions in estimating the tax provision and the possible outcome of the disputes. Our internal experts also considered legal precedence and other ru l i n gs i n eval u ati n g management' position on t h e s e u n c e r t a i n t a x positions. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 1 2021 to evaluate whether any change was required to management' position on these uncertainties.
Refer Note no. 3 2 ( A )( c ) to the Standalone Financial Statements
2 Taxation Significant judgments are r e q u i r e d i n determining provision of income taxes both current and deferred as well as the assessment of provision for uncertain tax position including estimates o f i n te re s t a n d penalti es wh ere appropriate. We evaluated the design and implementation of controls in respect of provision for c u rr e n t t a x a n d t h e r e c o g n i t i o n a n d recoverability of deferred tax assets.
We discussed with management the adequate implementation of policies and control regard ing current and deferred tax.
We examined the procedure in place for the current and deferred tax calculation for completeness and valuation and audited the related tax computation and estimates in the light of our knowledge of the tax circumstances. Our work was conducted with our tax specialist.
We performed the assessment of the material components impacting the tax expenses balance and exposures. We reviewed and challenged the information reported by components with the support of our own tax special ist wh ere appropriate.
In respect of deferred tax assets and liabilities we assess the appropriateness o f m a n a g e m e n t ' assumptions and estimates to support deferred tax assets for tax losses carried forward and related disclosures in financial statements. Based on the procedure performed above we obtained sufficient audit evidence to corroborate management' estimates regard ing current and deferred tax balances.

Information Other than the Standalone 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 Annual report but does not includethe Ind AS financial statements and our auditor's report thereon. The Annual Report isexpected to be made available to us after the date of this Auditor's Report. Our opinionon the Ind AS 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 Ind AS financial statements our responsibility isto read the 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 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.

Responsibilities of Management and Those Charges with Governance for the Standalone IndAS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and the Companies(Indian Accounting Standards) Rules 2015.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 Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements the board of directors is responsible forthe assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 the basis of these IndAS 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 standalone Ind ASfinancial 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 controls 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 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 Ind AS 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 the Companyto cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone Ind AS financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the Ind AS financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the Ind AS 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 Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. 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 ofthe Companies Act 2013 we give in the Annexure 'A 'a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act 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 and the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account.

(d) In our opinion except for the effects/possible effects of the matters described inthe Basis for Qualified Opinion paragraph above the aforesaid standalone financialstatements comply with the Indian Accounting Standards prescribed under Section 133 of theAct and the rules prescribed there under.

(e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" to this report.

(g) The qualifications relating to maintenance of accounts and other matters connectedtherewith are as stated in the Basis for Qualified Opinion paragraph above.

(h) In our opinion the managerial remuneration for the year ended March 31 2022 hasbeen paid / provided by Company to its directors in accordance with the provision ofsection 197 read with schedule V to the Act;

(i) 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 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements. (Refer note no. 32(A))

(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 its knowledge and belief no funds (which are material eitherindividually or in the aggregate) have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person or entity including foreign entity ("Intermediaries")with the understanding whether recorded in writing or otherwise that the Intermediaryshall whether directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company ("UltimateBeneficiaries") or provide any guarantee security or the like on behal f of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("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 can rigTor Environment

("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to bel ieve thatth e representations under sub-clause (i) and

(ii) of Rule 11(e) as provided under (a) and

(b) above contain any material misstatement.

(v) As stated in Notes to the standalone financial statements: -

(a) No final dividend was proposed in the previous year hence reporting under thisclause is not applicable.

(b) No interim dividend has been declared during the year hence reporting under thisclause is not applicable.

(c) The Board of Directors of the Company have proposed final dividend for the yearwhich is subject to the approval of the members at the ensuing Annual General Meeting. Theamount of dividend proposed is in accordance with section 123 of the Act as applicable.

Annexure-A referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

Re: TINNA RUBBER AND INFRASTRUCTURE LIMITED (the Company)

To the best of our information and according to the explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

1. In respect of the Company's Property Plant and Equipment and Intangible Assets:

(a) A. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment and relevant detailsof right-of-use assets.

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

(b) The Company has a phased periodical programme of physical verification of PropertyPlant and Equipment and right-of-use assets which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) Based on our examination of the property tax receipts and lease agreement for landon which building is constructed registered sale deed / transfer deed / conveyance deedprovided to us we report that the title in respect of self-constructed buildings andtitle deeds of all other immovable properties (other than properties where the company isthe lessee and the lease agreements are duly executed in favour of the lessee) disclosedin the financial statements included under Property Plant and Equipment are held in thename of the Company as at the balance sheet date. However the name of the Company waschanged from Tinna Overseas Limited to Tinna Rubber and Infrastructure Limited with effectfrom 19th December2012. The freehold land situated at Gummdipundi Wada Delhi (H.O)Panipat Kala-amb and Haldia continues to be in the name of Tinna Overseas Limited theerstwhile name of the Company.

(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.

2. (a) As per explanations given to us inventories have been physically verified bythe management at reasonable intervals. In our opinion the frequency of the verificationis reasonable and no material discrepancies have been noticed on physical verification ofstocks as compared to book records.

(b) The company has been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets; and the quarterly returns or statements filed by the company with suchbanks or financial institutions are in agreement with the books of account of the Companyexcept the following observations mentioned below: -

S.No Particulars As per CCR-1 As per Books Difference
Quarter-1
1. Other current liabilities 2892.62 3186.34 (293.72)
Quarter-2
1. Other current liabilities 2798.38 3197.31 (398.93)
2. Bank Borrowings 2444.77 2288.91 155.86
Quarter-3
1. Other current liabilities 3288.98 3463.31 (174.33)
Quarter-4
1. Other Current Assets 1422.69 1410.62 12.07
2. Other Current Liabilities 2352.69 2593.74 (241.05)

* Refer Note No 33(11) of Standalone Financial Statements.

3. The Company has made investments in companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year in respect ofwhich:

(a) The Company has provided loans or advances in the nature of loans or stoodguarantee or provided security to any other entity during the year the details are asunder:-

A) Details of loans or advances and guarantees or security to subsidiaries jointventures and associates are as under:-

Guarantees provided Security given Loans given Advances in nature of loans
Aggregate amount granted/ provided during the year
-Associates TP Buildtech Private Limited 60 Lakhs - - -
Balance outstanding as at balance sheet date in respect of above cases -Associates TP Buildtech Private Limited 1300 Lakhs

B) Details of loans or advances and guarantees or security to parties other thansubsidiaires joint ventures and associate are as under: -

Guarantees provided Security given Loans given Advances in nature of loans
Aggregate amount granted/ provided during the year
-Others 560 Lakhs - 50 lakhs 225.25 Lakhs
Balance outstanding as at balance sheet date in respect of above cases -Others 3520 Lakhs 199.01 Lakhs

(b) In our opinion the investments made and the terms and conditions of the grant ofloans during the year are prima facie not prejudicial to the Company's interest.

(c) In respect of loans granted by the Company the schedule of repayment of principaland payment of interest has been stipulated and the repayments of principal amounts andreceipts of interest are generally been regular as per stipulation.

(d) In respect of loans granted by the Company there is no amount overdue for morethan 90 days remaining outstanding as at the balance sheet date.

(e) No loan granted by the Company which has fallen due during the year has beenrenewed or extended or fresh loans granted to settle the overdues of existing loans givento the same parties.

(f) The Company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment during theyear. Hence reporting under clause 3(iii)(f) is not applicable.

4. In our opinion and as per the information and explanation given to us the Companyhas complied with the provisions of Sections 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and securities provided.

5. According to information and explanations given to us the company has not acceptedany deposits as per the directives issued by the Reserve Bank of India and provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under. Hence reporting under clause (v) of the order is not applicable.

6. We have broadly reviewed the cost records maintained by the Company pursuant to therules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act 2013 related to the manufacture of Rubber and RubberProduct-waste Pairings and Scrap of Rubber and are of the opinion that prima facie theprescribed accounts and cost records have been maintained. We have not however made adetailed examination of the same.

7. (a) The Company has generally regular in depositing undisputed statutory duesincluding Provident Fund

Employees' State Insurance Income-Tax Sales-Tax Service tax Duty of Customs Dutyof Excise Value Added Tax Goods and Service Tax Cess and any other statutory dueshowever with delays. Interest on Custom Duty payable amounting to Rs. 25.77 lakhs is inarrears as at 31st March 2022 concerned for a period of more than six months from thedate they become payable.

(b) According to the records of the company the dues of income-tax sales taxservice-tax duty of custom duty of exercise value added tax and cess on account of anydispute are as follows:

S.No. Name of Statute Amount (Rs. In lakhs) Financial Year Forum where dispute is pending
1. Income Tax Act 1961 Income Tax 73.50 2000-2001 High Court of Delhi
2. Income Tax Act 1961 Income Tax 1.86 2009-2010 Income Tax Appellate Tribunal Delhi
3. Excise Duty Excise Duty (excluding interest and penalty) 5.50 2010- 2011 to 2011- 2012 Customs Excise & Service Tax Appellate Tribunal West Zonal Bench Ahmedabad
4. Excise Duty Excise Duty (excluding interest and penalty) 97.60 May 2010 to July 2012 Customs Excise & Service Tax Appellate Tribunal West Zonal Bench Ahmedabad
5. Excise Duty Excise Duty (excluding interest and penalty) 1.45 2011-2012 Commissioner of Central Excise (Appeals) Mumbai
6. Excise Duty Excise Duty (excluding interest and penalty)&and reversal of CENVAT credit for input and input services 71.26 2012- 13 to 2013- 14 (up to December 2014) Customs Excise & Service Tax Appellate Tribunal West Zonal Bench Chandigarh
7. Excise Duty Interest and Penalty on Excise Duty Liability 104.00 2012-2013 to 20132014 (up to December 2014) Customs Excise & Service Tax Appellate Tribunal West Zonal bench Chandigarh
8. Excise Duty Excise Duty & Service Tax Liability (Excluding Interest and penalty on excise Duty & services Tax Liability 92.12 2014-2015 Customs Excise & Service Tax Appellate Tribunal Chandigarh
9. Excise Duty Excise Duty & Service Tax Liability (Excluding Interest and penalty on excise Duty & services Tax Liability 75.88 2015-16 Customs Excise & Service Tax Appellate Tribunal Chandigarh
10. Custom Duty Countervailing Duty 40.61 2013-2014 Hon'ble High Court of Delhi
11. Custom Duty Countervailing Duty 110.97 2014-2015 Hon'ble High Court of Delhi
12. Custom Duty Countervailing Duty 113.22 2015-2016 Hon'ble High Court of Delhi
13. Custom Duty Countervailing Duty 85.48 2016-2017 Hon'ble High Court of Delhi
14. Custom Duty Countervailing Duty 6.14 April 2017 to June 2017 Hon'ble High Court of Delhi
15. Custom Duty Redemption Fine and Penalty 10.00 September 2015 to 31 October 2015 Customs Excise & Service Tax Appellant Tribunal Allahabad
16. Central Sales Tax Statutory Forms 7.63 1st April 2017 to 30th June 2017 Department of Goods and Services Tax
17. Central Sales Tax Statutory Forms 38.87 2016-17 Department of Goods and Services Tax
18. Maharashtra Value Added Tax Input Tax Credit 3.21 2016-17 Department of Goods and Services Tax

8. According to the information and explanations given to us and the records of theCompany examined by us there are no transactions in the books of accounts that has beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 that has not been recorded in the books of account.

9. (a) The Company has taken loans from Banks and Financial Institutions. The accountsare regular in nature. The

delays noticed in repayments are as under:

Nature of borrowing including debt securities Name of lender* Due Date of Payment Amount not paid on due date Whether principal or interest No. of days delay or unpaid Remarks if any
Term Loan Indiabulls Commercial Credit Limited 10-Apr-21 2679183.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-May-21 2679183.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Jun-21 2679183.00 Both 30 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Jul-21 1483594.00 Both 19 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Aug-21 2187542.00 Both 22 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Sep-21 2679183.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Oct-21 2679183.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Nov-21 2040086.00 Both 18 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Apr-21 718325.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-May-21 718325.00 Both 19 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Jun-21 718325.00 Both 26 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Jul-21 388547.00 Both 19 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Aug-21 583833.00 Both 22 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Sep-21 718325.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Oct-21 718325.00 Both 20 Days Refer Note Below
Term Loan Indiabulls Commercial Credit Limited 10-Nov-21 543362.00 Both 18 Days Refer Note Below

Note:-

According to information and explanation given to us there were disputes due to higherrate of interest charged which was pending before Arbitration. The Company has been payinginstallments under protest. The disputes has been mutually settled and IndiabullsCommercial Credit Limited withdrawn the substantive amount of interest excess charged. Thesame has been disclosed in other notes of Standalone Financial Statements vide note no32(A)(ii).

(b) According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not been declared wilfuldefaulter by any bank or financial institution or any other lender;

(c) Based on the information and explanations given by the management term loans wereapplied for the purpose for which the loans were obtained (Also refer Note 16 to thestandalone financial statements)

(d) According to the information and explanations given to us and the procedureperformed 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) Based on the information and explanations given by the management the company hasnot taken any funds from any entity or person on account of or to meet the obligations ofits subsidiaries associates or joint ventures;

(f) Based on the information and explanations given by the management the company hasnot raised loans during the year on the pledge of securities held in its subsidiariesjoint ventures or associate companies and hence reporting under clause 3(ix) (f) is notapplicable.

10. (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year andand hence reporting under clause 3(x)(b) of the order is not applicable;

11. (a) In our opinion and according to the information and explanation given to usthere is no any fraud by the company or any fraud on the company that has been noticed orreported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) As per information and explanations given to us there were no whistle blowercomplaints received by the Company during the year;

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

13. In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 with respect to applicable transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

14. (a) In our opinion and according to the information and explanation given to usthe company has an adequate internal audit system commensurate with the size and nature ofits business;

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year in determining the nature timing and extent of our auditprocedures;

15. In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

16. (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India

Act 1934. Hence reporting under clause 3(xvi) (a) of the Order is not applicable.

(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 reporting under clause 3(xvi)? of theOrder is not applicable to the Company.

(d) Based on the information and explanations provided by the management of theCompany the Group does not have any CICs which are part of the Group. We have nothowever separately evaluated whether the information provided by the management isaccurate and complete. Accordingly the reporting under clause 3(xvi)(d) of the Order isnot applicable to the Company.

17. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year.

18. There has been no resignation of the statutory auditors of the Company during theyear.

19. On the basis of the financial ratios ageing and expected dates of realisation 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;

20. a) As per the information given to us in respect of other than ongoing projectsthe company has transferred unspent amount to a Fund specified in Schedule VII to theCompanies Act within a period of six months of the expiry of the financial year incompliance with second proviso to sub-section (5) of section 135 of the said Act;

(b) In our opinion and as per the information given to us there has no any amountremaining unspent under subsection (5) of section 135 of the Companies Act pursuant toany ongoing project has been transferred to special account in compliance with theprovision of sub-section (6) of section 135 of the said Act;

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

To the Members of Tinna Rubber and Infrastructure Limited

We have audited the internal financial controls over financial reporting of TINNARUBBER AND INFRASTRUCTURE LIMITED ("the Company") as of 31st March2022 in conjunction with our audit of the Standalone financial statements of the Companyfor the period ended 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence 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 judgment 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2022based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For V.R. Bansal & Associates
Chartered Accountants
Firm Registration No. 016534N
(Rajan Bansal)
Partner
Membership No. 093591
UDIN: 22093591AJPURM5578
Place: Delhi
Dated:25-05-2022

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