Ivrcl Ltd Auditor Reports

INDEPENDENT AUDITORS REPORT

To

The members of IVRCL Limited

Report on the Audit of Standalone Financial Statements

1. Disclaimer of Opinion

We were engaged to audit the accompanying standalone financial statements of IVRCL Limited (the "Company"), which comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone 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, 2025.

2. Basis of Disclaimer of Opinion

We refer to the following notes in the accompanying standalone financial statements:

a. Note 38 of the standalone financial statement, in respect of the preparation of standalone financial statements of the Company has incurred a Net Loss of Rs. 30,756.79 Million for the year ended March 31, 2025 resulting into accumulated losses of Rs. 2,05,390.89 Million and erosion of its Net worth as at March 31, 2025. This includes inter alia Rs. 30,637.83 Million towards Finance cost. The Company has obligations towards fund- based borrowings (including interest) aggregating to Rs. 2,21,794.30 Million as per books of accounts and non-fund based exposure aggregating to Rs. 3,584.59 Million, operational creditors and statutory dues, subject to reconciliation/verification as stated in note below, that have been demanded/recalled by the financial/operating creditors pursuant to ongoing Liquidation process as going concern, obligations pertaining to operations including unpaid creditors and statutory dues as at March 31, 2025. 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 started receiving the bid amount under Third E-auction process for 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 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 generated as on 31st March 2017. Subsequently, there has not been recognised deferred tax on unused tax losses and other taxable temporary difference a raised except on Ind AS adjustment. 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 started receiving the bid amount under Third E-auction process for 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, 2025 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, security deposit, withheld, claims of indirect taxes and other deposits including bank guarantees encashed by customers aggregating to Rs.15,784.90 Million which are subject matters of various disputes /arbitration proceedings/ negotiations with the customers and contractors due to termination / fore closure of contracts and other disputes. The management of Company is confident of positive outcome of litigation/ resolution of dispute and recovering the aforesaid dues. However, the management is in the process of initiating arbitration/other legal action for such invocations. Had the aforesaid assets been provided for impairment, loss after tax for the year ended March 31, 2025 would have been higher by Rs. 15,784.90 Million, and other equity would have been lower by Rs. 15,784.90 Million.

d. Note 41 of the standalone financial statement in respect of investment of Rs. 18,343.71 Million in subsidiaries, associate and joint ventures engaged in BOT and other projects as at March 31, 2025 which are under disputes with the concessionaire/clients and have significant accumulated losses as at March 31, 2025. The management of the Company is at various stages of negotiation/communication/arbitration with respective contractee/clients of such subsidiaries engaged in BOT and other projects to recover the dues and cost incurred by the Company and taking necessary steps to turnaround 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 started receiving the Bid amount under Third E-auction process for sale of the company as a going concern considering the long-term nature of investments and in view of ongoing discussion, no provision has been considered necessary by the management in respect of impairment in the value of 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 standalone financial statement in respect of loans and advances of Rs. 8,079.17 Million as at March 31, 2025 given to subsidiary companies, associate, net receivable against development rights that are outstanding for long period. The management of the Company is at various stages of negotiation/communication/ with respective subsidiary/associate company to recover the dues and cost incurred by the Company. 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 started receiving the Bid amount under Third E-auction process for 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 year ended March 2025 would have been higher by Rs. 8,079.17 Million, other equity would have been lower by Rs. 8,079.17 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, 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-a-vis 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 at March 31, 2025 for bank balances, bank borrowings and for various trade receivables including retention, loans and advances, and trade payables including other financial/non-financial liabilities 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.

h. Note 46 of the standalone financial statement in respect of Physical verification for fixed assets aggregating to Rs. 896.84 Million (net block as on March 31, 2025) and inventory aggregating to Rs. 516.84 Million (as on March 31, 2025) could not be carried out at majority locations including project site due to shortage of manpower and accessibility of the stock yards 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 which 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, sales tax /GST, Income Tax etc. aggregating to Rs. 2,330.95 Million as at March 31, 2025. 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 53 of the standalone financial statement in respect of IVRCL Chengapally Tollways Limited, subsidiary of IVRCL Limited was in to CIRP from 20^th April, 2022 and the claim was submitted of Rs. 78.90 Millions of which the claim admitted by RP of Rs. 58.40 Millions. The resolution plan has been approved vide order dated 1st May 2023 by Honble NCLT, Hyderabad and as per the resolution plan approved by NCLT provides that operational creditors shall be paid in full as claim admitted, hence IVRCL claim admitted of Rs. 58.40 Millions to be receivable. IVRCL Limited had an Equity investment of Rs. 2,285.53 Millions in IVRCL Chengapally Tollways Limited. Thus we are unable to comment on whether any loss on account of realisation is to be account for in the value of investment is required.

k. As stated in Note 56 of the standalone financial statements, no impairment assessment of tangible and intangible assets has been carried out as at March 31, 2025. Therefore, we are unable to comment on the consequential impairment, if any, that is required to be made in the carrying value of property, plant and equipment and intangible assets

l. As stated in Note 57 of the standalone financial statements, the company has not filed GST returns for Rajasthan Region with effect from April 2023 due to suspension of IVRCL Limited GST registration in Rajasthan by the GST authorities stating the reason that IVRCL Limited is under Liquidation and advised to obtain fresh registration. The turnover from Rajasthan region during the period from April 2023 to March 2025 is Rs. 347.62 Million and the GST is Rs 62.57 Million. Input tax credit from the subcontractors is at Rs. 59.44 Million. The penal interest on the GST liability will be around Rs. 8.00 Million approx. and fee for delay filing will be Rs. 0.04 million until March 31, 2025. 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 started receiving the bid amount under Third E-auction process for sale of the company as a going concern, in the opinion of the management, the company will continue its operations and about the realisation of said amount. 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.

m. As stated in Note 57 of the standalone financial statements, the company has not filed GST returns for Karnataka Region with effect from July 2023 due to suspension of IVRCL Limited GST registration in Karnataka by the GST authorities stating the reason that IVRCL Limited is under Liquidation and advised to obtain fresh registration. The turnover from Karnataka region during the period from July 2023 to March 2025 is Rs. 222.51 Million and the GST is Rs. 13.80 Million. Input tax credit from the subcontractors is at Rs.13.20 Million. The penal interest on the GST liability will be around Rs. 0.04 Million and fee for delay filing will be Rs.0.02 Million until March 31, 2025. 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 started receiving the bid amount under Third E-auction process for sale of the company as a going concern, in the opinion of the management, the company will continue its operations and about the realisation of said amount. 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.

n. As stated in Note 57 of the standalone financial statements, during the year the company received GST demands from various states aggregating Rs. 2,543.60 Million, related to the CIRP and liquidation period of Rs. 856.30 Million, as well as to periods before CIRP and liquidation period amounting to Rs. 1,687.30, should have been recognised in the books of accounts with considering that the period for appeal has expired and the demands pertaining to period before CIRP and liquidation is restricted to claim through demand notice as per applicable provision of IBC Code 2016. However, the company has not recognised. Had the aforesaid expense has been provided in the statement of profit and loss, loss after tax for the year ended March 31, 2025, would have been higher by Rs. 1,687.30 Million, and other equity would have been lower by Rs. 1,687.30 Million.

o. As stated in Note 58 of the standalone financial statements, the Joint ventures financials not considered in the Companys standalone financial statement, due to non-availability of the audited joint ventures financial statement whose total assets are amounting to Rs. 685.78 Million, total liabilities amounting Rs. 628.33 Million and Equity amounting to Rs. 57.45 Million. The ultimate outcome of this matter is at present not ascertainable. Accordingly, we are unable to comment on the consequential impact, if any, on the financial statements of the company.

p. As stated in Note 82 of the standalone financial statements, the assets and liabilities are pertaining to the branches outside India, which is related to the financial year 2014-15 and restated at the current exchange rate in absence of the updated financial statement of the branches. The ultimate outcome of this matter is at present not ascertainable. Accordingly, we are unable to comment on the consequential impact, if any, on the financial statements of the company.

q. Audit assertions i.e., existence, completeness, valuation, cut-off etc. with respect to the majority of the assets and liabilities cannot be concluded due to lack of sufficient and appropriate evidence. In addition, we could not obtain sufficient and appropriate evidence for adequacy and reasonableness of management estimates for various provisions, fair valuation/net realizable value of various assets etc. including our inability to carry out certain other mandatory analytical procedures required for issuing a audit report. These matters can have a material and pervasive impact on the Statement of the Company. We draw attention to certain such matters and its consequential impact, if any, on the Statement including their presentation/disclosure.

In view of the matters described in our Basis for Disclaimer of Opinion mentioned above, we are unable to obtain sufficient and appropriate evidence to provide a basis for our opinion on this Standalone Financial Statements. Accordingly, we do not express opinion on this Standalone Financial Statements.

3. 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 demand under section 271(1)(c)of the Income Tax Act 1961 for the AY. 2015-16, 2016-17 and 2017-18 aggregating Rs. 314.84 Million which has been adjusted against the Refund Receivables and the same has not been recognized in the books of accounts as the company appealed the matter before CIT(Appeals).

c. Note 50 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. 61.26 Million and the matter is presently sub-judice.

Our report is not qualified in respect of these matters.

4. 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 were unable to determine the key audit matters because of the matters described in the Basis of Disclaimer of Opinion Section of our report.

5. Information Other than the Standalone 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 standalone 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 standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

6. 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") vide its order dated September 06, 2019 ordered that the Liquidator to ensure that the company remains as going concern and the liquidator would not sell or transfer or alienate movable or immovable property of the corporate debtor without the 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 May 29, 2020 and upholds the Order of NCLT, Hyderabad dated July 26, 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 standalone 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 standalone financial statements have been prepared on going concern basis.

The liquidator is also responsible for overseeing the Companys financial reporting process.

7. Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our responsibility is to conduct an audit of the standalone financial statements in accordance with Standards on Auditing and to issue an auditors report. However, because of the matter described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these standalone financial statements.

We are independent of the Company in accordance with the Code of Ethics and provisions of the Act that are relevant to our audit of the standalone financial statements in India under the Act, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics and the requirements under the Act.

8. Other Matter

a. We did not audit the separate financial statements of 2 joint ventures included in standalone financial statements, whose financial results reflects companys share in net loss of joint venture aggregating to Rs. 1.68 million for the year ended March 31, 2025. 30 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. 1,093.55 Million as at March 31, 2025 and total revenue is NIL for the year ended on that date as considered in standalone financial statements.

Our opinion on the standalone financial statements is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements/ financial information certified by the liquidator.

9. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of section 143 (11) of the Act, and except for the possible effects, of the matter described in the Basis for Disclaimer of Opinion section, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

a) As described in the Basis for Disclaimer of Opinion section, we were unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our 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 not been received from the branches and the branches were not visited by us.

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Cash Flow Statement and the Standalone 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) The matters described in the Basis for Disclaimer of Opinion paragraph may have an adverse effect on the functioning of the Company;

f) In the term of the Insolvency and Bankruptcy Code, 2016 ("the Code"), Under the liquidation the board of directors have been terminated and the power of board has been 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, 2025 from being appointed as a director in the terms of Section 164 (2) of the Act.

g) The reservation relating to maintenance of accounts and other matters connected therewith are as stated in the Basis for Disclaimer Opinion section.

h) With respect to the matter to be included in the Auditors Report under section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the Company is under liquidation hence the board of directors have been terminated and no remuneration paid to any director during the current year.

i) 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 disclaimer of opinion on the adequacy and operating effectiveness of the Companys internal financial control over financial reporting.

j) 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. Except for the effects/possible effects of matters described under Basis for Disclaimer of Opinion paragraph, 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, 2025;

iv(a). According to our examination of books of accounts, 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). According to our examination of books of accounts, 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.

vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2025, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Pursuant to the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, which came into effect from April 1, 2024, and in accordance with the requirements of Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, we report that, based on our audit procedures and the information and explanations provided to us, the Company has duly maintained and preserved the audit trail, as per the applicable statutory requirements for record retention

	For CHATURVEDI & CO. LLP
	Chartered Accountants
	Firm Registration No.302137E/E300286
	RAJESH KUMAR AGARWAL
	Partner
Place: Delhi	ICAI Membership No. 058769
Date : May 30, 2025	UDIN No.

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) As explained to us, 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.

(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. Based on the information and explanations given to us in respect of loans, investments, guarantees and securities, except for the matter referred to in the Basis for Disclaimer of Opinion section in the audit report in respect of which we are unable to comment for the reasons described therein, the Company has complied with the provisions of Section 185 and 186 of the Act, to the extent applicable. Further, as the Company is engaged in the business of providing infrastructural facilities, the provisions of Section 186 [except for sub-section (1)] are not applicable to it.

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 cases in depositing these dues with the appropriate authorities. Further, undisputed amount payable in respect of these statutory dues outstanding as on March 31, 2025 for a period of more than six months from the date they became payable are 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, 2025 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, 2025. 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 any 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 explanation given to us and on the based on our examination of the records of the company, except for the matter referred to in the Basis for Disclaimer of Opinion section in the audit report in respect of which we are unable to comment for the reasons described therein, transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and the details of related party transactions as required by the applicable accounting standards have been disclosed in the standalone financial statements.

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 explanation given to us and based on our examination of the records of the Company, except for the matter referred to in the Basis for Disclaimer of Opinion section in the audit report, in respect of which we are unable to comment on any potential implications for the reasons described therein, the Company has not entered into any non-cash transaction with directors or persons connected with him as referred to in Section 192 of the Act.

xvi. (a) To the best of our knowledge and as explained to us, 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 incurred 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 applicable in respect of audit of financial statements. Accordingly, the CFS is still pending to be prepared. Hence, We are unable to comment on this clause.

	For CHATURVEDI & CO. LLP
	Chartered Accountants
	Firm Registration No.302137E/E300286
	RAJESH KUMAR AGARWAL
	Partner
Place : Delhi	ICAI Membership No. 058769
Date : May 30, 2025	UDIN No.

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 with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We were engaged to audit the internal financial controls with reference to the standalone financial statements of IVRCL Limited (hereinafter referred to as "the Company") as of March 31, 2025, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management are responsible for establishing and maintaining internal financial controls based on the internal control with reference to the standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Controls over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India (ICAI). 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 (hereinafter referred to as "the Act").

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit conducted in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India.

Because of the matter described in the Disclaimer of Opinion section below, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on internal financial controls with reference to the standalone financial statements of the Company.

Meaning of Internal Financial controls with Reference to Standalone Financial Statements

A companys internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to standalone financial statements include 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements.

Disclaimer of Opinion

We were unable obtain convincing evidence to evaluate matters described in the main report under para "Basis of Disclaimer of opinion" about the recoverability and possible obligation. Accordingly, we are unable to determine the consequential implications arising therefrom in the standalone financial statements of the Company.

Because of the above reasons, we are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the Company had adequate internal financial controls with reference to standalone financial statements and whether such internal financial controls were operating effectively as at March 31, 2025.

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the standalone financial statements of the Company, and the disclaimer has affected our opinion on the standalone financial statements of the Company and we have issued a Disclaimer of Opinion on the standalone financial statements of the Company.

	For CHATURVEDI & CO.LLP
	Chartered Accountants
	Firm Registration No.302137E/E300286
	RAJESH KUMAR AGARWAL
	Partner
Place: Delhi	ICAI Membership No. 058769
Date: May 30, 2025	UDIN No.

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. 159.05 million (land freehold Rs. 72.75 million, buildings Rs. 86.30 million) are in the process of perfection 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 promoter/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 Developers Ltd. (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
2 FLAT AT GACHIBOWLI (A-WEST 703 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
3 FLAT AT GACHIBOWLI (B-S/W 603 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
4 FLAT AT GACHIBOWLI ( B-S/W 903 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
5 FLAT AT GACHIBOWLI (B-SOUTH 101 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
6 FLAT AT GACHIBOWLI (B-SOUTH 202 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
7 FLAT AT GACHIBOWLI (B-SOUTH 403 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd Developer)	01/04/2010
8 FLAT AT GACHIBOWLI (B-SOUTH 803 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
9 FLAT AT GACHIBOWLI (B-SOUTH 1002 / 3 BR / 1756 SFT)	3.69	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
10 DUPLEX AT GACHIBOWLI (D- SPUTH 504 + 604 / DUPLEX / 2774 SFT)	10.58	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
11 FLAT AT GACHIBOWLI (A WEST 101 / 3 BR / 1756 SFT)	7.25	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
12 FLAT AT GACHIBOWLI (A-WEST 104 / 3 BR / 1756 SFT)	7.25	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Developers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
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 (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Developers Ltd (Developer)	01/04/2010
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 (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Developer)	01/04/2010
15 FLAT AT GACHIBOWLI (D NORTH 204 / 2 BR / 1283 SFT)	5.32	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Developer)	01/04/2010
16 FLAT AT GACHIBOWLI (B-SOUTH 502 / 3 BR / 1756 SFT)	7.25	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Developer)	01/04/2010
17 VILLA AT GACHIBOWLI (VILLA E 118/ 4000 SFT)	31.55	Sports Authority of Andhra Pradesh (Owner) & IVR Prime Urban Devolpers Ltd (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Developer)	01/04/2010
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 (Developer)	IVRCL Ltd is a Promoter company of IVR Prime Urban Devolpers Ltd (Developer)	During 12 years period
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 compa ny
1 LAND - 31.6 ACRES AT ZILPI, NAGPUR S.NO. 41	25.70	Nivruti Tukaram Nehate	Employee of the company	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 the company	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 the company	27-08-2007	As per Laws of Maharashtra only local people can buy land.
4 LAND - 1.4542 Hectares Eqv to 6.3983 ACRES AT SHINDEWADI, MAHARASHTRA S.NO.169	4.84	Bipin H Arey	Employee of the company	27-11-2007	As per Laws of Maharashtra only local people can buy land.
5 LAND - 1.4542 Hectares Eqv to 3.6355 ACRES AT SHINDEWADI, MAHARASHTRA S.NO.169	2.75	Bipin H Arey	Employee of the company	27-11-2007	As per Laws of Maharashtra only local people can buy land.
6 LAND AT NTPC - SOLAPUR S.NO.587,MAUJE AACHEGAON,DAKSHIN TALUKA, SOLAPUR	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.
7 LAND AT MUNNEKOLLAALA & KASAVANAHALLI VILLAGE S.NO. 124 & 125 & 69/2	16.68	IVRCL INFRASTRUCTURES & PROJECTS LTD		30-03-2001	Only Sale of Agreement entered. Sale deed 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 the company	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 the company	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 the company	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

Auditors Report

Name of Statute	Nature of Due	Upto 2018-19
Sales Tax & VAT Laws: Tamilnadu Uttar Pradesh	Works contract tax
	(a) Principal	33.90
	(b) Interest	0.00
	Due date	20th of Next month
Sales Tax & VAT Laws: Gujarat	Works contract tax
	(a) Principal	33.90
	(b) Interest	0.00
	Due date	22nd of Next month
Sales Tax & VAT Laws: Orissa	Works contract tax
	(a) Principal	32.20
	(b) Interest	0.00
	Due date	21st of Next month
Sales Tax & VAT Laws: Bihar	Works contract tax
	(a) Principal	62.27
	(b) Interest	0.00
	Due date	25th of Next month
Sales Tax & VAT Laws: Delhi	Works contract tax
	(a) Principal	4.90
	(b) Interest	0.00
	Due date	15th of Next month
Sales Tax & VAT Laws: Madhya Pradesh	Works contract tax
	(a) Principal	16.60
	(b) Interest	0.00
	Due date	10th of Next month
Sales Tax & VAT Laws: Mizoram, Haryana, Andhra Pradesh, Telangana, Kerala and Chattisgarh	Works contract tax
	(a) Principal	6.10
	(b) Interest	0.00
	Due date	20th of 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	Goods and Service Tax (upto Feb. 23, 2018)
	(a) Principal	177.36
	(b) Interest	0.00

# Interest on all statutory dues could not be identified

TDS and Interest on TDS

Name of the Statute	Nature of the Dues	Amount (Rs. in Million)	Period to which the amount relates	Due Date	Date of Payment	Remarks if any
Income Tax Act, 1961	Interest on Tax Deducted at Source on Salaries	0.04	July-23 to March-24
Income Tax Act, 1961	Interest on Tax Deducted at Source on Contractors	0.18	April-23 to September-23
Income Tax Act, 1961	Interest on Tax Deducted at Source on Rent	0.02	April-23 to March-24
Income Tax Act, 1961	Interest on Tax Deducted at Source on Professional	0.06	April-23 to March-24

 

Name of the Statute	Particulars	Nature of Due	Up to 2023-24
Income Tax Act, 1961	TDS on Contractors (194C)	Principal	-
		Interest	0.18
Income Tax Act, 1961	TDS on Rent (194I)	Principal	-
		Interest	0.02
Income Tax Act, 1961	TDS on Professional Charges (194J)	Principal	-
		Interest	0.06
Income Tax Act, 1961	TDS on Salaries	Principal	-
	(192B)	Interest	0.04

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
		Appellate Authority upto Commissioners Level	2004-05 to 2015-16	1,994.11 (7.57)*
Sales tax and VAT Laws	Sales tax and VAT	Appellate Authority - Tribunal Level	2003-04 to 2007-08	20.32 (1.60)*
		Appellate Authority - High Court Level	2007-08 to 2013-14	1,114.93 (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

?Indicated Pre Security Deposits with respective authorities.

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

Auditors Report

Lenders	Rs. in Million
	Principal	Interest
Cash Credit	97,630.45	22,751.60
Workinq Capital Term Loan	14,865.62	27,968.72
Priority Debt	1,226.48	2,440.40
Term Loan	6,527.31	14,398.03
Project Specific Loan	427.44	1,094.98
Funded Interest on Term Loan	51.95	97.74
12.15% Redeemable, Non-Convertible Debentures	1,946.63	3,112.98
Others	1,645.20	-
Working Capital Demand Loan & Other Facilities from Bank	7,196.97	2,510.19
Total	1,31,518.05	90,276.26