avantel ltd share price Auditors report

To

The Members of Avantel Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone nancial statements of Avantel Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2023, the Statement of Pro t and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the nancial statements, including a summary of signi cant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone nancial statements give the information required by the CompaniesAct,2013 (“theAct”) in the manner so required and give a true and fair view in conformity with the IndianAccounting Standards prescribed under section 133 of theAct read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and its pro t, total comprehensive income, changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone nancial statements in accordance with the Standards onAuditing (SAs) speci ed under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for theAudit of the standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the standalone nancial statements under the provisions of theAct and the Rules made thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics.We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our opinion on the standalone nancial statements.

Emphasis of Matter

We draw attention to Note 50 of the nancial statements, which describes the extent to which the COVID-19 Pandemic will impact the Companys results which depend on future developments that are highly uncertain. Our opinion is not modi ed in respect of this matter.

KeyAudit Matters

Key audit matters are those matters that, in our professional judgement, were of most signi cant in our audit of the standalone nancial statements of the current period. These matters were addressed in the context of our audit of the standalone nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
Fair value assessment of trade receivables	Principal Audit Procedures
Trade receivables comprise a signi cant portion of the liquid assets of the Company.	We assessed the validity of material long outstanding receivables which are Nil by reviewing the customer ledger during current year. We also considered payments received subsequent to year-end, and unusual patterns if any were reviewed to identify potentially impaired balances.The assessment of the appropriateness of the allowance for trade receivables comprised a variety of audit procedures across the Group including:
The trade receivables are mostly dues receivable from Government and allied Government agencies hence not impaired.There was no provision made on the trade receivable in the previous year. The most signi cant portion of the trade receivables less than	Challenging the appropriateness and reasonableness of the assumptions applied in the directors assessment of the receivables allowance;
one year comprises which are dues from Government and Government agencies hence not impaired. Accordingly, the estimation of the allowance for trade receivables is a signi cant judgment area and is therefore considered a key audit matter.	Consideration and concurrence of the agreed payment terms;
	Verification of receipts from trade receivables subsequent to year-end; and
	Considered the completeness and accuracy of the disclosures.
	To address the risk of management bias, we evaluated the results of our procedures against audit procedures on other key balances to assess whether or not there was an indication of bias.
	We were satis ed that the Companys trade receivables are fairly valued and no provision is deemed to be required against these receivables.
Revenue recognition	PrincipalAudit Procedures
The Company applies judgment to determine whether each goods, software product or services promised to a customer are capable of being distinct, and are distinct in the context of the contract, if not, the promised goods, software product or services are combined and accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identi able performance obligation deliverables based on their selling price determined in contract.	Our audit procedures in respect of this area included:
The accuracy and of revenue amounts recorded is an inherent industry risk Disclosures relating revenue recognition are in Note 24.	We evaluated the effectiveness of key controls over the capture and measurement of revenue transactions across all material revenue streams
	Testing controls over software product sales including:
	- documentation evidencing internal and third party physical inspection and con rmation of complete status;
	We evaluated the adequacy of the disclosures included in Note 24.

Information Other than the Financial Statements andAuditors ReportThereon

The Companys Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Directors Report and Corporate Governance Report but does not include the consolidated nancial statements, standalone nancial statements and our auditors report thereon. The Directors Report and Corporate Governance Report is expected to be made available to us after the date of this auditors report.

Our opinion on the standalone nancial statements does not cover the other information and we will not express any form of

assurance conclusion thereon.

In connection with our audit of the standalone nancial statements, our responsibility is to read the other information identi ed above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Directors report and Corporate Governance Report if we conclude that there is a material misstatement

therein, we are required to communicate the matter to those charged with Governance.

Managements Responsibility for the standalone nancial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone nancial statements that give a true and fair view of the nancial position, nancial performance, total comprehensive income, changes in equity and cash ows of the Company in accordance with the IND AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone nancial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys nancial reporting process.

Auditors Responsibilities for theAudit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these standalone nancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the

audit.We also:

Identify and assess the risks of material misstatement of the standalone nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient and

appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal nancial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for

expressing our opinion on whether the company has adequate internal nancial controls system in place and the

operating effectiveness of such controls.

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

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi cant doubt

on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone nancial statements, including the disclosures, and whether the standalone nancial statements represent the underlying transactions and events in a manner that

achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone nancial statements that, individually or in aggregate, makes it

probable that the economic decisions of a reasonably knowledgeable user of the standalone nancial statements may be in uenced.

We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results

of our work; and (ii) to evaluate the effect of any identi ed misstatements in the standalone nancial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit

and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signi cance in the audit of the standalone nancial statements of the current period and are therefore the key audit matters.We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of theAct based on our audit, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were

necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our

examination of those books.

(c) The Balance Sheet, the Statement of Pro t and Loss including Other Comprehensive Income, Statement of Changes in

Equity and the Statement of Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone nancial statements comply with the Indian Accounting Standards prescribed

under Section 133 of theAct.

(e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disquali ed as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the

operating effectiveness of such controls, refer to our separate Report in“Annexure-A”.

(g) With respect to the other matters to be included in theAuditors Report in accordance with the requirements of section 197(16) of theAct, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid or provided by the company to its directors during the year is in accordance with the provisions of section 197 of theAct.

(h) With respect to the other matters to be included in the Auditors 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 the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its nancial position in its standalone nancial

statements. Refer note 39 to the standalone nancial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there are any material

foreseeable losses;

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

the Company;

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the Company (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

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

v. As stated in Note 42to the standalone nancial statements:

(a) the dividend proposed in the previous year, declared and paid by the Company during the year is in

accordance with Section 123 of theAct, as applicable.

(b) The Board of Directors of the Company have proposed dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of theAct, as applicable.

vi. Provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires for maintaining books of accounts using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023. However, as per rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 the auditors are required to comment on audit trail (edit log) for the year 2022-23. As the maintaining books of accounts using accounting software which has a feature of recording audit trail (edit log) facility is not applicable to the Company for the year 2022-23, hence we are unable to report under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 for the nancial year ending March 31, 2023.

2. As required by the Companies (Auditors Report) Order, 2020, (“the Order”) issued by the Central Government in terms of Section 143 (11) of theAct, we give in“Annexure- B” a statement on the matters speci ed in paragraphs 3 and 4 of the Order.

For Grandhy & Co

Chartered accountants Firm Registration No.S-1007

	Sd/-
	Naresh Chandra Gelli
	Partner
	Membership No. 201754
	UDIN: 23201754BGXHYA8830
Place : Hyderabad
Date : April 13, 2023

Annexure “A” to the Independent Auditors Report

(Referred to in paragraph 1(f) under Report on Other Legal Regulatory Requirements section of our report to the Members

of the Company of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section

143 of the CompaniesAct, 2013 (“theAct”)

We have audited the internal nancial controls over nancial reporting of Avantel Limited (“the Company”) as of 31 March 2023

in conjunction with our audit of the standalone nancial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal nancial controls based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and ef cient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable nancial information, as required under the CompaniesAct, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal nancial controls over nancial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the“Guidance Note”) issued by ICAI and the Standards onAuditing prescribed under section 143(10) of the CompaniesAct, 2013, to the extent applicable to an audit of internal nancial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal nancial controls over nancial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls system over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an understanding of internal nancial controls over nancial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the

Companys internal nancial controls system over nancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the nancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial reporting, including the possibility of collusion or

improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial reporting may become inadequate because of changes in conditions, or 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 the explanations given to us, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at 31 March 2023, based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Grandhy & Co

Chartered accountants Firm Registration No.S-1007

	Sd/-
	Naresh Chandra Gelli
	Partner
	Membership No. 201754
	UDIN: 23201754BGXHYA8830
Place : Hyderabad
Date : April 13, 2023

Annexure“B” to the IndependentAuditors Report

With reference to Paragraph 2 under Report on Other Legal Regulatory Requirements section of our report to the Members of

the Company, we report that:

I In respect of the Companys Property, Plant and Equipment and IntangibleAssets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of

Property, Plant and Equipment and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) According to the information and explanations given to us and the records of the company examined by us, the property, plant and equipment have been physically veri ed by the management in a periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such physical veri cation.

(c) Based on our examination of registered sale deeds and other documents, the title deeds of all the immovable properties

disclosed in the nancial statements are held in the name of the Company

(d) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and intangible

assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding

any benami property under the BenamiTransactions (Prohibition)Act, 1988 and rules made thereunder.

ii. (a) The inventory has been physically veri ed by the management during the year. In our opinion, the coverage, frequency and procedure of such veri cation is reasonable and adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on veri cation between the physical stocks and the book records were not exceeding 10% in the aggregate for each class of inventory and have been properly dealt with in the books of account.

(b) The Company is sanctioned working capital limits in excess of Rs.5 Crore from banks on the basis of security of current assets. Further, the quarterly returns or statements led by the Company with such banks are in agreement with the books of account of the Company.

iii. During the year, the Company has made investments in a company.The Company has not provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnerships or any other parties.

(a) During the year, the Company has not provided loans or advances in the nature of loans or stood grarantee or provided

security to any other entity.

(b) In our opinion, the investments made during the year are, prima facie, not prejudicial to the Companys interest.

(c) The Company has not granted any loans and advances in the nature of loans. Hence reporting under clause

3(iii)(c),(d),(e) and (f) of the order is not applicable.

iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans

granted, investments made and guarantees and securities provided, as applicable.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v)

of the Order is not applicable.

vi. We have broadly reviewed the cost records maintained by the Company as prescribed under subsection (1) of section 148 of theAct, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained.We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii. In respect of statutory dues:

a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise,ValueAddedTax, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2023 for a period of more than six months from the date they became payable.

b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2023 on

account of disputes are given below:

Nature of	Nature	Forum where	Period to which	Amount
the Statute	of Dues	dispute is Pending	the amount Relates	Rs. Lakhs
The Income	Income Tax	The Commissioner	Assessment year 2021-22	219.05
Tax Act, 1961		of Income Tax (Appeals)	(Previous year 2020-21)

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income

during the year in the tax assessments under the IncomeTaxAct, 1961 (43 of 1961).

ix. a) The Company has not defaulted in repayment of loans taken from the banks. The Company has not taken loans from

nancial institutions and Government.

b) The Company has not been declared wilful defaulter by any bank or nancial institution or government or any

government authority.

c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of

the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

d) On an overall examination of the nancial statements of the Company, funds raised on short-term basis have, prima facie,

not been used during the year for long-term purposes by the Company.

e) On an overall examination of the nancial statements of the Company, the Company has not taken any funds from any

entity or person on account of or to meet the obligations of its subsidiary.

f) According to the information and explanations given to us and procedures performed by us, we report that the company

has not raised loans during the year on the pledge of securities held in its subsidiary.

x. a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments)

during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible

debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the CompaniesAct has been led in FormADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

c) As represented to us by the management, there are no whistle blower complaints received by the company during the

year.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the CompaniesAct, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the nancial statements as required by the applicable accounting standards.

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

business.

b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till

date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

xvi. a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

b) In our opinion, there is no core investment company within the Group (as de ned in the Core Investment Companies

(Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the nancial year covered by our audit and the immediately preceding

nancial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the nancial ratios, ageing and expected dates of realisation of nancial assets and payment of nancial liabilities, other information accompanying the nancial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company.We further state that our reporting is based on the facts up to the date of the audit report and 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 as and when they fall due.

xx. a) There is no amount to be spent for other than ongoing projects towards Corporate Social Responsibility (CSR). Hence,

reporting under clause 3(xx)(a) of the Order is not applicable for the year.

b) The Company does not have ongoing projects relating to CSR. Hence reporting under clause 3(xx)(b) of the Order is not

applicable.

For Grandhy & Co

Chartered accountants Firm Registration No.S-1007

	Sd/-
	Naresh Chandra Gelli
	Partner
	Membership No. 201754
	UDIN: 23201754BGXHYA8830
Place : Hyderabad
Date : April 13, 2023