Honeywell Automation India Ltd Directors Report.

To The Members of HONEYWELL AUTOMATION INDIA LIMITED Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Honeywell Automation India Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2021, and the Statement of Pro t and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2021, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. 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.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter Auditor’s Response
1 Accuracy of recognition, measurement, presentation and disclosure of revenues from turnkey contracts in line with Ind AS 115 Revenue from Contracts with Customers: Principal audit procedures performed:
The Company recognizes revenue from turnkey contracts on a percentage of completion basis, using cost based input method, which is determined based on proportion of contract costs incurred to date compared to estimated total contract costs. The use of percentage of completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Cost contingencies are included in these estimates to take into account specific uncertain risks, or disputed claims against the Company, arising within each contract. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. • Evaluated the design and implementation and testing the operating effectiveness of controls, on a sample basis, relating to
Accuracy of revenues, onerous obligations and pro ts/ loss may deviate significantly on account of change in judgements and estimates. For this reason, we identified revenue recognition from turnkey contracts as a key audit matter. (i) identi cation and recording of costs incurred and
Refer to Note Number. 2(g) and Note number 21 of the Financial Statements (ii) basis for the estimates used like total budgeted cost duly factoring the amendments/ modi cations to contracts;
• We tested the relevant underlying ERP (SAP) and reports used in recording revenue/project costs and budgeting systems including company’s system generated reports.
We selected samples of ongoing turnkey contracts, wherein revenue was recorded on percentage of completion basis, and performed the following:
- tested for appropriate identi cation of performance obligations by agreeing key contractual terms back to signed contracts, tested the mathematical accuracy of the cost incurred till date to budgeted total cost and re-performed the calculation of revenue recognized during the year based on the percentage of completion;
- tested the actual costs incurred on construction works during the reporting period with supporting system reports on project status and extent of obligations fulfilled against the Company’s estimates as provided in prior periods or initial budget to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract;
- performed corroborative enquiries with the project managers for the samples selected and reconciled their responses to the contract testing and/or the executed nal contract and related amendments.
- tested the reasonableness of forecasted cost to complete by obtaining executed purchase orders and agreements thereby evaluating reasonableness of management’s judgements;
- tested management’s estimates of the impact to revenue and budgeted costs arising from scope changes made to the original contracts, claims, disputes and liquidation damages with reference to supporting documents including variation orders and correspondence between the Company and the customers.
- performed a retrospective review of costs as incurred with costs as estimated to determine if the basis of estimation considered was appropriate and if there were variations if the major reasons for such variations were evaluated and where necessary factored in determining cost to complete for ongoing projects.

 

2 Provision for expected credit losses (ECL): Principal audit procedures performed:
The ECL allowance, in respect of trade receivable and unbilled revenue is computed based on a practical expedient considering a provision matrix based on past experience, adjusted to reflect current and estimated future economic conditions. • Evaluated the design and implementation including the operating effectiveness of the controls over :
While calculating the ECL allowance, the Company has made certain judgments and estimates with regard to customer payment behavior and other relevant risk characteristics when assessing the historical information and estimating the level and timing of expected future cashflows. and effect from the pandemic relating to COVID-19, if any. - Basis of consideration with respect to credit risk review of the customers
We identified allowance for credit losses as a key audit matter because the Company exercises significant judgment in calculating the ECL allowance. - Completeness and accuracy of the data used in estimation of probability of default
Refer Note 2(O)(iv) and footnotes to Note 6 and Note 9 to the financial statements - Computation of the ECL allowance.
We received the ECL workings for the provision required as at the year end and :
- Veri ed the computation of ageing report which is based on standard ageing report from the ERP.
- veri ed the Company’s consideration for credit loss provisioning with publicly available information.
- Tested a sample of invoices to test the accuracy of the ageing data
- Recomputed the expected credit loss allowance considering the above determined input data and compared the amounts so recomputed with the amounts recorded by the Management to determine if there were any material differences individually or in the aggregate.

 

3 Evaluation of Provisions, disclosures and analysis with respect to ongoing direct and indirect tax litigations Principal audit procedures performed:
The Company has various ongoing direct and indirect taxes related disputes/litigations in various states and at various levels of appellate authorities. • We assessed management’s processes and tested the internal controls implemented for the identi cation, recognition and measurement of tax positions and its assessment of the potential impact on the Company.
The evaluation of the Company’s position and determination of possible outcome of these disputes and provisions, if any, required to be made in the books involves significant management judgment. • We received a statement of all ongoing disputes/ litigations along with the necessary documentation and
Refer Note 2(L) and note 34 to the financial statements. - We evaluated management’s assessments with respect to prospects of success of appeals and tax proceedings with respect to major claims by involving our internal experts to challenge the management’s position on these select litigations. We also had corroborative discussion with the appropriate senior personnel’s of the Company.
- Our internal experts also considered legal precedence and other rulings in evaluating management’s position on these tax positions.
- We obtained independent external confirmations with respect to majority amounts of disputed demands from the Company’s legal advisors/consultants.

Information Other than the Financial Statements and Auditor’s Report Thereon

• The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Board’s Reporting including specific Annexures to Board’s Report and Management Discussion and Analysis, but does not include the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement 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 Company’s 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 Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls 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 management’s 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit ndings, 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 auditor’s 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 Pro t and Loss including Other Comprehensive Income, the Statement of Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31 March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 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 unmodi ed opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor’s 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 Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

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; and

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor’s 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 Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Saira Nainar
(Partner)
Place: Mumbai (Membership No. 040081)
Date: May 31,2021 UDIN: 21040081AAAACL9372

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 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 Honeywell Automation India Limited ("the Company") as of March 31, 2021 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s 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 issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective company’s 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 Company’s 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 Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls 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 auditor’s 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 Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s 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 company’s 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 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 company’s 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, an 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 criteria for internal financial control over financial reporting established by the respective Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Saira Nainar
(Partner)
Place: Mumbai (Membership No. 040081)
Date: May 31,2021 UDIN: 21040081AAAACL9372

ANNEXURE "B" TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2 under ‘Reporting on Other Legal and

Regulatory Requirements’ section of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of xed assets.

(b) The Company has a program of veri cation of xed assets to cover all the items in a phased manner over a period of ve years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain xed assets were physically veri ed by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such veri cation.

(c) According to the information and explanations given to us and the records examined by us and based on the examination of the copy of the registered sale deed, title search report and tax paid receipts provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. The Company does not have any immovable properties of leasehold land and building.

(ii) As explained to us, the inventories were physically veri ed during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical veri cation.

(iii) The Company has not granted any loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of investments made by the Company. According to the information and explanations given to us, the Company has not granted loans or provided guarantees and securities.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence reporting under clause 3 (v) of the Order is not applicable to the Company.

(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of Act. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained.

We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income-tax, Customs Duty, Goods and Service Tax (GST), Cess and other material statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Customs Duty, GST, Cess and other material statutory dues in arrears as at March 31st, 2021 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, Customs Duty, Excise Duty, Value Added Tax and GST which have not been deposited as on March 31st, 2021 on account of disputes are given below:

Income Tax Act, 1961 (INR in lakhs)

Nature of Due Forum where Pending Period to which it pertains Amount unpaid Amount Paid
Income Tax Assessing of ce/ Transfer Pricing of cer AY 2003-04 349.19 195.08

Respective Sales tax laws- Sales tax, Value added tax (VAT), Central Sales Tax (CST), Works Contract Tax, Entry Tax, etc

Nature of Dues Forum where pending Period to which it pertains (FY) Amount Unpaid Amount Paid
CST Joint Commissioner, Delhi 2015-16 & 2016-17 116.62 -
VAT Joint Commissioner, Delhi 2016-17 & 2017-18 23.98 -
CST Additional Commissioner (A) Uttar Pradesh 2016-17 16.13 -
VAT Additional Commissioner GR-2 (Appeal), Lucknow-III 2016-17 3.48 -
WCT Additional Commissioner, Odisha 2011-12 & 2012-13 153.61 -
CST Additional Commissioner, Uttar Pradesh 2010-11 6.56 -
VAT Additional Commissioner, Jharkhand 2010-11 & 2012-13 165.25 -
CST Appellate Joint commissioner (ST), Hyderabad 2015-16 7.78
Entry Tax Deputy Commissioner, Uttar Pradesh 2005-06 & 2006-07 259.76 -
CST Deputy Commissioner, Uttar Pradesh 2015-16, 2016-17 & 2017-18 112.93 -
CST Assistant commissioner, Tamil Nadu 2013-14, 2014-15, 2015-16, 2016-17 & 2017-18 21.68 -
VAT Assistant commissioner (Commercial tax), Karnataka 2012-13 & 2014-15 128.20 72.95
CST Assistant commissioner -commercial tax, Jaipur 2016-17 3.01 -
VAT Assistant commissioner -commercial tax, Jaipur 2016-17 & 2017-18 42.72 -
CST Assistant Commissioner, Jharkhand 2007-08 7.60 -
VAT Assistant Commissioner, Jharkhand 2007-08 11.09 -
CST Assistant commissioner, Maharashtra 2013-14, 2014-15 & 2015-16 68.74 -
VAT Assistant commissioner, Maharashtra 2013-14, 2014-15, 2015-16 & 2016-17 409.13 -
CST Assistant Commissioner, Rajasthan 2014-15 0.26 -
VAT Assistant Commissioner, Rajasthan 2014-15 26.25 -
CST Assistant Commissioner, West Bengal 2014-15 6.32 0.66
VAT Commercial tax of cer (WC), Kerala 2013-14 46.46 20.39
VAT Commercial tax of cer, Andhra Pradesh 2014-15 21.81 -
VAT Commercial tax of cer, Kerala 2011-12 14.87 2.90
VAT Deputy commissioner (Commercial Tax), Uttar Pradesh 2008-09 65.35 -
VAT Deputy commissioner (Commercial Tax), Andhra Pradesh 2010-11 & 2011-12 17.21 5.74
CST Deputy Commissioner (Sector) –8, Commercial Tax ,Lucknow 2017-18 20.63 -
CST Deputy Commissioner, Gujarat 2001-02 19.73 -
VAT Deputy Commissioner, Jharkhand 2014-15 4.33 -
VAT Deputy Commissioner, Kerala 2009-10, 2011-12 & 2012-13 91.98 9.82
CST Deputy Commissioner, Maharashtra 2012-13 & 2013-14 322.50 91.09
CST Deputy Commissioner, Rajasthan 2006-07, 2007-08, 2008-09 & 2009-10 53.96 -
VAT Deputy Commissioner, Rajasthan 2006-07, 2007-08, 2008-09 & 2009-10 2.81 -
CST Deputy commissioner (Appeals), Rajasthan 2010-11 20.79 -
CST Deputy Commissioner, Uttar Pradesh 2013-14 0.75 0.19
VAT Deputy Commissioner, Uttar Pradesh 2011-12, 2014-15 & 2015-16 396.49 -
WCT Joint Commissioner (Appeals), Maharashtra 2001-02 13.19 -
VAT Joint Commissioner (Appeals)Maharashtra 2015-16 190.86 8.02
CST Joint commissioner (Appeals), Maharashtra 2015-16 1,501.02 0.75
VAT/ CST Joint Commissioner, Delhi 2014-15 & 2015-16 1,096.48 91.72
CST Joint Commissioner, Maharashtra 2010-11 103.52 18.16
VAT Joint Commissioner, Maharashtra 2011-12 52.67 131.23
CST Joint Commissioner, West Bengal 2015-16 0.95 0.10
VAT Joint Commissioner, West Bengal 2015-16 552.21 63.12
VAT Joint Commissioner, Delhi 2010-11 & 2011-12 5.44 -
CST Joint commissioner, West Bengal 2015-16 2.54 0.27
VAT Joint Excise & taxation Commissioner (Appeals), Faridabad 2017-18 6.10 -
CST Joint Commissioner, West Bengal 2012-13 & 2013-14 143.43 17.04
VAT Joint Commissioner, West Bengal 2013-14 & 2015-16 535.10 75.14
VAT Joint Commissioner (Appeals), West Bengal 2010-11 39.12 -
VAT Senior Joint Commissioner, West Bengal 2012-13 64.11 13.82
VAT/ CST Joint Commissioner, West Bengal 2014-15 19.22 2.02
VAT Sales tax of ce, Jharkhand 1997-98, 1998-99 & 1999-00 39.73 -
CST Special Commissioner, Delhi 2007-08 74.14 -
VAT Special Commissioner, Delhi 2007-08 267.34 -
Entry Tax Deputy Commissioner of Commercial Tax- Madhya Pradesh 2016-17 6.18 2.06
VAT Deputy Commissioner of Commercial Tax- Madhya Pradesh 2016-17 3.18 1.06
BST Tribunal, Maharashtra 2001-02 32.28 -
CST Tribunal, Maharashtra 2001-02 & 2009-10 211.38 32.42
VAT Tribunal, Maharashtra 2007-08 & 2009-10 239.64 20.93
VAT Tribunal, West Bengal 2011-12 0.08 -
The Customs Act, 1962
Customs Deputy Commissioner (Customs), Mumbai 1994-95 & 2007-08 81.35 -
The Central Excise Act, 1944
Excise Deputy/Assistant Commissioner, Excise Pune 2000-01 2.4 -

(viii) The Company has not taken any loans or borrowings from financial institutions, banks and government or has not issued any debentures. Hence reporting under clause 3 (viii) of the Order is not applicable to the Company.

(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its of cers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 188 and 177 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc., as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with them and hence provisions of Section 192 of the Act are not applicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Saira Nainar
Partner
Place: Mumbai (Membership No. 040081)
Date: May 31, 2021 UDIN: 21040081AAAACL937