AYM Syntex Auditors Report


Independent Auditors Report

To the Members of AYM Syntex Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of AYM Syntex Limited ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2023, and the Standalone Statement of Pro t and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounng policies and other explanatory informaon.

2. In our opinion and to the best of our informaon and according to the explanaons given to us, the aforesaid standalone financial statements give the informaon required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2023, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auding (SAs) specified under Secon 143(10) of the Act. Our responsibilies under those Standards are further described in the "Auditors Responsibilies for the Audit of the Standalone Financial Statements" secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilies in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit ma(ers

Key audit ma:ers are those ma:ers that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These ma:ers were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these ma:ers.

Key audit ma(er

How our audit addressed the key audit ma(er

Assessment of realisability of Minimum Alternate Tax (‘MAT) credit entlement (Refer note 9 of the standalone financial statements)

To evaluate the realisability of MAT Credit entlement, our procedures included the following:

The Balance of Minimum Alternate Tax (‘MAT) credit entlement classified under Deferred Tax Assets (net) in the balance sheet as on March 31, 2023 is Rs. 5,825.92 Lakhs. Understood and evaluated the design and tested the operang e ecveness of the Companys controls over preparaon of forecasts.
Entlement of MAT credit is recognised to the extent there is convincing evidence that the Company will be able to ulise the said credit against normal tax payable based on the Companys projected taxable profits in the forthcoming years. Assessed the historical accuracy of the Companys Board approved forecasts by comparing the forecast approved in the previous year with the actual performance in the current year.
Tested the mathema1cal accuracy of the underlying calculaons and comparing the forecasts with the budgets approved by the Board of Directors.
We considered the realisability of MAT credit entlement to be a key audit ma:er as the amount is material to the standalone financial statements and there is significant management judgement involved while applying various assumpons in preparaon of forecasts which mainly include future business growth rates and projected taxable pro ts. Assessed the reasonableness of assumpons used in the preparaon of forecasts with external and internal factors including business and industry growth rates, and Companys past performance.
Applied sensivity to the forecasts to assess whether the MAT credit carried as an asset would be ulised within the permied remaining period.
Based on the above procedures, we did not note any material excep1on to the Companys judgement in prepara1on of forecasts of future taxable profits for the assessment of realisability of the MAT credit entlement.

Assessment of indicaon of impairment and the recoverable amount (RA) of Net carrying value of assets (Refer note 2(f) of the standalone financial statements)

Our audit procedures related to tes+ng impairment assessment of the carrying amount of net assets included the following:

The carrying amount of the Companys net assets exceeded the Companys market capitalisa1on requiring the Companys management to assess whether there is any indicaon of impairment to the net assets having carrying value of Rs. 60,964.09 Lakhs as at March 31, 2023. Understood and evaluated the design and tested the operang e ecveness of controls for iden caon and assessment of any poten1al impairment, including determining the recoverable amount of the net assets.
Based on such indicaons, an impairment assessment was performed by the Companys management in accordance with the requirements of Ind AS 36, ‘Impairment of Assets. Assessed the historical accuracy of the Companys Board approved forecasts by comparing the forecast approved in the previous year with the actual performance in the current year.
Management calculated the value in use of the assets by applying the discounted cash flow method. Used auditors expert for tesng appropriateness of the method and model used for determining the recoverable amount and evaluang reasonableness of key assumpons like discount rate, and terminal growth rate.
This has been considered a key audit ma:er, because of the signi cance of the carrying value of the assets of the Company and the esmaon uncertainty in the assumpons used for calculang the recoverable amount of the net assets such as future sales, discount rate, cost of materials and growth rate over the esmaon period. Evaluated reasonableness of other key assumpons used in future cash flow projecons such as future sales, Cost of materials and growth rate over the esmaon period.
Tested the mathema1cal accuracy of the models calculaon and comparing the forecasts with the budgets approved by the Board of Directors.
Performed sensi1vity analysis over key assumpons to corroborate that recoverable amount is within a reasonable range.
Assessed the appropriateness of the related presentaon and disclosures in the standalone financial statements.
Based on the above procedures performed, we did not note any material excepon in the management assessment of the recoverable amount of the net carrying value of assets.

Other Informaon

5. The Companys Board of Directors is responsible for the other informaon. The other informaon comprises the informa1on included in the Directors report, management discussion & analysis and MD & CEO message, but does not include the standalone financial statements and our auditors report thereon.

The Directors report was obtained prior to the date of this auditors report. However, the management discussion & analysis and MD & CEO message is expected to be made available to us aGer the date of this auditors report.

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

In connecon with our audit of the standalone financial statements, our responsibility is to read the Directors report and, in doing so, consider whether the other informa1on is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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 informaon, we are required to report that fact. We have nothing to report in this regard.

In connecon with our audit of the standalone financial statements, our responsibility is to also read the management discussion & analysis and MD & CEO message when it becomes available and, in doing so, consider whether the other informaon is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the management discussion & analysis and MD & CEO message, if we conclude that there is a material misstatement therein, we are required to communicate the ma:er to those charged with governance and take appropriate acon as applicable under the relevant laws and regulaons.

Responsibilies of management and those charged with governance for the standalone financial statements

6. The Companys Board of Directors is responsible for the ma:ers stated in Secon 134(5) of the Act with respect to the prepara1on of these standalone financial statements that give a true and fair view of the financial posion, financial performance, changes in equity and cash flows of the Company in accordance with the accoun1ng principles generally accepted in India, including the Accounng Standards specified under Secon 133 of the Act. This responsibility also includes maintenance of adequate accoun1ng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregularies; selec1on and applicaon of appropriate accounng policies; making judgments and es1mates that are reasonable and prudent; and design, implementaon and maintenance of adequate internal financial controls, that were operang e ecvely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

7. In preparing the standalone financial statements, management is responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, ma:ers related to going concern and using the going concern basis of accoun1ng unless management either intends to liquidate the Company or to cease operaons, or has no realisc alternave but to do so. Those Board of Directors are also responsible for overseeing the Companys financial reporng process.

Auditors responsibili+es for the audit of the standalone financial statements

8. Our objecves are to obtain reasonable assurance about whether the standalone 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 standalone financial statements.

9. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepcism throughout the audit. We also:

Iden1fy and assess the risks of material misstatement of the standalone 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 detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Secon 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 standalone financial statements in place and the operang e ecveness of such controls.

Evaluate the appropriateness of accoun1ng policies used and the reasonableness of accounng esmates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accoun1ng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condi1ons that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a:en1on in our auditors report to the related disclosures in the standalone 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 condions may cause the Company to cease to connue as a going concern.

Evaluate the overall presentaon, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transacons and events in a manner that achieves fair presentaon.

10. We communicate with those charged with governance regarding, among other ma:ers, the planned scope and 1ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy during our audit.

11. 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 relaonships and other ma:ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

12. From the ma:ers communicated with those charged with governance, we determine those ma:ers that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit maers. We describe these ma:ers in our auditors report unless law or regulaon precludes public disclosure about the ma:er or when, in extremely rare circumstances, we determine that a maer 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 communicaon.

Report on other legal and regulatory requirements

13. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-secon (11) of Secon 143 of the Act, we give in the "Annexure B" a statement on the ma:ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

14. As required by Secon 143(3) of the Act, we report that:

(a) We have sought and obtained all the informaon and explana1ons 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 examinaon of those books.

(c) The Standalone Balance Sheet, the Standalone Statement of Pro t and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounng Standards specified under Secon 133 of the Act.

(e) On the basis of the wri:en representa1ons received from the directors as on March 31, 2023, taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2023, from being appointed as a director in terms of Secon 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operang e ecveness of such controls, refer to our separate Report in "Annexure A".

(g) With respect to the other ma:ers 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 informaon and according to the explanaons given to us:

i. The Company has disclosed the impact of pending ligaons on its standalone financial posion in its standalone financial statements Refer note 41 to the standalone financial statements;

ii. The Company was not required to recognise a provision as at March 31, 2023 under the applicable law or accounng standards, as it does not have any material foreseeable losses on long-term contract. The Company did not have any derivave contracts as at March 31, 2023.

iii. There were no amounts which were required to be transferred to the Investor Educaon and Protecon Fund by the Company during the year ended March 31, 2023.

iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, 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 enty(ies), including foreign enes ("Intermediaries"), with the understanding, whether recorded in wri1ng or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or en11es iden1 ed in any manner whatsoever by or on behalf of the Company ("Ul1mate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries (Refer Note 51(a)(v) to the standalone financial statements);

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or enty(ies), including foreign enes ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or en11es iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries (Refer Note 51(a)(v) to the standalone financial statements); and

(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our noce that has caused us to believe that the representaons under sub-clause (a) and (b) contain any material misstatement.

v. The Company has not declared or paid any

dividend during the year.

vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for books of account to have the feature of audit trail, edit log and related ma:ers in the accounng soware used by the Company, is applicable to the Company only with effect from financial year beginning April 1, 2023, the reporng under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.

15. The Company has paid/ provided for managerial remuneraon in accordance with the requisite approvals mandated by the provisions of Secon 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registraon Number: 012754N/N500016

sd/-
Pankaj Khandelia
Partner
Membership Number: 102022
UDIN: 23102022BGTWMZ1995
Place: Mumbai
Date: May 05, 2023

ANNEXURE A

TO INDEPENDENT AUDITORS REPORT

Referred to in paragraph 14(f) of the Independent Auditors Report of even date to the members of AYM Syntex Limited on the financial statements for the year ended March 31, 2023.

Report on the Internal Financial Controls with reference to Standalone Financial Statements under clause (i) of sub-secon 3 of Secon 143 of the Act

1. We have audited the internal financial controls with reference to standalone financial statements of AYM Syntex Limited ("the Company") as of March 31, 2023 in conjuncon with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

2. The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng ("the Guidance Note") issued by the Instute of Chartered Accountants of India ("ICAI"). These responsibili1es include the design, implementaon and maintenance of adequate internal financial controls that were operang e ec1vely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Act.

Auditors Responsibility

3. Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Audi1ng deemed to be prescribed under Secon 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. 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 standalone financial statements was established and maintained and if such controls operated e ecvely in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to standalone financial statements and their operang e ecveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecveness 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.

5. 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 system with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. A companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of standalone financial statements for external purposes in accordance with generally accepted accounng principles. A companys internal financial controls 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 transac1ons and disposi1ons of the assets of the company; (2) provide reasonable assurance that transac1ons are recorded as necessary to permit prepara1on of standalone financial statements in accordance with generally accepted accoun1ng principles, and that receipts and expenditures of the company are being made only in accordance with authorisaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquision, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limita+ons of Internal Financial Controls with reference to financial statements

7. Because of the inherent limitaons 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, projecons of any evaluaon of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operang e ecvely as at March 31, 2023, based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note issued by ICAI.

sd/-
Pankaj Khandelia
Partner
Membership Number: 102022
UDIN: 23102022BGTWMZ1995
Place: Mumbai
Date: May 05, 2023

ANNEXURE B

TO INDEPENDENT AUDITORS REPORT

Referred to in paragraph 13 of the Independent Auditors Report of even date to the members of AYM Syntex Limited on the financial statements as of and for the year ended March 31, 2023

(i) (a) (A) The Company is maintaining proper records showing full par1culars, including quan1ta1ve details and situa1on, of Property, Plant and Equipment.

(B) The Company is maintaining proper records showing full parculars of Intangible Assets.

(b) The Property, Plant and Equipment of the Company have been physically veri ed by the Management during the year and no material discrepancies have been no1ced on such veri ca1on. In our opinion, the frequency of veri caon is reasonable.

(c) The tle deeds of all the immovable properes (other than properes where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 3(a) on Property Plant and Equipment and note 3(b) on Right of Use Assets to the standalone financial statements, are held in the name of the Company, except for the following:

Descripon of property

Gross carrying value Held in the name of Whether promoter, director or their relave or employee Period held indicate range, where appropriate Reason for not being held in the name of the Company

Residenal Flats

Rs. 14.85 lakhs Documents of tle deeds are not traceable No Since September 30, 1998 Documents of tle deeds are not traceable

(d) The Company has chosen cost model for its Property, Plant and Equipment (including Right of Use assets) and intangible assets. Consequently, the queson of our commenng on whether the revalua1on is based on the valua1on by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment (including Right of Use assets) or intangible assets does not arise.

(e) Based on the informa1on and explana1ons furnished to us, no proceedings have been iniated on or are pending against the Company for holding benami property under the Prohibion of Benami Property Transacons Act, 1988 (as amended in 2016) (formerly the Benami Transacons (Prohibion) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the queson of our commen1ng on whether the Company has appropriately disclosed the details in its standalone financial statements does not arise.

(ii) (a) The physical veri caon of inventory excluding stocks with third pares has been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such veri caon by Management is appropriate. In respect of inventory lying with third par1es, these have substan1ally been con rmed by them. The discrepancies noced on physical veri caon of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

(b) During the year, the Company has been sanconed working capital limits in excess of Rs. 5 crores, in aggregate, from banks or financial instuons on the basis of security of current assets. The Company has led quarterly returns or statements with such banks, which are in agreement with the unaudited books of account (Also refer note 51(a)(ii) to the standalone financial statements). Further, the return/ statement for the quarter ended March 31, 2023 is yet to be submied by the Company.

(iii) (a) The Company has made investments in one subsidiary company and granted loans t0 employees. (Also refer note 5 on Investment, note 6 and note 15 on Loans to the standalone financial statements). The aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans to pares other than subsidiary are as per the table given below:

Parculars

Guarantees Security Loans Advances in nature of Loans

Aggregate amount granted / provided during the year - Others

NA NA 133.21 Lakhs NA

Balance outstanding as a balance sheet date in respect of the above case - others

NA NA 53.55 Lakhs NA

(b) In respect of the aforesaid investments and employee loans, the terms and condions under which such loans were granted and investment made are not prejudicial to the Companys interest.

(c) In respect of the aforesaid employee loans, the schedule of repayment of principal and payment of interest has been spulated, and the pares are repaying the principal amounts, as spulated, and are also regular in payment of interest as applicable.

(d) In respect of the aforesaid employee loans, there is no amount which is overdue for more than ninety days.

(e) There were no loans which fell due during the year and were renewed/extended. Further, no fresh loans were granted to same pares to sele the exisng overdue advances in nature of loan.

(f) The loans granted during the year, had spulated the scheduled repayment of principal and the same were not repayable on demand.

(iv) The Company has not granted any loans or made any investments or provided any guarantees or security to the par1es covered under Sec1ons 185 and 186. Therefore, the reporng under clause 3(iv) of the Order are not applicable to the Company.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits referred in Secons 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent no ed.

(vi) Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Secon 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examina1on of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the informaon and explanaons given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in deposi1ng undisputed statutory dues in respect of provident fund and Maharashtra labour welfare fund though there has been a slight delay in a few cases, and is regular in deposi1ng undisputed statutory dues, including, employees state insurance, sales tax, income tax, service tax, duty of customs, duty of excise, value added tax, cess, goods and services tax and other material statutory dues, as applicable, with the appropriate authories. Also, refer note 41 on Conngent liability disclosure to the standalone financial statements regarding managements assessment on certain maers relang to provident fund.

(b) According to the informaon and explanaons given to us and the records of the Company examined by us, there are no statutory dues of provident fund, employees state insurance, sales tax, duty of excise, value added tax and cess which have not been deposited on account of any dispute. The parculars of other statutory dues referred to in sub-clause (a) as at March 31, 2023 which have not been deposited on account of a dispute, are as follows:

Name of the statute

Nature of dues Amount (Rs in Lakhs)* Period to which the amount relates

Forum where the dispute is pending

The Income tax Act, 1961 Income tax 5.33 Assessment Years 2013-14 and 2014-15 Commissioner of Income Tax (Appeals), Mumbai
The Finance Act, 1994 Service Tax 1.95 Financial Years 2005-06 and 2006-07 Central Excise and Service Tax Appellate Tribunal, Ahmedabad
111.92 Financial Year 2006-07 Commissioner CGST & CE, Vapi
213.37 Financial Years 2007-08 to 2012-13 Commissioner CGST & CE, Vapi
95.27 Financial Years 2013-14 and 2014-15 Commissioner CGST & CE, Vapi
461.40 Financial Year 2014-15 Central Excise and Service Tax Appellate Tribunal, Ahmedabad
62.10 Financial Year 2015-16 Commissioner CGST & CE, Vapi
The Goods and Services Tax Act, 2017 23.62 Financial Years 2018-19 Commissioner Appeal
The Customs Act, 1962 Duty to Customs 25.00 Financial Year 2013-14 Commissioner of Customs (Appeals), Mumbai
64.26 Financial Year 2014-15 Commissioner of Customs (Appeals), Raigad

(viii) According to the informaon and explanaons given to us and the records of the Company examined by us, there are no transacons in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) (a) According to the records of the Company examined by us and the informa1on and explanaon given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest to any

lender during the year.

(b) According to the informaon and explanaons given to us and on the basis of our audit procedures, we report that the Company has not been declared Wilful Defaulter by any bank or financial ins1tu1on or government or any government authority.

(c) In our opinion, and according to the informaon and explanaons given to us, the term loans have been applied for the purposes for which they were obtained. (Also refer note 51(a)(viii) to the standalone financial statements).

(d) According to the informaon and explanaons given to us, and the procedures performed by us, and on an overall examinaon of the standalone financial statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) According to the informaon and explanaons given to us and on an overall examinaon of the standalone financial statements of the Company, we report that the Company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiary.

(f) According to the informaon and explanaons given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securies held in its subsidiary.

(x) (a) The Company has not raised any money by way of inial public offer or further public offer (including debt instruments) during the year. Accordingly, the reporng under clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferen1al allotment or private placement of shares or fully or parally or oponally converble debentures during the year. Accordingly, the reporng under clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) During the course of our examinaon of the books and records of the Company, carried out in accordance with the generally accepted auding prac1ces in India, and according to the informaon and explanaons given to us, we have neither come across any instance of material fraud by the Company or on the Company, noced or reported during the year, nor have we been informed of any such case by the Management.

(b) During the course of our examinaon of the books and records of the Company, carried out in accordance with the generally accepted auding prac1ces in India, and according to the informaon and explanaons given to us, a report under Secon 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be led with the Central Government. Accordingly, the reporng under clause 3(xi)(b) of the Order is not applicable to the Company.

(c) During the course of our examinaon of the books and records of the Company carried out in accordance with the generally accepted auding prac1ces in India, and according to the informaon and explanaons given to us, and as represented to us by the management, no whistle-blower complaints have been received during the year by the Company. Accordingly, the reporng under clause 3(xi)(c) of the Order is not applicable to the Company.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the reporng under clause 3(xii) of the Order is not applicable to the Company.

(xiii) The Company has entered into transacons with related pares in compliance with the provisions of Secons 177 and 188 of the Act. The details of such related party transac1ons have been disclosed in the standalone financial statements as required under Indian Accounng Standard 24 "Related Party Disclosures" specified under Secon 133 of the Act.

(xiv) (a) In our opinion and according to the informaon and explanaon given to us, the Company has an internal audit system commensurate with the size and nature of its business.

(b) The reports of the Internal Auditor for the period

under audit have been considered by us.

(xv) The Company has not entered into any non-cash transacons with its directors or persons connected with him. Accordingly, the reporng on compliance with the provisions of Secon 192 of the Act under clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Secon 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporng under clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted non-banking financial/ housing nance acvies during the year. Accordingly, the repor1ng under clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulaons made by the Reserve Bank of India. Accordingly, the reporng under clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) Based on the informa1on and explana1ons provided by the management of the Company, the Group does not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the informaon provided by the management is accurate and complete. Accordingly, the reporng under clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred any cash losses in the financial year or in the immediately preceding financial year

(xviii) There has been no resignaon of the statutory auditors during the year and accordingly the reporng under clause (xviii) is not applicable.

(xix) According to the informaon and explanaons given to us and on the basis of the financial raos (Also refer note 51(b) to the standalone financial statements), ageing and expected dates of realisaon of financial assets and payment of financial liabili1es, other informa1on accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a:enon, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeng its liabilies exisng 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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.

(xx) As at balance sheet date, the Company does not have any amount remaining unspent under Secon 135(5) of the Act. Accordingly, reporng under clause 3(xx) of the Order is not applicable.

(xxi) The reporng under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

sd/-
Pankaj Khandelia
Partner
Membership Number: 102022
UDIN: 23102022BGTWMZ1995
Place: Mumbai
Date: May 05, 2023