To the Members of ELANTAS Beck India Limited Report on the Audit of the Financial
Statements
Opinion
- We have audited the accompanying financial statements of ELANTAS Beck India Limited (the
"Company"), which comprise the Balance Sheet as at December 31, 2023, and the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "financial statements").
- 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 accounting principles generally accepted in India, of the
state of a?airs of the Company as at December 31, 2023, and total comprehensive income
(comprising of profit and other comprehensive income), changes in equity and its cash ?ows
for the year then ended.
Basis for Opinion
- We conducted our audit 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 Responsibilities 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 together
with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities 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 maters
- Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit mater
|
How our audit addressed the key audit mater
|
Recognition of Revenue: |
Our audit procedures
included : |
(Refer Note 1 (d) and 25 to
the Financial Statements). The Company recognizes revenue in accordance with Ind AS 115
"Revenue from Contracts with Customers".
The Companys revenue from sale of goods is recognized when
control of the goods is transferred to the customer and there remains no unfulfilled
performance obligation. Revenue is measured at transaction price received or receivable,
after deduction of any discounts, volume rebates and any taxes or duties collected on
behalf of the government such as goods and services tax etc. |
- Obtaining an understanding, evaluating the design and testing the operating e?ectiveness
of key controls over revenue recognition process including contract monitoring, billings
and approvals;
- Testing whether recognition of revenue is in line with the terms of customer contracts
and in accordance with the Companys accounting policy for recognition of revenue;
|
We have
considered recognition of revenue as a key audit matter as there exists a risk of material
misstatement considering significance of the amounts involved and exercise of judgement in
recognition of revenue in accordance with the terms of customer contracts and detailed
disclosures required to be made in accordance with the applicable accounting standards. |
- Assessing whether transaction price received or receivable has been determined
appropriately in terms of the customer contracts, reviewing customer correspondence and
ensuring that the revenue is recognised in the correct period;
- Performing risk based testing of journal entries in revenue; and
- Evaluating adequacy of the presentation and disclosures.
Based on the above stated procedures, we did not identify any
significant exceptions in recognition of revenue and its presentation and disclosure as
per the applicable accounting standards. |
Other Information
- The Companys Board of Directors is responsible for the other information. The
other information comprises the information included in the annual 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 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 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, changes in equity
and cash ?ows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the
Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating e?ectively 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 management
either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so. Those
Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities 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 in?uence 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 judgement and
maintain professional scepticism 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 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 e?ectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by 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.
- 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
- As required by the Companies (Auditors Report) Order, 2020 (the
"Order"), issued by the Central Government of India in terms of sub-Section (11)
of Section 143 of the Act, we give in the Annexure B a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
- As required by Section 143(3) of the Act, we report that:
- 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.
- 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 that the backup of books
of account and other books and papers maintained in electronic mode has not been
maintained on a daily basis on servers physically located in India during the period
January 1, 2023 to February 17, 2023. Refer note 43 to the financial statements.
- The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.
- In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act.
- On the basis of the written representations received from the Directors as on December
31, 2023, taken on record by the Board of Directors, none of the Directors is disqualified
as on December 31, 2023, from being appointed as a Director in terms of Section 164(2) of
the Act.
- With respect to the maintenance of accounts and other matters connected therewith,
reference is made to our remarks in paragraph 14(b) above.
- With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating e?ectiveness of such controls, refer
to our
separate Report in "Annexure A".
- 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:
- The Company has disclosed the impact of pending litigations on its financial position in
its financial statements – Refer note 35(a) to the financial statements.
- The Company was not required to recognise a provision as at December 31, 2023 under the
applicable law or accounting standards, as it does not have any material foreseeable
losses on long-term contracts. The Company did not have any derivative contracts as at
December 31, 2023.
- There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company during the year.
- (a) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes 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 persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries (Refer note 44(vi) to the financial
statements);
- The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the financial statements, no funds have been received by the
Company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, 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 (Refer note 44(vi) to the financial statements); and
- Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.
- The dividend declared and paid during the year by the Company is in compliance with
Section 123 of the Act.
- 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
matters in the accounting software used by the Company, is applicable
to the Company only with e?ect from financial year beginning April 1, 2023, the reporting
under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as
amended), is currently not applicable.
- The Company has paid/ provided for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of Section 197 read with Schedule V to the
Act.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number:
012754N/N500016
Sarah George Partner
Membership Number: 045255 UDIN: 24045255BKGUEP9473
Place: Mumbai
Date: February 20, 2024
Annexure A to Independent Auditors Report
Referred to in paragraph 14(g) of the Independent Auditors Report of even
date to the Members of ELANTAS Beck India Limited on the financial statements for the year
ended December 31, 2023.
Report on the Internal Financial Controls with reference to Financial Statements
under clause (i) of sub-Section 3 of Section 143 of the Act
- We have audited the internal financial controls with reference to financial statements
of ELANTAS Beck India Limited (the "Company") as of December 31, 2023 in
conjunction with our audit of the 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 over financial reporting 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 (the
"Guidance Note") issued by the Institute of Chartered Accountants of India
("ICAI"). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating e?ectively for
ensuring the orderly and efficient conduct of its business, including adherence to
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 Act.
Auditors Responsibility
- Our responsibility is to express an opinion on the Companys internal financial controls
with reference to financial statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed
under Section 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 financial statements was
established and maintained and if such controls operated e?ectively in all material
respects.
- Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system with reference to financial statements and their
operating e?ectiveness. 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 e?ectiveness 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
system with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
- A Companys internal financial controls 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 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
re?ect 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 e?ect 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 controls 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, the Company has, in all material respects, an adequate internal
financial controls system with reference to financial statements and such internal
financial controls with reference to financial statements were operating e?ectively as at
December 31, 2023, based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note issued by ICAI.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number:
012754N/N500016
Sarah George Partner
Membership Number: 045255 UDIN: 24045255BKGUEP9473
Place: Mumbai
Date: February 20, 2024
Annexure B to Independent Auditors Report
Referred to in paragraph 13 of the Independent Auditors
Report of even date to the Members of ELANTAS Beck India Limited on the financial
statements as of and for the year ended December 31, 2023.
- (a) (A) The Company is maintaining proper records showing full particulars, including
quantitative details and situation, of Property, Plant and Equipment.
(B) The Company is maintaining proper records showing full particulars
of Intangible Assets.
- The Property, Plant and Equipment are physically verified by the Management according to
a phased programme designed to cover all the items over a period of three years which, in
our opinion, is reasonable having regard to the size of the Company and the nature of its
assets. Pursuant to the programme, a portion of the Property, Plant and Equipment has been
physically verified by the Management during the year and no material discrepancies have
been noticed on such verification.
- The title deeds of all the immovable properties (other than properties where the Company
is the lessee and the lease agreements are duly executed in favour of the lessee), as
disclosed in Note 3, 4 and 15 to the financial statements, are held in the name of the
Company.
- The Company has chosen cost model for its Property, Plant and Equipment (including Right
of Use assets) and intangible assets. Consequently, the question of our commenting on
whether the revaluation is based on the valuation 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.
- Based on the information and explanations furnished to us, no proceedings have been
initiated on or are pending against the Company for holding benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and
therefore the question of our commenting on whether the Company has appropriately
disclosed the details in its financial statements does not arise. (Also refer note 44(i)
to the financial statements).
- (a) The physical verification of inventory has been conducted at reasonable intervals by
the Management during the year and, in our opinion, the coverage and procedure of such
verification by Management is appropriate. The discrepancies noticed on physical
verification 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 not been sanctioned working
capital limits in excess of INR 5 crores, in aggregate, from banks and financial
institutions on the basis of security of current assets and accordingly, the question of
our commenting on whether the quarterly returns or statements are in agreement with the
unaudited books of account of the Company does not arise.
- The Company has not made any investments, granted secured or unsecured loans or advances
in nature of loans, or stood guarantee, or provided security to any parties. Therefore,
the reporting under clause 3(iii), (iii)(a), (iii)(b), (iii)(c), (iii)(d), (iii)(e) and
(iii)(f) of the Order are not applicable to the Company.
- The Company has not granted any loans or made any investments or provided any guarantee
or security to the parties covered under Sections 185 and 186. Therefore, the reporting
under clause 3(iv) of the Order is not applicable to the Company.
- The Company has not accepted any deposits or amounts which are deemed to be deposits
referred in Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the
extent notified.
- Pursuant to the rules made by the Central Government of India, the Company is required
to maintain cost records as specified under Section 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 examination of the records with a view to determine whether they are accurate
or complete.
- (a) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is regular in depositing the
undisputed statutory dues, including goods and services tax, provident fund, professional
tax, employees state insurance, income tax, sales tax, service tax, duty of customs,
duty of excise, value added tax, cess, and other material statutory dues, as applicable,
with the appropriate authorities. Also, refer note 35(a) to the financial statements
regarding managements assessment on certain matters relating to provident fund.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no statutory dues of goods and services
tax, provident fund, professional tax, employees state insurance, sales tax, duty of
customs, value added tax and cess which have not been deposited on account of any dispute.
The particulars of other statutory dues referred to in sub-clause (a) as at December 31,
2023 which have not been deposited on account of a dispute, are as follows:
Name of statute |
Nature of dues |
Gross
amount (INR in Lakhs) |
Paid under
protest (INR in Lakhs) |
Net amount
(INR in Lakhs) |
Period to
which the amount relates |
Forum where the dispute is
pending |
Central Excise Act, 1944 |
Excise Duty |
0.93
|
- |
0.93 |
FY 1997 |
Additional Commissioner, Surat |
Excise Duty |
0.21
|
- |
0.21 |
FY 2004 |
Dy Commissioner, Pune |
Excise Duty |
49.56
|
- |
49.56 |
FY 1994-1997 |
Dy Commissioner, Pune |
Finance Act, 1994 |
Service Tax |
117.26
|
- |
117.26 |
FY 2005-2008 |
Asst. Commissioner GST, Pune & Baroda |
Income Tax Act,
1961 |
Income Tax |
43.42
|
8.69 |
34.73 |
AY 2018-2019 |
Commissioner of Income Tax (Appeals), Pune |
25.89
|
5.19 |
20.70 |
AY 2019-2020 |
Commissioner of Income Tax (Appeals), Pune |
18.76
|
3.76 |
15.00 |
AY 2020-2021 |
Commissioner of Income Tax (Appeals), Pune |
- According to the information and explanations given to us and the records of the Company
examined by us, there are no transactions in the books of account that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961, that have not been recorded in the books of account.
- (a) As the Company did not have any loans or other borrowings from any lender during the
year, the reporting under clause 3(ix)(a) of the Order is not applicable to the Company.
- According to the information and explanations 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 institution or government or any government authority.
- According to the records of the Company examined by us and the information and
explanations given to us, the Company has not obtained any term loans.
- According to the information and explanations given to us, and the procedures performed
by us, and on an overall examination of the financial statements of the Company, the
Company has not raised funds on short term basis.
- According to the information and explanations given to us and procedures performed by
us, we report that the Company did not have any subsidiaries, joint ventures or associate
companies during the year. Hence, reporting under clause 3(ix)(e) of the Order is not
applicable.
- According to the information and explanations given to us and procedures performed by
us, we report that the Company did not have any subsidiaries, joint ventures or associate
companies during the year. Hence, reporting under clause 3(ix)(f) of the Order is not
applicable.
- (a) The Company has not raised any money by way of initial public o?er or further public
o?er (including debt instruments) during the year. Accordingly, the reporting under clause
3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private
placement of shares or fully or partially or optionally convertible debentures during the
year. Accordingly, the reporting under clause 3(x)(b) of the Order is not applicable to
the Company.
- (a) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company, noticed or reported during
the year, nor have we been informed of any such case by the Management.
- During the course of our examination of the books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according
to the information and explanations given to us, a report under Section 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 filed with the Central Government. Accordingly, the reporting
under clause 3(xi)(b) of the Order is not applicable to the Company.
- During the course of our examination of the books and records of the Company carried out
in accordance with the generally accepted auditing practices in India, and according to
the information and explanations given to us, the Company has received whistle-blower
complaints during the year, which have been considered by us for any bearing on our audit
and reporting under this clause.
- As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to
it, the reporting under clause 3(xii) of the Order is not applicable to the Company.
- The Company has entered into transactions with related parties in compliance with the
provisions of Sections 177 and 188 of the Act. The details of such related party
transactions have been disclosed in the financial statements as required under Indian
Accounting Standard 24 "Related Party Disclosures" specified under Section 133
of the Act.
- (a) In our opinion and according to the information and explanation 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.
- The Company has not entered into any non-cash transactions with its Directors or persons
connected with him. Accordingly, the reporting on compliance with the provisions of
Section 192 of the Act under clause 3(xv) of the Order is not applicable to the Company.
- (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank
of India Act, 1934. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not
applicable to the Company.
- The Company has not conducted non-banking financial or housing finance activities during
the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable
to the Company.
- The Company is not a Core Investment Company (CIC) as defined in the regulations made by
the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)( c ) of the
Order is not applicable to the Company.
- Based on the information and explanations 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 information provided by the management is accurate and
complete. Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable
to the Company.
- The Company has not incurred any cash losses in the financial year or in the immediately
preceding financial year.
- There has been no resignation of the statutory auditors during the year and accordingly
the reporting under clause (xviii) is not applicable.
- According to the information and explanations given to us and on the basis of the
financial ratios (Also refer Note 42 to the financial statements), ageing and expected
dates of realisation of financial assets and payment of financial liabilities, other
information accompanying the financial statements, 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 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.
- As at balance sheet date, the Company does not have any amount remaining unspent under
Section 135(5) of the Act. Accordingly, reporting under clause 3(xx) of the Order is not
applicable.
- The reporting 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.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number:
012754N/N500016
Sarah George Partner
Membership Number: 045255 UDIN: 24045255BKGUEP9473
Place: Mumbai
Date: February 20, 2024