MILIND NYATI & CO 515, Fortune Ambience,
CHARTERED ACCOUNTANTS 4/2 South Tukoganj,
Near Surya Hotel
Indore – 452 001 (M.P.)
Ph. : (0731) 4266794 / 9826054571
INDEPENDENT AUDITOR’S REPORT
To
The Members of M/s Rewa Ultra Mega Solar Ltd,
Bhopal
Report on the audit of Standalone Financial Statements
Opinion
We have audited the accompanying standalone Ind AS Financial Statements of M/s REWA ULTRA
MEGA SOLAR LTD. (the “Company”) which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss, (including other Comprehensive Income), the Cash Flow statement and the
statement of Changes in Equity for the year then ended, and notes to the Ind AS Financial Statements,
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give the information required by the Companies Act,
2013, as amended (‘the Act’) in the manner so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with the
Companies (Indian Accounting Standards) Rules 2015 as amended (Ind AS) and other accounting
principles generally accepted in India, of the State of Affairs of the Company as at March 31, 2023, the
Profit and total comprehensive income, Changes in Equity and the Cash Flows for the year then ended on
that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under
those Standards are further described in the Auditor’s Responsibilities for the Audit of the standalone Ind
AS Financial Statements section of our report. We are independent of the Company in accordance with
the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of financial statements under the provisions of the
Companies Act, 2013 and the rules there under, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics and provisions of the Companies Act, 2013
that are relevant to our audit of the standalone financial statements in India under the Companies Act,
2013. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the standalone Ind AS financial statement.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board’s
Report including Annexure to Board’s Report, Business Responsibility Report, Corporate Governance
and Shareholder’s Information, but does not include the Financial Statements and our auditor’s report
thereon. The Other reports are expected to be made available to us after the date of this auditor’s report.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not
and will not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the Standalone Financial Statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Standalone IND AS
Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance, change in equity and cash flows 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 Rule 7 of the companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
implementation and maintenance of accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal 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 statement 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 Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible
for overseeing the company’s financial reporting process.
Auditor’s Responsibilities for the Audit of Financial Statement
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
a) 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.
b) 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 Companies
Act, 2013, 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.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
d) Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s 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 auditor’s report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
e) 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 misstatement in the Standalone Financial Statements that individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone 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 misstatement in the Standalone 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.
Report on Other Legal & Regulatory Requirements:
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, 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 the section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as
it appears from our examination of those books.
c. The Balance Sheet, the statement of Profit and Loss (including Other Comprehensive Income), the
Cash Flow Statement and Statement of Changes in the Equity dealt with by this Report are in
agreement with the books of account.
d. the aforesaid Ind AS standalone financial statements comply with the Indian Accounting Standards
specified under section 133 of the Act.
e. The Company being a Government Company, provisions of 164 (2) of the Act is not applicable with
respect to appointment of directors.
f. 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”.
g. With respect to other matters to be included in the Auditor’s report in accordance with requirement
of Section 197(16) of the Act, as amended :
In our opinion and to the best of our information and according to the explanation given to us, the
remuneration paid by the Company to its director’s during the year is in accordance with the
provisions of Section 197 of the Act.
h. With respect to other matters to be included in the Auditors report in accordance with rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us,
1) The Company has disclosed the impact of pending litigations on its financial position in its
Standalone Financial Statements - Refer Note No.-28(iii) to the Standalone Financial Statements
other than those cases in which the financial impact cannot be ascertained as on the date of
issuance of audit report.
2) The Company did not have any long-term contracts including derivative contracts; accordingly
no provision is required to be made in respect of material foreseeable losses.
3) There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
i. As required by section 143(5) of the Act, our report is as per Annexure C.
Date: 09/08/2023
Place: BHOPAL For Milind Nyati & Co.
Chartered Accountants
Firm Registration No: 014455C
CA Milind Nyati
Partner
M.No. - 404991
UDIN – 23404991BGWWLK7418
Annexure to the Audit Report
ANNEXURE “A” REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF “REPORT
ON OTHER LEGAL & REGULATORY REQUIREMENTS” OF OUR AUDIT REPORT OF
EVEN DATE TO THE MEMBERS OF REWA ULTRA MEGA SOLAR LIMITED ON THE
ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2023
We report that:
i. In respect of Company’s tangible & intangible assets :
(a) (A) The Company is not maintaining proper records showing full particulars, including
quantitative details and situation of Property, Plant & Equipment.
(B) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) Management has not carried out physical verification of the Property, Plant & Equipment since
the date of incorporation of the company. In our opinion management should draft a policy for
physical verification of Property, Plant & Equipment at reasonable interval as per size of the
Company.
(c) According to the information and explanations given to us and on the basis of our random
checking of the records of the Company, in respect of immovable properties taken on lease and
disclosed as right-of-use-assets in the standalone financial statements, the lease agreements are in the
name of the Company.
(d) According to the information and explanations given to us and on the basis of our examination of
the records of the Company, Company has not revalued its Property, Plant & Equipment (including
Right of Use Assets) or Intangible Assets or both during the year.
(e) According to the information and explanations given to us and on the basis of our examination of
the records of the Company, 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 there under.
ii. In respect of its inventory
The Company is in the business of creating and leasing infrastructure facilities for Solar Power
generation and does not have any physical inventories. Accordingly, reporting under clause (ii) of
the Order is not applicable to the Company.
iii. Based upon the audit procedures performed and 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 parties. Hence, the provisions of the sub-clauses (a), (b), (c), (d), (e) & (f)
are not applicable.
iv. Based upon the audit procedures performed and information and explanations given to us, the
company has neither granted any loans, investments, guarantees and securities in favor of its
directors or to any other person in whom the director is interested nor has made any investment in
any other company. Thus, the provisions of Section 185 & 186 of Companies Act, 2013 are not
applicable to the company and therefore, reporting under clause (iv) of the Order is not applicable to
the Company.
v. Based upon the audit procedures performed and information and explanations given to us, Company
has not accepted deposits from Public and does not have any unclaimed deposit as at 31.03.2023
covered under section 73 to 76 of the Companies Act, 2013 and therefore, the provisions of the
clause (v) of Para 3 of the Order are not applicable to the Company.
vi. The maintenance of cost records has not been specified by the Central Government under sub-
section (1) of Section 148 of the Companies Act, 2013 for the business activities carried out by the
Company. Thus reporting under clause (vi) of Para 3 of the order is not applicable to the Company.
vii. According to the information and explanations given to us and on the basis of our examination, in
respect of statutory dues:
a) Amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including
Provident Fund, Income-Tax, Sales Tax, Value Added Tax, Duty of Customs, Service Tax, Goods &
Services Tax, Labour Cess and other material statutory dues applicable to it have generally been
regularly deposited during the year by the Company with the appropriate authorities. As explained to
us, the Company did not have any dues on account of Employees' State Insurance and Duty of
Excise.
b) There are no dues of Sales Tax, Custom Duty, Wealth Tax, Service Tax, Education Cess, Goods &
Services tax, Excise and other Cess which have not been deposited on account of any dispute, hence
this clause of the order is not applicable.
viii. According to the information and explanation given to us, company has no transactions, not recorded
in the books of account have been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of 1961).
ix. In respect of Repayment of Loans or Other Borrowings or in the payment of interest to any lender
a) According to the information and explanations given to us and on the basis of sample checking,
the company has not defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender during the year.
b) According to the information and explanations given to us and on the basis of our sample
checking, the Company is not declared as willful defaulter by any Bank or Financial Institution
or other lender.
c) According to the information and explanations given to us and on the basis of sample checking,
Term Loans were applied for the purpose for which the loans were obtained.
d) According to the information and explanations given to us and on the basis of sample checking,
funds raised on short term basis have not been utilized for long term purposes.
e) According to the information and explanations given to us and on the basis of sample checking,
the Company does not have any Subsidiaries, Associates or Joint Ventures. Accordingly,
reporting under clause (ix)(e) of Para 3 of the Order is not applicable to the Company.
f) According to the information and explanations given to us and on the basis of our examination,
the Company does not have any Subsidiaries, Associates or Joint Ventures. Accordingly,
reporting under clause (ix)(f) of Para 3 of the Order is not applicable to the Company.
x. In respect of Initial Public Offer or Further Public Offer, Preferential Allotment or Private Placement
of Shares or Convertible Debentures
(a) Based upon the audit procedures performed and information and explanations given to us, the
Company has not raised moneys by way of Initial Public Offer or Further Public Offer (including
debt instruments) during the year. Hence, reporting under clause (x)(a) of the of Para 3 Order is
not applicable to the Company.
(b) Based upon the audit procedures performed and information and explanations given to us, the
Company has not made any Preferential Allotment or Private Placement of Shares or Convertible
Debentures (Fully, Partially or Optionally Convertible) during the year. Hence, reporting under
clause (x)(b) of the of Para 3 Order is not applicable to the Company.
xi. In respect of Fraud
(a) According to the information and explanations given to us, any fraud by the Company or any
fraud on the Company has not been noticed or reported during the year.
(b) According to the information and explanations given to us, no report under sub section (12) of
Section 143 of the Companies Act has been filed by the Auditors in Form ADT-4 as prescribed
under rule 13 of Companies (Audit & Auditors) Rules, 2014 with the Central Government.
(c) According to the information and explanations given to us, no whistle-blower complaints,
received during the year by the Company.
xii. The company is not a Nidhi company as per Nidhi Rules, 2014 & hence reporting under clause (xii)
of Para 3 of the Order is not applicable to the Company.
xiii. Based upon the audit procedures performed and information and explanations given to us, we report
that the transactions with related parties are in compliance with Section 188 of Companies Act,
2013. And the details have been disclosed in the Financial Statements as required by the applicable
Indian Accounting Standards. Company has formed the Audit Committee u/s 177 of Companies Act
2013 on 05th January, 2022.
xiv. In respect of Internal Audit
(a) According to the information and explanations given to us, the Company has an Internal Audit
System commensurate with the size and nature of business.
(b) We have considered the reports of the Internal Auditors for the period under the Audit.
xv. In our opinion and according to the information and explanations given to us, during the year, the
Company has not entered into any non-cash transactions with its Directors or persons connected to
its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to
the Company.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934 and the Company is not a Core Investment Company (CIC) as defined in the Regulations made
by the Reserve Bank of India, accordingly the provisions of Clause 3(xvi) of the Order are not
applicable.
xvii. According to the information and explanations given to us and based on the audit procedures
conducted we are of opinion that the Company has not incurred any cash losses in the Financial Year
& in the immediately preceding Financial Year.
xviii. There has been no resignation of the Statutory Auditors during the year and accordingly, the
provisions of clause 3(xviii) of the Order is not applicable.
xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to believe
that any material uncertainty exists as on the date of the audit report indicating that company is
incapable of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get discharged by
the Company as and when they fall due.
xx. In respect of CSR
(a) According to the information and explanations given to us and based on the audit procedures,
there is no unspent amount in respect of CSR activities during the financial year for other than
ongoing projects.
(b) According to the information and explanations given to us and based on the audit procedures,
there is no unspent amount in respect of CSR activities during the financial year for ongoing
project.
xxi. The reporting under clause (xxi) is not applicable in respect of audit of standalone financial
statements of the Company. Accordingly, no comment has been included in respect of said clause
under this report.
Date: 09/08/2023
Place: BHOPAL For Milind Nyati & Co.
Chartered Accountants
Firm Registration No: 014455C
CA Milind Nyati
Partner
M.No. - 404991
UDIN – 23404991BGWWLK7418
Annexure to the Audit Report
ANNEXURE “B” REFERRED TO UNDER THE HEADING OF “REPORT ON OTHER LEGAL
& REGULATORY REQUIREMENTS” OF OUR AUDIT REPORT OF EVEN DATE TO THE
MEMBERS OF REWA ULTRA MEGA SOLAR LIMITED ON THE ACCOUNTS FOR THE
YEAR ENDED 31ST MARCH, 2023
Report on the Internal Financial Controls 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 over financial reporting of REWA ULTRA
MEGA SOLAR LIMITED as of 31 March 2023 in conjunction with our audit of the standalone Ind AS
financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company’s 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 (‘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 Company’s 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 Company’s 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, 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 auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe the audit evidence we have obtained is sufficient & appropriate to provide a basis for our
Audit opinion on the Company’s Internal Financial Control System over Financial Reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s 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
company’s 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 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 company’s 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.
Opinion
In our opinion, the company has, in all material respect, an adequate Internal Financial Controls system
over financial reporting and such Internal Financial Controls over financial reporting were operating
effectively as at 31st March, 2023, based on the Internal Control over financial reporting criteria
established by the Company considering the essential components of the 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.
Date: 09/08/2023
Place: BHOPAL For Milind Nyati & Co.
Chartered Accountants
Firm Registration No: 014455C
CA Milind Nyati
Partner
M.No. – 404991
UDIN – 23404991BGWWLK7418
Annexure to the Audit Report
ANNEXURE “C” REFERRED TO UNDER THE HEADING OF “REPORT ON OTHER LEGAL
& REGULATORY REQUIREMENTS” OF OUR AUDIT REPORT OF EVEN DATE TO THE
MEMBERS OF REWA ULTRA MEGA SOLAR LIMITED ON THE ACCOUNTS FOR THE
YEAR ENDED 31ST MARCH, 2023
Report on the Directions issued by the Comptroller and Auditor General of India under Section 143(5) of
the Companies Act, 2013 for the Financial Year 2022-23.
Sr No. Directions Action Taken Thereon Impact on
Accounts and
Financial
Statements of the
Company
1 Whether the company has Yes, As per the information and
system in place to process all explanation given to us, the company
the accounting transactions has a system to process all the
through IT System? If yes, the accounting transaction through Tally i.e.
implications of processing of only Financial Accounting. But all other
accounting transactions outside processing like Commercial Billing, etc.
IT system on the integrity of is manual.
the accounts along with the Based on the Audit Process carried out Nil
financial implications, if any, and as per the information and
may be stated. explanation given to us, there are no
implications on integrity of accounts
due to processing of transactions other
than financial accounting outside IT
System.
2 Whether there is any No, There is no restructuring of any Nil
restructuring of an existing existing loan or cases of waiver / write
loan or cases of waiver /write off of debts / loans /interest etc. during
off of debts /loans /interest etc. the audit period.
made by a lender to the Apart from the above, Company has not
company due to the company’s given any debt/ loan. Hence,
inability to repay the Loan? If applicability of restructuring of any loan
Yes, the financial impact may or cases of waiver / write off of debts /
be stated. Whether such cases loans /interest etc. are not applicable.
are properly accounted for? (In
case lender is a Government
company, then this direction is
also applicable for statutory
auditor of lender company).
Sr No. Directions Action Taken Thereon Impact on
Accounts and
Financial
Statements of the
Company
3 Whether funds (grant/subsidy) Yes, Based on the audit procedures
received/ receivable for carried out and as per the information
specific schemes from Central/ and explanations given to us, the funds
State Government or its received/receivable for specific schemes
Nil
agencies were properly from Central /State agencies were
accounted for/ utilized as per properly accounted for/utilized as per
its term and conditions? List the respective terms and conditions.
the cases of deviation.
Date: 09/08/2023
Place: BHOPAL For Milind Nyati & Co.
Chartered Accountants
Firm Registration No: 014455C
CA Milind Nyati
Partner
M. No. – 404991
UDIN – 23404991BGWWLK7418
MILIND NYATI & CO 515, Fortune Ambience,
CHARTERED ACCOUNTANTS 4/2 South Tukoganj,
Near Surya Hotel
Indore – 452 001 (M.P.)
Ph. : (0731) 4266794 / 9826054571
COMPLIANCE CERTIFICATE
We have conducted the Audit of annual accounts of REWA ULTRA MEGA SOLAR LIMITED for the
year ended 31 March 2023 in accordance with the directions/ sub directions issued by the C&AG of India
under Section 143(5) of the Companies Act, 2013 and certify that we have complied with all the
directions / sub directions.
Date: 09/08/2023
Place: BHOPAL For Milind Nyati & Co.
Chartered Accountants
Firm Registration No: 014455C
CA Milind Nyati
Partner
M. No. – 404991
UDIN – 23404991BGWWLK7418