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Xchanging Solutions Ltd.

BSE: 532616 Sector: IT
NSE: XCHANGING ISIN Code: INE692G01013
BSE 14:44 | 06 Feb 61.75 0.55
(0.90%)
OPEN

60.05

HIGH

62.85

LOW

60.05

NSE 14:32 | 06 Feb 61.95 0.45
(0.73%)
OPEN

61.10

HIGH

62.50

LOW

61.00

OPEN 60.05
PREVIOUS CLOSE 61.20
VOLUME 6500
52-Week high 109.70
52-Week low 55.90
P/E 37.88
Mkt Cap.(Rs cr) 688
Buy Price 61.80
Buy Qty 131.00
Sell Price 62.15
Sell Qty 65.00
OPEN 60.05
CLOSE 61.20
VOLUME 6500
52-Week high 109.70
52-Week low 55.90
P/E 37.88
Mkt Cap.(Rs cr) 688
Buy Price 61.80
Buy Qty 131.00
Sell Price 62.15
Sell Qty 65.00

Xchanging Solutions Ltd. (XCHANGING) - Auditors Report

Company auditors report

To The Members of Xchanging Solutions Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Xchanging SolutionsLimited ("the Company") which comprise the Balance Sheet as at March 31 2022and the Statement of Profit and Loss (including Other Comprehensive Income) the Statementof Cash Flows and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

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 the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1 Evaluation of uncertain tax positions Principal Audit Procedures performed:
The Company has material uncertain tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. We obtained an understanding evaluated the design and tested the operating effectiveness of internal controls relating to:
Refer Notes 3.1 (ii) and Note 36 to the Standalone financial statements. (1) identification evaluation recognition of provisions and disclosure of material uncertain tax positions including matters under dispute by considering the assumptions and information used by management in performing this assessment;
(2) completeness and accuracy of the underlying data/ information used in the assessment.
Obtained details of completed tax assessments and demands for the year ended March 31 2022 from management. With the assistance of our internal experts we challenged the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes.
Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions.
Additionally we considered the effect of new information in respect of uncertain tax positions as at April 1 2021 to evaluate whether any change was required to management's position on these uncertainties.

Information Other than the 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 Boards' Report including Annexuresto Board's Report Management Discussion and Analysis Report and Corporate GovernanceReport including Annexures thereon but does not include the consolidated financialstatements standalone financial statements and our auditor's report thereon.

• Our opinion on the standalone 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 standalone financial statements ourresponsibility 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 during the course of our audit or otherwise appears to bematerially misstated.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial 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 includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibility 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.

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

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of its knowledge and beliefas disclosed in the note 44.2 to the financial statements no funds have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief asdisclosed in the note 44.2 to the financial statements no funds have been received by theCompany from any person or entity including foreign entity ("Funding Parties")with the understanding whether recorded in writing or otherwise that the Company shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries;

(c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that cause us to believethat the representation given by the Management under sub-clause (i) and (ii) of Rule11(e) as provided under (a) and (b) above contain any material misstatement.

v. The company has not declared or paid any dividend during the year and has notproposed final dividend for the year.

2. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Gurvinder Singh
(Partner)
Place: Bangalore (Membership No. 110128)
Date: May 23 2022 (UDIN: 221101128AJXXSF2644)

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on the Internal FinancialControls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of XchangingSolutions Limited ("the Company") as of March 31 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the criteria forinternal financial control over financial reporting established by Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Gurvinder Singh
(Partner)
Place: Bangalore (Membership No. 110128)
Date: May 23 2022 (UDIN: 221101128AJXXSF2644)

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that:

(i)(a)(A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment and Capitalwork-in-progress.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(i) (b) The Company has a program of verification of property plant and equipment andright-of-use assets to cover all the items once every 3 years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program no such assets were due for physical verification during the year. Sinceno physical verification of property plant and equipment was due during the year thequestion of reporting on material discrepancies noted on verification does not arise.

(i) (c) The Company does not have any immovable properties and hence reporting underclause (i)(c) of the Order is not applicable.

(i) (d) The Company has not revalued any of its property plant and equipment andintangible assets during the year.

(i) (e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The Company does not have any inventory and hence reporting under clause(ii)(a) of the Order is not applicable.

(ii) (b) According to the information and explanations given to us at any point oftime of the year the Company has not been sanctioned any working capital facility frombanks or financial institutions and hence reporting under clause (ii)(b) of the Order isnot applicable.

(iii) The Company has not made any investments in provided any guarantee or securityand granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties during the year andhence reporting under clause (iii) of the Order is not applicable.

(iii) (a) The Company has not provided any loans or advances in the nature of loans orstood guarantee or provided security to any other entity during the year and hencereporting under clause (iii)(a) of the Order is not applicable.

(iii)(b) The Company has not provided any loans or advances in the nature of loans orstood guarantee or provided security to any other entity during the year and hencereporting under clause (iii)(b) of the Order is not applicable.

(iii)(c) The Company has granted loans or provided advances in the nature of loan arepayable on demand. During the year the Company has not demanded such loan or advances inthe nature of loan. Having regard to the fact that the repayment of principal or paymentof interest has not been demanded by the Company in our opinion the repayments ofprincipal amounts and receipts of interest are regular.

(iii) (d) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted and advances in the nature of loansprovided by the Company there is no overdue amount remaining outstanding as at thebalance sheet date.

(iii) (e) None of the loans or advances in the nature of loans granted by the Companyhave fallen due during the year.

(iii) (f) The Company has granted Loans or advances in the nature of loans which arerepayable on demand details of which are given below:

Amount (Rs. in lakhs)
All Parties* Promoters* Related Parties*
Aggregate of loans/advances in nature of loans
- Repayable on demand (A) 18901 900 18001#
- Agreement does not specify any terms or period of repayment (B) - - -
Total (A+B) 18901 900 18001
Percentage of loans/advances in nature of loans to the total loans 100% 100% 100%

*The amounts reported are at gross amounts without considering provisions made.

# This includes Rs. 718 Lakhs to a subsidiary of promoter.

(iv) The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to bedeposits. Hence reporting under clause (v) of the Order is not applicable.

(vi) The maintenance of cost records has not been specified by the Central Governmentunder subsection (1) of section 148 of the Companies Act 2013 for the business activitiescarried out by the Company. Hence reporting under clause (vi) of the Order is notapplicable to the Company.

(vii) (a) In respect of statutory dues: Undisputed statutory dues including Goods andServices tax Provident Fund Employees' State Insurance Income-tax Sales Tax ServiceTax duty of Custom duty of Excise Value Added Tax cess and other material statutorydues applicable to the Company have generally been regularly deposited by it with theappropriate authorities during the year.

There were no undisputed amounts payable in respect of Goods and Services taxProvident Fund Employees' State Insurance Income-tax Sales Tax Service Tax duty ofCustom duty of Excise Value Added Tax cess and other material statutory dues in arrearsas at March 31 2022 for a period of more than six months from the date they becamepayable.

(vii) (b) Details of statutory dues referred to in sub-clause

(a) above which have not been deposited as on March 31 2022 on account of disputes aregiven below:

Statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount (Rs. In lakhs)
Income Tax Act 1961 Income Tax Assessing Officer FY 2009-10 6
Income Tax Act 1961 Income Tax Assessing Officer FY 2012-13 *
Income Tax Act 1961 Income Tax Assessing Officer FY 2013-14 30**
Income Tax Act 1961 Income Tax Income Tax Appellate FY 2015-16 112
Tribunal (ITAT)
Income Tax Act 1961 Income Tax Income Tax Appellate FY 2016-17 333
Tribunal (ITAT)
Finance Act 1994 Service Tax (including penalty) Customs Excise and Service Tax Appellate Tribunal (CESTAT) FY 2007-08 to 2011-12 4541#

*Net of Rs. 85 lakhs paid under protest

**Net of Rs. 587 lakhs paid under protest

#Net of Rs. 177 lakhs paid under protest

According to the information and explanations provided to us there were notransactions relating to previously unrecorded income that were surrendered or disclosedas income in the tax assessments under the Income Tax Act 1961 (43 of 1961) during theyear.

ix) (a) The Company has not taken any loans or other borrowings from any lender. Hencereporting under clause (ix)(a) of the Order is not applicable to the Company.

ix) (b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

ix) (c) The Company has not taken any term loan during the year and there are nounutilised term loans at the beginning of the year and hence reporting under clause(ix)(c) of the Order is not applicable.

ix) (d) The Company has not raised funds on short-term basis and hence reporting underclause (ix)(d) of the Order is not applicable to the Company.

ix) (e) On an overall examination of the financial statements of the Company theCompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries.

ix) (f) The Company has not raised any loans during the year and hence reporting onclause (ix)(f) of the Order is not applicable.

x) (a) The Company has not raised moneys by way of initial public offer/ further publicoffer (including debt instruments) during the year and hence reporting under clause(x)(a) of the Order is not applicable.

x) (b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause (x)(b) of the Order is not applicable to the Company.

xi) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

xi) (b) To the best of our knowledge no report under sub-section (12) of section 143of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government during the year and upto thedate of this report.

xi) (c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year.

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

xiii) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

xiv) (b) We have considered the internal audit reports issued to the Company duringthe year and till date for the year under audit.

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

xvi) (a)(b)(c) The Company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934. Hence reporting under clause (xvi)(a) (b) and (c)of the Order is not applicable.

xvi)(d) The Group does not have any CIC as part of the group and accordingly reportingunder clause (xvi)(d) of the Order is not applicable.

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

xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company.

We further state that our reporting is based on the facts up to the date of the auditreport and we neither give any guarantee nor any assurance that all liabilities fallingdue within a period of one year from the balance sheet date will get discharged by theCompany as and when they fall due.

xx) The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there are no unspent CSR amounts for the year requiring atransfer to a Fund specified in Schedule VII to the Companies Act or special account incompliance with the provision of sub-section (6) of section 135 of the said Act.Accordingly reporting under clause (xx) of the Order is not applicable for the year.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W - 100018)
Gurvinder Singh
(Partner)
Place: Bangalore (Membership No. 110128)
Date: May 23 2022 (UDIN: 221101128AJXXSF2644)

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