GSK_Annual_Report_2021

Annual Report 2020-21 153 (Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of BIDDLE SAWYER LIMITED of even date) (i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) Fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification; (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties included in investment property are held in the name of the company. (ii) As explained to us, the inventories have been physically verified by the management during the year. No material discrepancies were noticed on such physical verification; (iii) According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provision of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not applicable to the Company; (iv) In our opinion and according to the information and explanation given to us, there are no loans, investments, guarantees and securities granted in respect of which provisions of section 185 and 186 of the Companies Act, 2013 are applicable and hence not commented upon; (v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013. Therefore, the provisions of paragraph 3(v) of the said Order are not applicable to the Company; (vi) In our opinion and according to the information and explanations given to us, the provisions of maintenance of cost records specified by the central government under sub - section (1) of section 148 of the Companies Act, 2013 mentioned in clause (VI) of paragraph 3 of the order are not applicable. (vii) (a) The company is regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income- tax, duty of customs, Goods and Service Tax, cess and any other statutory dues applicable to it; (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees’ state insurance, income-tax, duty of customs, Goods and Service Tax, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable; (c) According to the records of the Company, the dues outstanding of income-tax,sales-tax, service tax, duty of custom, duty of excise, value added tax, Goods and Service Tax and cess on account of any dispute, are as follows: Name of the statute Nature of dues Amount ( ` in ’000) Period to which the amount relates Forum where dispute is pending West Bengal Value Added Tax Sales Tax 19,96.00 Assessment Year 2009-2010 Jt. Commissioner Income Tax Act, 1961 TDS Default 22.10 Assessment Year 2007-2008 TDS – CPC (viii) According to the books of accounts and records of the Company, the Company has not taken any loan either from financial institutions or from the government and has not issued any debentures till 31 st March, 2021. Accordingly, paragraph 3 (viii) of the Order is not applicable. (ix) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not raised any moneys by way of Initial Public Offer or Further Public Offer including debt instruments and term loans during the year. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company. (x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the course of our audit; (xi) According to the information and explanations given to us and based on our examination of the records of the Company, no managerial remuneration has been paid or provided by the company; (xii) In our opinion, and to the best of our information and according to the explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable and hence not commented upon; (xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the financial statements as required by the applicable Indian Accounting Standards (Ind AS) 24; (xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the company and hence not commented upon; (xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3 (xv) of the Order is not applicable; (xvi) According to the information and explanations given to us, the provisions of section 45-1A of the Reserve Bank of India Act, 1934 are not applicable to the Company. For Cornelius & Davar Chartered Accountants (Firm’s Registration No. 101963W) Rustom D. Davar Partner (Membership No. F-10620) UDIN:21010620AAAABG3059 Place: MUMBAI Date: May 10, 2021 ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT