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Titagarh Wagons Ltd.

BSE: 532966 Sector: Engineering
NSE: TWL ISIN Code: INE615H01020
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OPEN 95.10
PREVIOUS CLOSE 95.05
VOLUME 24060
52-Week high 102.50
52-Week low 38.05
P/E 15.99
Mkt Cap.(Rs cr) 1,129
Buy Price 94.35
Buy Qty 3.00
Sell Price 94.45
Sell Qty 136.00
OPEN 95.10
CLOSE 95.05
VOLUME 24060
52-Week high 102.50
52-Week low 38.05
P/E 15.99
Mkt Cap.(Rs cr) 1,129
Buy Price 94.35
Buy Qty 3.00
Sell Price 94.45
Sell Qty 136.00

Titagarh Wagons Ltd. (TWL) - Auditors Report

Company auditors report

To the Members of Titagarh Wagons Limited

Report on the Audit of Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements ofTitagarh Wagons Limited ("the Company") which comprise the balance sheet as atMarch 31 2020 and the statement of Profit and Loss (including Other ComprehensiveIncome) statement of changes in equity and 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 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 31 2020and total comprehensive income (comprising of loss 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 Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw your attention to

(a) Note 48 to the standalone financial statements regarding theapproval of the Scheme of Amalgamation between the Company and two of its subsidiaries(the ‘Scheme') received from the National Company Law Tribunal vide its Orderdated September 30 2020 with appointed date of April 1 2019. The figures for the yearended March 31 2019 have been restated in accordance with the aforesaid Scheme and IndianAccounting Standard 103 – Business Combinations.

Consequently the figures for the year ended March 31 2019 and March31 2020 include the results of the Company and its two erstwhile subsidiaries. Furtherthere is a typographical error in the amount of Authorised Share Capital in numericfigures as set out in Clause 17.1 of the Scheme while the amount of Authorised ShareCapital has been correctly recorded in words and the division/classification of revisedAuthorised Share Capital does not reflect the correct amount. While filing the certifiedcopy of the Order with the Ministry of Corporate Affairs (MCA) on October 2 2020 theCompany has stated the correct amount of Authorised Share Capital therein.

(b) Note 52 to the standalone financial statements which explains thedelay in filing of the results for the year ended March 31 2020 with Stock Exchanges asrequired by Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 read with circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/ 106 dated June 242020 and consequential penalty thereof till the date of the filing of same as per Circularno. SEBI/HO/CFD/CMD/CIR/P/2018/ 77 dated May 3 2018.

(c) Note 53 to the standalone financial statements which explains theuncertainties and management's assessment of the financial impact due to lockdown /restrictions related to the Covid-19 pandemic imposed by the Governments for whichdefinitive assessment of the impact is dependent upon future economic conditions.

Our opinion is not modified in respect of these matters.

Key audit matters

5 . Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
Assessment of carrying value of Investment in subsidiaries Our audit procedures included the following:
(Refer to Note 2.9 - "Investments in Subsidiaries and Joint Venture" Refer Note 2.33 - "Critical Estimates and Judgements - Impairment of Investments in Subsidiaries" Note 4 - "Non-Current Assets - Financial Assets - Investments" and Note 42 - "Fair Values) The Company has investments in equity shares of the subsidiaries whose net carrying value aggregates to Rs 7483.66 lacs and such investments are carried at cost net of impairment losses if any in accordance with the accounting policies as stated in the notes referred to above. • Assessed and tested the design and operating effectiveness of the Company's key controls over the assessment of the carrying value of investments.
• Checked on a sample basis relevant input data used in the impairment assessment back to the latest budgets and also checked the mathematical accuracy of the impairment model.
• Assessed the appropriateness of the methodology used in the impairment model and the underlying assumptions used such as discount rate future growth rates and terminal value also considered historical performance vis--vis budgets. In doing this assessment we have involved auditors' experts as appropriate.
For investments where an indication of impairment exists the carrying value of investment is assessed for impairment. Impairment assessment requires significant judgements and estimates such as future expected level of operations and related forecast of cash flows market conditions discount rates terminal growth rate etc. • Considered sensitivity on key assumptions to assess the reasonableness of the impairment analysis.
Based on impairment assessment carried out by the management impairment loss of Rs. 13508.31 lacs have been provided for during the year ended March 31 2020 in respect of certain investments. • Evaluated the adequacy of the disclosures made in the standalone financial statements.
Based on the above procedures performed we noted that the management's assessment in relation to the carrying value of investments in equity shares in subsidiaries is reasonable.
Assessment of the carrying value of investments has been considered as a key audit matter as the amounts are significant to the financial statements and involves significant management judgement and estimates.
Assessment of impairment of Property Plant and Our audit procedures included the following:
Equipment
(Refer to Note 2.2 - "Property Plant and Equipment" Refer Note 2.33 - "Critical Estimates and Judgements - Estimation of Expected Useful Lives of Property Plant and Equipment and Intangible Assets" Note 3.1 - "Property Plant and Equipment") • Understanding and evaluating the design and operating effectiveness of controls for identification and assessment of any potential impairment including determining the carrying amount.
Property plant and equipment represents 39% of total assets on the balance sheet. If these were to be impaired it would have a significant impact on the reported loss and the balance sheet position of the Company. • Assessed the appropriateness of the methodology used in the impairment model the input data and underlying assumptions used such as future levels of operations discount rate etc. and considered historical performance vis--vis budgets. In doing this assessment we have involved auditors' experts as appropriate.
Impairment assessment requires judgements and estimates towards future results of business including key assumptions like discount rate growth rate etc. • Checked the mathematical accuracy of the impairment model.
The carrying value of assets is considered to be a key audit matter as the amount involved is significant and judgements inherent in impairment review. • Performed sensitivity analysis and evaluated whether any reasonably possible changes in assumptions could lead to impairment of Property Plant and Equipment.
• Evaluated the adequacy of the disclosures made in the standalone financial statements. Based on the above procedures performed we noted that the management's assessment of impairment of property plant and equipment is reasonable.

Other Information

6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Directorsreport but does not include the financial statements and our auditor's reportthereon.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother 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 financial statements

7. 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 Standards specifiedunder section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

8. In preparing the financial statements management is responsible forassessing 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 management either intends 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 financialstatements

9. Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

10. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 control 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 financialstatements 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the 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 conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

11. 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.

12. 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.

13. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the 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 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.

Other Matters

14. In accordance with the Scheme of Amalgamation referred to in Note48 of the standalone financial statements the comparative figures for year ended March31 2019 have been restated. We have audited the adjustments made by the Managementarising on account of amalgamation to arrive at the restated figures for the year endedMarch 31 2019.

Our opinion is not modified in respect of this matter

Report on other legal and regulatory requirements

15. As required by the Companies (Auditor's Report) Order 2016("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.

16. 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

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the Statement of Changes in Equity and Cash Flow Statementdealt 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 as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2020 from being appointed as a director in termsof Section 164(2) of the Act.

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

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements –Refer Note 16 and 36 to the financialstatements.

ii. The Company has long-term contracts as at March 31 2020 for whichthere were no material foreseeable losses.

The Company did not have any derivative contracts as at March 31 2020.

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

iv. The reporting on disclosures relating to Specified Bank Notes isnot applicable to the Company for the year ended March 31 2020.

17. 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 & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Pramit Agarwal
Partner
Membership Number 099903
UDIN: 20099903AAAALK1503
Place: Gurugram
Date: October 8 2020

Annexure A to Independent Auditors' Report

Referred to in paragraph 16(f) of the Independent Auditors' Reportof even date to the members of Titagarh Wagons Limited on the standalone financialstatements for the year ended March 31 2020

Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference tofinancial statements of Titagarh Wagons Limited ("the Company") as of March 312020 in conjunction with our audit of the standalone 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (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 tofinancial statements was established and maintained and if such controls operatedeffectively 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 financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud 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 financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

6. A company's internal financial controls with reference tofinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles.

A company's internal financial controls with reference tofinancial statements includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control 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 anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 31 2020 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 issued by the Institute of Chartered Accountants of India. Also refer paragraph4 of our report.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Pramit Agarwal
Partner
Membership Number 099903
UDIN: 20099903AAAALK1503
Place: Gurugram
Date: October 8 2020

Annexure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report ofeven date to the members of Titagarh Wagons Limited on the Ind AS financial statements asof and for the year ended March 31 2020

i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Managementaccording to a phased programme designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the programme a portion of the fixed assets hasbeen physically verified by the Management during the year and no material discrepancieshave been noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 3 onproperty plant and equipment to the standalone financial statements are held in the nameof the Company except for the following (details of which are set out in Notes 3(i) (a)to the standalone financial statements) :

No. of cases Particulars Gross Block (Rs. in Lacs) Net Block Remarks (Rs. In Lacs)
2 Freehold Land 14144.61 14144.61 Original copy of title deeds/ not available with the Company.
1 Freehold Land 3391.29 3391.29 Title deeds are not in the name of the Company
1 Freehold Land 97.96 97.96 Title Deed not found
1 Buildings 117.04 105.12 Title deeds not in the name of the Company

ii. The physical verification of inventory (excluding stocks with thirdparties) have been conducted at reasonable intervals by the Management during the year. Inrespect of inventory lying with third parties these have substantially been confirmed bythem. The discrepancies noticed on physical verification of inventory as compared to bookrecords were not material and have been properly dealt with in the books of accounts. iii.The Company has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurity provided by it as applicable. v. The Company has not accepted any deposits fromthe public within the meaning of Sections 73 74 75 and 76 of the Act and the Rulesframed there under to the extent notified.

vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made andmaintained.

We have not however made a detailed examination of the records with aview to determine whether they are accurate or complete.

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 goods and service taxthough there has been a slight delay in a few cases and is regular in depositingundisputed statutory dues including provident fund employees. state insurance salestax income tax service tax duty of customs duty of excise value added tax cess andother material statutory dues as applicable with the appropriate authorities.

Also refer note 49 to the financial statements regarding managementsassessment on certain matters relating to provident fund. Further for the period March 12020 to March 31 2020 the company has paid Goods and Service Tax and filed GSTR-3B afterthe due date i.e on July 7 2020 allowed by Central Board of Indirect Taxes and Customunder the Notification No. 31/2020 dated April 03 2020 on fulfilment of conditionsspecified therein.

The extent of the arrears of statutory dues outstanding as at March 312020 for a period of more than six months from the date they became payable are asfollows:

Name of the statute Nature of dues Amount (Rs. in Lacs) Period to which the amount relates Due date Date of Payment
Employees' Provident Funds and Miscellaneous Provisions Act 1952 Provident Fund 8.94 2019 – 2020 April 2019 to September 2019 Not yet paid

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of service tax and goods andservice tax which have not been deposited on account of any dispute. The particulars ofdues of income tax sales tax duty of customs and duty of excise duty value added tax asat March 31 2020 which have not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs. in lacs) Period to which the amount relates Forum where the dispute is pending
The Custom Act Custom Duty 1222.71 2004-2005 CESTAT
1962 2006-2007
30.63 1992-93 Additional Commissioner Customs
58.8 1986-1987
1998-1999 Deputy Director of Enforcement
2000-2001
The West Bengal Sales Tax 5.24 2004-2005 West Bengal Taxation Tribunal
Sales Tax Act Sales Tax 8.99 2016-2017 Additional Commissioner of
1944 Commercial Tax West Bengal
The West Bengal Value Added 1499.04 2012-2013 to West Bengal Taxation Tribunal
Value Added Tax Tax 2017-2018
Act 2003 Value Added 17.43 2010-2011 Additional Commissioner of
Tax Commercial Tax West Bengal
The Rajasthan Sales Tax 510.19 1998-99 Deputy Commissioner Appeal
Sales Tax Act 2012-18
154.19 2013-14 Commissioner Appeal
The Orrisa Sales Sales Tax 117.60 1999-2001 High Court
Tax Act
Foreign Trade Terminal Excise 693.20 2008-2010 Directorate General of Foreign Trade
Development and Duty
Regulation Act
1992
The Central Excise Excise Duty 1096.42 2007 to 2012 Customs Excise and Service Tax
Act 1944 Appellate Tribunal
538.08 2011 to 2016 Additional Commissioner of Central
Excise and Service Tax
72.42 2009 to 2016 Assistant Commissioner of Central
Excise and Service Tax
12140.53 1995-96 to Commissioner of Central Excise and
2013-14 Service Tax
141.43 2006-07 to Commissioner of Central Excise
2013-14 (Appeal)
329.21 2013 to 2015 Joint Commissioner of Central Excise and Service Tax
20.80 1999-2000 CESTAT
2011-2012
49.51 2017 Additional Commissioner of Central Excise
4.36 2016-17 Assistant Commissioner of Central Excise
126.27 1989-1994 Supreme Court
4.89 2015-2016 Commissioner of Central Excise
(Appeal)
21.56 2014 to 2018 Deputy Commissioner of Central Excise
141.43 2006 to 2014 Commissioner of Central Excise and Service Tax (Appeal)
329.21 2013 to 2015 Joint Commissioner of Central Excise and Service Tax
The Income-Tax Income Tax 279.09 AY-2011-12 CIT (A)
Act 1961 AY- 2015-16
AY- 2017-18
563.17 AY-2005-06 Income Tax Appellate Tribunal
AY- 2011-12 to
2013-14

viii. 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 borrowings to any financial institution or bank or Government or dues todebenture holders as applicable as at the balance sheet date.

ix. In our opinion and according to the information and explanationsgiven to us the moneys raised by way of term loans have been applied for the purposes forwhich they were obtained. The company has not raised any moneys by way of initial publicoffer and further public offer (including debt instruments).

x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

xi. 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.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the provisions of Clause 3(xii) of the Order are 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 (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Pramit Agarwal
Partner
Membership Number 099903
UDIN: 20099903AAAALK1503
Place: Gurugram
Date: October 8 2020

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