Page 148 - Arvind 2024

ANNEXURE 1 REFERRED TO IN PARAGRAPH ON REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE OF ARVIND SMARTSPACES LIMITED FOR THE YEAR ENDED MARCH 31, 2024
(i) (a)
(A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
(B) The Company has maintained proper records showing full particulars of intangibles assets.
report on clause 3(ii)(b) of the Order is not applicable to the Company.
During the year the Company has provided loan to three Companies as follows:
(iii) a)
Loans
(b) Property, plant and equipment has been physically verified by the management during the year, which is reasonable considering the size of the company and nature of its assets and no material discrepancies were identified on such verification.
(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the year ended March 31, 2024.
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
Aggregate amount granted during the year to subsidiaries
Balance outstanding as
at balance sheet date in respect of above loan to subsidiaries
(Amount Rs. In Lac) 20,325.94
17,720.04
(ii) (a)
The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for such verification is appropriate. Discrepancies of 10% or more in aggregate for each class of inventory were not noticed on such physical verification.
(b)
(c)
(d)
Further, the Company has not provided advances in the nature of loans, stood guarantee and provided security to any other companies, firms, Limited Liabilities Partnerships or any other parties.
During the year the investments made, loans and advances in the nature of loans, to companies, firms, Limited liability partnership or any other parties are not prejudicial to the Company’s interest. The company has not provided any guarantee or security to any companies, firms, Limited liability partnership or any other parties during the year.
In respect of a loan or advance in the nature of loan granted to companies, firms, Limited Liability Partnerships or any other parties, the schedule of repayment of principal and payment of interest has not been stipulated in the agreement. Hence, we are unable to make a specific comment on the regularity of repayment of principal and payment of interest in respect of such loan.
There are no stipulated repayment schedules for loans given and hence there are no amounts of loans and advances in the nature of loans granted to companies, firms, Limited liability partnership or any other parties which are overdue for more than ninety days.
(b) The Company has not been sanctioned working capital limits in excess of Rs. five Cr in aggregate from banks or financial institutions during any point of time of the year on the basis of security of current assets. Accordingly, the requirement to
146 | Arvind SmartSpaces Limited