ivrcl ltd Auditors report


To

The Liquidator of IVRCL Limited

Disclaimer of Opinion

We were engaged to audit the accompanying standalone financial statements of IVRCL Limited (the "Company"), the Balance Sheet as at March 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year on that date and a summary of the significant accounting policies and other explanatory information for the year then ended in which are incorporated the unaudited returns of all the branches of the Company for the year ended on that date. We do not express an opinion on the accompanying standalone financial statements of the Company. Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for the audit opinion. Accordingly, we do not express an opinion on the standalone financial statements of the Company for the year ended March 31, 2022.

Basis for Disclaimer of Opinion

We refer to the following notes in the accompanying Statement:

a. Note 38 of the standalone financial statement, in respect of the preparation of financial statements of the Company has incurred a Net Loss of Rs. 19,515.25 Million for the year ended March 31, 2022, resulting in accumulated losses of Rs. 1,24,651.41 Million and erosion of its Net worth as of March 31, 2022. The Company has obligations towards fund-based borrowings (including interest) aggregating to Rs.1,43,268.17 Million as per books of accounts and nonfund-based exposure aggregating to Rs. 5,203.59 Million, operational creditors, and statutory dues, subject to reconciliation/verification as stated in the note below, that have been demanded/recalled by the financial/operating creditors pursuant to the ongoing Liquidation process as a going concern, obligations pertaining to operations including unpaid creditors and statutory dues as at March 31, 2022. The Companys ability to continue as a going concern depends upon many factors including continued support from the financial creditors, operational creditors, and submission of a viable revival plan by the prospective investor/bidder. As the company is a going concern by order of the NCLT dated 26th July 2019 with corrigendum order issued on July 31, 2019, and received the bid under the Third E-auction process for the sale of the company as a going concern, in the opinion of the management, the company will continue its operations and the above results have been prepared on the basis that the Company is a Going Concern and however, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The ultimate outcome of these matters is at present not ascertainable. Accordingly, we are unable to comment on the consequential impact, if any, on the accompanying Statement.

b. Note 39 of the standalone financial statement, in respect of recognition of deferred tax asset on account of carrying forward unused tax losses and other taxable temporary differences aggregating to Rs.9,570.59 Million. As the company is a going concern by the Order of NCLT dated 26th July 2019 with corrigendum order issued on July 31, 2019, and received the bid under the Third E- auction process for the sale of the company as a going concern, the management of the company is confident that sufficient future taxable income will be available against which such deferred tax asset will be realized. However, in our opinion, in absence of convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized, such recognition is not in accordance with Indian Accounting Standard 12 "Income Taxes" (Ind AS 12). Had the aforesaid deferred tax assets not been recognized, loss after tax for the year ended March 31, 2022 would have been higher by Rs.9,570.59 Million and other equity would have been lower by Rs.9,570.59 Million.

c. Note 40 of the standalone financial statement, in connection with the existence of material uncertainties over the reliability of bank guarantees encashed by customers, certain trade receivables, unbilled revenue, security deposit, withheld, claims of indirect taxes, and other deposits including bank guarantees encashed by customers aggregating to Rs. 15,493.82 Million which are subject matters of various disputes /arbitration proceedings/ negotiations with the customers and contractors due to termination/foreclosure of contracts and other disputes. The management of the Company is confident of a positive outcome of litigation/ resolution of the dispute and recovering the aforesaid dues. Had the aforesaid assets been provided for impairment, loss after tax for the year ended March 31, 2022 would have been higher by Rs. 15,493.82 Million, and other equity would have been lower by Rs. 15,493.82 Million.

d. Note 41 of the standalone financial statement in respect of investment of Rs. 18,343.92 Million without adjusting the equity investment invoked as referred in the note no. 55 of the standalone financial statement in subsidiaries engaged in BOT and other projects as of March 31, 2022, which are under disputes with the concessionaire, and other subsidiaries that have significant accumulated losses as at March 31, 2022. The management of the Company is at various stages of negotiation /communication /arbitration with respective contractees/clients of such subsidiaries engaged in BOT and other projects to recover the dues and costs incurred by the Company and taking necessary steps to turn around the loss-making subsidiary Companies. As the company is a going concern by the order of NCLT dated 26th July 2019 with corrigendum order issued on July 31, 2019 and received the bid under Third E-auction process for sale of the company as a going concern and in view of ongoing discussion, no provision has been considered necessary by the management in respect of impairment in the value of the investment. In absence of a fair valuation of these Investments, we are unable to comment upon the carrying value of these investments and the consequential impact, if any, on the accompanying standalone financial results.

e. Note 42 of the statement in respect of loans and advances of Rs. 7,426.08 Million as of March 31, 2022, given to subsidiary companies, associates, net receivable against development rights, various sub-contractors, vendors, and other parties that are outstanding for long period. The management of the Company is at various stages of negotiation /communication/arbitration with respective contractees /clients/ sub-contractors/vendors to recover the dues and costs incurred by the Company and taking necessary steps to turn around the loss-making subsidiary Companies.

As the company is a going concern by Order of the NCLT dated 26th July 2019 with corrigendum order issued on July 31, 2019, and received the bid under Third E-auction process for the sale of the company as a going concern and accordingly, no provision has been considered necessary by the management in respect of impairment in the value of loans and advances. Had the aforesaid assets been provided for impairment, loss after tax for the quarter and year ended March 2022 would have been higher by Rs. 7,426.08 Million, other equity would have been lower by Rs. 7,426.08 Million.

f. Note 38 and 43 of the standalone financial statement in respect commencement of Liquidation process as going concern by order of the NCLT dated 26th July 2019 with corrigendum order issued on July 31, 2019, there are various claims submitted by the operational creditors, the financial creditors, employees, statutory authorities and other creditors against the Company including the claims on Companys subsidiaries. Some of these claims are under further verification/validation and the same may be updated as per any additional information which may be received in the future. Hence there are differences between the liabilities admitted vis-avis balance as per books of account., that are currently under consideration/reconciliation. Pending reconciliation/admission of such claims, we are unable to comment on the consequential impact, if any, on the accompanying statement;

g. Note 45 of the standalone financial statement in respect of Confirmation of balances could not be obtained as of March 31, 2022, for banks balances, bank borrowings, trade receivables including retention, loans and advances, and trade payables, though, the management has requested for the confirmation of balances and the status is still continued. The Management believes that no material adjustments would be required in books of account upon receipt of these confirmations, we are unable to comment on the extent to which such balances are recoverable or payable.

h. Note 46 of the standalone financial statement in respect of Physical verification for fixed assets aggregating to Rs.1,161.11 Million (net block as on March 31, 2022) and inventory aggregating to Rs.513.16 Million (as on March 31, 2022) could not be carried out at all locations including project site that are terminated/ foreclosed/ having slow progress and the status is still continued. The Management believes that no item of fixed assets and inventory has a net realizable value in the ordinary course of business that is less than the amount at which it is included in the fixed assets and inventories. Accordingly, no provision is required in respect of such fixed assets and inventories. In absence of any alternative corroborative evidence, we are unable to comment on the recoverability of the same.

i. Note 47 of the standalone financial statement in respect of various input credits and balances with various statutory authorities pertaining to service tax, VAT, sales tax, etc. aggregating to Rs.1,942.85 Million as of March 31, 2022. The recovery of these amounts is subject to reconciliation, filing of returns, and admission by respective statutory authorities, and the status is still continued. No adjustments have been made in the books of accounts in respect of such amounts, thus we are unable to comment on whether any provision for impairment in the value of advances is required.

j. Note 55 of the standalone financial statement in respect of share invoked, IndusInd Bank has invoked the pledge of 2,59,47,482 equity shares of Chennai Water Desalination Limited and 51,27,870 equity shares of Chandrapur Tollways Limited held by the Corporate Debtor (IVRCL Limited) and the same has been intimated through their claim during liquidation process by way of non- relinquishment of security interest which are exclusively mortgaged to IndusInd Bank. As the liquidation of IVRCL Limited as a going concern is under process and yet to be crystallized the claim amount of the lenders, no accounting effect was given in the books of accounts of IVRCL Limited for the said invocation of the pledge of shares. The title of equity investment that has been pledged could not be ensured lack of Demat statement, thus we are unable to comment on whether any provision for impairment in the value of advances is required.

k. Note 23 of the standalone financial statement, in respect of periods of default in repayment of borrowing and interest have not been provided to Compliance the minimum presentation and disclosure requirement as per the schedule II of the Companies Act, 2013, as amended.

l. In view of the matters of Basis for Disclaimer of Opinion, we are unable to obtain sufficient appropriate audit evidences regarding the extent of the loss allowance/impairment or potential liability to be recognised, if any, and the consequential impact on the standalone financial statements as at and for the year ended March 31, 2022. The matter respective statutory authorities and no provision has been made thus, we are unable to comment whether any provision for impairment in the value of advances is required.

Stated above in para l of Basis for Disclaimer of Opinion give rise to the inappropriateness of use of generally accepted accounting principles that are applicable to the minimum presentation and disclosure requirement as per the schedule III of the Companies Act, 2013, as amended. Accordingly, we form a basis of disclaimer of opinion.

Emphasis of Matter

We draw attention to the following matters:

a. Note 48 of the Standalone financial statement in respect of a Show Cause Notice U/s 279 (1) of the IT Act 1961 for initiation of prosecution proceedings U/s 276 (B) of the IT Act 1961 for failure to deposit the deducted Tax at Source within the due date in Central Government Account for the financial year 2016-17 & 2017-18 for the amount of Rs. 103.40 Million and Rs.189.12 Million respectively.

In respect of the above, the IT department has also sent notices U/s 226 (3) of the IT Act 1961 to certain banks and customers of the company demanding the recovery of the aforesaid arrears.

Pursuant to the application under Section 60(5) of the Insolvency and Bankruptcy Code 2016, the National Company Law Tribunal, Hyderabad vide its order dated 17th December 2019 directs the IT department to withdraw the garnishee notices issued to the Banks and also directed the Banks to release any amount due to corporate Debtor.

b. Note 49 of the Standalone financial statement in respect of received order of the Regional Provident Fund Commissioner in the matter of levy of damages pertaining to the earlier years U/s 14 B of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 aggregating to Rs. 0.41 Million for the period from 10/1999 to 02/2009 and Rs. 60.86 Million for the period from 07/2009 to 03/2015.

In respect of the above, The Employees Provident Fund Organisation has also sent notice u/s 8 F of the Employees Provident Fund and Miscellaneous Provisions of the Act, 1952 to a Bank demanding the recovery of Rs. 91.22 Million (including interest of Rs. 29.96 Million).

The company has filed an appeal u/s 7-I of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 with the Employees Provident Fund Appellate Tribunal, Bangalore Bench regarding the damages amounting to Rs. 61.27 Million and the matter is presently sub-judice.

Our report is not qualified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial 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.

Sl. No. Key Audit Matter Auditors Response
1 Assessment of litigations and related disclosure of contingent liabilities. Our audit procedures included the following:
The Financial Statements- "Use of estimates and critical accounting judgements - Provisions and contingent liabilities". • We understood, assessed and tested the design and operating effectiveness of key controls surrounding assessment of litigations relating to the relevant laws and regulations;
As at March 31, 2022, the Company has exposures towards litigations relating to various matters as set out in the aforesaid Notes. • We discussed with management the recent developments and the status of the material litigations which were reviewed and noted.
Significant management judgement is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recognised, or a disclosure should be made. • We performed our assessment on a test basis on the underlying calculations supporting the contingent liabilities/other significant litigations made in the Financial Statements;
The management judgement is also supported with legal advice in certain cases as considered appropriate. As the ultimate outcome of the matters are uncertain and the positions taken by the management are based on the application of their best judgement, related legal advice including those relating to interpretation of laws/regulations, it is considered to be a Key Audit Matter. • We used auditors experts to gain an understanding and to evaluate the disputed tax matters;
• We evaluated managements assessments by understanding precedents set in similar cases and assessed the reliability of the managements past estimates/judgements;
• We evaluated managements assessment around those matters that are not disclosed or not considered as contingent liability, as the probability of material outflow is considered to be remote by the management; and
• We assessed the adequacy of the Companys disclosures. Based on the above work performed, managements assessment in respect of litigations and related disclosures relating to contingent liabilities/other significant litigations in the Financial Statements are considered to be reasonable.

Information Other than the Financial Statements and Auditors Report Thereon

In view of ongoing Liquidation process, the Liquidator is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the financial statements and our auditors report thereon. These reports could not be expected to be made available to us because of Board are not in existence.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Managements Responsibility for the Standalone Financial Statements

The Honble National Company Law Tribunal, Hyderabad Bench ("NCLT") has passed its Order dated July 26, 2019 read with corrigendum order issued on July 31, 2019 for Liquidation of M/s IVRCL Limited "as going concern" and the Resolution professional (RP) for the Company has been appointed as the Liquidator. The Liquidator shall exercise the powers and duties as enumerated in sections 35 to 50, 52 to 54 of the Insolvency and Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

The Honble National Company Law Appellate Tribunal, New Delhi (NCLAT) has passed its order dated September 06, 2019 for admission of the case on 17th October 2019. Also orders that the Liquidator will ensure that the company remains a going concern and the liquidator will not sell or transfer or alienate movable or immovable property of the corporate debtor without prior approval of the Appellate Tribunal.

The said order is vacated by the Honble National Company Law Appellate Tribunal, New Delhi ("NCLAT") vide its order dated 29th May 2020 and upholds the Order of NCLT, Hyderabad dated July 26th 2019 with corrigendum order dated July 31,2019.

In view of ongoing liquidation process, The Liquidator is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act, read with relevant Rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial 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. Under in sections 35 to 50, 52 to 54 of the Insolvency and Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, it is incumbent upon liquidator to manage the operations of the Company as a going concern and the statements have been prepared on going concern basis.

Auditors Responsibility

Our objectives are to obtain reasonable assurance about whether the standalone financial 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 influence the economic decisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 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 financial controls relevant to the 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 on whether the Company has adequate internal financial 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 significant 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 financial 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. 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 identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies 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.

Other Matters

a. We did not audit the separate financial statements of 5 joint ventures included in standalone financial statements, whose financial results reflects companys share in net Loss of joint venture aggregating to Rs.5.55 million for the year ended March 31, 2022. 28 joint ventures were not considered in standalone financial statement. In our opinion and according to the information and explanations given to us by the Management, these financial statements /financials information, in aggregate, are not material to the Company and have not been subjected to audit hence, we are unable to comment on the consequential impact, if any, on the accompanying statements.

b. We did not audit the financial statements/information of all branches included in the Standalone financial statements of the company whose financial statements/financial information reflects total assets of Rs.787.93 Million as at March 31, 2022 and total revenue is NIL for the year ended on that date as considered in standalone financial statements.

Our opinion is not qualified in respect of these matters

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), as amended, issued by the Central Government of India in terms of section 143 (11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, we report that:

a) We have sought all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. However, as described in the Basis for Disclaimer of Opinion paragraph, we are unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the audit;

b) Due to the effects/possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether 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 and unaudited accounts/returns adequate for the purpose of our audit have been received from the branches not visited by us.

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account and the unaudited accounts/returns of the branches not visited by us.

d) Due to the effects/possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.

e) Due to the effects/possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether they have any adverse effect on the functioning of the Company;

f) In the term of section 17 (1) (b) of the Insolvency and Bankruptcy Code, 2016 ("the Code"), the powers of the board of directors have been suspended and be exercised by the Liquidator of the Company. Hence, written representation from directors have not been taken on record by the Board of Directors. Accordingly, we are unable to comment whether none of the director is disqualified as on March 31, 2022 from being appointed as a director in the terms of Section 164 (2) of the Act.

g) The quali cation relating to the maintenance of accounts and other matters connected there with are as stated in the Basis for Disclaimer of Opinion paragraph;

h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses a qualified opinion on the adequacy and operating effectiveness of the Companys internal financial control over financial reporting.

i) 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 information and explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position to the extent ascertained, in its standalone financial statements (Refer note 35); ii. Except for the effects/possible effects of matters described under Basis for Disclaimer of Opinion paragraph, the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts and on derivative contracts, if any;

iii. There has been no delay in transferring the amounts that were due to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2022;

iv(a). The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds 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(s) or entity(ies), including foreign entities ("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 identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

iv(b). The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("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 identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

iv(c). Based on such audit procedures that we 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 iv(a) and iv(b) contain any material misstatement.

v. The Company has not recommended any dividend during the year therefore no question of compliance with Section 123 of the Act.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Rajeev Ranjan Kumar
Place of Signature: Partner
30th May 2022 Membership No. 513678
UDIN: 22513678AJWUIE5119

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on other Legal and Regulatory Requirement section of our report to the Members of IVRCL LIMITED of even date)

i.(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;

(B) The Company is maintaining proper records showing full particulars of intangible assets;

(b) The Property, Plant and Equipment have not been physically verified during the year by the management in accordance with a regular programme of verification. Hence, we are unable to comment on discrepancies that might be arose on such physical verification of Property, plant and equipment that are lying on all locations where physical verification could not be performed.

(c) According to the information and explanations given to us, the title deeds of immovable properties have been mortgaged as security with the lenders i.e. banks, financial institutions and others for security of the borrowings raised by the Company. On the basis of our examination of the records of the Company and the copies of the title deeds of immovable properties available with the Company, the title deeds are held in the name of the Company except for the details given in Appendix-1. Further, the Company has not taken any immovable property on lease.

(d) According to the information and explanations given to us, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Accordingly, the reporting under Clause 3(i)(d) of the Order is not applicable to the Company.

(e) According to the information and explanations given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Accordingly, the reporting under Clause 3(i)(d) of the Order is not applicable to the Company.

ii.(a) According to the information and explanations given to us, the management has not conducted physical verification of inventory at reasonable intervals during the year. We are unable to comment on the discrepancies that may arise on physical verification of inventories that are lying on locations where physical verification could not be performed.

(b) According to the information and explanations given to us, the Company has not been sanctioned working capital limits in excess of five crore rupees during any point of time of the year, from the bank, or financial institution on the basis of security of current assets. Accordingly, the reporting under Clause 3(ii)(b) of the Order is not applicable to the Company.

iii. According to the information and explanations given to us, the Company has not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other party covered in the register maintained under section 189 of the Act, during the year. Accordingly, the reporting under Clause 3(iii)(a) to 3(iii)(f) of the Order is not applicable to the Company.

iv. According to the information and explanations given to us, and having regard to the legal opinion obtained by the Company in an earlier year that the Company being a company engaged in the business of providing infrastructure facilities in terms of section 186, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013. In respect of grant of loans, making investment and providing guarantees and security as applicable.

v. According to the information and explanations given to us, the Company has not accepted any deposit or amounts which are deemed to be deposit within the meaning of the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules made thereunder during the year. Accordingly, the reporting under Clause 3(v) of the Order is not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to the Rules made by the Central Government under sub-section (1) of Section 148 of the Act 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 these records with a view to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and the records of the company examined by us, the Company has not been regular in depositing undisputed statutory dues in respect of provident fund, employees state insurance, income tax, goods and services tax, cess and any other statutory dues applicable to it with the appropriate authorities. There have been significant delays in a large number of case in depositing these dues with the appropriate authorities. Further, no undisputed amount payable in respect of these statutory dues was outstanding as on March 31, 2022 for a period of more than six months from the date they became payable except as given in Appendix-2.

(b) According to the information and explanations given to us and the records of the company examined by us, particulars of outstanding dues in respect of income tax, goods and services tax, cess and any other statutory dues which as at March 31, 2022 have not been deposited on account of any dispute are given in Appendix-3.

viii. According to the information and explanations given to us, there are no transaction in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix.(a) According to the information and explanations given to us, there is no loan or borrowing taken from Government, and has not been issued debentures during the year. As matters described in Note 23 to the financial statement and pursuance of repayment schedule stipulated in the sanction letter, the entire amount of borrowing including interest are overdue and the Company has made continue default in repayment of loans or borrowing to a financial institution, as on March 31, 2022. Therefore, we are unable to provide periods of default. Detail of defaults in respect of repayment of borrowing and interest are given in Appendix-4.

(b) According to the information and explanations given to us, the Company has not been declared wilful defaulter by any bank or financial institution or government or other lender

(c) According to the information and explanations given to us, the Company has not taken a term loan during the year. Accordingly, the reporting under Clause 3(ix)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations given to us, the Company has not raised a short-term loan during the year. Accordingly, the reporting under Clause 3(ix)(d) of the Order is not applicable to the Company.

(e) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that the Company has not taken any fund from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures during the year. Accordingly, the reporting under Clause 3(ix)(e) of the Order is not applicable to the Company.

(f) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies during the year. Accordingly, the reporting under Clause 3(ix)(f) of the Order is not applicable to the Company.

x. (a) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the reporting under Clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has neither made any preferential allotment nor private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year therefore the question of compliances in respect of the requirements of section 42 and section 62 of the Companies Act, 2013 and utilization of such fund for the purposes for which the funds were raised does not arise. Accordingly, the reporting under Clause 3(x)(b) of the Order is not applicable to the Company.

xi. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

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

(c) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, the Company has not received whistle-blower complaints during the year. Accordingly, the reporting under Clause 3(xi)(c) of the Order is not applicable to the Company.

xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the provision of Para 3 (xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. (a) In our opinion and according to the information and explanation given to us, the Company has not an internal audit system commensurate with the size and nature of its business.

(b) The reports of the Internal Auditor for the period under audit have not been provided to us hence we were unable to considered the same.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, the provision of section 192 of the Companies Act, 2013 is not applicable to the Company.

xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under Clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted non-banking financial / housing finance activities during the year. Accordingly, the reporting under Clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, the reporting under Clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) Based on the information and explanations provided by the management of the Company, the Company does not have any CIC within the Group. Accordingly, the reporting under Clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii. The Company has not incurred any cash losses in the financial year or in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year and accordingly the reporting under Clause 3(xviii) of the Order is not applicable to the Company.

xix. According to the information and explanations given to us, the company is under liquidation as a going concern and hence it could not be ascertained the capability of meeting its liabilities existing at the date of the balance sheet as and when they fall due within a period of one year from the balance sheet date. xx. The Company is in the liquidation process hence no amount to be spent during the year as Corporate Social Responsibility as required under sub section (5) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.

xxi. The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Rajeev Ranjan Kumar
Place of Signature: Partner
30th May, 2022 Membership No. 513678
UDIN: 22513678AJWUIE5119

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 (h) under ‘Report on other Legal and Regulatory Requirement section of our report to the Members of IVRCL LIMITED of even date)

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

We have audited the internal financial controls over financial reporting of IVRCL Limited ("the Company") as of March 31, 2022 in conjunction with our audit of the financial 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 financial controls based on the internal control over financial 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 Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient 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 financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial 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") and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. 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 financial controls over financial 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 financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial 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 financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that

1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial 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 financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial 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 financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Basis for Qualified Opinion

In our opinion and according to the information and explanations given to us and based on our audit, thefollowing material weaknesses have been identified as at March 31, 2022:

The Company did not have appropriate internal financial controls over

a) Assessment of recoverability of deferred tax assets.

b) Assessment of expected credit loss/loss allowance of bank guarantees encashed by customers, trade receivables and withheld amounts which are subject matters of various disputes /arbitration proceedings/ negotiations with the customers and contractors due to termination / foreclosure of contracts and other disputes.

c) Assessment of expected cash shortfall and resultant loss allowance that may be required in respect of invocation of corporate guarantees and demand against the Company in respect of such guarantees extended executed for its subsidiaries and other parties in favor of thelender.

d) Assessment of impairment in value of long term equity investment and assessment of impairment in value of loans and advances to various subsidiary companies and other parties.

e) Control over reconciliation of sub-contractors work bills with the work bills submitted to the clients and physical progress of works completed, which could potentially result into inaccurate estimation of percentage of work completed.

f) Controls over projects costs estimation and review of balance costs to complete in respect of work projects, which could potentially result into inaccurate estimation of foreseeable losses on works contracts.

g) physical verification of fixed assets and inventories. Further the company did not have any internal audit system during the year.

The inadequate supervisory and review control over Companys process in respect of aforesaid assessment in accordance with the accounting principles generally accepted in India could potentially result in a material misstatement in preparation and presentation of financial statement including the profit/loss after tax.

A ‘material weakness is a deficiency, or a combination of deficiencies, in internal financial control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.

Qualified opinion

In our opinion, except for the possible effects of material weaknesses described in "basis of qualified opinion" paragraph above, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating

We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the standalone financial statements of the Company for the year ended on March 31, effectively as at March 31, 2022, based on the internal control over financial 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 Chartered Accountants of India 2022, and these material weaknesses have affected our opinion on the standalone financial statements of the Company and we have issued a qualified opinion on the standalone financial statements.

For Chaturvedi & Co.
Chartered Accountants
Firm Registration No. 302137E
Rajeev Ranjan Kumar
Place of Signature: Partner
30th May, 2022 Membership No. 513678
UDIN: 22513678AJWUIE5119

Appendix-1 as referred in para i (c) of the Annexure A to the Independent Auditors Report

1 The title deeds of certain freehold land and buildings having Written down value of Rs.166.12 million (land freehold Rs.72.75 million, buildings Rs.93.36 million)are in the process of prefection of title. Detail of such freehold land and buildings are as follows

Description of item of Property Gross Carrying value Title Deeds held in the name of Whether Title deed holder is a promoter, director or relative of promoter/director or employee of promotor/director Property held since which date Reason for not being held in the name of the company
1 FLAT AT GACHIBOWLI (A-NORTH 1004 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
2 FLAT AT GACHIBOWLI (A-WEST 703 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Devoloper) 01/04/2010 To save stamp duty
3 FLAT AT GACHIBOWLI (B-S/W 603 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Devoloper) 01/04/2010 To save stamp duty
4 FLAT AT GACHIBOWLI ( B-S/W 903 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Devoloper) 01/04/2010 To save stamp duty
5 FLAT AT GACHIBOWLI (B-SOUTH 101 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
6 FLAT AT GACHIBOWLI (B-SOUTH 202 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
7 FLAT AT GACHIBOWLI (B-SOUTH 403 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
8 FLAT AT GACHIBOWLI (B-SOUTH 803 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
9 FLAT AT GACHIBOWLI (B-SOUTH 1002 / 3 BR / 1756 SFT) 3.69 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
10 DUPLEX AT GACHIBOWLI (D- SPUTH 504 + 604 / DUPLEX / 2774 SFT) 10.58 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
11 FLAT AT GACHIBOWLI (A WEST 101 / 3 BR / 1756 SFT) 7.25 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
12 FLAT AT GACHIBOWLI (A-WEST 104 / 3 BR / 1756 SFT) 7.25 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
13 PENT HOUSE AT GACHIBOWLI (C- SOUTH PH-02 / PENT HOUSE / 2350 SFT) 11.08 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
14 FLAT AT GACHIBOWLI (C-N/E 303 / 2 BR / 1283 SFT) 5.32 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
15 FLAT AT GACHIBOWLI (D NORTH 204 / 2 BR / 1283 SFT) 5.32 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
16 FLAT AT GACHIBOWLI (B-SOUTH 502 / 3 BR / 1756 SFT) 7.25 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd ( Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
17 VILLA AT GACHIBOWLI (VILLA E 118/ 4000 SFT) 31.55 Sports Authority of Andhra Pradesh ( Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd ( Devoloper) 01/04/2010 To save stamp duty
18 Add: additional works for wood works & interior works and Model kichin etc., of 17 flats of the above 22.42 Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Devoloper) IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Devoloper) During 12 yesrs period To save stamp duty
Total 141.19

 

Sno Description of item of Property Gross Carrying value (Rs in Millions) Title Deeds held in the name of Whether Title deed holder is a promoter, director or relative of promoter/director or employee of promotor/director

Property held since which date

Reason for not being held in the name of the company

1. LAND - 31.6 ACRES AT ZILPI, NAGPUR S.NO. 41 25.70 Nivruti Tukaram Nehate Employee of company the 04-09- 2008 As per Laws of Maharashtra only local people can buy land.
2. LAND - 18.2 ACRES AT SHINDEWADI, MAHARASHTRA S.NO. 169 & 170 11.26 Sanjay Bansode Employee of company the 05-08- 2008 As per Laws of Maharashtra only local people can buy land.
3. LAND - 10.1563 ACRES AT SHINDEWADI, MAHARASHTRA S.NO. 198 6.11 Bipin H Arey Employee of company the 27-08- 2007 As per Laws of Maharashtra only local people can buy land.
LAND - 1.4542 Hectares Eqv to 6.3983 ACRES AT SHINDEWADI, MAHARASHTRA 4.84 Bipin H Arey Employee of the company 27-11- 2007 As per Laws of Maharashtra only local people can buy land.
4 S.NO.169 LAND - 1.4542 Hectares Eqv to 3.6355 ACRES AT SHINDEWADI, MAHARASHTRA 2.75 Bipin H Arey Employee of the company 27-11- 2007 As per Laws of Maharashtra only local people can buy land.
5 S.NO.169 LAND AT NTPC - SOLAPUR S.NO.587,MAUJE AACHEGAON,DAKSHIN 7.45 Shiv Prasad Shiv dutt Shukla Employee of the company 01-03- 2011 As per Laws of Maharashtra only local people can buy land.
6 TALUKA, SOLAPUR LAND AT MUNNEKOLLAALA & KASAVANAHALLI 7. VILLAGE S.NO. 124 & 125 & 69/2 16.68 IVRCL INFRASTRUCTURES & PROJECTS LTD 30-03- 2001 Only Sale of Agreement entered. Saledeed not done.
8. LAND AT Gholyaniya Village S.NO. 25 0.31 K Ashok Reddy Employee of the company 10-04- 2008
9 LAND AT Gholyaniya Village S.NO. 164/2 0.31 M Srinath Employee of the company 05-07- 2010 As per Laws of Gujarat only local people can buy land.
10 LAND AT Gholyaniya Village S.NO. 164/2 0.30 M Srinath Employee of the company 05-07- 2010 As per Laws of Gujarat only local people can buy land.
11 LAND AT Gholyaniya Village S.NO. 167 &168 0.33 M Srinath Employee of company the 30-07- 2010 As per Laws of Gujarat only local people can buy land.
12 LAND S.NO.11/2, AT PEEPERKHEDA VILLAGE 0.19 Jabbar Singh Employee of company the 30-10- 2010 As per Laws of UP only local people can buy land.
13 LAND S.NO. 304/A, AT KALAJ, PHALTAN TALUKA, SATARA DIST, MAHARASHTRA 7.98 Jagadish Anil Pise Employee of company the 30-06- 2011 As per Laws of Maharashtra only local people can buy land.
Total 84.21

Appendix-2 as referred in para vii (a) of the Annexure A to the Independent Auditors Report

Name of the Statute Nature of Due

Up to 2018-19

Sales Tax & VAT Works contract tax
Laws: Tamilnadu Uttar Pradesh (a) Principal

33.90

(b) Interest

0.00

Due Date

20th of the Next month

Sales Tax & VAT Laws: Gujarat Works contract tax
(a) Principal
(b) Interest

15.90

Due Date

0.00 22nd of the Next month

Sales Tax & VAT Laws: Orissa Works contract tax
(a) Principal

32.20

(b) Interest

0.00

Due Date

21st of the Next month

Sales Tax & VAT Works contract tax
(a) Principal
(b) Interest

49.70

0.00

Due Date

25th of the Next month

Sales Tax & VAT Works contract tax
Laws: Delhi
(a) Principal

4.90

(b) Interest
0.00
Due Date 15th of the Next month
Sales Tax & VAT Works contract tax
Laws: Madhya Pradesh (a) Principal 16.60
(b) Interest 0.00 10th of the Next month
Due Date
Sales Tax & VAT Laws: Mizoram, Haryana, Andhra Pradesh, Telangana, Kerala and Chattisgarh, Works contract tax
(a) Principal
(b) Interest 6.10 0.00
Due Date 20th of the Next Month
Sales tax & VAT Laws Value Added Tax
(a) Principal 546.19
(b) Interest 0.00
The Finance Act, 1994 Service Tax
(a) Principal 219.17
(b) Interest 94.10
Goods & Services Tax Act 2017 GST(up to 23.2.2018)
(a) Principal 177.36
(b) Interest 00.00

# Interest on all statutory dues could not be identified

TDS and Interest on TDS

Particulars Nature of Due Up to 2021-22
TDS on Contractors (194C) Principal 243.76
Interest 213.06
TDS on Interest (194A) Principal 55.03
Interest 47.08
TDS on Rent (1941) Principal 5.67
Interest 4.89
TDS on Professional Charges (194J) Principal 17.78
Interest 14.78
TDS on Non Residents (195) Principal 5.91
Interest 5.59
TDS on Salaries Principal 0
(192B) Interest 3.10

Appendix-3 as referred in para vii (b) of the Annexure A to the Independent Auditors Report

Name of Statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount
2004-05 to 2015-16 1,705.79
Appellate Authority upto Commissioners Level (7.57)*
2003-04 to 2007-08 20.32
Sales tax and VAT Laws Sales tax and VAT Appellate Authority - Tribunal Level (1.60)*
2007-08 to 2013-14 1,114.93
Appellate Authority - High Court Level (5.00)*
Andhra Pradesh Tax on Entry of Motor Vehicles Act, 1996 Entry Tax Appellate Authority - Tribunal Level 2001-02 to 2007-08 1.27
Odisha, WB & Karnataka Tax on Entry of Goods into Local Areas act, 1999 Entry Tax Appellate Authority - Tribunal Level 2007-08 to 2017-18 71.33
The Finance Act 1994 Service Tax 2007-08 to 2011-12 & 2014-15 to 2017-18 12,192.81
Employees Provident Funds & Miscellaneous Provisions Act, 1952 Provident Fund Appellate Tribunal 01/04/1996 to 29/05/2015 61.27

Appendix-4 as referred in para viii (a) of the Annexure A to the Independent

Auditors Report

Rs. in Million
Principal Interest
Cash Credit 61,537.31 5804.33
Working Capital Term Loan 14,865.62 24038.62
Priority Debt 1,226.48 1798.04
Term Loan 6,587.71 12433.85
Project Specific Loan 434.50 813.24
Funded Interest on Term Loan 51.95 72.08
12.15% Redeemable, Non Convertible Debentures 2,000.00 2639.40
Others 1,645.20 -
Working Capital Demand Loan & Other Facilities from Bank 6,247.22 1072.61