Sintex Industries Ltd Auditor Reports

To the Members of Sintex Industries Limited

Report on the Audit of the Standalone Financial Statements

Auditors Opinion

We have audited the accompanying standalone financial statements of Sintex Industries Limited ("the Company"), which comprise the balance sheet as at 31st March 2022, and the statement of Profit and Loss (including Other Comprehensive income), statement of cash flows and statement of changes in equity for the year then ended, on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") 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, Loss, total comprehensive loss, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

i. We draw attention to Note 19(i) to the standalone financial statement, with respect to continuing default in payment of dues and Company under CIRP, most of the lenders have sent notices / letters recalling their loans given and called upon the Company to pay entire dues and other liabilities. Further, the Committee of Creditors has approved the Resolution Plan submitted by Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited under CIRP on 19.03.2022. The IRP has submitted Resolution Plan before Honble NCLT Ahmedabad for its approval. As on date approval of Resolution Plan is pending before Honble NCLT Ahmedabad. Hence in view of the said facts & considering the matter of prudence, whole of the long term borrowing outstanding as on 31st March,2022 has been classified as current borrowings.

ii. We draw attention to Note 35 to the standalone financial statement, which states that the companys credit rating has been downgraded (Companys credit rating is "BWR D" from Brickwork Ratings India Pvt. Ltd. for Non-Convertible Debentures), which may substantially impair its ability to raise or generate funds to repay its obligations. As mentioned in the same note, the company has defaulted in debt obligation of debentures aggregating to Rs 500.00 Crores for the period April,19 to 6th April,2021 (date of admission in Corporate Insolvency Resolution Process) apart from other credit facilities. However, Company has made provision for interest for the period April,2019to March,2022. Further, Companys inability to meet its obligation in relation to the payment of certain letters of credit which led to devolvement and consequent over utilization of the cash credit facilities availed by the Company, delay in payment of certain term loan instalments as well as interest thereof. Further, as described in said Note, although the Company submitted various Resolution Plans to lenders on various dates, the Punjab National Bank filed petition before the National Company Law Tribunal (NCLT), Ahmedabad under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the company in December,2019. Petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against the Company by Invesco Asset Management (India) Private Limited (Financial Creditor) for default amount of Rs 15,00,00,000/- (Principal amount) has been admitted against the Company vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated 06.04.2021. Mr. Pinakin Shah (having registration no. IBBI/IPA- 002/IP-N00106/2017-18/10248) has been appointed as Interim Resolution Professional by the Honourable National Company Law Tribunal, Ahmedabad Bench under Section 13(1)(c) of the Insolvency and Bankruptcy Code 2016 and moratorium period under Section 14 of the Insolvency and Bankruptcy Code 2016 is declared.

iii. We draw attention to Note 36 to the standalone financial statement, result with respect to impairment of assets. As described in the said note, the company has discontinued the manufacturing operations of structured fabrics (except bleaching facility) at Kalol effective from 1st July, 2019 on account of high cost of operations. The management of the company has assessed that any provision needs to be recognised on account of the impairment of assets in respect of property , plant and equipment of its Textile Division. The higher of Textile Division assets fair value (less cost of disposal) and its value in use as per valuation report obtained from approved valuer as on 30th September,2020 and is found lower than its carrying amount as per books of accounts of the company and hence the Company has recognised impairment loss of Rs 426.64 crores for the year 2020-21. Therefore, the impairment loss has been shown under "Exceptional Item".

iv. We draw attention to Note 37 to the standalone financial statement, with respect to USD 110 Million Foreign Currency Convertible Bonds due 2022 (FCCBs) raised by the Company, there are USD 6.5 Million FCCBs outstanding for conversion as on 31st March, 2022.Further, the Company has defaulted in payment of Interest amounting to USD 0.64 Million for the period 25th May,19 to 31st March,2022.

v. We draw attention to Note 42 to the standalone financial statement, with respect to recognition of deferred tax assets. As stated in the said Note, deferred tax asset has not been recognized in view of losses during the year.

vi. We draw attention to Note 43 to the standalone financial statement, with respect to spending on Corporate Social responsibility. As stated in the said Note, company is not liable to spent anything on it as per Section 135 of the Companies Act, 2013.

vii. We draw attention to Note 49 to the standalone financial statement, with respect to realization of subsidies aggregating to Rs 469.34 crores outstanding as at 31st March, 2022 including interest subsidy of Rs 210.96 Crores. As per the information and explanations furnished to us, IRP and the suspended management is taking necessary actions for realization of these subsidies and as stated in the said Note, IRP has also filed application in NCLT Ahmedabad for recovery of power and GST subsidies.

viii. We draw attention to Note 52 to the standalone financial statement, with respect to confirmation of balances. As stated in the said note confirmation of balances (other than related party) in respect of amounts due from trade receivables, capital advances given and loans and advances granted as well as for the amounts due to/payables to trade payables have not been obtained and/or received by the company and, therefore, these balances remained unconfirmed.

ix. We draw attention to Note 54 to the standalone financial result with respect to expected quantum of loss is approximately Rs 115.00 crores on account of Cyclone Tauktae. Till 31.03.2022 the Company has incurred expenses of Rs 83.11 crore (including loss of inventory of Rs 21.02 crores and advance of Rs 5.07 Cr) for restoration of plant which was damaged due to Cyclone Tauktae on 17th May, 2021 and 18th May, 2021. As on 31.03.2022 the Company has recovered Rs 16.64 crores by realization of salvage value of damaged materials and Rs 1 crore as advance against insurance claim on 17.03.2022 from Insurance Company. Accordingly, as on 31.03.2022 net amount of Rs 65.47 crores shown under the head "Other Current Assets - Advances recoverable in cash or kind" and not debited to Statement of Profit & Loss account, considering loss / damage is covered by the Insurance. Process of claiming insurance is going on. Further, out of 65.47 crores receivable from Insurance Company on account of Insurance claim of Cyclone Taukate, the Company has received Rs 24.98 crores as on 25.04.2022 and Rs 1 crores as on 27.04.2022 as advance against insurance claim.

x. We draw attention to Note 55 to the standalone financial result wherein it is mentioned that- the Company continuously monitoring the Covid situation & accordingly managing the operations of the Company. The Company plant was operational for whole year including period of 2nd & 3rd wave of Covid 19 by taking precautionary steps. Further, during first quarter ended 30th June 2021, there is severe damage at our factory plant situated at Taluka Jafarabad, Lunsapur, Amreli, Gujarat due to Cyclone Tauktae on 17th May, 2021 and 18th May, 2021. The loss / damage is covered by the Insurance. Process of claiming insurance is going on. Plant of the Company was not operational due to non availability of electricity at our factory plant due to damage of Cyclone Tauktae. Electricity was restored at our plant on 05th July, 2021 and operations of the Company have commenced in a phased manner and achieved 95% capacity as on date.

xi. We draw attention to Note 56 to the standalone financial statement, wherein it is mentioned that The Company has outstanding advances of Rs 531.91 crores receivables from Sintex Prefab & Infra Limited. Petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against Sintex Prefab & Infra Limited by Bank of Baroda (Financial Creditor) has been admitted vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated 24.02.2021. The Company has submitted claims of Rs 531.91 crores to Mr. Chandra Prakash Jain (IRP of Sintex Prefab & Infra Limited) on 16.03.2021. However admission of claim yet to be confirmed by IRP of Sintex Prefab & Infra Limited.

xii. We draw attention to Note 57 to the standalone financial statement, with respect to insurance claim receivable. The insurance claim receivable includes insurance claim of Rs 23.11 crores of F.Y. 2016-17 is outstanding as on 31st March,2022. The insurance company has repudiated claim pertaining to FY 2016 - 17. Management of company has filed reply against the same and is hopeful of settling the claims in full. The Company has initiated legal proceedings against the same.

xiii. We draw attention to Note 58 to the standalone financial statement, with respect to defaulted in repayment of principal and interest payments. The period and amount of continuing default as on the Balance sheet date are as under:

( Rs in Crores)

Name of lenders	Principal	Interest	Period of Continuing Default Start Month
Banks / NBFCS
Punjab National Bank (Including Oriental Bank of Commerce & United Bank of India)	1,437.98	235.38	May-19
Punjab Sind Bank	321.74	80.10	May-19
Bank of India	540.77	172.90	May-19
Bank of Baroda (Including Dena Bank & Vijaya Bank)	856.31	297.82	May-19
Canara Bank (Including Syndicate Bank)	514.73	107.37	May-19
Central Bank of India	295.49	90.90	Jun-19
Union Bank of India (Including Andra Bank)	574.63	193.56	May-19
South Indian Bank	238.00	87.61	May-19
Karnataka Bank	95.21	31.70	May-19
IDBI Bank	73.08	26.39	Jun-19
State Bank of India	159.93	84.53	Aug-19
Axis Bank Ltd	82.42	24.01	Jun-19
Canbank Factors Limited	5.54	1.52	Jun-19
The Federal Bank Limited	13.28	3.40	Jun-19
UCO Bank Limited	0.42	0.11	Jun-19
Abu Dhabi Commercial Bank	75.81	16.77	Oct-19
DZ Bank AG	261.07	18.10	Oct-19
	5,546.41	1,472.17
Financial Institutions
Export Import Bank of India	436.76	166.25	Jun-19
	436.76	166.25
Non-Convertible Debentures	500.00	149.57	Jun-19

xiv. We draw attention to Note 60 to the standalone financial statement, with respect to the Resolution Plan submitted by Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited has been approved by CoC. As per the said approved Resolution Plan there may be impairment of assets of the Company. However, as on date impact of the same is not considered in the financial statements as the Resolution Plan is pending before Honble NCLT Ahmedabad for approval. Once the Resolution Plan is approved by Honble NCLT Ahmedabad, the necessary effect of impairment of assets if any will be done in the financial statement as part of implementation of the Resolution Plan.

Our Opinion is not modified in respect of this matter.

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.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors and Interim Resolution Professional (IRP) is responsible for the other information. The other information comprises the information included in the Boards Report and Annexure to Boards Report, but does not include the financial statements and our auditors report thereon. The other information is expected to be made available to us after the date of this auditors report thereon.

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

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

Managements and Interim Resolution Professionals Responsibility for the Standalone Financial Statement

The Companys Board of Directors and IRP 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the 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 of 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to 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 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 management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

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 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 findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, 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 changes in equity and the Cash Flow Statement 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(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 managerial remuneration has not been paid by the company to its directors during the year is in accordance with 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 financial statements - Refer Note no 51 to the standalone financial statements;

ii. Provision has been made in the financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the investors education and protection fund by the company.

iv. (a) The Management has represented that, to the best of their knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

iv (b) The management has represented, that, to the best of their knowledge and belief, no funds have been received by the company from any person(s) or entity (ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

iv. (c) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.

v. Company has not declared or paid any dividend during the year.

ANNEXURE A - to the Independent Auditors Report

for the period ended March 2022

(Referred to in Paragraph 1 under the Heading of "Report on Other Legal and Regulatory Requirements" section of our Report of even date)

(i) Fixed Assets

a) The Company has maintained proper records showing full particulars including quantitative details and situtation of fixed assets.

b) The Company has a program of physical verification of its property, plant and equipment to cover all the items of property, plant and equipment in a phased manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its property, plant and equipment. Pursuant to the program, certain property, plant and equipment 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.

c) According to the information and explanations given to us and the title deeds and other records examined by us, we report that the title deeds in respect of all the immovable properties comprising of freehold land and buildings are held in the name of the Company except in respect of freehold lands having aggregate cost of Rs 438.91 Crores, for which documents in favor of the Company are not executed as at end of the year. (Refer Note - 4.2 and 53 to Standalone financial statements)

d) The company has not revalued its Property , Plant and Equipments and Intangible assets durint the year.

e) According to the information and explanations given to us and on the basis of our examinations of the records of the Company, there are no proceedings initiated or pending against the company for holding any benami property under the Prohibition of Benami Property Transactions Act,1988 and rules made thereunder.

(ii) Inventories

(a) As explained to us, the inventories, were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.

(b) According to the information and explanations given to us the Company has been admitted under CIRP as per Honable NCLT, Ahmedabad order dated 6th April, 2021. Accordingly, Clause 3(ii)(b) is not applicable to the Company.

(iii) Loans given

According to Information and explanations given to us, the Company has not granted any Secured or unsecured loan to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Hence reporting under clause 3 (iii) (a), (b) and (c) does not arise.

(iv) Compliance of Sec. 185 & 186

In our openion and according to the information and explanations given to us, the compnay has complied with the provisions of sections 185 & 186 of the companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) Public Deposit

According to Information and explanations given to us, the company has not accepted any deposits from the public during the year and in respect of unclaimed deposits, the company has complied with the proviosn of section 73 to 76 or any other relevent provisons of the copmanies Act, 2013.

(vi) Cost Records

The company is maintaining the cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act in respect of service carried out by the company. 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 Companies Act, 2013 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) Statutory Dues

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

a) The Company has generally been regular in depositing its undisputed statutory dues including Provident Fund, Income-tax, Goods and Service Tax, Customs duty, cess and other material statutory dues applicable to it to the appropriate authorities.

b) No undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2022 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no dues of income tax, sales tax, excise duty, and Goods and Service Tax on account of any dispute, which have not been deposited.

(viii) According to the information and explanations given to us and on the basis of our examinations of the records of the company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues to banks, financial institutions and debenture holders. Lender wise details of defaults in repayment of borrowing (Term Loan & Working Capital) and interest are given below.

( Rs in Crores)

Name of lenders	Principal	Interest	Period of Continuing Default Start Month
Banks / NBFCS
Punjab National Bank (Including Oriental
Bank of Commerce & United Bank of India)	1,437.98	235.38	May-19
Punjab Sind Bank	321.74	80.10	May-19
Bank of India	540.77	172.90	May-19
Bank of Baroda (Including Dena Bank
& Vijaya Bank)	856.31	297.82	May-19
Canara Bank (Including Syndicate Bank)	514.73	107.37	May-19
Central Bank of India	295.49	90.90	Jun-19
Union Bank of India (Including Andra Bank)	574.63	193.56	May-19
South Indian Bank	238.00	87.61	May-19
Karnataka Bank	95.21	31.70	May-19
IDBI Bank	73.08	26.39	Jun-19
State Bank of India	159.93	84.53	Aug-19
Axis Bank Ltd	82.42	24.01	Jun-19
Canbank Factors Limited	5.54	1.52	Jun-19
The Federal Bank Limited	13.28	3.40	Jun-19
UCO Bank Limited	0.42	0.11	Jun-19
Abu Dhabi Commercial Bank	75.81	16.77	Oct-19
DZ Bank AG	261.07	18.10	Oct-19
	5,546.41	1,472.17
Financial Institutions
Export Import Bank of India	436.76	166.25	Jun-19
	436.76	166.25
Non-Convertible Debentures	500.00	149.57	Jun-19

(b) Accordig to the information available on credit information companies, two lenders banks has declared the Company as wilful defaulter (Refer note no. 58 of to Standalone financial statements).

(c) According to the information and explanations given to us and on the basis of our examinations of the records of the company, we report that no short term funds has been used for long term purpose during the year.

(d) According to the information and explanations given to us and on an overall exminations of the financial statement of the company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries as defined under the Act. The Company does not hold any investment in any associates and joint ventures during the year ended 31st March,2022.

(x) (a) The Company has not raised money by way of initial public offer or further public offer (including debt instrument) any term loans during the period under audit therefore, Clause 3 (x)(a) of the order is not applicable to the company.

(b) According to the information and explanations given to us and on the basis of our examinations of the records of the company, the Company has not made any preferential allotement or private placement of shres or fully or partly convertible debentues during the year. Accordingly Clause 3(x)(b) is not applicable to the company.

(xi) (a)Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the year.

(b) According to the infromation and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 14 with the Central Government during the year.

(c) We have not taken into consideration whistle blower compliants received by the Company during the year while determining the nature, timing and extent of our audit procedures.

(xii) The company is not a Nidhi Company and hence reporting under clause (xii) of the paragraph 3 of the order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, all the transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013, where applicable, and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable Indian accounting standards.

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion the Company has an internal audit system commensurate with the size and nature of its business.

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

(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 him and hence paragraph 3 (xv) of the order is not applicable to the company.

(xvi) (a) In our opinion and according to the information and explanations given to us, company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly Clause 3(xvi)(a) and 3(xvi)(b) is not applicable to the company.

(b) The Company is not a Core Investment Company(CIC) as defined under the reguations made by the reserve bank of india hence Clause 3(xvi)(c) and 3(xvi)(d) is not applicable to the company.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financia year.

(xviii) There has been no resignation of statutory auditors during the year. Accordingly Clause 3 (xviii) of the Order is not appliable to the company.

(xix) The company has been admitted under CIRP proceding by Honable NCLT , Ahmedabad dated 6th April, 2021 hence clause 3(xix) is not applicable to the company.

(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount of CSR under sub-section (5) of Section 135 of the Act pursuant to any project. Hence Clause 3(xx)(a) and 3(xx)(b) is not applicable to the Company.

ANNEXURE B - to the Independent Auditors Report of even date on the Standalone Financial Statements of Sintex Industries Limited.

(Referred to in Paragraph 2(F) under the Heading of "Report on Other Legal and Regulatory Requirements" section of our Report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to Financial Statements of Sintex Industries Limited ("the Company") as of 31 March, 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 financial controls with reference to financial statements 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 with reference to financial statements 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating 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 with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31 March, 2022, based on, "the internal control with reference to financial statements 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".

	For, R Choudhary & Associates
	Chartered Accountants
	Firm Regn. No: 101928W
	K M Chaudhary
	(Partner)
Place : Ahmedabad	M. No.: 133388
Date : 23rd May, 2022	UDIN : 22133388AJKVJK2276