You are here » Home » Companies » Company Overview » Whirlpool of India Ltd

Whirlpool of India Ltd.

BSE: 500238 Sector: Consumer
NSE: WHIRLPOOL ISIN Code: INE716A01013
BSE 00:00 | 24 Sep 2250.50 -8.25
(-0.37%)
OPEN

2258.50

HIGH

2275.00

LOW

2245.00

NSE 00:00 | 24 Sep 2250.00 -6.90
(-0.31%)
OPEN

2265.00

HIGH

2275.00

LOW

2244.55

OPEN 2258.50
PREVIOUS CLOSE 2258.75
VOLUME 6363
52-Week high 2777.00
52-Week low 1970.00
P/E 83.94
Mkt Cap.(Rs cr) 28,552
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2258.50
CLOSE 2258.75
VOLUME 6363
52-Week high 2777.00
52-Week low 1970.00
P/E 83.94
Mkt Cap.(Rs cr) 28,552
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Whirlpool of India Ltd. (WHIRLPOOL) - Auditors Report

Company auditors report

TO THE MEMBERS OF WHIRLPOOL OF INDIA LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS Opinion

We have audited the standalone financial statements of Whirlpool of India Limited(“the Company”) which comprise the Balance Sheet as at March 31 2021 and theStatement of Profit and Loss Statement of Changes in Equity and Statement of Cash Flowsfor the year then ended and notes to the standalone financial statements including asummary of significant accounting policies and other explanatory information (hereinafterreferred to as “standalone financial statements”).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013(“the Act”) in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 as amended(“Ind-AS”) and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and profit changes in equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India (ICAI) togetherwith the ethical requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Act and the Rules thereunder and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 43 to the standalone financial statements which states thatthe management has made an assessment of the impact of COVID-19 on the Company'soperations financial performance and position as at and for the year ended March 31 2021and has concluded that there is no impact which is required to be recognised in thefinancial statements. Accordingly no adjustments have been made to the financialstatements.

Our opinion is not modified in respect of this matter.

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.

Description of Key Audit Matter

Evaluation of uncertain tax positions (Direct Tax and Indirect Tax)

The Company has transactions with related parties in other countries and hence issubject to transfer pricing regulations as specified under Income-Tax Act 1961 in India.Certain transactions with related parties and various tax positions taken by the Companyare challenged by the relevant tax authorities. Further certain tax positions relating toreporting of taxable turnover selection of tax rates non-collection of statutory formsetc. in indirect tax are challenged by relevant tax authorities.

Management has assessed the Litigations/ Assessments status and has applied judgementin classifying/ taking appropriate actions as required under ‘Ind AS 37 - ProvisionsContingent Liabilities and Contingent Assets'.

We have determined this matter to be key audit matter due to the significance of theamounts and judgements involved.

Description of Auditor's Response

Our audit procedure in respect of this area included:

Analysed the list of ongoing litigations Management's assessment of the possibleoutcome of the case and related accounting in the standalone financial statements.

Verified the completeness of the information by corroborating prior year work papersand changes if any to tax litigations status with the underlying documents.

Auditor's expert was involved to reassess Management's assessment of the possibleoutcome.

Litigations on income taxes was assessed in terms of recognition and measurementcriteria mentioned in Appendix C Uncertainty over Income Tax Treatments to Ind AS12-Income Taxes.

Assessed the appropriateness of presentation/ disclosures in the standalone financialstatements in accordance with Ind AS 37 and Ind AS 12 notified under the Companies (IndianAccounting Standards) Rules 2015 (as amended from time to time).

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 Director's report etc but does notinclude the standalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board of Directors is responsiblefor 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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

We give in “Annexure A” a detailed description of Auditor's responsibilitiesfor Audit of the Standalone Financial Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in “Annexure B” a statement on the mattersspecified in 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 the Statement of Profit and Loss the Statement of Changes inEquity and the Statement of Cash Flow dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid standalone financial statements comply with theInd-AS specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal financial controls with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in “Annexure C”.

(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 on its financial position in itsstandalone financial statements Refer Note 34 to the standalone financial statements; ii.The Company did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses. iii. There were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.

3. As required by The Companies (Amendment) Act 2017 in our opinion accordingto information explanations given to us the remuneration paid by the Company to itsdirectors is within the limits laid prescribed under Section 197 of the Act and the rulesthereunder.

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT ON EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF WHIRLPOOL OF INDIA LIMITED

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE 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 therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasinternal financial controls with reference to financial statements in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF WHIRLPOOL OF INDIA LIMITED FOR THE YEAR ENDED MARCH 31 2021

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report] i.

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets (Property Plant and Equipment).

(b) Fixed assets (Property Plant and Equipment) have been physically verified by themanagement during the year and no material discrepancies were identified on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. The inventory has been physically verified during the year by the management exceptfor inventories in transit aggregating to INR 20042 lacs as on March 31 2021. In ouropinion the frequency of verification is reasonable.

No material discrepancies were noticed on verification between the physical stock andthe book records.

iii. The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships (LLP) or other parties covered in the register maintainedunder section 189 of the Companies Act 2013 (‘the Act'). Accordingly the provisionsstated in paragraph 3 (iii) (a) to (c) of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has not either directly or indirectly granted any loan to any of its directors orto any other person in whom the director is interested in accordance with the provisionsof section 185 of the Act and the Company has not made investments through more than twolayers of investment companies in accordance with the provisions of section 186 of theAct. Accordingly provisions stated in paragraph 3(iv) of the Order are not applicable tothe Company.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and the rules framed there under. vi. We have broadly reviewedthe books of account relating to materials labour and other items of cost maintained bythe Company pursuant as specified by the Central Government for the maintenance of costrecords under sub-section (1) of section 148 of the Act and we are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however made a detailed examination of the records with a view to determine whetherthey are accurate or complete. vii.

(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income-tax goods and service tax duty of customs cess and any otherstatutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax duty ofcustom goods and service tax cess and other statutory dues were outstanding at the yearend for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and examination ofrecords of the Company the outstanding dues of income-tax goods and service tax customduty cess and other statutory dues on account of any dispute are as follows:

Name of the statute Nature of dues Amount Amount paid under protest Period (Financial Year) Forum where dispute is pending
Customs Act 1962 Denial of exemption on account of classification issue of water purifiers 36 - 2010-11 CESTAT
Service Tax Rule 1994 Disallowance of input credit on Research expenditure 135 - 2005-07
Income tax Act 1961 Penalty under section 271(1)(c) (Appeal filed by tax Department) 148 - 2004-05 ITAT
Andhra Tax levied on optional service contacts 7 4 2000-01 Tribunal
Pradesh 14 14 2001-02 Sales tax officer
General Sales 19 10 2002-03 High Court
Tax Act 1957 9 5 2003-04 Additional Commissione
Andhra Dispute on tax rate on gas 4 4 2006-07 Sales tax officer
Pradesh Value Added Tax Act 2005 3 3 2007-08 Sales tax officer
Bihar Value Entry Tax 13 - 2016-17 Assessing Authority
Added Tax Tax on discount through credit note 52 - 2016-17 Assessing Authority
Act 2005 Tax on discount through credit note 21 - 2017-18 Assessing Authority
CAG objection 47 14 2013-14 Revision with Commissioner
Tax on discount through credit note 8 8 2009-10 Joint Commissioner
15 15 2009-10 Tribunal
40 40 2010-11 Tribunal
Entry tax 7 7 2009-10 Deputy Commissioner
Forms short 25 25 2009-10 Tribunal
71 71 2010-11 Tribunal
4 1 2006-07 Sales tax officer
Road permit mismatch 1 # 2014-15 Commissioner
Non submission of forms 1 - 2005-06 Deputy Commissioner
Penalty 1 - 2011-12 Deputy Commissioner
67 20 2014-15 Commissioner
31 - 2015-16 Commissioner
Tax on discount through credit note 101 30 2012-13 Joint Commissioner
Tax on discount through credit note 85 26 2014-15 Revision with Commissioner
Sales return disallowed 47 19 2013-14 Revision with
Commissioner
Tax on discount through credit note 24 24 2012-13 Joint Commissioner
Tax on discount through credit note 26 16 2011-12 Joint Commissioner
Tax on discount through credit note 6 - 2008-09 Commissioner of sales tax
10 - 2009-10 Commissioner of sales tax
3 - 2010-11 Commissioner of sales tax
Tax on discount through credit note 43 - 2005-06 Sales tax officer
1 - 2006-07 Deputy
Commissioner
34 - Sales tax officer
Bihar Sales Entry Tax 1 - 2003-04 Sales tax officer
Tax Act 1959 Check post Penalty 4 1 2002-03 Tribunal
Rebate disallowed 1 - 2004-05 Deputy
Commissioner
Bombay Sales Tax on CQB excess claimed and 11 3 2004-05 Joint Commissioner
Tax Act 1959 non-submission of C forms
Chhattisgarh Non submission of C forms 5 - 2012-14 Assessing Authority
Value Added Tax
CGST Act 2017 Anti-Profiteering 4 4 2018-19 High Court
Delhi Value Non submission of C forms 2 - 2016-17 Assistant
Added Tax Act Commissioner
Haryana General Sales Enhancement of turnover by taxing on MRP value 9 9 2002-03 Joint Commissioner
Tax Act 1973 Interest under section 59 of the sales tax act 17 17 1982-83 High Court
16 16 1983-84
82 82 1984-85
42 42 1985-86
Haryana Value Entry Tax 59 - 2007-08 High Court
Added Tax Act 2003 C forms 220 - 2016-17 Excise-Taxation Officer
J & K GST Act 1962 Rejection of claim 5 5 2002-03 Remand
J & K Value Penalty at Check Post 2 - 2012-13 Deputy
Added Tax Act 2005 Commissioner
Rejection of claim of HUPS sale 3 3 2008-09 Deputy Commissioner
6 6 2009-10 Deputy
Commissioner
2 2 2012-13 Sales tax officer
Jharkhand
SGST Act Penalty 1 - 2018-19 Joint Commissioner
Kerala General Check post Penalty 1 1 2015-16 Intelligence
Sales Tax Act Check post Penalty 15 - 2010-11 Tribunal
1963 Mismatch in Closing Stock 30 9 2010-11 Tribunal
Kerala Value Penalty at Check Post 2 - 2006-11 Deputy
Added Tax Commissioner
Act 2005 1 - 2009-11 Intelligence
7 7 2010-11 Sales tax officer
Karnataka Value Added Tax Act 2005 SRN claim rejected 273 100 2014-15 Joint Commissioner
Maharashtra Vendor mismatch 37 2 2014-15 Joint Commissioner
Value Added Vendor mismatch 56 0 2016-18 Deputy
Tax Act 2005 Commissioner State Tax
MP Rejection of claim on discounts 28 15 2002-03 Additional
Commercial Commissioner
Tax Act 1944 26 3 2003-04 Additional
Commissioner
Non submission of forms # - 2004-05 Sales tax officer
Rejection of credit notes 13 4 1998-99 Tribunal
18 4 2001-02 High Court
Rejection of forms # # 2003-04 Additional
Commissioner
Rejection of sales return 3 1 1999-00 Tax Board
MP Value Forms short 2 # 2011-12 Additional
Added Tax Act 2005 Rejection of sales return 20 6 2005-06 Commissioner Additional Commissioner
Orissa Sales Enhancement of turnover 7 6 2001-02 High Court
Tax Act 1947 Non submission of forms 2 2 1996-97 High Court
1 1 1997-98 Sales tax officer
2 - 1998-99 Tribunal
3 1 1999-00 Tribunal
1 # 2000-01 Tribunal
1 1 2001-02 Tribunal
Rejection of sales return 1 1 1999-00 Tribunal
6 2 2000-01 Tribunal
Road Permit 1 1 2001-02 Sales tax officer
Entry Tax 3 - 2002-03 Tribunal
Orissa Value Tax on entry of goods 332 - 2008-09 High Court
Added Tax
Act 2005
UP Goods and Services Truck Detention 4 2 2019 -2020 Assistant Commissioner
Tax Act (State)
Patna Value added tax Cash Discount 2 - 2016-17 Tribunal
Rajasthan Rejection of surcharge on tax on turnover 12 - 2013-14 Deputy
Entry Tax Commissioner
Act 2005 Entry Tax 12 - 2017-18 Entry Tax Apr to June- 2017
53 - 2007-08 Deputy
Commissioner
47 - 2008-09 Deputy
Commissioner
5 - 2016-17 Assessing Authority
Rajasthan CSD form short 6 - 2015-16 Assessing Authority
Sales Tax Rejection of surcharge 6 5 2000-01 Sales tax officer
Act 1954 CSD form short 40 4 2016-17 Assessing Authority
CSD form short 2 - 2017-18 Assessing Authority
Punjab Value Penalty at Check Post 1 # 2006-07 Deputy
Added Tax Commissioner
Act 2005 # # 2010-11 Sales tax officer
Tax on freight charged on invoices 31 8 2005-06 First Appeal Sales tax officer
235 59 2006-07 Tribunal
Turnover enhanced and taxable sales claimed in return rejected on the basis of difference in gross turnover declared 535 # 2010-11 First Appeal Sales tax officer
Rajasthan CSD form short 2 2 2010-11 Deputy
Value Added Commissioner
Tax Act 2005 Rejection of claim on credit notes for discount 35 35 2006-07 High Court
47 47 2007-08 High Court
17 17 2008-09 High Court
Tamil Nadu C Form short deposited 2 1 2012-13 Joint Commissioner
Value Added Penalty at Check Post 8 - 2014-15 Joint Commissioner
Tax Act 2006 Forms C and F short submitted 44 27 2010-11 Sales tax officer
Penalty at Roadside 8 8 2010-11 Joint Commissioner
Rejection of Stock Transfer and C-form 5 5 2008-09 Commercial Tax
short Officer
Demand on imported goods taxed at 35 9 2002-04 Joint Commissioner
Higher rate (Appeals)
Penalty at Check Post 17 - 2015-16 Deputy State Tax
Officer
Telangana Vat Forms verification 1 # 2014-15 First Appeal Sales
Act tax officer
The Jharkhand CSD form short 3 - 2015-16 Joint Commissioner
Value Added (Appeals)
Tax Act 2003 Interest and Penalty 1 - 2005-06 Sales tax officer
Non submission of forms 1 - 2006-07 Sales tax officer
Penalty at Check Post 6 6 2011-12 Commissioner of
sales tax
Tamil Nadu Penalty at Check Post 23 8 1994-95 High Court
General Sales 10 3 1995-96 High Court
Tax Act 1959 9 8 1996-97 High Court
28 11 1997-98 High Court
Demand on statutory form 1 - 2016-17 Deputy
Commissioner
Entry Tax 1 - 2001-02 Tribunal
Penal interest on late payment of Entry
tax 3 - 2002-03 High Court
Truck Detention 8 - 2018-19 First Appeal Sales
tax officer
Rejection of Discount and F-Form short 1 1 2005-06 Sales tax officer
UP Value Enhancement of turnover 3 3 2007-08 Tribunal
Added Tax F-Form short & sales turnover increased 3 3 2011-12 Tribunal
Act 2008 Penalty at Check Post 1 1 2007-08 Assistant
Commissioner
6 6 2008-09 Tribunal
# - 2009-10 Commercial Tax
Officer
4 4 2009-10 Tribunal
# # 2010-11 Joint Commissioner
2 - 2013-14 Joint Commissioner
9 9 2014-15 Deputy
Commissioner
Turnover enhanced 22 22 2014-15 Deputy
Commissioner
Turnover increment as per departmental stock inspection 71 71 2011-12 Tribunal
Uttarakhand Value Added Tax on gas sales 1 1 2008-09 First Appeal Sales tax officer
Tax Act 2005 1 1 2009-10 First Appeal Sales tax officer
2 2 2010-11 First Appeal Sales tax officer
UP Entry Tax Act 2007 Entry Tax 213 180 2008-09 Appeal filed with High Court
Entry tax & interest 54 47 2009-10 Tribunal
UP State Truck Detention 4 - 2019-20 Tribunal
Goods and Services Tax Act
West Bengal Value Added Export disallowed Mismatch with customer 26 4 2013-14 First Appeal Sales tax officer
Tax Act 2005 Increased in turnover due to form rejection 2 - 2010-11 Joint Commissioner
Sales reversal rejected 116 18 2012-13 First Appeal Sales tax officer
Wrong computation 1 # 2013-14 First Appeal Sales tax officer

# Amount less than round off norm. viii. The Company does not have any loans orborrowings from any financial institution banks government or debenture holders duringthe year. Accordingly the provision stated in paragraph 3(viii) of the Order is notapplicable to the Company. ix. The Company did not raise any money by way of initialpublic offer or further public offer (including debt instruments) and term loans duringthe year. Accordingly the provisions stated in paragraph 3 (ix) of the Order are notapplicable to the Company.

x. During the course of our audit examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employees.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions stated in paragraph 3(xii) ofthe Order are not applicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly the provisions stated in paragraph3 (xiv) of the Order are notapplicable to the Company.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered non-cashtransactions with directors or persons connected with him.

Accordingly provisions stated in paragraph 3(xv) of the Order are not applicable tothe Company. xvi. In our opinion the Company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisionsstated in paragraph clause 3 (xvi) of the Order are not applicable to the Company.

ANNEXURE C TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF WHIRLPOOL OF INDIA LIMITED

[Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report of even date to Members of Whirlpool ofIndia Limited on the Standalone Financial Statements for the year ended March 31 2021]

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

We have audited the internal financial controls with reference to standalone financialstatements of Whirlpool of India Limited (“the Company”) as of March 31 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 with reference to standalone financialstatements 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) (the“Guidance Note”). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether internal financial controls with reference tostandalone financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the internalfinancial controls with reference to standalone financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to standalonefinancial statements included obtaining an understanding of internal financial controlswith reference to standalone financial statements assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thestandalone 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 withreference to standalone financial statements.

Meaning of Internal Financial Controls With Reference to Standalone FinancialStatements

A Company's internal financial control with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control with reference to standalone financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls With Reference to StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference tostandalone 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 standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects internal financial controlswith reference to standalone financial statements and such internal financial controlswith reference to standalone financial statements were operating effectively as at March31 2021 based on the internal control with reference to standalone financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note.

For MSKA & Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

Manish P Bathija

Partner

Membership No. 216706

UDIN: 21216706AAAABR8420

Place:Gurugram

Date :June 15 2021

.