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Torrent Power Ltd.

BSE: 532779 Sector: Infrastructure
NSE: TORNTPOWER ISIN Code: INE813H01021
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NSE 00:00 | 14 Oct 515.40 -3.85
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OPEN 522.00
PREVIOUS CLOSE 519.30
VOLUME 45026
52-Week high 544.80
52-Week low 293.05
P/E 21.44
Mkt Cap.(Rs cr) 24,788
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 522.00
CLOSE 519.30
VOLUME 45026
52-Week high 544.80
52-Week low 293.05
P/E 21.44
Mkt Cap.(Rs cr) 24,788
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Torrent Power Ltd. (TORNTPOWER) - Auditors Report

Company auditors report

To the Members of Torrent Power Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements ofTorrent Power Limited ("the Company") which comprise the balance sheet as atMarch 31 2021 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 standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021total comprehensive income (comprising of profit and other comprehensive income) changesin equity and its cash flows for the year then ended.

Basis for Opinion

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

Emphasis of Matter

4. We draw your attention to Note 62 to the standalone financialstatements which describes that the scheme of arrangement (the ‘Scheme') betweenthe Company and TCL Cables Private Limited (the ‘Transferee Company') fortransfer of the Cable business undertaking of the Company to the Transferee Company hasbeen approved by the National Company Law Tribunal (‘NCLT') vide its Order datedDecember 17 2020. Accordingly these financial statements have been prepared afterconsidering the effect of the Scheme with effect from the appointed date of April 012020 as per NCLT approved Order. Our opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

Key Audit Matter How our audit addressed the key audit matter
i) Impairment assessment for Power Plant located at Dahej (Refer to note 43(1) to the standalone financial statements):
The carrying amount of Property Plant & Equipment ("PPE") includes an amount of Rs 2879.40 crore pertaining to 1200 MW DGEN Mega Power Project located at Dahej India ("DGEN"). DGEN started its commercial operations from November 2014 ("COD") and has operated only intermittently after COD including during the current financial year. Our procedures in relation to management's impairment assessment of DGEN included the following:
• Assessed and tested the design and operating effectiveness of the Company's controls over impairment assessment.
As a result of the above and given the current economic environment management has carried out an impairment assessment of DGEN with the help of an external valuer in accordance with Ind AS 36 ‘Impairment of Assets' and has measured the recoverable amount based on ‘value in use' which requires estimating the discounted cash flow projections over the estimated useful life of the DGEN. Such assessment involved several key assumptions including expected demand of electricity future price of fuel exchange rate expected tariff rates of electricity discount rate and current electricity market scenario considered by management based on past trends and current and likely future state of the industry. • Perused the report issued by the external valuer engaged by the management.
• Evaluated independence competence capability and objectivity of the external valuer.
• Evaluated the reasonableness of cash flow projections used by the Company and the key assumptions used.
• With the involvement of auditors experts assessed the reasonableness of the assumptions considered in the discounted cash flow projections for determining value in use.
The value in use arrived at by the management is higher than the carrying amount of PPE pertaining to DGEN and accordingly no additional impairment provision is considered necessary as at March 31 2021 by management. • Discussed with senior management personnel the justification for the key assumptions underlying the cashflow projections and performed sensitivity analysis on the same within a reasonable foreseeable range. We noted that the resulting valuation was not materially different to Company's valuation.
• Checked the arithmetic accuracy of the computations included in the discounted cash flow projections.
We considered this to be a key audit matter as the carrying value of DGEN at March 31 2021 is significant to the Company's balance sheet and there is significant judgement and estimation involved in the discounted cash flow (DCF) model used by the management to assess the value in use of DGEN. • Reviewed the adequacy of disclosure in the standalone financial statements.
Based on the above procedures performed we considered management's assessment of impairment of DGEN to be reasonable.
ii) Assessment of recoverability of Deferred tax assets on unutilised tax credits (Refer to note 44 to the standalone financial statements)
The Company has recognised deferred tax assets on the unutilised tax credits representing Minimum Alternate Tax (MAT) paid on the accounting profit in the current year and in earlier years in which the Company did not have normal taxable profit. The assets have been recognised on the basis of Company's assessment of availability of future taxable profits to offset the accumulated deferred tax assets on the unutilised tax credits. Our audit procedures included the following:
• Assessed and tested the design and operating effectiveness of the Company's controls over recognition and assessment of recoverability of deferred tax assets on unutilised tax credits.
• Reviewed the Company's accounting policy in respect of recognising deferred tax assets on unutilised tax credits.
The future taxable profit projections involve several key assumptions including expected demand of electricity future prices of fuel expected tariff rates of electricity exchange rate and current electricity market scenario covering the period over which MAT Credit can be claimed as per the Income-tax Act 1961. In preparing the profit projections management has considered past trends applicable tariff regulations/ agreements and current and likely future state of the industry. • Assessed the reasonableness of the assumptions underlying profit projections made by management by reviewing the past trends available tariff orders and relevant economic and industry indicators.
• Evaluated whether the tax credit entitlements are legally available to the Company for the forecast recoupment period considering the provisions of Income-tax Act 1961.
• Checked the arithmetic accuracy of the underlying calculations of the profit projections.
We considered this a key audit matter as the amount of deferred tax assets on unutilised tax credits is material to the financial statements and significant management judgement is required in assessing the recoverability of accumulated deferred tax assets on unutilised tax credits based on significant assumptions underlying the forecast of future taxable profits. Further recoverability of deferred tax assets depends on the achievement of Company's future business plans. • Performed sensitivity analysis over the assumptions used in determining the projected taxable profits within reasonably foreseeable range.
• Reviewed the adequacy of disclosures made in the financial statements with regard to deferred taxes.
Based on the above procedures performed by us we considered the management's assessment of recoverability of deferred tax assets in respect of accumulated deferred tax assets on unutilised tax credits to be reasonable.

Other Information

6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the board'sreport management discussion and analysis business responsibility report report oncorporate governance but does not include the standalone financial statements and ourauditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management and those charged with Governance forthe Standalone 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 Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

8. In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either 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 StandaloneFinancial Statements

9. Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.10. 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 thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal 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 standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

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

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 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.

13. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other Legal and Regulatory requirements

14. 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. 15. As required bySection 143(3) of the Act we report that: a) We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit. b) In our opinion proper books of account as required bylaw have been kept by the Company so far as it appears from our examination of thosebooks. c) The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) the Statement of Changes in Equity and Cash Flow Statement dealtwith by this Report are in agreement with the books of account. d) In our opinion theaforesaid standalone financial statements comply with the Accounting Standards specifiedunder Section 133 of the Act. e) On the basis of the written representations received fromthe directors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a Director in termsof Section 164 (2) of the Act. f) With respect to the adequacy of the internal financialcontrols with reference to financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure A". g)With respect to the other matters to be included in the Auditor'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. TheCompany has disclosed the impact of pending litigations as at March 31 2021 on itsfinancial position in its standalone financial statements – Refer Note 46(a) to thestandalone financial statements; ii. The Company has long-term contracts as at March 312021 for which there were no material foreseeable losses. The Company did not have anyderivative contracts as at March 31 2021; iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany during the year ended March 31 2021; iv. The reporting on disclosures relating toSpecified Bank Notes is not applicable to the Company for the year ended March 31 2021.

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

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N / N500016
Priyanshu Gundana
Partner
Place: Mumbai Membership Number: 109553
Date: May 20 2021 UDIN: 21109553AAAAAE2229

Annexure A to Independent Auditor's Report

Referred to in paragraph 15(f) of the Independent Auditor's Reportof even date to the members of Torrent Power Limited on the standalone financialstatements for the year ended March 31 2021

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 Torrent Power Limited ("the Company") as of March 312021 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.

Auditor's 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. Acompany's internal financial controls with reference to financial statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and Directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could havea material effect on the financial statements.

Referred to in paragraph 15(f) of the Independent Auditor's Reportof even date to the members of Torrent Power Limited on the standalone financialstatements for the year ended March 31 2021

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 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 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 2021 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.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N / N500016
Priyanshu Gundana
Partner
Place: Mumbai Membership Number: 109553
Date: May 20 2021 UDIN: 21109553AAAAAE2229

Annexure B to Independent Auditor's Report

Referred to in paragraph 14 of the Independent Auditor's Report ofeven date to the members of Torrent Power Limited on the standalone financial statementsas of and for the year ended March 31 2021 i. (a) The Company is maintaining properrecords showing full particulars including quantitative details and situation of fixedassets.

(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. As regards underground distribution systems wehave been informed that the same are not physically verifiable.

(c) The title deeds of immovable properties as disclosed in Note 4 onfixed assets and Note 5 on Right-of-use assets to the standalone financial statements areheld in the name of the Company except for gross block of Rs 43.14 crore and net block Rs41.20 crore where such immovable properties have been transferred pursuant to the Schemeof amalgamation approved by the courts in earlier years. ii. The physical verification ofinventory excluding stocks with third parties has been conducted at reasonable intervalsby the Management during the year. In respect of inventory lying with third parties thesehave substantially been confirmed by them. The discrepancies noticed on physicalverification of inventory as compared to book records were not material. iii. The Companyhas not granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct. Therefore the provisions of Clause 3(iii) (iii)(a) (iii) (b) and (iii)(c) of thesaid Order are not applicable to the Company. iv. In our opinion and according to theinformation and explanations given to us the Company has complied with the provisions ofSection 185 and 186 of the Companies Act 2013 in respect of the loans and investmentsmade and guarantees and security provided by it. v. The Company has not accepted anydeposits from the public within the meaning of Sections 73 74 75 and 76 of the Act andthe Rules framed there under to the extent notified. vi. Pursuant to the rules made by theCentral Government of India the Company is required to maintain cost records as specifiedunder Section 148(1) of the Act in respect of 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 tous and the records of the Company examined by us in our opinion the Company is regularin depositing the undisputed statutory dues including provident fund employees'state insurance income tax sales tax service tax duty of customs duty of excisevalue added tax cess goods and services tax and other material statutory dues asapplicable with the appropriate authorities. Also refer note 46(a) to the standalonefinancial statements regarding management's assessment on the matter relating toprovident fund. Further for the period April 01 2020 to April 30 2020 the Company haspaid Goods and Service Tax and filed GSTR 1 and GSTR3B after the due date but within thetimelines allowed by Central Board of Indirect Taxes and Customs under the NotificationNumber 35/2020- GST dated April 03 2020 on fulfilment of conditions specified therein.

Referred to in paragraph 14 of the Independent Auditor's Report ofeven date to the members of Torrent Power Limited on the standalone financial statementsas of and for the year ended March 31 2021

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of goods and services tax whichhave not been deposited on account of any dispute. The particulars of dues of income taxsales tax duty of customs duty of excise service tax and value added tax as at March31 2021 which have not been deposited on account of a dispute are as follows:

Name of Statute Nature of dues Amount Amount Period to which Forumwhere the dispute is involved unpaid the amount relates pending (D in Crore) (Din Crore) (Financial Year)

Customs Act 1962 Customs Duty 37.00 18.50 2012-13 Central Excise andService Tax Appellate Tribunal Central Excise Act 1944 Excise Duty 0.17 0.17 1989-90Central Excise and Service Tax Appellate Tribunal Kerala General Sales Tax Sales Tax on0.20 0.20 2001-02 Sales Tax Appellate Tribunal Act 1963 Works Contracts Andhra PradeshGeneral Sales Tax on 0.29 0.29 1993-94 & 1994-95 High court for the State of SalesTax Act 1957 Works Contracts Telangana Tamil Nadu General Sales Sales Tax on 0.47 0.471989-90 & 1990-91 Asst. Commissioner of Tax Act 1959 Works Contracts Commercial TaxGujarat Value Added Tax Value Added Tax 6.99 2.41 2007-08 to 2010-11 Gujarat Value AddedTax Tribunal Act 2003 Finance Act 1994 Service tax 0.49 0.49 2014-15 & 2016-17Principal Commissioner (Appeals) Income Tax Act 1961 Income Tax 2.75 2.45 2018-19Commissioner of Income Tax (Appeals) viii. According to the records of the Companyexamined by us and the information and explanation given to us the Company has notdefaulted in repayment of loans or borrowings to any financial institution or bank orGovernment or dues to debenture holders as at the balance sheet date. ix. In our opinionand according to the information and explanations given to us the moneys raised by way ofterm loans and debt instruments have been applied for the purposes for which they wereobtained. The Company has not raised any moneys by way of initial public offer or furtherpublic offer. 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. Also refer paragraph 16 of our main audit report. xii. As theCompany is not a Nidhi Company and the Nidhi Rules 2014 are not applicable to it theprovisions of Clause 3(xii) of the Order are not applicable to the Company. xiii. TheCompany has entered into transactions with related parties in compliance with theprovisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the standalone financial statements as required underIndian Accounting Standard (Ind AS) 24 Related Party Disclosures specified under Section133 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 beregistered under Section 45-IA of the Reserve Bank of India Act 1934. Accordingly theprovisions of Clause 3(xvi) of the Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N / N500016
Priyanshu Gundana
Partner
Place: Mumbai Membership Number: 109553
Date: May 20 2021 UDIN: 21109553AAAAAE2229

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