jagran prakashan ltd share price Auditors report


TO, THE MEMBERS OF,

JAGRAN PRAKASHAN LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of JAGRAN PRAKASHAN LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2022, and 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.

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 31,2022, 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 standalone 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 Auditors Responsibility 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.

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 matter described below to be the key audit matter to be communicated in our report.

S. No. Key Audit Matter Auditors Response
1. Recoverability of trade receivables Principal audit procedures performed:
The recoverability of trade receivables and the valuation of the allowances for impairment of trade receivables is a key audit matter due to the judgement involved. • Obtained an understanding of the processes for evaluating the recoverability of trade receivables including collection process and the methodology for determining the allowances for impaired trade receivables. Tested the design, implementation and operating effectiveness of relevant internal controls relating to collection of trade receivables and the methodology for determining the allowance for trade receivables.
Refer Notes 1(k)(iii), 2(b), 5(b) and 33 (A) of the Standalone Financial Statements. • Evaluated reasonableness of the method and assumptions and judgements used by the management with respect to recoverability of trade receivables. Assessed the profile of trade receivables and the economic environment applicable to these debtors.
• Evaluated the simplified approach applied by the Company to identify lifetime expected credit losses. In doing so, obtained the schedule of receivables aging, inquired into aged balances and assessed managements explanation for collectability. Also tested the managements working for ensuring adequacy of the provision for expected credit losses.
• Compared receipts from debtors subsequent to the financial year-end relating to trade receivable balances as at March 31,2022 with bank statements and relevant underlying documentation for selected samples.
• Evaluated the presentation and disclosure of the trade receivable balances and the related allowances in the financial statements.

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 Business Responsibility Report, Boards Report including Annexures to Boards Report, Report on Corporate Governance including Annexures to Corporate Governance, Management Discussion and Analysis and Dividend Distribution policy, but does not include the consolidated financial statements, 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 Responsibility 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, 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; 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.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone I 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, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid 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, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2022 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-Refer note 26, note 30(c) and note 30(d) to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses-Refer note 37 to the standalone financial statements;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company - Refer note 38 to the standalone financial statements.

iv. (a) The Management has represented that, to the best of its knowledge and as disclosed in note 40(xiii) 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, 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.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in note 40(xiv) 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, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the year.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government in terms of Sections 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
Chartered Accountants
(Firms Registration No. 302009E)
Alka Chadha
Partner
Place: Gurugram (Membership No. 93474)
Date: May 30, 2022 (UDIN: 22093474AJVUAA4553)

"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 of JAGRAN PRAKASHAN LIMITED ("the Company") as of March 31, 2022 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 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 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 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 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 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 over financial reporting.

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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls 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, 2022, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Deloitte Haskins & Sells
Chartered Accountants
(Firms Registration No. 302009E)
Alka Chadha
Partner
Place: Gurugram (Membership No. 93474)
Date: May 30, 2022 (UDIN: 22093474AJVUAA4553)

"ANNEXURE B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i)(a)A. The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress, investment properties and relevant details of right-of-use assets.

B. The Company has maintained proper records showing full particulars of intangible assets.

(i)(b) The Company has a program of verification of property, plant and equipment, capital work-in-progress, investment property and right-of-use assets so as to cover all the items in a phased manner 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 program, certain property, plant and equipment, capital work-in-progress, and right-of-use assets were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(i)(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and investment property, according to the information and explanations given to us and based on the examination of the registered sale deed/transfer deed/conveyance deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at March 31, 2022, except for the following:

As at the Balance sheet date

(Rs. Lakhs)

Description of property Gross carrying value Carrying value in the standalone financial statements Held in the name of Whether promoterdirector or their relative or employee Period held Reason for not being held in name of Company
Building located at 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh 94.33 (Refer Note 1) 54.29 (Refer Note 1) Yogendra Mohan Gupta HUF, Mahendra Mohan Gupta HUF, Dhirendra Mohan Gupta HUF, Devendra Mohan Gupta HUF, Shailendra Mohan Gupta HUF, Sanjay Gupta HUF, Sandeep Gupta HUF (Refer Note 2) Yes From July 1975 (Refer Note 3) Building has been constructed on land taken on lease by the Company vide agreement to lease (renewal) dated June 8, 2021.
Building located at Plot no. 23, Civil Lines, Gorakhpur, Uttar Pradesh 61.73 (Refer Note 1) 33.35 (Refer Note 1) Smt. Saroja Gupta, Smt. Vijaya Gupta, Smt. Raj Gupta, Smt. Rajni Gupta (Refer Note 2) Yes From July 1975 (Refer Note 3) Building has been constructed on land taken on lease by the Company vide agreement to lease (renewal) dated June 8, 2021.
Building located at Jagran office, Deval Chaur, Rampur Road, Haldwani 94.02 (Refer Note 1) 57.66 (Refer Note 1) Sandeep Gupta (Refer Note 2) Yes From July 31, 2004 (Refer Note 3) Building has been constructed on land taken on lease by the Company vide agreement to lease (renewal) dated June 8, 2021.
Building located at Plot No. 57 A-3, Meera Bai Marg, Lucknow, Uttar Pradesh 21.80 (Refer Note 1) 13.75 (Refer Note 1) Mahendra Mohan Gupta, Yogendra Mohan Gupta, Devendra Mohan Gupta (Refer Note 2) Yes From September 22, 1995 (Refer Note 3) Building has been constructed on land taken on lease by the Company vide Building Property Development Agreement dated September 22, 1995.
Freehold land located at D-140, Saket, Meerut, Uttar Pradesh, measuring 835.40 square meter 6.30 6.30 Jagran Limited No From April 1,2000 (Refer Note 3) The title deed is in the name of Jagran Limited, whose running business was taken over by Jagran Prakashan Limited on April 1, 2000 on lock, stock and barrel basis, pursuant to the business
Building on freehold land located at D-140, Saket, Meerut, Uttar Pradesh, measuring 835.40 square meter 74.63 (Refer Note 1) 39.08 (Refer Note 1) Jagran Limited No From April 1, 2000 (Refer Note 3) purchase agreement dated July 5, 2000.
Freehold land and building located at plot no. 918 to 922, Municipal No. 76/64, Industrial area, Saharanpur Road, Patel Nagar, Dehradun, measuring 1924.20 square meter 429.69 (Refer Note 1) 214.20 (Refer Note 1) Jagran Limited No From April 1, 2000 (Refer Note 3)
Freehold land located at Shivpuri Link Road, Chirwai Naka, Ward - 59, Zone-13 Gwalior, Madhya Pradesh, measuring 1.045 hectare 17.49 17.49 Naidunia News and Network Private Limited No From April 1,2012, appointed date as per the approved scheme The title deed is in the name of Naidunia News and Network Private Limited. The name of this entity was later changed to Naidunia Media Private Limited. Subsequently, the name was changed to Naidunia Media Limited pursuant to change of name on conversion to a public
Building on freehold land located at Shivpuri Link Road, Chirwai Naka, Ward -59, Zone- 13 Gwalior, Madhya Pradesh 127.36 (Refer Note 1) 37.70 (Refer Note 1) Naidunia News and Network Private Limited No From April 1,2012, appointed date as per the approved scheme limited Company on March 28, 2012 as per the fresh certificate of incorporation issued by the Registrar of Companies, Madhya Pradesh. The print business of Naidunia Media Limited was demerged and transfered to Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1, 2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Building on leasehold land located at Plot No. 51, Nagjhiri, Industrial Area, Dewas Road, Ujjain, measuring 10,000 square feet 74.82 (Refer Note 1) 37.17 (Refer Note 1) Naidunia Media Private Limited No From April 1,2012, appointed date as per the approved scheme The lease deed is in the name of Naidunia Media Private Limited. Subsequently, the name was changed to Naidunia Media Limited pursuant to change of name on conversion to a public limited Company on March 28, 2012 as per the fresh certificate of incorporation issued by the Registrar of Companies, Madhya Pradesh. The print business of Naidunia Media Limited was demerged and transfered to Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1, 2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Building on leasehold land located at Plot No. 12, 13, 14 in front of BEC Fertilizer, Industrial Area, Sirgitti, Bilaspur, measuring 30,000 square feet 102.56 (Refer Note 1) 47.58 (Refer Note 1) Naidunia News and Network Private Limited No From April 1, 2012, appointed date as per the approved scheme The lease deed is in the name of Naidunia News and Network Private Limited. The name of this entity was later changed to Naidunia Media Private Limited. Subsequently, the name was changed to Naidunia Media Limited pursuant to change of
Building on leasehold land located at Plot No. 23/4 and 23/5, Sector D, Industrial area, Govindpura, Bhopal, measuring 45,000 square feet 126.10 (Refer Note 1) 58.78 (Refer Note 1) Naidunia News and Network Private Limited No From April 1, 2012, appointed date as per the approved scheme name on conversion to a public limited Company on March 28, 2012 as per the fresh certificate of incorporation issued by the Registrar of Companies, Madhya Pradesh. The print business of Naidunia Media Limited was demerged and transfered to
Building on leasehold land located at Plot No. 90, Industrial Estate, Richhai, Jabalpur, measuring 60,000 square feet 110.20 (Refer Note 1) 50.06 (Refer Note 1) Naidunia News and Network Private Limited No From April 1, 2012, appointed date as per the approved scheme Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1, 2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Apartment No. CS1/190, CS1/1903, CS1/1904 and CM01/1904 at 19‘h floor, Tower CS01 and CM01, Capetown, Sector 74, Noida, measuring 5,395 square feet in total 275.96 170.10 Supertech Limited No From May 25, 2017 Property agreement and possession letters were executed in the name of Jagran Prakashan Limited, however, the registration of the property has not been done.
Apartment No. I-2006 at 19‘h floor, Tower I, Prateek Wisteria, Sector - 77, Noida, measuring 1735 square feet 95.43 69.12 Prateek Realtors India Private Limited No From January 4, 2019 Property agreement and allotment letter were executed in the name of Jagran Prakashan Limited, however, the registration of the property has not been done.
Apartment No. 1503-A, at 15‘h floor Prosperity Tower - B, Sikka Karmic Greens, Plot no. GH- 1/C Sector-78, Noida, measuring 4,350 square feet. 65.69 42.91 G. S. Promoters Private Limited No From December 22, 2017 Property agreement and possession letter were executed in the name of Jagran Prakashan Limited, however, the registration of the property has not been done.

Note 1: Includes additions (net of deletions) from the date of execution of the conveyance deed/indenture/sale deed/ lease agreement, upto the year ended March 31, 2022.

Note 2: The particulars noted regarding the details of "held in the name of" are as per the corresponding agreement to lease/Building Property Development Agreement for the respective immovable property.

Note 3: The particulars noted regarding the details of "Period held" are as certified by the management of the Company.

In respect of immovable properties that have been taken on lease (where the Company is the lessee) and disclosed in the financial statements as right-of-use assets as at the balance sheet date, the lease agreements are duly executed in favour of the Company, except immovable properties as mentioned below:

As at the Balance sheet date

(Rs. Lakhs)

Description of property Gross carrying value Carrying value in the standalone financial statements Held in the name of Whether promoter, director or their relative or employee Period held Reason for not being held in name of Company
Leasehold land located at Plot No. 1/1, Rajbandha Maidan, Raipur, measuring 10,000 square feet 18.48 16.94 Naidunia Media Private Limited No From April 1, 2012, appointed date as per the approved scheme The lease deed is in the name of Naidunia Media Private Limited. Subsequently, the name was changed to Naidunia Media Limited pursuant to change of name on conversion to a public
Leasehold land located at Plot No. 51, Nagjhiri, Industrial Area, Dewas Road, Ujjain, measuring 10,000 square feet 25.04 18.21 Naidunia Media Private Limited No From April 1, 2012, appointed date as per the approved scheme limited company on March 28, 2012 as per the fresh certificate of incorporation issued by the Registrar of Companies, Madhya Pradesh. The print business of Naidunia Media Limited was demerged and transfered to Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1, 2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Leasehold land located at Plot No. 12, 13, 14. In front of BEC Fertilizer, Industrial Area, Sirgitti, Bilaspur, measuring 30,000 square feet 3.08 2.84 Naidunia News and Network Private Limited No From April 01,2012, appointed date as per the approved scheme The lease deed is in the name of Naidunia News and Network Private Limited. The name of this entity was later changed to Naidunia Media Private Limited. Subsequently, the name was changed to Naidunia Media
Leasehold land located at Plot No. 23/4 & 23/5, Sector D, Industrial area, Govindpura, Bhopal, measuring 45,000 square feet 15.54 10.49 Naidunia News and Network Private Limited No From April 01,2012, appointed date as per the approved scheme Limited pursuant to change of name on conversion to a public limited company on March 28, 2012 as per the fresh certificate of incorporation issued by the Registrar of Companies, Madhya Pradesh. The print business of
Leasehold land located at Plot No. 90, Industrial estate, Richhai, Jabalpur, measuring 60,000 square feet 1.35 0.94 Naidunia News and Network Private Limited No From April 01,2012, appointed date as per the approved scheme Naidunia Media Limited was demerged and transfered to Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1, 2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Right-of-use asset for 2 Sarvodaya Nagar, Kanpur, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 423.10 338.48 Yogendra Mohan Gupta HUF, Mahendra Mohan Gupta HUF Dhirendra Mohan Gupta HUF Devendra Mohan Gupta HUF Shailendra Mohan Gupta HUF, Sanjay Gupta HUF, Sandeep Gupta HUF Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for Plot no. 23, Civil Lines, Gorakhpur, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 206.06 112.22 Smt. Saroja Gupta, Smt. Vijaya Gupta, Smt. Raj Gupta, Smt. Rajni Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for C-26, Friends Colony, Okhla, Delhi (Refer note 40 (ii) of the standalone financial statements) 120.89 96.71 Smt Saroja Gupta, Yogendra Mohan Gupta, Mahendra Mohan Gupta, Dhirendra Mohan Gupta, Shailendra Mohan Gupta, Sanjay Gupta, Smt Bhawna Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for A-46, Defence Colony, Meerut, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 39.46 31.57 Dhirendra Mohan Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for 9‘h Floor, Casablanka, Mumbai, Maharashtra (Refer note 40 (ii) of the standalone financial statements) 36.27 29.02 Shailesh Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for 141-D Saket, Meerut, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 22.05 17.64 Smt Ruchi Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use asset for Cottage No.8, Shipra, Suncity, Indirapuram, Ghaziabad, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 9.41 1.36 Bharat Gupta Yes From November 1, 2014 Lease agreement has not been duly executed/registered.
Right-of-use asset for 1203, Dhaulagiri Appartment, Kaushambi, Ghaziabad, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 7.05 1.02 Sunil Gupta Yes From November 1, 2014 Lease agreement has not been duly executed/registered.
Right-of-use asset for 903, Dhaulagiri Appartment, Kaushambi, Ghaziabad, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 7.05 1.02 Sameer Gupta Yes From November 1, 2014 Lease agreement has not been duly executed/registered.
Right-of-use asset for A-314, Manglam Appartment, Vasundhara, Ghaziabad, Uttar Pradesh (Refer note 40 (ii) of the standalone financial statements) 6.89 Dhirendra Mohan Gupta Yes From November 1, 2014 Lease agreement has not been duly executed/registered.
Right-of-use asset for Jagran office, Deval Chaur, Rampur Road, Haldwani (Refer note 40 (ii) of the standalone financial statements) 1.23 0.66 Sandeep Gupta Yes From April 1, 2021 Lease agreement has not been duly executed/registered.
Right-of-use assets in respect of 258 leases for various offices, warehouses, printing press etc. classified under right- of-use assets -"Buildings/ Warehouses" in Note 3(b) of the standalone financial statements. Also refer note 40 (ii) of standalone financial statements 2,765.12 855.53 Various lessors as per the respective agreement to lease No As per the respective agreement to lease, earliest start date being March 6, 1997 and the latest start date being March 3, 2022 Lease agreements have not been duly executed/registered.

Immovable properties of land and buildings whose title deeds have been pledged as security for cash credit facility and issuance of non-convertible debentures are held in the name of the Company based on the confirmation directly received by us from the lender, except for the following:

As at the Balance sheet date

(Rs. Lakhs)

Description of property Gross carrying value Carrying value in the standalone financial statements Held in the name of Whether promoter, director or their relative or employee Period held Reason for not being held in name of Company
Freehold land located at Khasra no. 208, Gram Sonakpur, Kanth Road, Moradabad, Uttar Pradesh, measuring 1.00 acre 7.34 7.34 Rohilkhand Publication Private Limited No From January 1, 2001, appointed date as per the approved scheme The title deed is in the name of Rohilkhand Publication Private Limited which was subsequently amalgamated with the Jagran Prakashan Limited as per the scheme of amalgamation under the Companies Act, 1956 with effect from the appointed date January 1, 2001, in accordance with the order dated April 24, 2002 of the Honble High Court of Allahabad.
Building on freehold land located at Khasra no. 208, Gram Sonakpur, Kanth Road, Moradabad, Uttar Pradesh, measuring 1.00 acre 161.33 (Refer Note 4) 93.82 (Refer Note 4) Rohilkhand Publication Private Limited No From January 1, 2001, appointed date as per the approved scheme
Freehold land located at survey No. 1195, Mahalgaon, Jhansi road colony, Gwalior, Madhya Pradesh, measuring the 15,750 square feet 347.85 347.85 Naidunia Media Limited No From April 1, 2012, appointed date as per the approved scheme The title deed is in the name of Naidunia Media Limited. Subsequently, the print business of Naidunia Media Limited was demerged and transfered to Jagran Prakashan Limited under the scheme of arrangement under the Companies Act, 1956 with effect from the appointed date April 1,2012, in accordance with the order dated January 16, 2013 of the Honble High Court of Madhya Pradesh.
Freehold land and Building located at Plot No. 21 bearing Property No. 629/1 (adjoining shed No. 14-B and 20-B), Industrial Estate, Hisar, Haryana, measuring 1502.66 square yards 12.20 (Refer Note 4) 7.52 (Refer Note 4) Jagran Prakashan (Delhi) Private Limited No From January 1, 2001, appointed date as per the approved scheme The title deed is in the name of Jagran Prakashan (Delhi) Private Limited which was subsequently amalgamated with Jagran Prakashan Limited as per the scheme of amalgamation under the Companies Act, 1956 with effect from the appointed date January 1, 2001, in accordance with the order dated April 24, 2002 of the Honble High Court of Allahabad.

Note 4: Includes additions (net of deletions) from the date of execution of the conveyance deed/indenture/sale deed/ lease agreement, upto the year ended March 31, 2022.

With respect to immovable properties disclosed in the financial statements included in property, plant and equipment where title is under dispute, the details are as given below:

As at the Balance sheet date

(Rs. Lakhs)

Description of property Gross carrying value Carrying value in the standalone financial statements Held in the name of Whether promoter, director or their relative or employee Period held Reason for not being held in name of Company
Building constructed on leasehold land located at Plot No. 7P and Plot No. 8, Tatisilwai Phase 1, Industrial area, Ranchi, measuring 36,590.40 square feet in total 114.81 (Refer Note 5) 57.08 (Refer Note 5) Land is owned by Ranchi Industrial Area Development Authority (RIADA) No From July 14, 2012 (Refer Note 6) The Company had constructed a building on leasehold land. Subsequently, there was a dispute between the Company and Ranchi Industrial Area Development Authority (RIADA) regarding the leasehold rights for the leasehold land and additional consideration of Rs.44.93 Lakhs was demanded by RIADA in respect thereof. This litigation is pending adjudication at the Honble High Court of Jharkhand at Ranchi. Based on the legal advice obtained by the Company, and in view of the present status of the case, the management believes that the Company has strong chances of success in the above-mentioned case.

Note 5: Includes additions (net of deletions) from the date of execution of the conveyance deed/indenture/sale deed/ lease agreement, upto the year ended March 31, 2022.

Note 6: The particulars noted regarding the details of "Period held" are as certified by the management of the Company.

(i)(d) The Company has not revalued any of its property, plant, and equipment (including right-of-use assets) and intangible assets during the year.

(i) (e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2022 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii)(a) The inventories except for goods-in-transit and stocks held with third parties, were physically verified during the year by the Management at reasonable intervals. In our opinion and based on information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the Company and the nature of its operations. For stocks held with third parties at the year-end, written confirmations have been obtained and in respect of goods- in-transit, the goods have been received subsequent to the year end. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories/alternate procedures performed as applicable, when compared with the books of account.

(ii) (b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of Rs.5 crores, in aggregate, at points of time during the year, from a bank on the basis of security of current assets. In our opinion and according to the information and explanations given to us and based on the sanction letter and acknowledgement of correspondence with bank, the quarterly returns or statements comprising stock statements and book debt statements filed by the Company with the bank are in agreement with the unaudited books of account of the Company of the quarter ended June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 and no material discrepancies have been observed.

(iii) The Company has made investments in, and granted unsecured loans to companies and other parties during the year, in respect of which:

(a) The Company has provided loans during the year and details of which are given below:

Amount Rs. in Lakhs
Particulars Loans
A. Aggregate amount granted/provided during the year:
- Subsidiary 200.00
- Others 302.44
B. Balance outstanding as at balance sheet date in respect of above cases:*
- Subsidiary 200.00
- Others 212.52

*The amounts reported are at gross amounts, without considering provisions made

(b) The investments made, and the terms and conditions of the grant of all the above-mentioned loans, during the year are, in our opinion, prima facie, not prejudicial to the Companys interest.

(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments or receipts of principal amounts and interest have been regular as per stipulations except for the following:

Particulars Nature Amount (in Rs.Lakhs) Due Date Extent of Delay Remarks, if any
Loans granted to 65 employees Non payment of principle and interest 8.99 Various due dates as per terms of loans granted to employees One year to sixteen years Unrecovered portion of loans that were granted to employees who subsequently resigned/left the Company.

(d) In respect of following loans granted and advances in the nature of loans provided by the Company, which have been overdue for more than 90 days at the balance sheet date, as explained to us, the Management has taken reasonable steps for recovery of the principal amounts and interest:

No. of Cases Principal Amount Overdue ( Rs.In Lakhs) Interest Overdue ( Rs.In Lakhs) Total Overdue ( Rs. In Lakhs) Remarks, if any
Loans granted to 65 employees 8.49 0.50 8.99 Unrecovered portion of loans that were granted to employees who subsequently resigned/left the Company.

(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

(f) The Company has granted loan which is repayable on demand the details of which are given below:

Rs. in Lakhs
No. of Cases All Parties* Promoters* Related Parties*
Aggregate of loans
- Repayable on demand (A) 200.00 - 200.00
- Agreement does not specify any terms or period of repayment (B) - - -
Total (A+B) 200.00 - 200.00
Percentage of loans/advances in nature of loans to the total loans 48.48% - 48.48%

* The amounts reported are at gross amounts, without considering provision made.

The Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the year. The Company has not granted any secured loans to any companies, firms or limited liability partnerships or any other parties during the year. The Company has not granted any unsecured loans to firms or limited liability partnerships during the year.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013, in respect of loans granted, investments made and guarantees and securities provided, as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause (v) of the Order is not applicable.

(vi) The maintenance of cost records has not been specified for the activities of the Company by the Central Government under section 148(1) of the Companies Act, 2013.

(vii) (a) In respect of statutory dues: Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities though there has been a slight delay in a few cases in respect of remittance of Income Tax.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, duty of Custom, duty of Excise, Value added Tax, cess, and other material statutory dues in arrears as at March 31, 2022 for a period of more than six months from the date they became payable.

(vii)(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31,2022 on account of disputes are given below:

Name of the Statute Nature of the Dues Amount ( Rs.in Lakhs) Period to which the Amount Relates Forum where Dispute is Pending
Income Tax Act, 1961 Income Tax 89.64* Assessment Year 2018-19 Commissioner of Income Tax (Appeals)

* Net of Rs.22.41 Lakhs paid under protest.

(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.

(ix)(a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company, the funds raised on short term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or associates.

(f) The Company has not raised any loans during the year and hence reporting on clause (ix)(f) of the Order is not applicable.

(x) (a) In our opinion, out of moneys raised in April 2020 amounting to Rs.25,000 Lakhs through a private placement of non convertible debentures (NCDs) which are listed, Rs.4,000 Lakhs which were parked in fixed deposits as at March 31, 2021 pending deployment, have been, prima facie, applied by the Company during the year for the purposes for which they were raised. During the year the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments).

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

(xi) (a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) To the best of our knowledge, no report under subsection (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) As represented to us by the Management, there were no whistle blower complaints received by the Company during the year.

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

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

(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports of the Company issued till date, for the period under audit.

(xv) In our opinion during the year the Company has not entered into any non-cash transactions with any of its directors or directors of its holding company, subsidiary company, associate company or persons connected with such directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) is not applicable.

(b) The Group does not have any Core Investment Company (CIC) as part of the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) The Company does not have any projects other than ongoing projects towards Corporate Social Responsibility (CSR), and therefore, there are no unspent CSR amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act, 2013 within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly, reporting under clause (xx)(a) of the Order is not applicable for the year.

(b) In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount, to a Special account before the date of this report and within a period of 30 days from the end of the financial year in compliance with the provision of Section 135(6) of the Act.

For Deloitte Haskins & Sells
Chartered Accountants
(Firms Registration No. 302009E)
Alka Chadha
Partner
Place: Gurugram (Membership No. 93474)
Date: May 30, 2022 (UDIN: 22093474AJVUAA4553)