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Alphageo (India) Ltd.

BSE: 526397 Sector: Oil & Gas
NSE: ALPHAGEO ISIN Code: INE137C01018
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OPEN 282.00
PREVIOUS CLOSE 268.30
VOLUME 56
52-Week high 440.00
52-Week low 244.10
P/E 17.76
Mkt Cap.(Rs cr) 168
Buy Price 264.05
Buy Qty 1.00
Sell Price 265.30
Sell Qty 21.00
OPEN 282.00
CLOSE 268.30
VOLUME 56
52-Week high 440.00
52-Week low 244.10
P/E 17.76
Mkt Cap.(Rs cr) 168
Buy Price 264.05
Buy Qty 1.00
Sell Price 265.30
Sell Qty 21.00

Alphageo (India) Ltd. (ALPHAGEO) - Auditors Report

Company auditors report

To The Members of ALPHAGEO (INDIA) LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of ALPHAGEO(INDIA) LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 and the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the Statement of Cash Flows for the year thenended and a summary of significant accounting policies and other explanatory information(hereafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the "Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("IND AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch 2022 and its profit total comprehensive income the changes in equity and itscash flows 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 Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibility for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

Emphasis of Matter

1. We draw your attention to note no 37 of the Standalone IND ASfinancial Statements according to which the company had received notice of demand undersection 156 of the Income Tax Act 1961 against which company has preferred an appealbefore the relevant appellate authorities within the prescribed time. Management expectspositive outcome of these appeals. Accordingly the said demand in the note above isdisclosed under contingent liability.

2. We draw your attention to note no. 31(d) to the Standalone IND ASfinancial statements where in management considered trade receivables outstanding morethan one year amounting to I796.40 Lakhs as being good and fully recoverable forthe reasons described in the aforesaid note. Accordingly no expected credit lossprovision has been made in accordance with IND AS 109.

Key audit matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsof the current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters. we have determined the matters describedbelow to be the key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1. Accuracy of revenue recognition: Principal audit procedures performed:
Measurement of Liquidated damages/Contractual Deductions involves critical estimates. ? Based on our knowledge gained through Company's contract with customer and work completed till date we reviewed the management workings on the calculation of Transaction price adjustment w.r.t to variable consideration i.e. adjustment of transaction price for the contractual deductions.
As per IND AS 115 Revenue should be recognised when (or as) an entity transfers control of goods or services to a customer at the amount to which an entity expects to be entitled.
As per the standard Company is required to recognise the revenue at the amount of the transaction price. While determining the transaction price an entity is required to consider the effects of all of the following: ? We also considered the historical accuracy of estimates made by management.
? Variable consideration ? We further challenged management's contract risk assessments by enquiries and review of correspondence with customers where available.
? Constraining estimates of variable consideration
? Consideration payable to a customer.
Applying the principles of IND AS 115 to the given case Critical Estimates involved as detailed below.
Estimate the amount of consideration Where the contractual deductions are inherent in determination of transaction price:
Estimated Liquidated damages are critical estimate to determine the variable consideration.
This estimate has an inherent uncertainty as the deductions will be impacted based on the work to be executed in future in accordance with the contract.
Refer Notes 20 to the Standalone financial statements.

Information Other than the Financial Statements and Auditor'sReport Thereon

? The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's ReportCorporate Governance and Shareholder's Information but does not include theconsolidated financial statements standalone financial statements and our auditor'sreport thereon.

? Our opinion on the standalone financial statements does not cover theother information and will not express any form of assurance conclusion thereon.

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

? If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the IND AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional skepticism throughout the audit. We also:

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

? Obtain an understanding of internal financial control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

? Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept 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 OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements complywith the IND AS specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31st March2022 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2022 from being appointed asa director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses

Unmodified opinion on the operating effectiveness of the Company'sinternal financial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i. The company has disclosed the impact of pending litigation on itsfinancial position as stated in Note no 31 to the Standalone IND AS Financial Statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts the company doesn't have derivative contracts;

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

iv. (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

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

v. As stated in Note 45 to the standalone IND AS financial statements

(a) The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

(b) The company has not issued any interim dividend during the year.

(c) The Board of Directors of the Company have proposed finaldividend for the year which is subject to the approval of the members at the ensuingAnnual General Meeting. The amount of dividend proposed is in accordance with section 123of the Act as applicable

2. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For MAJETI & CO
Chartered Accountants
Firm's Registration No: 015975S
Kowshik Anna</b>
Partner
Place: Hyderabad Membership No:244172
Date: May 27 2022 UDIN No: 22244172AJTRBT9188

Annexure "A" to the independent auditor's report

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

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

We have audited the internal financial controls over financialreporting of ALPHAGEO (INDIA) LIMITED ("the Company") as of 31stMarch 2022 in conjunction with our audit of the standalone IND AS financial statements ofthe Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on "the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor 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 theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March2022 based on "the criteria for internal financial control over financialreporting established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India".

For MAJETI & CO
Chartered Accountants
Firm's Registration No: 015975S
Kowshik Anna
Partner
Place: Hyderabad Membership No:244172
Date: May 27 2022 UDIN No: 22244172AJTRBT9188

Annexure B to Independent Auditors' Report

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date) i. In Respect of theCompany's Property Plant and Equipment and Intangible Assets:

a) A) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

B) The Company is maintaining proper records showing full particularsof Intangible Assets.

b) The Property Plant and Equipment of the Company have been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification. In our opinion the frequency of verification is reasonable.

c) The title deeds of immovable properties (other than immovableproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) disclosed in the note no 3 to standalone financial statements areheld in the name of the Company.

d) The company has not revalued Property Plant and Equipment andIntangible Assets during the year.

e) Based on the information and explanation furnished to us noProceeding have been initiated during the year or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (asamended in 2016) and rules made thereunder.

ii. a) The physical verification of inventory has been conducted atreasonable intervals by the Management during the year. The discrepancies noticed onphysical verification of inventory as compared to book records were not material and havebeen appropriately dealt with in the books of accounts.

b) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the Company has been sanctionedworking capital limits in excess of five Crore rupees in aggregate from banks on thebasis of security of current assets. In our opinion the quarterly returns or statementsfiled by the Company with such banks are in agreement with the books of account of theCompany.

iii. The Company has not made any investments granted secured/unsecured loans/advances in nature of loans or stood guarantee or provided security toany parties and there are no outstanding loans and advances at the beginning of the year.Therefore the reporting under clause 3(iii) (iii)(a) (iii)(b)(iii)(c) (iii)(d)(iii)(e) and (iii)(f) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us and onthe basis of our examination of the records the Company has not given any loans orprovided any guarantee or security as specified under Section 185 of the Companies Act2013 and the Company has not provided any loans or guarantee or security as specifiedunder Section 186 of the Companies Act 2013. Further the Company has complied with theprovisions of Section 186 of the Companies Act 2013 in relation to investments made.

v. The Company has not accepted any deposits from the public within themeaning of Sections 73 74 75 and 76 of the Act and the Rules framed there under to theextent notified.

vi. The Central Government of India has not specified the maintenanceof cost records under sub-section (1) of Section 148 of the Act for any of the products ofthe Company.

vii. a) In our opinion the Company is generally regular in depositingundisputed statutory dues including Goods and Service tax (GST) provident fundemployees' state insurance income tax duty of customs cess and other materialstatutory dues as applicable with the

Nature of the Statute Nature of Dues Forum Period Amount (in Lakhs)
The Income Tax Act 1961 Income tax Commissioner of Income-tax (Appeals) Hyderabad AY 2014-15 to AY 2020-21 601.58

appropriate authorities. As confirmed by the management sales taxservice tax duty of excise and value added tax are not applicable to the company.

b) According to the information and explanations given to us and therecords of the Company examined by us the particulars of statutory dues referred to insub- clause (a) as at 31st March 2022 which have not been deposited on accountof a dispute are as follows: viii. According to the information and explanations given tous and the records of the company examined by us there are no transactions in the booksof account that has been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 that has not been recorded in the books ofaccount.

ix. a) According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank or Government during the year.

b) According to the information and explanations given to us and on thebasis of our audit procedures we report that the company has not been declared wilfulDefaulter by any bank or financial institution or government or any government authority.

c) According to the records of the Company examined by us and theinformation and explanations given to us the Company has not obtained any term loans.

d) According to the information and explanations given to us and theprocedures performed- by us and on an overall examination of the financial statements ofthe Company we report that no funds raised on short-term basis have been used forlong-term purposes by the Company.

e) According to the information and explanations given to us and on anoverall examination of the financial statements of the Company we report that the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries.

We report that the Company did not have joint ventures or associatecompanies during the year.

f) According to the information and explanations given to us andprocedures performed by us we report that the company has not raised loans during theyear on the pledge of securities held in its subsidiaries.

x. a) The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Accordinglythe reporting under clause 3(x)(a) of the Order is not applicable to the Company.

b) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Hence reporting under clause 3(x)(b) is not applicable.

xi. a) we have neither come across any instance of fraud by the Companyor on the Company by its officers or employees noticed or reported during the year norhave we been informed of any such case by the Management.

b) During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us a report underSection 143(12) of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 was not required to be filed with the Central Government.Accordingly the reporting under clause 3(xi)(b) of the Order is not applicable to theCompany.

c) During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us and as represented to us bythe management no whistle-blower complaints have been received during the year by theCompany. Accordingly the reporting under clause 3(xi)(c) of the Order is not applicableto the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to the Company. Hence reporting under clause 3(xii)(a) (b) (c) arenot applicable.

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the Standalone financial statements asrequired under Indian Accounting Standard (IND AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

xiv. a) In our opinion and according to the information and explanationgiven to us the Company has an internal audit system commensurate with the size andnature of its business.

b) The internal audit reports of the Company issued till the date ofthe audit report for the period under audit have been considered by us.

xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

xvi. a) The Company is not required to be registered under Section45-lA of the Reserve Bank of India Act 1934. Accordingly the reporting under clause3(xvi)(a) of the Order is not applicable to the Company.

b) The Company has not conducted any non-banking financial / housingfinance activities during the year. Accordingly the reporting under clause 3(xvi)(b) ofthe Order is not applicable to the Company.

c) The Company is not a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India. Accordingly the reporting under clause3(xvi)(c) of the Order is not applicable to the Company.

d) According to the information and explanations provided to us duringthe course of audit the Group does not have any CIC. Accordingly the requirements ofclause 3(xvi)(d) are not applicable.

xvii. The Company has not incurred any cash loss during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors duringthe year and accordingly the reporting under clause (xviii) is not applicable.

xix. According to the information and explanation given to us and onthe basis of the financial Ratios (Also Refer Note 46 to the IND AS Standalone FinancialStatements) ageing and expected dates of realisation of financial assets and payment offinancial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatCompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the Company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand 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 asand when they fall due.

xx. a) In respect of other than ongoing projects as at balance sheetdate the Company does not have any amount remaining unspent under Section 135(5) of theAct. Accordingly reporting under clause 3(xx)(a) of the Order is not applicable.

b) The Company has transferred the amount of Corporate SocialResponsibility remaining unspent under sub-section (5) of Section

135 of the Act pursuant to ongoing projects to a Special account withina period of 30 days from the end of the said financial year in compliance with theprovision of section 135(6) of the Act. (Also Refer Note 30(b) to the Standalone IND ASFinancial statements.

For MAJETI & CO
Chartered Accountants
Firm's Registration No: 015975S
Kowshik Anna
Partner
Place: Hyderabad Membership No:244172
Date: May 27 2022 UDIN No: 22244172AJTRBT9188

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