Independent Auditors' Report

To the Board of Directors of Reliance Communications (U.K) Limited

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of Reliance Communications (U.K) Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2022, 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 a summary of the 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, except for the possible effects of the matter described in the basis for Qualified Opinion paragraph of our report, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2022, and its loss (including total comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor‟s Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Basis for Qualified Opinion

We draw your attention to note 2.18 in the financial statements where in the company‟s Net Worth has been fully eroded and the events or conditions set out in the note indicating that a material uncertainty exists which may cast doubt on company‟s ability to continue as a going concern.

Other Information

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

The accounts have been audited by foreign auditors and their report is furnished to us by the management along with financial statements converted in INR as per Indian Accounting Standards Rules 2015, as amended ("Ind AS‟ prescribed under section 133 of the Companies Act, 2013 ("the Act"). This report is issued for the information and use of the Company and Reliance Communications Limited, the holding company in India only to comply with the financial reporting requirements in India and not to report on the Company as a separate entity and not to be used for any other purpose.

Management's Responsibility for the financial Statements

The Company‟s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of 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 Ind AS Rules and other provisions of the Act, to the extent notified and applicable as well as applicable guidance notes and pronouncements of the Institute of Chartered Accountants of India (the ICAI).

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.

Auditor's Responsibilities for the Audit of the Financial Statements

Our responsibility is to express an opinion on these special purpose financial statements prepared for the purpose outlined above.

We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

For V P Mehta & Co.

Chartered Accountants

Firm Regn.No.106326W

Vipul P Mehta

Proprietor

Membership No.035722

UDIN: 22035722AQGFTX7856

Place: Mumbai

Date: 08.08.2022

Reliance Communications (U.K) Limited

Balance Sheet as at March 31,2022

(Amount in `)

As at

As at

Notes

March 31, 2022

March 31, 2021

ASSETS

Non Current Assets

(a) Property, Plant and Equipment

2.01

109

109

(b) Intangible Assets

2.02

66

66

Current Assets

(a) Financial Assets

(i) Cash and Bank balance

2.03

6,19,87,931

6,95,51,784

(ii) Trade Receivables

2.04

59,69,502

55,05,996

(b) Other Current Assets

2.05

-

-

Total

6,79,57,608

7,50,57,955

EQUITY AND LIABILITIES

Equity

(a) Equity Share Capital

2.06

16,67,435

16,08,420

(b) Other Equity

2.07

(1,65,88,063)

(1,16,76,473)

Liabilities

Non-Current Liabilities

(a) Financial Liabilities

(i) Borrowings

2.08

-

-

Current Liabilities

(a) Financial Liabilities

(i) Trade Payables

2.09

6,06,47,140

6,36,15,127

(ii) Other Financial Liabilities

2.10

2,22,31,096

2,15,10,881

Total

6,79,57,608

7,50,57,955

Significant Accounting Policies

1

Notes to the Financial Statements

2

As per our Report of even date

As per our Report of even date

For V P Mehta & Co.

For and on Behalf of the Board

Chartered Accountants

Firm Regn.No.106326W

Vipul P Mehta

Vaishali Mane

Proprietor

Director

Membership No. 035722

Place : Mumbai

Date : 08.08.2022

Reliance Communications (U.K) Limited

Statement of Profit and Loss for the year ended March 31, 2022

(Amount in `)

Notes

For the year ended

For the year ended

March 31, 2022

March 31, 2021

Income

Revenue from Operations

2.11

40,73,274

1,38,40,989

Other Income

2.12

-

18,95,466

40,73,274

1,57,36,455

Expenditure

Access Charges, License Fees and Network

Expenses

2.13

35,88,289

92,08,793

Depreciation, Impairment & Amortization

2.01

-

39,69,807

Finance Costs

2.14

33,229

33,128

General Administration Expenses

2.15

6,68,233

(16,49,235)

42,89,750

1,15,62,493

(Loss) Before Tax

(2,16,477)

41,73,962

Current Tax

-

-

(Loss) After Tax

(2,16,477)

41,73,962

Other Comprehensive Income / (Loss)

(46,95,113)

4,89,961

Total Comprehensive Income / (Loss)

(49,11,589)

46,63,923

Basic and Diluted Earning per Share

2.17

(10)

190

Significant Accounting Policies

1

Notes to the Financial Statements

2

As per our Report of even date

For V P Mehta & Co.

For and on Behalf of the Board

Chartered Accountants

Firm Regn.No.106326W

Vipul P Mehta

Vaishali Mane

Proprietor

Director

Membership No. 035722

Place : Mumbai

Date : 08.08.2022

Reliance Communications (U.K) Limited

Statement of Change in Equity for the year ended March 31, 2022

Amount in `

For the year ended For the year ended

March 31, 2022

March 31, 2021

(a) Equity Share Capital (Refer Note : 2.06)

Balance at the beginning of the year

16,08,420

15,21,410

Change in equty capital during the year

-

-

Foreign Exchange Variance

59,015

87,010

Balance at the end of the year

16,67,435

16,08,420

(b) Other Equity (Refer Note : 2.07)

Amount in `

Attributable toequity holders

Particulars

Other

Total

Share Premium

Retained Earnings

Comprehensive

Income (OCI)

Balance as at April 1, 2020

1,45,08,02,745

(1,65,84,66,908)

19,13,23,766

(1,63,40,397)

Net Profit for the year

-

41,73,962

4,89,961

46,63,924

Balance as at March 31, 2021

1,45,08,02,745

(1,65,42,92,947)

19,18,13,727

(1,16,76,474)

Net Profit for the year

-

(2,16,477)

(46,95,113)

(49,11,589)

Balance as at March 31, 2022

1,45,08,02,745

(1,65,45,09,423)

18,71,18,615

(1,65,88,064)

As per our Report of even date

For V P Mehta & Co.

For and on Behalf of the Board

Chartered Accountants

Firm Regn.No.106326W

Vipul P Mehta

Vaishali Mane

Proprietor

Director

Membership No. 035722

Place : Mumbai

Date : 08.08.2022

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Reliance Communications Limited published this content on 03 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 September 2022 02:59:00 UTC.