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Sunedison Infrastructure Ltd.

BSE: 531260 Sector: Infrastructure
NSE: N.A. ISIN Code: INE332F01018
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NSE 05:30 | 01 Jan Sunedison Infrastructure Ltd
OPEN 350.00
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VOLUME 1098
52-Week high 451.95
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Mkt Cap.(Rs cr) 169
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OPEN 350.00
CLOSE 358.00
VOLUME 1098
52-Week high 451.95
52-Week low 47.15
P/E
Mkt Cap.(Rs cr) 169
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sunedison Infrastructure Ltd. (SUNEDISONINFRA) - Auditors Report

Company auditors report

TO THE MEMBERS OF SUNEDISON INFRASTRUCTURE LIMITED REPORT ON THESTANDALONE IND AS FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone Ind AS financial statementsof SunEdison Infrastructure Limited ("the Company") which comprises theBalance Sheet as at March 31 2021 the Statement of Profit and Loss (including OtherComprehensive income)the Statement of Changes in Equity and the Statement of Cash Flowsfor the year then ended and Notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS 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 March 31 2021and loss changes in equity and its cash 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 Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the standalone Ind AS Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the standalone Ind AS financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the standalone Ind AS financial statements.

MATERIAL UNCERTAINTY RELATING TO GOING CONCERN

We draw your attention to Note 39 of the standalone Ind AS financialstatements annexed to this report which states that the Company has incurred losses duringthe year ended 31st March 2021 due to which the net worth has been fully eroded as at suchdate. We also draw your attention to Note 40 of the standalone Ind AS financial statementswherein a substantial portion of the Company's business is proposed to berestructured and transferred on a slump sale basis. The notes referred to in thisparagraph in conjunction give rise to a material uncertainty that may cast significantdoubt on the Company's ability to continue as a going concern. As more fullyexplained in such Note 39of the standalone Ind AS financial statements it is consideredappropriate by the management to prepare the financial statements on a going concernbasis. Our opinion is not modified in respect of this matter.

EMPHASIS OF MATTER

1) We draw your attention to Note 40 of the standalone Ind AS financialstatements annexed to this report which more fully describes the transaction which theCompany has entered into vide a Framework agreement dated June 23 2020 wherein theproposed restructuring is being undertaken to primarily separate the completed projectsfrom the under-development projects and transfer such under-development projects alongwith the engineering procurement and construction ("EPC") business and theTrademark "SunEdison" by way of a slump sale on a going concern basis to anentity which is incorporated along with the participation of certain identified externalinvestors. Such note also fully explains events which unfolded by virtue of an interimorder received from the Securities Exchange Board of India (‘SEBI') and itsconsequent impact on such restructuring being undertaken by the Company. The managementhas submitted an application for Settlement before SEBI on August 2 2021 to terminatesuch Framework agreement except to the extent of reliefs granted in the Confirmatory orderreceived on July 15 2021. The management is confident that no material adverse financialimpact may arise on account of the SEBI order issued in February 2021.

2) We draw your attention to Note 41 of the standalone Ind AS financialstatements annexed to this report wherein management has assessed that there is nomaterial impact in the financial statements due to lockdown and related restrictionsimposed towards COVID 19 pandemic. Management continues to monitor all material changes tothe Company's internal and external environment due to the Covid-19 pandemic.

OUR OPINION IS NOT MODIFIED IN RESPECT OF THESE MATTERS. Key AuditMatters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone Ind AS financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone Ind AS Financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. In addition to the matter describedin the Material Uncertainty Related to Going Concern section of our report we havedetermined the matters described below to be the key audit matters to be communicated inour report

KEY AUDIT MATTER AUDITOR'S RESPONSE
Accuracy of recognition measurement presentation and disclosure of revenues and other related balances in view of adoption of Ind AS 115 "Revenue from Contracts with Customers"
The application of the revenue accounting standard involves certain key judgements relating to identification of distinct performance obligations determination of transaction price of the appropriateness of the basis used to measure revenue recognized over a period; estimation of costs to complete determining thestage of completion and the timing of revenue recognition Our procedures included among others obtaining an understanding of contract execution processes and relevant controls relating to the accounting for customer contracts. We tested the relevant internal controls used to ensure the completeness accuracy and timing of revenue recognized including controls over the degree of completion of service contracts at year-end.
We read a sample of contracts to assess whether the method for recognition of revenue was relevant and consistent with Ind AS 115 and has been applied consistently. We focused on contract classification allocation of income and cost to individual performance obligations and timing of transfer of control.

Further revenue comprises of ‘at a point in Where a contractcontained multiple time' types of contracts where revenue is elements we consideredManagement's recognized on transfer of control in relation judgements as to whetherthey comprised to sale of solar water pumps (supply-only and performance obligations thatshould be supply-and-installation) and ‘over a period of accounted for separatelyand in such cases time' types of contracts which involves challenged the judgementsmade in the assessing the degree of completion for allocation of consideration to eachGround Solar Power Plants and performance obligation.

Roof top projects. The Company recognizes

We evaluated and challenged the significant revenue and profit/lossbased on stage of judgements and estimates made by completion which is computed based onManagement in applying the Company's theproportion of contract costs incurred ataccounting policy to a sample of specific the balance sheet date in relation to the totalcontracts and separable performance estimated costs of thecontract at completion.obligations of contracts and we obtained The recognition of revenue and profit/lossevidence to support them including details therefore rely on estimates in relation to theof contractual agreements delivery records total estimated costs of each contract. costestimations budget approvals and cash Refer Note 3(c) of the standalone Ind AS receipts.For the contracts selected we financial statements. inspected original signed contractsand reconciled the revenue recognized to the underlying accounting records.

2 Warranty Provisions

We tested the relevant internal controls regarding completeness ofwarranty The Company's product warranties primarily provisions and how Managementassesses cover expected costs to repair or replace valuation of provisions. We challengedthe components with defects or functional errors assumptions underlying the valuation ofand financial losses su_ered by the provisions by checking and corroboratingCompany's customers in connection with the inputs used to calculate the provisionsunplanned suspension of operations. including interviewing

Management Warranties areusually granted for a period of regardingindividual cases. We assessed five to ten years from legal transfer of the specificwarranty provisions held for solar water pumps. This area is complex as individual casesto evaluate whether the the completeness and valuation of the warranty provisions weresufficient to cover expected outcome of warranty provisions expected costs at year-end.Further we requires a high degree of judgement and the assessed the level of historicalwarranty use of estimates giving rise to inherent claims to assess whether the totalwarranty uncertainty in the amounts recorded in the provisions held at year-end weresufficient to standalone Ind AS financial statements. Refer cover expected costs in lightof known and Note 19 of the standalone Ind AS financial expected cases and standardwarranty statements. periods provided.

INFORMATION OTHER THAN THE STANDALONE IND AS FINANCIAL STATEMENTS ANDAUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the otherinformation. The other information obtained at the date of this auditor's report isinformation included in the Director's report but does not include the standalone IndAS financial statements and our auditor's report thereon.

Our opinion on the standalone Ind AS financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone Ind ASfinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially 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 IND AS FINANCIALSTATEMENTS

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standaloneInd AS financial statements that give a true and fairview of the financial position financial performance changes in equity and cash flows ofthe Company in accordance with the Indian Accounting Standards (Ind AS) and accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the standalone Ind AS financial statements management 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.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE IND ASFINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurancebut is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone Ind AS financial statements.

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

Identify and assess the risks of material misstatement of thestandaloneInd AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that issufficientand appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal control.

Obtain an understanding of internal financial controls 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 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 Ind AS financial statements or if such disclosuresare inadequate 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 Ind AS financial statements including the disclosures and whether thestandalone Ind AS financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind ASfinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 Ind ASfinancial 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 Flow dealtwith by this Report are in agreement with the relevant books of account. d) In ouropinion the aforesaid standalone Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act. e) The matter described in the Materialuncertainty related to Going Concern section above in our opinion may have an adverseeffect on the functioning of the Company.

f) On the basis of the written representations received from thedirectors for the year ended March 31 2021 taken on record by the Board of Directorsnone of the directors is disqualified as on March 31 2021from being appointed as adirector in terms of Section 164 (2) of the Act.

g) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company andthe operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses a qualified opinionon the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

h) 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 Company being a private company section 197 of the Actrelated to the managerial remuneration not applicable.

i) 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 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits financial position. Also refer Note 40 of the standalone Ind AS financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure B" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

For V K A N & Associates
Chartered Accountants
ICAI Firm Registration No 014226S
UDIN:- 21222070AAAADY7837
Kaushik Venkatraman
Partner
Membership No. 222070
Place: Chennai
Date: August 10 2021

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

REFERRED TO IN PARAGRAPH 1H UNDER

‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS' SECTIONOF OUR REPORT TO THE MEMBERS OF

SUNEDISON INFRASTRUCTURE LIMITED OF EVEN DATE

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE I OF SUB SECTION3 OF SECTION 143 OF THE COMPANIES ACT 2013 "THE ACT"

We have audited the internal financial controls over financialreporting of SunEdison Infrastructure Limited ("the Company") as of March 312021 in conjunction with our audit of the standalone Ind AS financial statements of theCompany 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(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

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 the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould 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 March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For V K A N & Associates
Chartered Accountants
ICAI Firm Registration No 014226S
Kaushik Venkatraman
Partner
Membership No. 222070
Place: Chennai
Date: August10 2021

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

REFERRED TO IN PARAGRAPH 2 UNDER

‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS' SECTIONOF OUR REPORT TO THE MEMBERS OF

SUNEDISON INFRASTRUCTURE LIMITEDOF EVEN DATE

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and location of fixed assets

(b) The Company has a regular program of physical verification of itsfixed assets by which fixed assets are verified in a phased manner over a period of threeyears. In our opinion this periodicity of physical verification is reasonable havingregard to the size of the company and nature of its assets.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company there are no immovableproperties are held in the name of the Company.

(ii) In respect of inventories:

(a) Inventories have been physically verified by the management duringthe year. In our opinion the frequency of such interval is reasonable.

(b) The procedures for physical verification of inventories followed bythe management are reasonable and adequate considering the nature and size of the Companyand the nature of its business.

(c) The Company is maintaining proper records of inventory. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material.

(iii) According to the information and explanations given to us and onthe basis of our examination of books of accounts the Company has not granted any loansecured or unsecured to companies firms limited liability partnerships or other partiescovered in the register required under Section 189 of the Companies Act 2013 and henceparagraph 3(iii) of the order is not applicable.

(iv) The Company has complied with provisions of section 185 and 186 ofthe Act in respect of loans. The Company does not have any investments and guaranteeswhich requires compliance under Sections 185 and 186 of the Act.

(v) According to the information and explanations made available to usthe Company has not accepted deposits from the public.

(vi) The Central Government has not prescribed the maintenance of costrecords under section 148(1) of the Act.

Name of the statute Nature of dues Forum where the dispute is pending Period to which the amount relates Amount (Rs)
Income Tax Act 1961 Income Tax Assessing officer 2019-20 (AY) 369180

(vii) According to the information and explanations given to us and onthe basis of our examination of books of accounts in respect of statutory dues

a) There were delays in depositing undisputed statutory dues includingincome tax goods and services tax customs duty and other material statutory dues rangingfrom 11 – 169 days with the appropriate authorities.There are no undisputed amountspayable in respect of income tax goods and services tax and other material statutory duesas at 31 March 2021 for a period of more than six months from the date they becamepayable.

b) According to the information and explanations given to us thedetails of dues of income tax which have not been deposited on account of dispute as atMarch 31 2021 are given below:

(viii) According to the information and explanations given to us and onthe basis of our examination of books of accounts the Company has not defaulted inrepayment of borrowings to a financial institution.

(ix) According to the information and explanations given to us and onthe basis of our examination of books of accounts the Company did not raise any money byway of initial public offer or further public offer (including debt instruments) and termloans during the year.

(x) According to the information and explanations given to us no fraudby the Company or no fraud on the Company by its officers or employees has been noticed orreported during the year. (xi) In our opinion and according to the information andexplanations given to us the Company has paid the managerial remuneration in compliancewith the provisions of Section 197 read along with Schedule V to the Act.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and188 of the Act whereapplicable for all transactions with related parties and the details of such relatedparty transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations give to us and onthe basis of our examination of books of accounts the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year

(xv) According to the information and explanations given to us and onthe basis of our examination of books of accounts the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For V K A N & Associates
Chartered Accountants
ICAI Firm Registration No 014226S
Kaushik Venkatraman
Partner
Membership No. 222070
Place: Chennai
Date: August10 2021

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