To
The Members of
Future Enterprises Limited
RepoRt on the Audit oF the StAndAlone FinAnciAl StAtementS
Opinion
We have audited the accompanying standalone financial statements of Future
enterprises limited (the "Company"), which comprise the Balance Sheet as at
March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income),
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
(hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, 2021,
its loss and total comprehensive income, the changes in equity and its cash flows for the
year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing specified under section 143(10) of the Act
("SA"s). Our responsibilities under those Standards are further described in the
‘Auditors Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India
("ICAI") 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 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 standalone financial statements.
EMPHASIS OF MATTER
We draw your attention to the following matters:
i. Note no. 48 of the standalone financial statements describes
managements assessment of the impact of the COVID-19 pandemic on the operations and
financial results of the Company. Further, due to Covid-19 related lock down restrictions,
management was able to perform year end physical verification of Inventory and Fixed
Assets at certain locations subsequent to the year end. We were unable to physically
observe the verification of inventory that was carried out by the management and have
relied on the managements representation provided for the same.
ii. As stated in note no. 3 of the standalone financial statements for
the year ended March 31, 2021, the company holds investment in following companies:
- Future E-Commerce Infrastructure Limited being Rs. 17.72 crores as
Equity Shares,
Rs. 48.65 Crores as Non-Cumulative Compulsory Convertible Preference
Shares and Rs. 0.11 crore in Non-Cumulative Preference Shares.
- Futurebazaar India Limited being Rs. 19.16 crores in equity shares
- Ritvika Trading Private Limited being Rs. 0.01 crore in equity
shares.
- Bluerock eservices Private Limited being Rs. 10.92 crores in equity
shares.
- Future Merchandising and Sourcing Pte. Limited being Rs. 0.20 crore
in equity shares.
In respect of above-mentioned companies, the management has not
provided provision for diminution in value of the long term investments totalling to Rs.
96.77 crores (Book Value) as in the opinion of the management such diminution is temporary
in nature considering the intrinsic value of the assets, future prospects and claims
(impact unascertainable).
iii. Note No. 50 of the Statement, which narrates managements
Resolution Plan under a ‘Resolution Framework for COVID-19 related stress
announced by the Reserve Bank of India. The Resolution Plan has been approved by Board of
Directors and the lenders of the Company as a part of "the OTR Scheme".
iv. In reference to deferred tax, the company has incurred loss before
tax in current financial year 2020-21 amounting to Rs. 1062.72 crores but have not created
any deferred tax asset. The management is of the opinion that due to current business
scenario there is no certainty that future taxable profit will be available against which
the deductible temporary differences and tax losses can be utilised and any gain arriving
due to deferred tax will be adjusted in subsequent year.
Our opinion is not modified in respect of the above matters.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial statements of the
current period. These matters were addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. We have determined the matters described below to be
the key audit matters to be communicated in our report.
| Key Audit matters |
how our audit addressed the key audit matter |
| External confirmations |
|
| COVID-19 has impacted the procedure of external confirmation
request to vendors and customers at the year-end and therefore, positive external
confirmation request was sent through electronic mode. However, due to suspension of
business activities of the many confirming parties, most confirmations were not received.
The Company seeks and had sought confirmations from vendors and customers during the year. |
Our audit procedures included, among others, the following: |
| In such events, we auditors performed alternative audit
procedures. |
• Revised assessed risk and modify our audit procedures
to mitigate these risks; |
| This matter is considered to be key audit matter given the
circumstances of the year-end confirmations under COVID-19 vis--vis non-COVID-19
scenario. |
• Obtained a reliable assurance pertaining to
transactions with confirming parties, in sense for accurate and complete process of
routine and significant classes of transactions such as revenue, purchases, etc.; |
|
• Selected samples and tested the effectiveness of
controls related to accuracy and completeness of transactions in totality considering the
frequency and regularity of transactions; |
|
• Performed alternative audit procedures like |
|
• For accounts receivable balances : scrutiny of ledger
accounts and verification of subsequent receipts; |
|
• For accounts payable balances : scrutiny of ledger
accounts and other documents/records, such as bills from vendors. |
| Carrying value of trade receivables |
|
| As at March 31, 2021, trade receivables constitutes
approximately 20% of total assets of the Company. The company is required to regularly
assess the recoverability of its Trade Receivables. |
Our audit procedures in respect of evaluation of receivables
included the following: |
| Recoverability of trade receivables was significant to our
audit due to the value of amounts which also represents significant portion of the
Companys working capital. |
• Tested the ageing of trade receivables and receipts
subsequent to the year-end; |
| Considering the expected credit loss involves judgement as
the expected credit losses must reflect information about past events, current conditions
and forecasts of future conditions, as well as the time value of money. |
• Evaluated Managements assessment of the current
financial situation of the major entities whose balances are receivable as the year-end. |
| Management has made provision for expected credit loss of Rs.
4.34 crores. |
• Assessed the companys expected credit loss
calculations made in determining the recoverable amount. In making this assessment we
evaluated the objectivity and independence of companys personnel involved in the
process. |
| Accordingly, the recoverability of trade receivables is a key
audit matter in our audit of Ind AS financial statements. |
• Sent and obtained confirmations for major parties
possible. |
|
• Assessed the adequacy of the company disclosures in
relation to trade receivables included in the standalone Ind AS financial statements as
per Ind AS 109. |
| Related party transactions |
|
| The Company has significant transactions with related parties
which includes sale of products, services, rent, loans and advances given. |
Performed test of controls over related party transactions
with respect to approval of transactions by the Board of Directors of the Company,
entering into agreements/ contracts and recording in books of account; |
| Companys major portion of total revenue comes from
related party. |
• Read contracts and agreements with related parties to
understand the nature of the transactions; |
| Considering the high volume of transactions with related
parties and determination of arms length price to be a key audit matter in our audit
of the standalone Ind AS financial statements. |
• Assessed the disclosures made in the standalone Ind AS
financial statements as per Ind AS 24. |
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 Management
Discussion and Analysis, Boards Report including Annexures to Boards Report,
Business Responsibility Report, Corporate Governance Report and Shareholders
Information, but does not include the standalone financial statements and our
auditors report thereon.
Our opinion on the standalone 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 standalone financial statements,
our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the standalone 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.
MANAGEMENTS RESPONSIBILITIES FOR THE STANDALONE 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 standalone
financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity and cash flows 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 standalone
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone 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.
The Board of Directors are also responsible for overseeing the
Companys financial reporting process.
AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE
FINANCIAL STATEMENTS
Our objectives 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.
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
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 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 system 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 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 conditions
may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the standalone 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 standalone 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 standalone
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.
c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt
with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone 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, 2021 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2021 from being appointed as a director in terms
of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over
financial reporting 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 over financial reporting.
g) 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.
h) 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 standalone financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts;
iii. There were no amounts required to be transferred to the Investor
Education and Protection Fund by the Company.
2. As required by the Companies (Auditors Report) Order, 2016
("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 dmKh & co., |
|
Chartered Accountants |
|
Firm Registration Number: 116886W |
|
Shikha Kabra |
|
Partner |
| Place: Mumbai |
Membership Number: 179437 |
| Date: July 30, 2021 |
UDIN: 21179437AAAABB8073 |
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1(f) under ‘Report on other legal and
Regulatory Requirements section of our report to the members of Future enterprises
limited of even date)
Report on the internal Financial controls over Financial Reporting
under clause (i) of Sub-section 3 of Section 143 of the companies Act, 2013 ("the
Act").
We have audited the internal financial controls over financial
reporting of FUTURE ENTERPRISES LIMITED (the "Company") as of March 31, 2021 in
conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Management of the Company 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 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 effectively for
ensuring the orderly and efficient conduct of its business, including adherence to the
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 over financial reporting 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 ICAI 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
over financial reporting 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 system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, 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 judgment, 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 over financial reporting with reference to financial statements.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A companys internal financial control over financial reporting 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
over financial reporting 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 authorizations of
the management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the companys assets that could have a material effect on the financial
statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL
REPORTING
Because of the inherent limitations of internal financial controls over
financial reporting, 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 over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting 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, the Company has, in all material respects, adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2021, based on the
internal financial 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 issued by the Institute of
Chartered Accountants of India
AnneXuRe ‘B to the independent AuditoRS RepoRt
(Referred to in paragraph 2 under the heading of "Report on other
legal and Regulatory Requirements" of our report to the members of Future enterprise
limited of even date) Report on the companies (Auditors Report) order, 2016, issued
in terms of Section 143(11) of the companies Act, 2013 ("the Act") of Future
enterprises limited ("the company"):
i. In respect of companys property, plant and equipment:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment.
b. All property, plant and equipment have not been physically verified
by the management during the year but there is a regular program of verification which, in
our opinion, is reasonable having regard to the size of the Company and the nature of its
assets. No material discrepancies were noticed on such verification.
c. According to the information and explanations given by the
management, the title deeds of immovable properties included in property, plant and
equipment are held in the name of the Company.
ii. As explained to us, the Management has conducted physical
verification of inventory at regular intervals during the year. In our opinion and
according to the information and explanations given to us, the procedure of physical
verification of inventory followed by the management were reasonable and adequate in
relation to the size of the Company and nature of its business. No material discrepancies
were noticed on such physical verification.
iii. According to the information and explanations given to us, the
Company has not granted loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships or other parties listed in the register maintained under Section
189 of the Companies Act, 2013. Accordingly, the provisions of clauses 3(iii) (a), (b) and
(c) of the order are not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, provisions of section 185 and 186 of the Companies Act, 2013 in respect of
loans to directors including entities in which they are interested and in respect of loans
and advances given, investments made and, guarantees, and securities given have been
complied by the company.
v. The Company has accepted deposits within the meaning of Sections 73
to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended).
Accordingly, the provisions of clause 3(v) of the Order have been complied.
vi. To the best of our knowledge and as explained, the Central
Government has not specified the maintenance of cost records under clause 148(1) of the
Companies Act, 2013, for the products/services of the Company. Thus, reporting under
clause 3(vi) of the order is not applicable to the Company.
vii. According to the information and explanations given to us, in
respect of statutory dues:
a. The Company has been generally regular during the year, in
depositing undisputed statutory dues, including provident fund, income-tax,
employees state insurance, goods and service tax, cess and other statutory dues
applicable to it to the appropriate authorities. The provisions relating to duty of excise
are not applicable to the Company.
b. There were no undisputed amounts payable in respect of provident
fund, employees state insurance, income-tax, goods and service tax, cess and other
statutory dues outstanding, at the year end, for a period of more than six months from the
date they became payable.
c. Details of dues of income-tax, sales-tax, service tax, duty of
custom, value added tax, goods and service tax, and cess which have not been deposited as
on March 31, 2021 on account of disputes, are given below:
| Name of Statute |
Nature of dues |
Amount* (in Rs.
Crore) |
Period to which the
amount relates |
Forum where dispute is
pending |
| Central Sales Tax Act, 1956 and Sales Tax Act
of |
CST / VAT |
0.52 |
Various years from FY
2012-13 to 2016-17 |
Assistant Commissioner/
Deputy Commissioner of Sales Tax |
| various States |
|
0.08 |
FY 2008-09 |
Additional Commissioner Grade
2 |
|
|
1.02 |
FY 2010-11 |
Special Commissioner of VAT |
| The West Bengal Tax on Entry of Goods into
Local Areas Act 2012 |
Entry Tax |
3.62 |
FY 2016-17 & 2017-18 |
Calcutta High Court |
| Customs Act, 1962 |
Custom Duty |
4.77 |
FY 2017-18 |
Commissioner of Custom
(Appeals) and Customs ,Excise & Service Tax Appellate Tribunal |
* Net of amounts paid.
viii. In our opinion and according to the information and explanations
given by the management, the Company has not defaulted in repayment of loans or borrowing
to a bank or dues to debenture holders. However, the Company along with the lenders
decided to implement an OTR Scheme under a ‘Resolution Framework for COVID-19 related
stress announced by the Reserve Bank of India. ix. In our opinion and according to
the information and explanation given by the management, we are of the opinion that money
raised by Company by way of term loan has been applied for the purpose for which they were
raised. The Company did not raise any money by way of Initial Public offer or further
public offer. x. Based upon the audit procedures performed for the purpose of reporting
the true and fair view of the financial statements and according to the information and
explanations given by the management, we report that no fraud by the company or no
material fraud on the company by the officers and employees of the Company has been
noticed or reported during the year.
xi. According to the information and explanations given by the
management, the managerial remuneration has been paid / provided in accordance with the
requisite approvals mandated by the provisions of section 197 read with Schedule V to the
Companies Act, 2013.
xii. In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi company. Therefore, the provisions of clause
3(xii) of the Order are not applicable to the company and hence not commented upon.
xiii. According to the information and explanations given by the
management, transactions with the related parties are in compliance with Sections 177 and
188 of the Companies Act, 2013 where applicable and the details have been disclosed in the
notes to the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations given to us and on
an overall examination of the balance sheet, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year under review and hence, reporting requirements under clause 3(xiv) are not
applicable to the company and, not commented upon.
xv. According to the information and explanations given by the
management, the Company has not entered into any non-cash transactions with directors or
persons connected with him as referred to in section 192 of the Companies Act, 2013. xvi.
According to the information and explanations given to us, the provisions of section 45-IA
of the Reserve Bank of India Act, 1934 are not applicable to the Company.
|
For dmKh & co., |
|
Chartered Accountants |
|
Firm Registration Number: 116886W |
|
Shikha Kabra |
|
Partner |
| Place: Mumbai |
Membership Number: 179437 |
| Date: July 30, 2021 |
UDIN: 21179437AAAABB8073 |
+91-9892691696
