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Surana Telecom and Power Ltd.

BSE: 517530 Sector: Others
NSE: SURANAT&P ISIN Code: INE130B01031
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VOLUME 7034
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P/E 13.45
Mkt Cap.(Rs cr) 153
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OPEN 11.80
CLOSE 11.49
VOLUME 7034
52-Week high
52-Week low
P/E 13.45
Mkt Cap.(Rs cr) 153
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Surana Telecom and Power Ltd. (SURANAT&P) - Auditors Report

Company auditors report

To

The Members of

M/S SURANA TELECOM AND POWER LIMITED

Report on the Audit of Standalone Financial Statements Opinion

We have audited the accompanying Standalone financial statements of SURANATELECOM AND POWER LIMITED ("the Company") which comprise the Balance Sheetas at 31st March 2022 the Statement of Profit statement of Other Comprehensive Incomethe Cash Flow Statement and the statement of change in Equity for the year then ended andnotes to the standalone financial statements including the summary of the significantaccounting policies and other explanatory information (hereinafter 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 Companies Act 2013 (‘the Act") in the manner so required and give atrue and fair view in conformity with the Indian Accounting Standards prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2022 and its profittotal comprehensive income (comprising of profit and other comprehensive income) its cashflows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing ("SA"s) specified under section143(10) of the Act. Our responsibilities under those standards are further described inthe Auditor's Responsibility for the Audit of the Standalone Financial Statementssection of our report. We are independent of the company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our Audit of the StandaloneFinancial Statements under the provision of the Act and the Rules made there under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of Standalone Financial Statements of the currentperiod. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters below to be the keyaudit matters to be communicated in our report. We have determined that there are no otherkey matters to communicate in our reports.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report including annexureto Board's Report Business Responsibility Report Corporate Governance andShareholder's Information but does not include the standalone financial statementsand our auditor's report thereon. and Loss including the Our opinion on thestandalone financial statements does not cover the other information and we do not expressany 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 required by thestatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information; we are required to report thatfact. We have nothing to report in this regard.

Management Responsibility for the Standalone Financial Statements

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 standalone financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive income cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 andthe companies (Indian Accounting Standards) Rule 2015 as amended. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone 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.

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

Auditor's Responsibilities for the Audit of 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 professionaljudgment 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 fraudany involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

? Obtain an understanding of internal financial controls relevant tothe 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 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 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 financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 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 standalonefinancialstatements 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 the Companies (Auditor's Report) Order 2022(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 B" statement on thematters Specified in paragraphs 3 and 4 of the Order.

2) 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 thestatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with theInd AS specified under section 133 of the Act.

e. On the basis of written representations received from the directorsas on March 31 2022 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 from being appointed as a director in terms of Section164(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 an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting.

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 has been paid by the Company to its directorsduring the year is in accordance with the provisions of section 197 of the Act. h. Withrespect to other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which wouldimpact its financial position.

(ii) The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.

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

(iv) a) The Management of the company have represented to us to thebest of their knowledge and belief no funds have been advanced or loaned or invested(either from the borrowed funds or share premium or any other sources or kind of funds) bythe Company to or in any other person or entity including foreign entity("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company("Ultimate beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate beneficiaries;

b) The Management of the Company have represented to us to the best ofthe knowledge and belief no funds have been received by the company from any person orentity including foreign entity ("Funding parties") with the understandingwhether recorded in writing or otherwise that the Company shall directly or indirectlylend or invest in other persons or entities identified in any manner what's thewhatsoever by or on behalf of the funding party ("Ultimate beneficiaries') orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on audit procedures that have been considered reasonable andappropriate in the circumstances performed by us on the Company nothing has come to ournotice that has caused us to believe that the representations are under sub clause (i) and(ii) of Rule 11(e) as provided under (a) and (b) above contain any material misstatement

For Luharuka & Associates
Chartered Accountants
Firm Reg No: - 01882S
Rameshchand Jain
(Partner)
Place: Secunderabad Membership No.: 023019
Date: 21 May 2022 UDIN: 22023019AJITRT9526

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 to the Members of SURANA TELECOM ANDPOWER LIMITED of even date) Report on the Internal Financial Controls Over FinancialReporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial to Standalone FinancialStatements of SURANA TELECOM AND POWER LIMITED ("the Company") as of 31March 2022 in conjunction with our audit of the Standalone 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. 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 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 sufficientandappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reportingiswith reference a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal financial control over financial reporting includes those policiesand 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 as necessary topermit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could havea material effect on the standalone 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 31 March 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Luharuka & Associates
Chartered Accountants
Firm Reg No: - 01882S
Rameshchand Jain
(Partner)
Place: Secunderabad Membership No.: 023019
Date: 21 May 2022 UDIN: 22023019AJITRT9526

‘ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of SURANA TELECOM ANDPOWER LIMITED of even date)

To the best of our information and according to the explanationsprovided to us by the company and the books of account and records examined by us in thenormal course of audit we state that:

(i) In respect of the company's Property Plant and Equipment andintangible assets-

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

B) The Company has not capitalized any intangible assets in the booksof the Company and accordingly the requirement to report on clause 3(i) (a) (B) of theOrder is not applicable to the Company.

b) As explained to us Property Plant and Equipment have beenphysically verified by the management at reasonable intervals. According to theinformation and explanation given to us by the management no material discrepancies havebeen noticed on such verification.

c) According to the information and explanations given to us and on thebasis of our examination of the records of the company the title deeds of immovableproperties (other than properties where the Company is the lessee and the lease agreementsare duly executed in favour of the lessee) included in Property Plant and Equipment areheld in the name of company.

d) The Company has not revalued any of its Property Plant andEquipment (including right of use assets) and intangible assets during the year endedMarch 31 2022.

a) As explained to us no proceedings have been initiated during theyear or are pending against the Company as at March 31 2022 for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (as amended in 2016) andrules made thereunder.

(ii) (a) As explained to us the inventory has been physically verifiedby the management during the year. In our opinion the frequency of verification by themanagement is reasonable and the coverage and procedure for such verification isappropriate and discrepancies of 10% or more in aggregate for each class of inventory werenot noticed in respect of such verification.

(b) As disclosed in notes to the standalone financialstatements the Company has been sanctioned working capital limits in excess of Rs fivecrores in aggregate from banks during the year on the basis of security of current assetsof the Company. The quarterly statements filed by the Company with such banks are inagreement with the books of accounts of the Company. The Company does not have any workingcapital limits sanctioned from financial institutions.

(iii) During the year the company had granted unsecured loan to sixparties as covered in the register maintained under section 189 of the Companies Act2013in respect of which:

a) The Balance outstanding at the balance sheet date with respect tosuch loan is Rs 4719.88 lacs.

b) In our opinion the investments made and the terms and conditions ofthe grant of loans during the year prima facie not prejudicial to the Company'sinterest.

c) In respect of loans granted by the Company the schedule ofrepayment of principal and payment of interest has not been stipulated in the agreement.

Hence we are unable to make a specificcomment on the regularity ofrepayment of principal and payment of interest in respect of such loan.

d) There are no overdue amounts in respect of the loan granted to abody corporate listed in the register maintained under section 189 of the Act.

e) No loan granted by the Company which has fallen due during the yearhas been renewed or extended or fresh loans granted to settle the over dues of existingloans given to the same parties.

a) As disclosed in notes to the standalone financial statements theCompany granted unsecured loan to four subsidiaries and two associate companies which iseither repayable on demand or without specifying any terms or period of repayment.Following is the detail of the aggregate amount of loans or advances in the nature ofloans granted to promoters or related parties as defined in clause (76) of section 2 ofthe Companies Act 2013:

Aggregate amount of loan to subsidiaries - Repayable on demand Percentage of loan granted to the total loans
Rs 2244.94 lacs 48
Aggregate amount of loan to associates- Repayable on demand
Rs 2474.94 lacs 52

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investments made.

(v) In our opinion and according to the information and explanationsgiven to us the Company has neither accepted any deposits from the public nor acceptedany amounts which are deemed to be deposits within the meaning of sections 73 to 76 of theCompanies Act and the rules made thereunder to the extent applicable. Accordingly therequirement to report on clause 3 (v) of the Order are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by thecompany prescribed by the Central Government of India under section 148(1) of the Act andare of the opinion that prima facie the prescribed accounts and records have beenmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us inrespect of statutory dues:

a) According to the information and explanations given to us and basedon the records of the company examined by us the company is generally regular indepositing the undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Dutyand other statutory dues as applicable with the appropriate authorities in India;

b) According to the information and explanations given to us and basedon the records of the company examined by us no undisputed amounts payable in respect ofProvident Fund Income Tax Sales Tax Wealth Tax and other material statutory dues for aperiod of more than six months from the date they become payable except the followingdisputed statutory liabilities have not been deposited in view of pending Appeals.

Name of Statue Nature of dues (Amount involved in dispute /Amount not paid) Period to which it relates Forum where dispute is pending
Central Excise Act 1944 Excise Duty 2274049/- 2013 CESTAT Hyderabad III

(viii) According to the records of the company examined by us and asper the information and explanation given to us there were no transactions relating topreviously unrecorded income that have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 (43 of 1961).

(ix) (a) According to the records of the company examined by us and asper the information and explanations given to us the company has not defaulted inrepayment of loans or other borrowings or in the payment of interest thereon to anyfinancial institution or banks or lender.

(b) According to the records of the company examined by us and as perthe information and explanations given to us The Company has not been declared willfuldefaulter by any bank or financial institution or government or any government authority.

(c) According to the records of the company examined by us and as perthe information and explanations given to us the term loans were applied for the purposefor which the loans were obtained.

(d) According to the records of the company examined by us and as perthe information and explanations given to us on an overall examination of the financialstatements of the Company no funds raised on short-term basis have been used forlong-term purposes by the Company.

(e) According to the records of the company examined by us and as perthe information and explanations given to us on an overall examination of the financialstatements of the Company the Company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries or associate companies.

(f) According to the records of the company examined by us and as perthe information and explanations given to us the Company has not raised loans during theyear on the pledge of securities held in its subsidiaries or associate companies. Hencethe requirement to report on clause (ix) (f) of the Order is not applicable to theCompany.

(x) (a) According to the information and explanations given to us andbased on our examination of the records of the company the Company has not raised moneysby way of initial public offer or further public offer (including debt instruments) duringthe year and hence reporting under clause 3(x) (a) of the Order is not applicable.

(b) According to the information and explanations given to us and basedon our examination of the records of the company during the year the Company has notmade any preferential allotment or private placement of shares or convertible debentures(fully or partly or optionally) during the year under audit and hence reporting underclause 3(x) (b) of the Order is not applicable.

(xi) (a) According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

(b) According to the information and explanations given to us duringthe year and upto the date of this audit report no report under sub-section (12) ofsection 143 of the Companies Act 2013 has been filed by the secretarial auditor or by usin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government.

(c) According to the information and explanations given to us duringthe year there are no whistle blower complaints received by the company during the year.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the Order is not applicable. (xiii) According to the information andexplanations given to us and based on our examination of the records of the companytransactions with the related parties are in compliance with Section 177 and 188 of theCompanies Act 2013 where applicable and details of such transactions have been disclosedin the Financial Statements as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

(xv) In our opinion during the year the Company has not entered intoany non-cash transactions with its directors or persons connected with its directors.Hence provisions of section 192 of the Companies Act 2013 are not applicable to theCompany.

(xvi) (a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi) (a) (b) and (c) of the Order is not applicable.

(b) According to the information and explanations given to us and basedon our examination of the records of the company the Company has not conducted anyNon-Banking Financial or Housing Finance activities without obtained a valid Certificateof Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act1934.

(c) According to the information and explanations given to us and basedon our examination of the records of the company the Company is not a Core InvestmentCompany as defined in the regulations made by Reserve Bank of India. Accordingly therequirement to report on clause 3(xvi) (c) of the Order is not applicable to the Company.

(d) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi) (d) of the Order is not applicable.

(xvii) In our opinion there is no cash loss in the financial year andin the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of theCompany during the year.

(xix) On the basis of the financial ratios ageing and expected datesof realization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

(xx) According to the information and explanations given to us andbased on our examination of the records of the company there are no unspent amounts thatare required to be transferred to a fund specified in Schedule

VII to the companies Act (the Act) in compliance with second provisoto sub section 5 of section 135 of the Act. Accordingly reporting under clause 3(xx) (a)and (b) of the Order is not applicable.

For Luharuka & Associates
Chartered Accountants
Firm Reg No: - 01882S
Rameshchand Jain
(Partner)
Place: Secunderabad Membership No.: 023019
Date: 21 May 2022 UDIN: 22023019AJITRT9526

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