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Zodiac Clothing Company Ltd.

BSE: 521163 Sector: Industrials
NSE: ZODIACLOTH ISIN Code: INE206B01013
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OPEN 105.00
PREVIOUS CLOSE 107.00
VOLUME 7558
52-Week high 153.80
52-Week low 85.05
P/E
Mkt Cap.(Rs cr) 258
Buy Price 102.85
Buy Qty 10.00
Sell Price 104.10
Sell Qty 1.00
OPEN 105.00
CLOSE 107.00
VOLUME 7558
52-Week high 153.80
52-Week low 85.05
P/E
Mkt Cap.(Rs cr) 258
Buy Price 102.85
Buy Qty 10.00
Sell Price 104.10
Sell Qty 1.00

Zodiac Clothing Company Ltd. (ZODIACLOTH) - Auditors Report

Company auditors report

TO THE MEMBERS OF ZODIAC CLOTHING COMPANY LIMITED

Report on the audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Zodiac ClothingCompany Limited ("the Company") which comprise the Balance Sheet as at March31 2020 and the Statement of Profit and Loss ((including Other Comprehensive Income)Statement of Changes in Equity and Statement of Cash Flows for the year then ended andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information.

2. In our opinion and to the best of our information and according 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 accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 and total comprehensive income(comprising of loss and other comprehensive income) changes in equity and its cash flowsfor the year then ended.

Basis for opinion

3. 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 together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Emphasis of Matter

4. We draw your attention to Note 49 to the standalone financial statements whichexplains the uncertainties and the management's assessment of the financial impact due torestrictions and other conditions related to the Covid-19 pandemic; for which a definitiveassessment of the impact on the subsequent period is dependent upon circumstances as theyevolve. Our opinion is not modified in respect of this matter.

Key audit matters

5. 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.

Key audit matter How our audit addressed the key audit matter
Assessment of carrying value of property plant and equipment (including capital work-in- progress) right of use assets and other intangible assets (together referred as the "Assets") (Refer to Notes 4(a) 4(b) 4(c) and 6 in the standalone financial statements) We have performed audit procedures including the following:
• Obtained understanding evaluated and tested the design and operating effectiveness of the Company's relevant controls relating to impairment assessment including determining recoverable value of Assets.
• Assessed whether the Company's identification of CGU is appropriate.
The carrying value of Assets is Rs 18531.21 Lakhs as at March 31 2020 which is significant to the balance sheet. The Management has assessed whether there are any indications for impairment of Assets considering internal and external sources of information as per Ind AS 36 - Impairment of Assets. ? Pursued the report issued by the external professional valuer engaged by the management.
? Evaluated the competence capabilities and objectivity of the external professional valuer engaged by the Management for valuation of immovable properties.
? Engaged auditors' valuation experts to assess appropriateness of valuation methodology.
For the purposes of impairment testing the carrying value of the cash generating unit (CGU) was compared to the recoverable amount of CGU. The Company has applied fair value less costs of disposal method in determining the recoverable value of CGU. In this connection the Management has engaged an external professional valuer to determine the fair value of immovable properties and the fair value of other assets were determined on the basis of management's judgement and estimates. • Verified the input data in the valuation report of immovable properties (such as description area etc.) with the agreements.
? Evaluated the reasonableness of assumptions applied by management in determining the fair value of other assets.
• Verified the mathematical accuracy of underlying calculations of recoverable amount and compared with the carrying value of Assets.
? Performed sensitivity analysis over the key assumptions to assess the potential impact on impairment results and the range of possible outcomes of recoverable value of Assets.
Based on the assessment the Management has concluded that no impairment was required as of March 31 2020. Based on the above procedures performed by us we found the Management's assessment of carrying value of Assets to be reasonable.
Considering significant carrying value of Assets involvement of valuation expert judgment and estimates made by Management we have considered this as a Key Audit Matter.
Assessment of recoverability of deferred tax assets (Refer to Note 37 in the standalone financial statements) Our procedures included the following:
• Obtained an understanding evaluated and tested the design and operating effectiveness of key controls relating to recognition and assessment of deferred tax assets.
The carrying value of Deferred Tax Assets is R 1571.89 Lakhs as at March 31 2020. Deferred tax assets are recognised on unabsorbed depreciation and other temporary differences as it is considered to be recoverable based on the Company's projected future taxable income in line with Ind AS 12 - Income Taxes. ? Reviewed the Company's accounting policy in respect of recognizing deferred tax asset on temporary differences and unabsorbed depreciation
? Evaluated the judgements and assumptions made by the Management in determining the projected future taxable income for reasonableness.
We considered this as a Key Audit Matter due to uncertainties and significant judgement required by the Management in preparation of projected future taxable income considering the future business plans and the underlying assumptions such as fair value of immovable properties as also assessed by an external professional valuer. The Management has also engaged tax expert to assess utilization of available tax benefits in accordance with prevailing taxation laws. ? Checked the mathematical accuracy of the underlying calculations of the projections.
? Evaluated the competence capabilities and objectivity of the external professional valuer engaged by the Management.
• Verified the input data in the valuation report of immovable properties (such as description area) with agreements and assessed the appropriateness of tax rate applied to the projected future taxable income.
? Engaged with auditors' tax experts to assess utilization of available tax benefits against the projected future taxable income in accordance with prevailing taxation laws and consequential recognition of deferred tax assets
• Performed sensitivity analysis on the projected taxable profits by varying key assumptions within reasonably foreseeable range.
• Reviewed the adequacy of disclosures made in the financial statements with regards to deferred taxes.
Based on the above procedures performed by us the Management's assessment of recoverability of deferred tax assets was considered to be reasonable.

Other Information

6. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the chairman's statement director'sreport annexure to the director's report report on corporate governance and managementdiscussion and analysis but does not include the standalone financial statements and ourauditor'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

7. 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 statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

8. 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. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financial statements

9. 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.

10. 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Companyhas adequate internal financial controls with reference to financial statements in placeand the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone 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.

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

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 governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other legal and regulatory requirements

14. 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 the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

15. 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 (including other comprehensiveincome) the Statement of Changes in Equity and Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 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 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. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements. Refer Note 39 (i) to the standalonefinancial statements).

ii. The Company has long-term contracts for which there were no material foreseeablelosses as at March 31 2020. The Company did not have any long term derivative contractsas at March 31 2020.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312020.

iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2020.

16. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sachin Parekh
Partner
Place: Mumbai Membership Number: 107038
Date: July 30 2020 UDIN: 20107038AAAACC5372

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 15(f) of the Independent Auditor's Report of even date to themembers of Zodiac Clothing Company Limited on the standalone financial statements for theyear ended March 31 2020

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financialstatements of Zodiac Clothing Company Limited ("the Company") as of March 312020 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditorsjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

5. 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 systemwith reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. W company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

7. W ecause of the inherent limitations of internal financial controls with referenceto financial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control 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 an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2020 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. Also refer paragraph 4 of ourmain report.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number:012754N/N500016

Sachin Parekh
Partner
Place: Mumbai Membership Number: 107038
Date: July 30 2020 UDIN: 20107038AAAACC5372

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 14 of the Independent Auditors' Report of even date to themembers of Zodiac Clothing Company Limited on the standalone financial statements as ofand for the year ended March 31 2020

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c) The title deeds of immovable properties as disclosed in Note 4(a) on PropertyPlant and Equipment and Note 5 on Investment Properties to the standalone financialstatements are held in the name of the Company except for the following which weretransferred to the Company pursuant to Scheme of Arrangements and are pendingregistration in the name of the Company:

(Rs In lacs)

Location Type of Immovable Property Gross Block Net Block
Mumbai Building 2395.05 2218.47
Mumbai Investment Property (Building) 736.89 681.42

ii. The physical verification of inventory have been conducted at reasonable intervalsby the Management during the year. The discrepancies noticed on physical verification ofinventory as compared to book records were not material.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii) (c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Act in respect of the loansor investments made or guarantees or security provided by it as applicable.

The Company has not granted any loans or provided any guarantees or security to theparties covered under Section 185 of the Act.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof 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 to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of income tax though there has been a slight delayin a few cases and is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance sales tax service tax duty of customs dutyof excise value added tax goods and service tax cess and other material statutory duesas applicable with the appropriate authorities.

Further for the period March 1 2020 to March 31 2020 the Company has paid Goods andService Tax and filed GSTR1 and Form 3B after the due date but within the timelinesallowed by Central Board of Indirect Taxes and Customs under the Circular No. 136/06/2020dated April 3 2020 on fulfilment of conditions specified therein.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of service-tax duty of customs duty of excisevalue added tax sales tax and Goods and Service tax as at March 31 2020 which have notbeen deposited on account of any dispute. The particulars of dues of income tax valueadded tax and sales tax as at March 31 2020 which have not been deposited on account of adispute are as follows:

Name of the statute Nature of dues Amount (Rs lacs) Period to which the amount relates (Financial Year) Forum where the dispute is pending
Income Tax Act 1961 Income Tax 4.91 1997-98 High Court
Income Tax Act 1961 Income Tax 4.74 1999-00 and 2011-12 Deputy Commissioner of Income Tax
Income Tax Act 1961 Income Tax 306.04 2009-10 2012-13 2015- 16 and 2016- 17 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Tax Deducted at Source 205.81 2011-12 to 2017-18 Commissioner of Income Tax (Appeals)
The Kerala General Sales Tax Act 1963 Sales Tax 4.05 2001- 02 and 2002- 03 Deputy Commissioner (Appeals) Commercial Taxes Ernakulam
The Kerala Value Added Tax Rules 2005 Sales Tax 77.40 2010-11 to 2013-14 Deputy Commissioner Tevera Division Ernakulam
The West Bengal Sales Tax 1994 Sales Tax 7.85 2002- 03 and 2003- 04 Assistant Commissioner of Commercial Taxes Kolkata
The Central Sales Tax Act 1956 Sales Tax 4.59 2015-16 Joint Commissioner of Commercial Taxes Bengaluru
The Central Sales Tax Act 1956 Sales Tax 13.13 2002- 03 and 2003- 04 Asst. Commissioner of Commercial Taxes Kolkata
The Maharashtra Value Added Tax Act 2002 Value Added Tax 271.36 2014- 15 and 2015- 16 Joint Commissioner of Sales Tax (Appeals) Mumbai

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any bank as at the balance sheet date. Further according to the records of the Companyexamined by us and the information and explanation given to us the Company does not haveany loans or borrowings from any financial institution or Government or dues to debentureholders as at the balance sheet date.

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments). Further the Company has applied term loans forthe purpose for which they were obtained.

x. During the course of our 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 employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of related partytransactions have been disclosed in the financial statements as required under IndianAccounting Standard (Ind AS) 24 Related Party Disclosures specified under Section 133 ofthe Act.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year. Further in respect ofpreferential allotment of convertible share warrants made during the previous year theamounts received during the year against such allotment have been used for the purpose forwhich funds were raised.

xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sachin Parekh
Partner
Place: Mumbai Membership Number: 107038
Date: July 30 2020 UDIN: 20107038AAACD5372

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