To The Members of Timex Group India Limited Report on the Audit of the Financial
Statements Opinion
We have audited the accompanying financial statements of Timex Group India Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2023, and the
Statement of Profit and Loss (including Other Comprehensive Income), and the Statement of
Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary
of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditors Responsibility for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. We have
determined that there are no key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditors Report Thereon •
• The Companys Board of Directors is responsible for the other information. The
other information comprises the information included in the Directors Report and Report
on Corporate Governance Report, but does not include the financial statements and our
auditors report thereon.
• Our opinion on the financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
• In connection with our audit of the financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.
• If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these financial statements that give
a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board
of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Companys Board of Directors are also responsible for overseeing the Companys
financial reporting process.
Auditors Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in
order to design 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
Company has adequate internal financial controls with reference to financial statements in
place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be 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 best
of 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 the
company so far as it appears from our examination of those books, except for keeping
backup on daily basis of such books of account maintained in electronic mode, in a server
physically located in India (refer Note 43 to the financial statements).
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified
under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the
Act.
f) The observation relating to the maintenance of accounts and other matters connected
therewith, are as stated in paragraph (b) above.
g) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure A". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys internal financial
controls with reference to financial statements .
h) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended,
In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.
i) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in
our opinion and 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 financial
position in its financial statements - Refer Note 26A to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses - Refer Note 26C to the financial
statements;
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company Refer Note 26D to the financial statements;
iv. (a) The Management has represented that, to the best of its knowledge and belief,
as disclosed in the note 34 to the financial statements no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities.
(b) The Management has represented, that, to the best of its knowledge and belief, as
disclosed in the note 35 to the financial statements, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(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 not
proposed final dividend for the year.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly,
reporting under Rule 11 (g) of Companies (Audit and Auditors) Rules, 2014 is not
applicable for the financial year ended March 31, 2023.
2. As required by the Companies (Auditors 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 the
Order.
|
For DELOITTE HASKINS & SELLS LLP |
|
Chartered Accountants |
|
(Firm‘s Registration No.117366W/W-100018) |
|
Pramod B. Shukla |
|
(Partner) |
| Place: Noida |
(Membership No. 104337) |
| Date: May 23, 2023 |
(UDIN: 23104337BGYEZJ7393) |
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 1 (g) under ‘Report on Other Legal and Regulatory
Requirements section of our report on the financial statements for the year ended March
31, 2023 to the Members of Timex Group India Limited of even date]
Report on the Internal Financial Controls with reference to financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act")
We have audited the internal financial controls with reference to financial statements
of Timex Group India Limited ("the Company") as of March 31, 2023 in conjunction
with our audit of the Ind AS financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control with reference to financial statements
criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to respective companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to financial statements of the Company based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance Note") issued by the Institute
of Chartered Accountants of India and the Standards on Auditing prescribed under Section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference to financial statements was
established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls with reference to financial statements and their operating
effectiveness. Our audit of internal financial controls with reference to financial
statements included obtaining an understanding of internal financial controls with
reference to financial statements, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on the auditors judgement, including
the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls with
reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements
A companys internal financial control with reference to financial statements is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control with
reference to financial statements includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to financial
statements
Because of the inherent limitations of internal financial controls with reference to
financial statements, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with
reference to financial statements to future periods are subject to the risk that the
internal financial control with reference to financial statements may become inadequate
because of changes in conditions, or that the 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 given
to us on internal financial controls with reference to financial statements the Company
has, in all material respects, an adequate internal financial controls with reference to
financial statements and such internal financial controls with reference to financial
statements were operating effectively as at March 31, 2023, based on the criteria for
internal financial control with reference to financial statements established by the
Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
|
For DELOITTE HASKINS & SELLS LLP |
|
Chartered Accountants |
|
(Firm‘s Registration No.117366W/W-100018) |
|
Pramod B. Shukla |
|
(Partner) |
| Place: Noida |
(Membership No. 104337) |
| Date: May 23, 2023 |
(UDIN: 23104337BGYEZJ7393) |
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report on the financial statements for the year ended March
31, 2023 to the Members of Timex Group India Limited of even date]
In terms of the information and explanations sought by us and given by the Company and
the books of account and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment, capital
work-in-progress and relevant details of right-of-use assets.
(B) The Company has maintained proper records showing full particulars of intangible
assets.
(b) The Company has a program of verification of property, plant and equipment, capital
work inprogress and right-of-use assets so to cover all the items once every 3 years
which, in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. Pursuant to the program, no such assets were due for physical
verification during the year. Since no physical verification of property, plant and
equipment was due during the year the question of reporting on material discrepancies
noted on verification does not arise.
(c) The Company does not have any immovable properties {other than properties
(including buildings constructed thereon which is included in Property, plant and
Equipment disclosed in the financial statements) where the Company is the lessee, and the
lease agreements are duly executed in favour of the lessee}.
(d) The Company has not revalued any of its property, plant and equipment (including
Right of Use assets) and intangible assets during the year.
(e) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) (a) The inventories except for (goods-in-transit and stocks held with third
parties), were physically verified during the year by the Management at reasonable
intervals. In our opinion and based on information and explanations given to us, the
coverage and procedure of such verification by the Management is appropriate having regard
to the size of the Company and the nature of its operations. For stocks held with third
parties at the year-end, written confirmations have been obtained and in respect of goods
in transit, the goods have been received subsequent to the year-end. No discrepancies of
10% or more in the aggregate for each class of inventories were noticed on such physical
verification of inventories.
(b) According to the information and explanations given to us, at any point of time of
the year, the Company has not been sanctioned any working capital facility from banks or
financial institutions on the basis of security of current assets, and hence reporting
under clause 3(ii)(b) of the Companies (Auditors Report) Order, 2020 ("the
Order") is not applicable.
(iii) The Company has not made any investments in, provided any guarantee or security,
and granted any loans or advances in the nature of loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or any other parties during the year, and
hence reporting under clause 3(iii) of the Order is not applicable.
(iv) According to information and explanation given to us, the Company has not granted
any loans, made investments or provided guarantees or securities that are covered under
the provisions of sections 185 or 186 of the Companies Act, 2013, and hence reporting
under clause 3(iv) of the Order is not applicable.
(v) The Company has not accepted any deposit or amounts which are deemed to be
deposits. Hence, reporting under clause 3(v) of the Order is not applicable.
(vi) The maintenance of cost records has not been specified for the activities of the
Company by the Central Government under section 148(1) of the Companies Act, 2013.
(vii) (a) Undisputed statutory dues, including Goods and
Service tax, Provident Fund, Employees State Insurance, Income-tax, duty of Custom,
cess and other material statutory dues applicable to the Company have generally been
regularly deposited by it with the appropriate authorities. Sales Tax, Service Tax and
Value Added Tax are not applicable to the Company.
There were no undisputed amounts payable in respect of Goods and Service tax, Provident
Fund, Employees State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty
of Excise, Value Added Tax, cess and other material statutory dues in arrears as at March
31, 2023 for a period of more than six months from the date they became payable.
(b) Details of statutory dues referred to in sub-clause (a) above which have not been
deposited as on March 31, 2023 on account of disputes are given below:
| Name of the Statute |
Nature of the Dues |
Amount (Rs. In lacs) |
Period to which the Amount Relates |
Forum where Dispute is Pending |
| The Gujarat Value Added Tax Act, 2003 |
Value Added Tax |
5.51* |
2013-2014 |
Deputy Commissioner (Appeals), Commercial taxes, Ahmedabad |
| The Central Sales Tax, 1956 |
Central Sales Tax |
114.63* |
2011-2014 |
Deputy Commissioner (Appeals), Commercial taxes, Ahmedabad |
| The Central Sales Tax, 1956 |
Central Sales Tax |
11.27* |
2015-2017 |
Deputy Commissioner (Appeals), Commercial taxes, Ernakulam |
| The Income-tax Act, 1961 |
Penalty u/s 271(1)(c) |
464.67 |
AY 2013-14 |
Commissioner of Income-tax (Appeals) |
| The Customs Act, 1962 |
Customs Duty |
123.87 |
1997 |
Commissioner of Customs (Export) |
| Goods and Services tax Act, 2017 |
Goods and Services Tax |
9.23 |
AY 2018-2019 |
Assistant Commissioner, (ST)(FAC) |
| Goods and Services tax Act, 2017 |
Goods and Services Tax |
2.73 |
AY 2019-2020 |
Assistant Commissioner, (ST)(FAC) |
| Goods and Services tax Act, 2017 |
Goods and Services Tax |
0.19 |
AY 2020-2021 |
Assistant Commissioner, (ST)(FAC) |
*amount as per demand orders including interest and penalty wherever quantified in the
Order net of amount deposited as per the records of the Company against States Sales and
Central sales Tax which is Rs. 1.25 Lakh and Rs. 15.29 lakhs respectively.
(viii) There were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income in the tax assessments under the Income-tax Act, 1961
(43 of 1961) during the year.
(ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or
other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(c) The Company has not taken any term loan during the year and there are no unutilised
term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the
Order is not applicable.
(d) On an overall examination of the financial statements of the Company, funds raised
on shortterm basis have, prima facie, not been used during the year for long-term purposes
by the Company.
(e) The Company did not have any subsidiary or associate or joint venture during the
year and hence, reporting under clause 3(ix)(e) of the Order is not applicable.
(f) The Company has not raised any loans during the year on the pledge of any security
and hence reporting on clause 3(ix)(f) of the Order is not applicable.
(x) (a) The Company has not issued any of its securities (including debt instruments)
during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) The Company has made private placement of shares during the year. For such
allotment of shares, the Company has complied with the requirements of Section 42 and 62
of the Companies Act, 2013, as applicable, and the funds raised have been, prima facie,
applied by the Company during the year for the purposes for which the funds were raised.
The Company has not made any preferential allotment or private placement of (fully or
partly or
optionally) convertible debentures during the year.
(xi) (a) To the best of our knowledge, no fraud by the
Company and no material fraud on the Company has been noticed or reported during the
year.
(b) To the best of our knowledge, no report under subsection (12) of section 143 of the
Companies Act, 2013 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 the
date of this report.
(c) We have taken into consideration the whistle blower complaints received by the
Company during the year (and upto the date of this report) and provided to us, when
performing our audit.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the
Order is not applicable.
(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act, 2013 where applicable, for all transactions with the related parties and
the details 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 commensurate
with the size and the nature of its business.
(b) We have considered the internal audit reports of the company issued till date, for
the period under audit.
(xv) In our opinion during the year the Company has not entered into any non-cash
transactions with its directors or persons connected with its directors and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of
the Order is not applicable.
(b) There is no core investment company within the Group {as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016} and accordingly reporting under
clause 3(xvi)(d) of the Order is not applicable.
(xvii) The Company has not incurred cash losses during the financial year covered by
our audit and the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during
the year.
(xix) On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due (Also refer note
1B(iii) to the financial statements).
(xx) The Company was not having net worth of rupees five hundred crore or more, or
turnover of rupees one thousand crore or more or a net profit of rupees five crore or more
during the immediately preceding financial year and hence, provisions of Section 135 of
the Act are not applicable to the Company during the year. Accordingly, reporting under
clause 3(xx) of the Order is not applicable for the year.
| For DELOITTE HASKINS & SELLS LLP |
| Chartered Accountants |
| (Firm‘s Registration No.117366W/W-100018) |
|
Pramod B. Shukla |
|
(Partner) |
| Place: Noida |
(Membership No. 104337) |
| Date: May 23, 2023 |
(UDIN: 23104337BGYEZJ7393) |
+91-9892691696
